Business
Exclusive Licence with Neometals
Ascent Resources plc has entered into a binding exclusive access and use licence agreement with Utah Brine Corporation, a vehicle established by Neometals Ltd, for its Paradox Basin critical minerals. This agreement grants UBC exclusive rights to 26 inactive oil and gas wells and associated infrastructure for brine sampling and potential lithium and potash extraction. UBC will pay an annual access fee of US$200,000 and a permitting fee of up to US$1.9 million, with Ascent receiving a gross smelter return royalty of 2.5% to 3.5% on extracted mineral sales. Additionally, Neometals will issue Ascent 4,900,000 unlisted options exercisable at A$0.10. This non-dilutive transaction allows Ascent to monetise its acreage without upfront costs, potentially unlocking multi-commodity value from the basin. Disclaimer*
About this update from Ascent Resources Plc
[{"type":"text","content":"\n\nNOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY IN THE UNITED STATES, CANADA, JAPAN, SOUTH AFRICA OR IN ANY OTHER JURISDICTION IN WHICH SUCH PUBLICATION OR DISTRIBUTION WOULD BE UNLAWFUL. ANY FAILURE TO COMPLY WITH THESE RESTRICTIONS MAY CONSTITUTE A VIOLATION OF APPLICABLE SECURITIES LAWS. PLEASE SEE THE SECTION ENTITLED \"IMPORTANT INFORMATION\" TOWARDS THE END OF THIS ANNOUNCEMENT.\n \nTHIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF REGULATION (EU) 596/2014 AS IT FORMS PART OF DOMESTIC LAW IN THE UNITED KINGDOM BY VIRTUE OF THE EU (WITHDRAWAL) ACT 2018 (\"MAR\"). UPON THE PUBLICATION OF THIS ANNOUNCEMENT VIA A REGULATORY INFORMATION SERVICE, THIS INSIDE INFORMATION IS NOW CONSIDERED TO BE IN THE PUBLIC DOMAIN.\n \n20 March 2026\nAscent Resources plc\n(\"Ascent\" or the \"Company\")\nEntry into Binding Exclusive Access and Use Licence with Neometals over Ascent's Paradox Basin Critical Minerals\nAscent Resources Plc (LON: AST), the onshore US focused oil and gas company, is pleased to announce that together with American Helium LLC (\"AHL\"), the Company's Joint Operating Agreement partner, it has entered into a binding exclusive access and use licence agreement with Utah Brine Corporation (\"UBC\"), a special purpose vehicle established by Neometals Ltd (ASX: NMT) and its US partner Omaha Value Inc. This follows the Option Agreement announced by the Company on 26 November 2025.\nThe licence, detailed in Neometals' announcement released to the ASX on 20 March 2026, grants UBC exclusive rights to access and utilise 26 existing inactive oil and gas wells, associated leases, infrastructure, transportation corridors, and related geological and operational data in the Paradox Basin, Utah. The primary focus is on brine sampling, technical test work, hydrogeological and metallurgical studies, and potential future extraction of lithium and potash (potassium) from brines hosted in the basin.\nKey terms of the licence include:\n· Exclusive rights for UBC to conduct brine-related activities, with ownership of any minerals extracted under relevant authorisations remaining with UBC.\n· An initial term aligned with the project life, extending until the earlier of expiry of underlying permits/leases, cessation ...