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JORC Exploration Target Defined by Neometals
Ascent Resources plc has announced that Neometals Ltd has defined a substantial JORC Exploration Target for the Utah Brine Project, which holds potential for potash and lithium. Ascent holds a Gross Smelter Return royalty of 2.5% to 3.5% on future lithium and potassium product sales from brines extracted within the project's covered acreage, secured through a licence agreement for 24 inactive oil and gas wells. This royalty provides Ascent with low-risk, non-dilutive exposure to the project's potential commercial production without requiring further capital expenditure or assuming operating risk. Additionally, Ascent received 4,900,000 unlisted options in Neometals Ltd exercisable at 10 cents each. Disclaimer*
About this update from Ascent Resources Plc
NOT 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. THIS 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. 24 April 2026 Ascent Resources plc ("Ascent" or the "Company") Utah Brine Project - Substantial JORC Exploration Target Defined by Neometals; Ascent Holds 2.5%-3.5% Gross Smelter Return Royalty Ascent Resources Plc (LON: AST), the onshore US focused oil and gas company, notes yesterday's announcement by Neometals Ltd (ASX: NMT) defining a maiden potash and lithium Exploration Target for Utah Brine Corporation ("UBC") which holds 100% of the Utah Brine Project located in the Paradox Basin, south-east Utah, USA. Neometals has a 51% shareholding interest in UBC. In March 2026, Ascent (together with American Helium LLC and its affiliates) entered into a binding Access and Use Licence with UBC. This grants UBC exclusive rights to access and utilise 24 inactive oil and gas wells, associated leases, infrastructure and the "Covered Acreage" for brine sampling, test work, extraction, processing and related activities. In consideration, Ascent is entitled to: · A Gross Smelter Return ("GSR") royalty of 2.5% to 3.5% (determined by the timing of final investment decision) of gross revenue from sales of lithium and potassium (potash) products produced from brines extracted within the Covered Acreage by UBC; and · 4,900,000 unlisted options in Neometals Ltd exercisable at 10 cents each (3-year term). Neometals' announcement can be found here. The royalty provides Ascent with low-risk, non-dilutive exposure to any future commercial production from this key infrastructure area of the project without capital expenditure or operating risk. Ascent will continue to monitor pro...
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