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Anson Resources December 2020 Quarterly Activities Report Paradox Brine Project , Utah , USA • PEA being updated to enable accelerated Li production in Stage 1 Battery performance testing of lithium samples to commence • Pre - feasibility Study ( PFS ) engineering workplan advancing • Bull Nickel - Copper - PGE Project , Western Australia • Bull Project adjoins the high - grade Julimar Ni - Cu - PGE discovery made by Chalice Gold Mines Limited ( Chalice ) ( ASX : CHN ) • Original geophysical interpretation and the initial field sampling programs have interpreted a layered intrusive complex • 3 major targets up to 1,400m in length and 800m in width identified Corporate : • • Placement completed raising $ 2.4 million before costs Anson remains well funded to meet important near - term work programs Paradox Brine Project , Utah Key focus areas during the quarter were advancing a Pre - feasibility Study ( PFS ) and commissioning of performance testing of lithium hydroxide and lithium carbonate in lithium - ion battery test cells . Anson intends to use these results to further discussions with prospective off- take partners . Following a strategic review and recognition of changing market conditions for lithium , Anson has decided to accelerate the production of lithium chemicals to Stage 1 of the Project . Preliminary Economic Assessment Study : Millcreek Mining previously prepared a Preliminary Economic Assessment ( PEA ) ( see ASX Announcement of 5 June 2020 ) and have been engaged to update the PEA to incorporate a lithium processing plant in Stage 1 of the project and with production estimates to be based upon the throughput of brine required for the 15,000tpa NaBr plant . The updated PEA is expected to be completed in Q1 2021 . Pre - feasibility Study : Following completion of the Preliminary Economic Assessment ( see ASX Announcement of 5 June 2020 ) , progression of access to infrastructure ( see ASX Announcements of 9 and 29 June 2020 ) , advanced permitting ( see ASX Announcements of 29 June and 10 September 2020 ) , a PFS for the Stage 1 production of sodium bromide ( NaBr ) was progressed during the quarter . Anson has engaged global service provider , Worley , to provide engineering and design support for the Pre - feasibility Study ( PFS ) . Recent work has focused on operational costings and as a result Anson has also entered several negotiations with equipment , utility and other material suppliers . Worley will complete the PFS for the Stage 1 development of the Project , a 15,000tpa sodium bromide ( NaBr ) plant ( see ASX Announcement 5 June 2020 ) . The PFS will expand upon Anson's existing Preliminary Economic Assessment ( PEA ) and will provide further definition of Anson Resources Limited Level 1 , 35 Outram Street , West Perth , WA 6005 , Australia Tel : +61 478 491 355 ABN : 46 136 636 005 www.anson resources.com