Page 1

Anson Resources March 2021 Quarterly Activities Report Paradox Brine Project , Utah , USA • PEA now includes lithium carbonate and other by - products • • Additional 1,360 acres project claims granted Significantly increases exploration target of brine tonnes by up to 257 % Bull Nickel - Copper - PGE Project , Western Australia • Completed surface ground gravity and drone magnetic surveys • Interpretation of survey data to commence in June 2021 quarter to create 3D model Corporate : • Conversion of listed and unlisted options raised approximately $ 1.36m • 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 has completed an updated study to include production of lithium carbonate ( Li2CO3 ) . The updated PEA to accelerate the production of lithium chemicals to Phase 1 of the Project follows a strategic review and recognition of changing market conditions for lithium ( see ASX Announcement of 25 March 2021 ) . Pre - feasibility Study : Following completion of the PEA ( see ASX Announcement of 5 June 2020 ) , updated PEA ( see ASX Announcement of 25 March 2021 ) , 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 capital and 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 updated PEA which includes Lithium Carbonate and will provide further definition of CAPEX / OPEX expectations of this project . Deliverables from the study include the piping and instrumentation diagrams , plant layout and civil work estimates as well as those for utility connections and infrastructure . 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