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A1 Lithium’ s flagship project, The Green River Lithium Project is in the Paradox Basin, Utah, USA. The Paradox Basin is potentially the largest and most cost-effective brine resource in the country hosting large volumes of brines rich in Lithium and exhibiting a low impurities ratio. A1 Lithium is a wholly owned U.S. subsidiary of Anson Resources (ASX: ASN) October 2026 1 Anson Resources | A1 Lithium Green River Lithium Project Green River, Utah, USA Conceptual 3D Image of 10ktpa LCE Plant in Green River, UT Bruce Richardson, CEO Anson Resources IMARC 2026
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2 Disclaimer and Important Notice 2 The information contained in this confidential document ("Presentation") has been prepared by Anson Resources Limited (the "Company"). It has not been fully verified and is subject to material updating, revision and further amendment. The Information many not be distributed to others at any time without the prior written consent of the Company (including the presentation) any copies thereof, and will destroy all analysis, complications and other documents or writings whatsoever containing or reflecting any such material. While the information contained herein has been prepared in good faith, neither the Company nor any of its shareholders, directors, officers, agents, employees or advisers give, have given or have authority to give, any representations or warranties (express or implied) as to, or in relation to, the accuracy, reliability or completeness of the information in this Presentation, or any revision thereof, or of any other written or oral information made or to be made available to any interested party or its advisers (all such information being referred to as "Information") and liability therefore is expressly disclaimed. Accordingly, neither the Company nor any of its shareholders, directors, officers, agents, employees or advisers take any responsibility for, or will accept any liability whether direct or indirect, express or implied, contractual, tortuous, statutory or otherwise, in respect of, the accuracy or completeness of the Information or for any of the opinions contained herein or for any errors, omissions or misstatements or for any loss, howsoever arising, from the use of this Presentation. Neither the issue of this Presentation nor any part of its contents is to be taken as any form of commitment on the part of the Company to proceed with any transaction and the right is reserved to terminate any discussions or negotiations with any prospective investors. In no circumstances will the Company be responsible for any costs, losses or expenses incurred in connection with any appraisal or investigation of the Company. In furnishing this Presentation, the Company does not undertake or agree to any obligation to provide the recipient with access to any additional information or to update this Presentation or to correct any inaccuracies in, or omissions from, this Presentation which may become apparent. This Presentation should not be considered as the giving of investment advice by the Company or any of its shareholders, directors, officers, agents, employees or advisers. Each party to whom this Presentation is made available must make its own independent assessment of the Company after making such investigations and taking such advice as may be deemed necessary. In particular, any estimates or projections or opinions contained herein necessarily involve significant elements of subjective judgment, analysis and assumptions and each recipient should satisfy itself in relation to such matters. This Presentation includes certain statements that may be deemed “forward-looking statements”. All statements in this discussion, other than statements of historical facts, that address future activities and events or developments that the Company expects, are forward-looking statements. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the forward-looking statements. Factors that could cause actual results to differ materially from those in forward- looking statements include market prices, continued availability of capital and financing, and general economic, market or business conditions. Investors are cautioned that any such statements are not guarantees of future performance and that actual results or developments may differ materially from those projected in forward-looking statements. Competent Person’s Statement Competent Person’s Statement 1: The information in this announcement that relates to exploration results, exploration target, Mineral Resources and geology is based on information compiled and/or reviewed by Mr Greg Knox, a member in good standing of the Australasian Institute of Mining and Metallurgy. Mr Knox is a geologist who has sufficient experience which is relevant to the style of mineralization under consideration and to the activity being undertaken to qualify as a “Competent Person”, as defined in the 2012 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves and consents to the inclusion in this report of the matters based on information in the form and context in which they appear. Mr Knox is a director of Anson. Note All $’s in this presentation are US$’s except where otherwise noted.
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Market and Strategy To develop the low-cost Green River Lithium Project into a multi-phase operation capable of supplying approximately 10% of North America's lithium demand , strengthening North America's domestic supply chain and creating long - term value for shareholders and strategic partners. Source: Benchmark Lithium Forecast Q2 2026 and Anson production forecast Anson Forecast Share of North American Lithium Market 0% 2% 4% 6% 8% 10% 12% 14% 0 50,000 100,000 150,000 200,000 250,000 300,000 350,000 2029 2030 2031 2032 2033 Lithium tpa LCE Anson Lithium Supply (LCE) North American Demand (LCE) Share of Market (RHS) 3 US Lithium-ion Battery Demand Outlook Source: McKinsey & Company, Battery 2035: Building New Advantages, 1 January 2026, McKinsey Battery Insights;
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A1 Lithium Green River Lithium Project Investment Overview | Lowest-Cost US Lithium Supply • Advanced Development Stage o De-risked, fully permitted lithium carbonate production project in Utah. o Near-term demonstration plant, leading to phase -1; 10,000tpa commercial facility * • Low-Cost Leader – Purity + Pressure + Existing Infrastructure o Scoping Study exhibits lowest quartile OPEX and CAPEX metrics * • Optimal Location with Existing Infrastructure o Privately owned brownfields land, existing infrastructure & utilities • Significant Resource Scale o Located in the Paradox Basin – potentially the largest brine reservoir in the U.S. • Worldclass partners 4 * See ASX announcement June 16 2026, Anson Engineering Study Confirms Green River as a Future Low-Cost Producer
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A1 Lithium Green River Lithium Project Low Capex | Private Land & Existing Infrastructure 5
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Recent Milestones Accomplished 6 • DFS – Lead Engineer Sedgman, JordProxa, Baker Hughes 2 • Baker Hughes completed preliminary well field design end Sept • DLE partner and JordProxa completed all test work and engineering to +/ -15% by end of October • JordProxa Appointment and Test Work 3 – Anson has successfully completed JordProxa’s non-thermal downstream test work for Green River, results exceeding original design expectations. • Through JordProxa’s Australian involvement, strengthens potential eligibility for Australian Government financing support, including Export Finance Australia. • Expanded Green River Mineral Rights 4 – Won the bid for 1,175 acres of highly prospective FFSL mineral rights. • The acquisition increases the Project area by 5.4%, connects the eastern and western claim areas and provides a contiguous landholding. • UDOGM approved Small Mining Operation for Green River Lithium Project5 • Project now fully permitted • POSCO Funding Accelerates Green River – Anson has received the first tranche payment under its binding agreement with POSCO Holdings 6 • POSCO will fund, build and operate its DLE demonstration plant, providing significant technical validation and creating potential pathways for broader cooperation, including joint investment. • Utah Inland Port Authority Board Authority (UIPA) has approved a business incentive to Anson capped at $193,995,683 7 • Anson submits application to establish a Utah Public Infrastructure District 9 • potentially unlocking significant non -dilutive infrastructure funding backed by approved UIPA tax incentive capped at US$194 million over 25 years, subject to approvals and financing arrangements. • Utah Governor’s Office of Economic Development (GOED) awarded A1 Lithium Inc. a post -performance tax reduction. 8 • Amount of $212,518,588 over 20 years • Approximately $10.6 M per year • Utah State Incentives improve Post Tax NPV by US$150 M to US$1,050 M. 1 Utah State $406 M incentive increases Post Tax NPV to US$1,050 M1 1 See ASX announcement Oct 7, 2026, Incentives Increase Green River Post-Tax NPV8 to US$1.05B 2 See ASX announcement July 9, 2026, Anson Green River Lithium Project Engineering Study Update 3 See ASX announcement July 31, 2026, Green River Advances with Successful Downstream Test Work 4 See ASX announcement August 3, 2026, Anson Wins Bid for FFSL Mineral Rights at Green River 5 See ASX announcement July 10, 2026, Approval for Small Scale Mining Operation Application for GR 6 See ASX announcement July 22, 2026, First Tranche Payment from POSCO Holdings 7 See ASX announcement September 4, 2026 ASN Receives $193M Incentive from Utah Inland Port Authority 8 See ASX announcement September 11, 2026 Anson Receives $212M Additional Tax Credit from Utah 9 See ASX announcement October 26, 2026 Anson Submits UPID Application
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Green River Lithium Project Development Timeline Near Term Targeted Project Milestones 7 Q3 2026 Q4 2026 Q1 2027 Q2 2027 Q3 2027 Q4 2027 Permitting Permitting Completed Engineering Phase 1 DFS Phase 1 FEED Construction Commences Resource Additional JORC Resource Financing Second Off-take Agreement Strategic Investor Debt Funding Secured Final Investment Decision Capital Raise for Project Construction FID Demonstration Plant
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Green River Lithium Project Engineering Study1 – Lowest Cost US Project 8 Key Project Metrics Production Total Revenue NPV pre-tax IRR 10,000 tpa $5.2B $1.4B 27% C1 OPEX/t LCE CAPEX Annual EBITDA Project Life $3,837 $569M $216M 20 years % 1 See ASX announcement June 16, 2026, Anson Engineering Study Confirms Green River as a Future Low-Cost Producer The information is extracted from the report entitled Anson Engineering Study Confirms Green River as a Future Low Cost Producer created on 19 May 2026 and is available to view at https://wcsecure.weblink.com.au/pdf/ASN/03091470.pdf . The company confirms that it is not aware of any new information or data that materially affects the information included in the original market announcement and, that all material assump tions and technical parameters underpinning the production target or forecast financial information derived from the p rod uction target in the relevant market announcement continue to apply and have not materially changed.
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Green River Resource Update Resource Expansion 9 • JORC Resource estimate increased by 650% 1 o Indicated Resource – 183,000 t lithium carbonate, an 863% increase o Inferred Resource – 590,000 t lithium carbonate, a 602% increase • FFSL: Anson has won the bid to acquire the mineral rights, under the Green River and nearby State Parks administered by the Utah Division of Forestry, Fire and State Lands (“FFSL”) 2 o New tenure covers a total area of 1,175 acres, 5.4% increase in the project area (included for review in a future JORC Resource update) o Exploration target of additional 31,000 to 49,000 t LCE • SITLA: Anson has been granted an additional 17 strategic SITLA blocks that abuts the Green River Lithium Project 3 • New tenure covers a total area of 3,958 acres (16.02 km 2) 18.4% increase in the project’ area with an exploration target of 125,000 to 166,000 t LCE Current JORC Mineral Resource 127.8 “The information is extracted from the report entitled Anson Upgrades Green River Lithium Project JORC Mineral Resource Estimate by 650% created on 13 May 2026 and is available to view at https://wcsecure.weblink.com.au/pdf/ASN/03089588.pdf . The company confirms that it is not aware of any new information or data that materially affects the information included in the original market announcement and, in the case of estimates of Mineral Resources, that all material assumptions and technical parameters underpinning the estimates in the relevant market announcement continue to apply and have not materially changed. The company confirms that the form and context in which the Competent Person’s findings are presented have not been materially modified from the original market announcement.” 1 See ASX announcement May 13, 2026 Anson Upgrades Green River Lithium Project JORC Mineral Resource Estimate by 650%. 2 See ASX Announcement 3 August 2026. 3. See ASX Announcement 29 September 2026
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Green River Resource Update 10 Exploration Target Determination Tonnage Ranges • Based on calculated brine volume 1 • Area, formation thickness (700 ft), specific yield (6%), brine density (1.13g/cm3) Grade Ranges • Determined from assay results from the Bosydaba and Mt Fuel -Skyline Geyser wells 2 • Grade range 100 – 130 ppm Li Clarification Statement: An Exploration Target is not a Mineral Resource. The potential quantity and grade of an Exploration Target is conceptual in nature. A Mineral Resource has been identified abutting the Exploration Target, but there has not been a JORC interpretation completed to estimate any extension to the Mineral Resource, and it is uncertain if further work will result in the estimation of an additional Mineral Resource. 1 see ASX Announcement 13 M ay 2026, Anson Upgrades Green River Lithium Project JORC Mineral Resource Estimate by 650% 2 see ASX Announcement 20 M ay 2024 and 13 Ap ril 2026, High Quality Li Assays from the Thick Mississip pian Units in the New Bosydaba#1 Well and Drilling Fluids from Mt Fuel-Skyline Geyser 1-25 Well Test Positive for Significant Lithium Grades Category Brine Tons Li (ppm) Li (t) Li2CO3 (t) Min Max Min Ma x Min Max Min Max OBA Lease 235,000,000 240,000,000 100 130 23,500 31,200 125,086 166,072 FFSL Lease 59,000,000 71,000,000 100 130 5,900 9,230 31,405 49,129 TOTAL 294,000,000 311,000,000 29,400 40,430 156,491 215,201 Plan showing the Mi neral Resource and Exploration targets at Green Ri ver .
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Potential Capital Stack Project Funding 11 Focus on Non-Dilutive Funds • POSCO lease fee • UILPA Bond • Offtake partner investment • US Government Grants • Export Credit Agency Funding