Update on Paradox Basin Royalty

Trident Royalties Plc (AIM: TRR, OTCQB: TDTRF), the diversified mining royalty company, is pleased to note recent announcements by ASX-listed Anson Resources Ltd (“Anson”, ASX:ASN) detailing positive progress on its Paradox Lithium Project (“Paradox”) and Green River Lithium Project (“Green River Project”), which are both located in the Paradox Basin of south-eastern Utah, USA. On 4 September 2023, Trident announced the acquisition of a 2.50% net smelter return royalty over all of Anson’s projects in the Paradox Basin, including Paradox and Green River Project.

Paradox Lithium Project

Anson recently reported it has ramped production at its Sample Demonstration Plant at its Lithium Innovation Centre in Florida, USA, and is now continuously producing battery-grade lithium carbonate (Li2CO3) from Paradox brines for supply to potential offtake partners. The battery-grade lithium carbonate is being produced utilising the flowsheet designed by Anson’s direct lithium extraction partner, Sunresin New Materials Co. Ltd.

The ramp-up of sample production is a key step in Anson’s structured product supplier qualification process with potential offtake partners, as it enables them to provide samples to potential end-users. The lithium carbonate product from the sample demonstration plant will be supplied to vehicle manufacturers and their cathode active material (“CAM”) partners for testing as a part of the qualification process to secure long term off-take agreements. Anson reports that discussions are ongoing with vehicle manufacturers, and they are required to provide samples for test work with their CAM providers in a typically three-stage supply qualification process.

Green River Lithium Project

Anson also recently reported it has completed the acquisition of a strategic land package of privately owned industrial use land at its Green River Project for a purchase price of US$2.4 million.

Anson plans to utilise the new site as the location for the future lithium extraction and production facility for a proposed lithium operation at the project. Essential existing infrastructure surrounds the immediate area, which potentially offers substantial time and cost savings for the project’s future development requirements. The new land package provides access to the national rail network, interstate road system, as well as gas and power infrastructure, and access to the Green River. It is also situated in close proximity to the town of Green River, providing ready access to other supporting infrastructure and potential workforce. The agreement also includes water rights, which will be added to those which have already been secured.

Design and engineering studies have commenced over the area. These include an electrical engineering study as well as a geotechnical survey generated drill program for the foundation of buildings, potable water supply and the engineering design for the extraction of water from Green River. Other applications are being prepared by Anson for the purpose of advancing the project, including a Conditional Use Permit for the development of infrastructure and the construction of the processing plant.

The Green River Project was staked in January 2023 and Anson proposes to explore and develop it in parallel with the development of the nearby Paradox project. The Green River Project is a significant strategic addition to Anson’s US lithium asset portfolio. Anson plans to leverage its experience and expertise in the region to fast-track exploration and mineral delineation for the Green River Project, to be followed by planned project development.

Adam Davidson, Chief Executive Officer of Trident commented:

“It is a great pleasure to see continued progress at Paradox as Anson moves the project towards becoming a U.S. based supplier of lithium to auto manufacturers and battery manufacturers.

“Anson’s acquisition of a significant strategic land package for its Green River Project is also noteworthy. While Green River is earlier in its development lifecycle than Paradox, Anson is leveraging its experience at Paradox to fast track the project. Aside from the exciting potential to establish Anson as a major lithium producer in the western United States, progress at Green River demonstrates the optionality and upside inherent in Trident’s acquisition of this royalty.”