Successful $50 Million Placement To Accelerate Development Of Paradox Lithium Project

Anson Resources Limited (ASX: ASN, ASNOC) (“Anson” or the “Company”) is pleased to announce that it has received binding commitments from institutional and sophisticated investors to raise $50 million through a single tranche placement (“Placement”).

Highlights:

• Firm commitments received from global institutional investors to raise $50 million via successful share Placement.
• Placement upsized to accommodate significant demand from Institutional Investors.
• New shares to be issued at $0.36 per share, representing a 3.9% discount to the 10- day VWAP and 11.1% discount to the 5-day VWAP.
• Significant demand for the Placement demonstrates investor support for Anson’s plans to develop the Paradox Lithium Project into a major supplier of high purity battery grade Lithium Carbonate into the US Electric Vehicle market.
• Anson is fully funded for rapid development of the Paradox Lithium Project to Final Investment Decision.

The Placement attracted strong support from high-quality international and domestic institutional investors and is the result of 12 months of project development work culminating in a major Resource upgrade¹, Binding MoU with proven DLE provider Sunresin², and the Definitive Feasibility Study (“DFS”) result announced on 8 September 2022.

The Placement provided the opportunity for a number of new institutions to join the Company’s share register.

Anson’s Executive Chairman, Mr. Bruce Richardson stated:

“The result of the capital raise is an outstanding endorsement of the Paradox Lithium Project and for ‘made in USA’ battery grade lithium carbonate. We were delighted to price the Placement at a tight discount to the prevailing VWAPs, despite immediately following a significant market downward correction.

InterestinthePlacementfarexceededAnson’srequirements, with Anson upsizing to $50 million to facilitate access to the register for quality investors. The post placement register provides a strong shareholder base upon which to progress the next phase of the Project’s development.

The funds raised will allow for expanded project development workstreams and accelerate Anson toward a Final Investment Decision on the Project.

On behalf of the Company, I would like to extend a warm welcome to new shareholders and thank existing shareholders for their support through Anson’s journey to becoming a producer of battery grade lithium carbonate in the United States.”

Use of Proceeds

Funds raised via the Placement will be used to accelerate the development of the Paradox Lithium Project towards Final Investment Decision in calendar Q2 2023, through completion of front-end engineering design work, permitting and ordering of long lead procurement items. Funds will also be applied for further Resource Expansion, including execution of the Company’s Western Strategy.

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