Utah Brine Project

UPSTREAM ENTRY IN U.S. CRITICAL MINERALS

WHAT

Utah Brine Corporation (“UBC”), an incorporated joint venture between Neometals’ 100% owned subsidiary Neometals Energy Pty Ltd (51%) and Omaha Value Inc. (49%), is evaluating a Lithium/Potash brine project in the Paradox Basin, Utah.

Figure 1 – Utah Brine Project location

WHY

  • Potential Tier-1, multi-commodity resource in a favourable jurisdiction.
  • Neometals’ extensive lithium processing expertise combines with large volume lithium-bearing brine deposit.
  • Potash recently included on U.S. Critical Minerals list, increasing government focus on internalising national supply and use.
  • Well access agreement allows for low-cost exploration and development.
  • Extensive local infrastructure facilitates access to low-cost electricity and natural gas.
  • Existing oil & gas operations and infrastructure reduce possibility of regulatory barriers.

STATUS

  • UBC has entered into an access and use licence with American Helium LLC (and its affiliates) (“AHL”) and Ascent Resources plc (“Ascent”) over 23 inactive wells, data and associated infrastructure on their oil and gas leases.
  • A maiden Exploration Target (JORC 2012) has been published within the tenured area ranging from 1.9 – 6.5 million tonnes of contained LCE (Lithium Carbonate Equivalent) and 94 – 325 million tonnes of contained MOP (Muriate of Potash). Refer https://www.neometals.com.au/investors-media/asx-announcements/ for further information.
  • Combined Potash Lease Nominations, Potash Prospecting Permit Applications and Lithium Placer Claims over ~80,000 acres have been lodged.
  • Sampling and processing test work planned, targeting a maiden resource FY27.
Figure 2 – Utah Brine Corporation access wells and tenure applications
 

Cautionary Statement

The Exploration Target on this webpage incorporates assumptions regarding porosity, brine saturation and lithium/potassium concentrations. The underlying dataset includes third-party information and sources. Brine samples from historical wells may not represent in-situ aquifer conditions.

Certain information on this webpage that relates to prior exploration results has been taken from public sources and any reference to this third-party data should not be interpreted as the Company reporting Exploration Results in accordance with the JORC Code 2012 or that the Company’s Competent Person has done sufficient work to disclose Exploration Results in accordance with the JORC Code 2012. The Company has not independently validated the third party data and therefore is not to be regarded as reporting, adopting or endorsing those results. The third parties noted above have not consented to our use of this data which is available from public sources.

Security of tenure and licence to operate

UBC currently holds a substantial but not yet fully secured tenure position comprising unpatented placer claims under the US Mining Act, together with prospecting permit applications and potassium lease nominations under the US Minerals Leasing Act. Not all applications have been granted and there is no assurance they will be granted in whole or in part. The Project area is subject to adjacent or overlapping third-party mineral interests, including State and SITLA tenure, and brine-hosted mineralisation may extend across tenure boundaries. As a result, future development may require pooling, unitisation, joint development arrangements or other regulatory determinations. Tenure rights for lithium and potassium are governed by different legal and regulatory regimes, and the extent to which the Company secures rights to both commodities will depend on the status and interaction of these tenure instruments. No known impediments to obtaining a licence to operate have been identified other than customary regulatory approvals, tenure uncertainties, third-party rights, land access requirements and potential unitisation or pooling requirements.

FORWARD-LOOKING INFORMATION

This webpage contains opinions, projections and other forward‑looking statements that are subject to significant uncertainties, contingencies and other factors beyond Neometals’ control. Forward‑looking statements include, but are not limited to, statements regarding future events, expectations about the performance of Neometals’ business and the outcome of strategic or operational initiatives.

Many known and unknown risks, uncertainties and other factors could cause actual events or results to differ materially from those expressed or implied in any forward‑looking statements. Recipients are cautioned that such statements are not guarantees of future performance and that actual results, performance or achievements may differ materially from those expressed or implied in them, or from any projections and assumptions on which they are based.

Any opinions, projections, forecasts and other forward-looking statements contained on this webpage do not constitute any commitments, representations or warranties by Neometals and its associated entities, directors, agents and employees, including any undertaking to update any such information. Except as required by law, and only to the extent so required, directors, agents and employees of Neometals shall in no way be liable to any person or body for any loss, claim, demand, damages, costs or expenses of whatever nature arising in any way out of, or in connection with, the information contained on this webpage.

Competent Persons Statement

The information on this webpage that relates to Exploration Results and Exploration Targets is based on information compiled by Dr Biao Qiu (Ph.D., P.E. (CO), P.Eng. (SK & AB)), a full time employee of Agapito Associates LLC a geological and mining engineering consultancy and has sufficient experience relevant to the styles of mineralisation, and type of deposit under consideration and to the activity he is undertaking to qualify as a Competent Person as defined under the JORC Code 2012. Dr Qiu consents to the inclusion of the information as reported.

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