#1For personal use only PARADOX LITHIUM PROJECT, USA Investor Presentation - March 2023 Anson Resources ASX: ASN ANSON RESOURCES February 2023#2For personal use only DISCLAIMER & IMPORTANT NOTICE ANSON RESOURCES 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. 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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. Anson Resources | ASX: ASN 2#3For personal use only COMPANY OVERVIEW Anson Resources ASX: ASN ANSON RESOURCES#4For personal use only PARADOX LITHIUM PROJECT (100% OWNED) Direct Production of High Purity Battery Grade Lithium Carbonate JORC Resource >1.5 billion tonnes of brine Containing 1.04 million tonnes of Lithium Carbonate Equivalent (LCE) and >5.2 million tonnes of Bromine Salt Lake City Expansion Potential Tier 1 Political, Tax & Financing Exploration Target of between 1.1 - 2.7 million tonnes of LCE defined at Paradox Project, additional expansion potential at Green River Project. Ideally located to support supply chain security of critical minerals in the United States NEVADA Proven DLE Technology Sunresin DFS September 2022 Binding MoU concluded with leading global DLE technology provider Sunresin Confirms strong project economics, low-cost and long-life project with material upside to include bromine production and further expand lithium production Cedar City Anson Resources | ASX: ASN Delta Provo IDAHO ANSON RESOURCES WYOMING Green River Moab Paradox Lithium Project ARIZONA PARADOX BASIN 4 COLORADO#5For personal use only EMERGING EV BATTERY INDUSTRY IN THE USA KOREPOWER Announced the first lithium-ion battery manufacturing facility wholly owned by a U.S. company to built in Maricopa (Arizona). StoreDot Recently announced an R&D center to accelerate the market introduction of solid-state batteries (exact location to be determined). Solid Power Since 2019 it has a pilot production line for solid electrolyte batteries that aims to scale up to a gigafac- tory by 2023. BRITISHVOLT POWER ON Planned a 60 GWh capacity plant in Quebec, Canada. STELLANTIS LG Energy Solution Announced a battery plant of about 40 GWh in Ontario, with production to start in early 2024 LION ELECTRIC Announced in March 2021 its intention to open in Quebec in 2023 a plant with 5 GWh capacity STROMVOLT Announced a battery cell factory in Quebec; aims to produce 10 GWh by 2030 Strategically Located Paradox Lithium Project, Utah QuantumScape Working on the development of its first pilot line in San Jose (California) with the objective of scaling it up in 2024. SILA NANOTECHNOLOGIES It has launched a pilot line in 2021, which it expects to scale up in 3 years. LG Chem It has a 5 GWh capacity plant in Holland, Michigan. ANSON RESOURCES SES Announced in March 2021 its agreement with General Motors to develop a pilot line starting in 2023 in Woburn (Massachusetts) gm iM3NY Aims to develop a plant by 2022 with a capacity of 1 GWh (expandable to more than 15 GWh) LG Chem GM's Ultium Cells 40GWh plant in Lordstown, Ohio opened in 2022. A 35GWh plant in Springhill, Tennessee will commence production in 2023. Project in progress Operational pilot line or in progress Operational plant STELLANTIS SAMSUNG Announced that they will form a Joint Venture to operate, starting in 2025, a gigafactory of about 40 GWh. TESLA Two operational plants - Nevada (35GWh) and Buffalo (2GWh, for solar cells). Existing pilot line in Fremont, California. 100GWh Austin, Texas facility opened in 2022. microvast 2 GWh plant in Clarksville, Tennessee (2022) SK innovation Ford Development of the "Blue Oval City" project in Kentucky with two gigafactories and a third one in Staton (Tennessee), each one with a capacity of 43 GWh Envision AESC Announced a new battery plant in Alabama to produce the lithium-ion packs for electric SUV's Saft 1 GWh plant in Jacksonville, Florida TOYOTA Announced a new battery plant in North Carolina to start operations in 2025 SK innovation SK Innovation opened 10GWh gigafactory in 2022 with a further 12GWh planned for 2023. Source - CIC energiGUNE, Reuters. Anson Resources | ASX: ASN FREYR KIKOCH They have announced a joint venture (50% each) to start building a gigafactory in the USA (the final location has not yet been determined) LO 5#6CORPORATE SNAPSHOT SHARE PERFORMANCE (12mo) For personal use only Volume (Millions) 0.45 100 0.4 90 80 70 60 0.35 www 0.3 0.25 22 50 40 30 0.2 0.15 0.1 20 10 0.05 0 0 10/21 11/21 12/21 01/22 02/22 03/22 04/22 05/22 06/22 07/22 08/22 09/22 10/22 11/22 12/22 01/23 02/23 Volume ASN Share Price OVERVIEW ASX code Issued Shares Share Price (3 March 2023) Market Capitalization Cash (30 December 2022) ASN 1,179 million A$0.20 A$238 million A$45.01 million TOP SHAREHOLDERS (November 2022) 10.8% Retail ■Chia Tai Xingye International 6.7% Institutional 76.1% Board 3.7% 2.7% Others Anson Resources | ASX: ASN CO 6 ANSON RESOURCES A$ Share Price#7For personal use only EXPERIENCED BOARD & EXECUTIVE TEAM ANSON RESOURCES Board Bruce Richardson, B.A (Hons) Executive Chairman and CEO Proven track record of 13 years in exploration, mining and production in public and private companies. Over 30 years of international business experience. Raised over $170 million of investment for mining projects. Peter (Greg) Knox, B.Sc. (Geology) Executive Director Qualified geologist with over 30 years of experience in exploration, mine development and mining operations. Has worked on projects from grass roots exploration through to mine development and production. Michael van Uffelen, B.Com, CA Non-Executive Director Experienced Director, CFO and company secretary. Chartered Accountant with over 30 years experience gained from working with major accounting firms, investment banks and public companies. Senior Executives Key Project Executives Tim Murray COO Tim owned and operated a regulated financial service company in the USA for the past 10 years, providing analysis of commodity trends and the impact on resources companies. In recent years Mr Murray has developed a deep understanding of the lithium industry including process technologies and developing trends within the industry. Mr Murray is fluent in Mandarin Chinese and an experienced negotiator of commercial contracts with Chinese partners. Matthew Beattie CFO Mr Beattie is an experience financial professional and charted accountant having worked for over 10 years in both practice and industry. He has held senior positions at a number of private equity funds as well Rio Tinto where he focused on the delivery of international exploration projects. Nicholas Ong Company Secretary Nicholas spent seven years as a Principal Advisor at the ASX overseeing the listings of over a hundred companies. He has since worked as a company secretary and director to listed companies. Anson Resources | ASX: ASN Navin Gupta Project Director Chemical engineer with over 40 years of experience in constructing and operating chemical and pharmaceutical plants, including building two grass root facilities. He has held several positions in chemical companies including TROY Corp, BASF Corp, AstraZeneca, and Sunoco Chemicals. As a project manager he has worked with major USA based EPC firms to develop contracts and has managed large capital projects through FEED engineering and construction. Michael Swenson Government Relations Michael has 17 years of professional federal, state, and local government affairs experience. His areas of practice have focused on natural resource management, federal land policy, mining etc. He is native to Utah and grew up close to Al Lithium's production area. 7#8For personal use only SUNRESIN - PROVEN DLE PARTNER ANSON RESOURCES • . Anson conducted extensive test work with multiple DLE technology providers before choosing Sunresin, following 12 month of successful testing. Anson has executed a binding MoU with Sunresin to support the development and operation of the Paradox Lithium Project. The MoU provides for a long term strategic and commercial alliance between Sunresin and Anson, including collaboration for further advancement of the DLE technology. Sunresin Input to Paradox Development 1 Sunresin's DLE process bench test work 1 - ASX announcement 25 August 2022. 2 DLE pilot plant test-work completed in USA 3 Sunresin's input to Paradox DFS & collaboration with Worley • • • Driving the innovation SUNRESIN Sunresin (300487 SZ) is one of the leading global manufacturers of absorption and separation resins for metals, life sciences, water, and food. Established in 2001, Sunresin is listed on the Shenzen Stock Exchange with a market capitalisation of A$6.5 billion. Sunresin produces 50,000 cubic metres of resin a year and exports a diverse range of resin to the United States for water purification, life sciences and metal processing. Sunresin provides separation resin to the US pharmaceutical giant Eli Lilly (LLY US). Sunresin provides resin and fully integrated design, equipment, installation, and technical support. Anson Resources | ASX: ASN 8#9For personal use only SUNRESIN - COMMERCIALIZED TECHNOLOGY ANSON RESOURCES • • • • • • Targeting low cost and the most environmentally friendly production of lithium from brines, a variety of Direct Lithium Extraction (DLE) technologies is being proposed in numerous projects throughout the world. The commercial viability of many DLE technologies however has yet to be proven from large-scale commercial production. Sunresin is a global leader in separation resins and has existing customers in the US. Sunresin is covered by international bank UBS. The first Sunresin commercial Direct Lithium Extraction (DLE) plant began operation in 2018. Total projects delivered to date - 7 commercial Direct Lithium Extraction (DLE) projects, producing 32ktpa Lithium Carbonate. Sunresin has delivered projects for major lithium companies and battery manufacturers, such as SQM and BYD. Sunresin is contracted / under construction with projects totaling a further 40ktpa Lithium Carbonate production capacity. Further DLE plants delivered for expansion and new projects, taking total installed capacity to 32ktpa. TOTAL ~32ktpa Minmetals Zangge Lithium Qinghai Jintai Lithium Qinghai Salt lake BYD Resources Evebattery Qinghai Province Key lithium production area in China Anson Resources | ASX: ASN 9#10For ANSON'S PARADOX PROJECT: COMMERCIAL PROVEN TECHNOLOGY Anson´s lithium extraction process 1 DLE Ion exchange 2 Lithium rinsed off resin with water lon exchange takes lithium ions from the brine by trading them for ions from Lithium rich brine the resin Brine, Li CI Li Li Driving the innovation SUNRESIN (Li) 3 Filtration of impurities 3 Concentration of eluate Lithium eluate Li Li 2018 Remove minor traces of elements like magnesium and boron Evaporated, precipitated, and dried to produce lithium carbonate ANSON RESOURCES ANSUNN RESOURCES ANSON RESOLRCTS Lithium 13,000 tons LCE/year SUNRESIN'S aluminate-based resin with proprietary coating. Can be used for 10 years and can produce up to 130,000 tons of LCE. 7 commercial Direct Lithium Extraction (DLE) operations since 2018 Producing 32 Ktpa Lithium Carbonate Further 40 Ktpa under construction This is an illustration for technical process refer to the Anson DFS announcement on 8 Sept 2022#11For personal use only PARADOX PROJECT - COMPELLING POSITION AMONGST DLE PEERS ✓ Advanced Development Stage - DFS Complete ✓ Proven Technology Partner Production/Construction ✓ Bromine & Boron co-product upside ✓ Tier 1 Location ANSON RESOURCES Company Livent Lanke Lithium (Minmetals) Zangge Lithium Jintai Lithium Tibet National Yiwei Lithium (EVE Energy) Eramet/ Anson Tsingshan Resources Vulcan Energy Rio Tinto Standard Lake Lithium Resources Controlled Compass Thermal Minerals Project Hombre Yiliping Lake Chalkhan Lake Mahai Lake Qinghai Qinghai Salt Lake Centenario Paradox Lithium Zero Carbon lithium 'Rincon Salar Smackover Kachi Salton Sea Ogden, Great Salt lake Country/ S&P LT Rating Argentina China CCC+ A+ China A+ China A+ China A+ China A+ Argentina USA Germany Argentina CCC+ AA+ rating AAA CCC+ USA AA+ Argentina CCC+ USA USA AA+ AA+ DLE Provider Proprietary Sunresin Sunresin Sunresin Sunresin Sunresin Proprietary Sunresin Proprietary Undisclosed Proprietary Lilac Lilac Energy Source Minerals Project/Study Stage Production Target (LCE) Co-Product Producing Producing Producing Producing Commissioning Construction Construction DFS DFS Phase 1 DFS/FEED PFS PFS PFS PFS 50ktpa 5ktpa 10ktpa 7ktpa 8.8ktpa¹ 10ktpa 24ktpa 13ktpa 21.12ktpa¹ 50ktpa 22.5ktpa 25.5ktpa³ 25ktpa 11ktpa Bromine, Boron4 HCI, NaOCI Salt, SOP Opex (US$/t LCE) n/a n/a n/a n/a n/a n/a 3,500 4,368 4,6212 2,968 4,319 4,178 n/a Note - Based on publicly available information, refer to appendix for sources. For projects which are not producing or in construction, the production targets are based on most recent technical study, such as a feasibility study. Future expansions and Phase 2 production targets are excluded from this analysis. 1- EVE Energy 10ktpa Lithium Hydroxide and Vulcan Phase 1 DFS production target of 24ktpa Lithium Hydroxide, converted to Lithium Carbonate Equivalent using conversion ratio of 0.88. 2 - Opex converted from Euro to USD using 1.06 EUR:USD FX rate, as of 3 March 2023. 3 - Lake Resources released Preliminary Feasibility Study on 17 March 2021 with 25.5ktpa production target, subsequently Lake has announced intention to target 50ktpa LCE in the DFS, targeted for release in Q1 2023. 4 - Bromine and Boron co-products were not assessed in Anson's Paradox Lithium Project Definitive Feasibility Study. Anson Resources | ASX: ASN 4,400 11#12For personal use only PARADOX LITHIUM PROJECT Anson Resources | ASX: ASN ANSON RESOURCES#13For personal use only ANSON RESOURCES PARADOX GEOLOGY & MINERALISATION The Paradox Basin is located within a mature Oil & Gas district providing Anson access to existing well infrastructure and valuable historic data. The Paradox Basin consists of various formations which host large volumes of brines rich in Lithium and Bromine among other minerals. Lithium rich brine is to be extracted from: Paradox Formation • • 1,980m (6,500 ft) below the surface Multiple lithium rich clastic zones targeted for lithium production, chiefly Clastic Zone 31 Mississippian, Leadville Formation 450m (1,500 ft) below Paradox formation and significantly thicker than Clastic Zone 31 (70-110m versus 3-10m) Massive supersaturated brine aquifer confirmed in Mississippian formation with high grades of Lithium¹ 1 - ASX announcement 27 July 2022. Mississippian Units Anson Resources | ASX: ASN Clastic Zones 17, 19, 29, 31 & 33 13 Plunge +05#14For personal use only PARADOX LITHIUM AND BROMINE RESOURCE ANSON RESOURCES Brine Grade (ppm) Contained ('000 t) Formation Clastic Zone Category (Mt) Li Br Li2CO3 Br2 Indicated 47 173 3,054 44 144 Paradox Formation - CZ31 31 Inferred 77 182 2,543 74 195 CZ31 Resource 124 178 2,723 118 339 Paradox Formation Other Clastics 17, 19, 29, 33, Indicated 179 83 3,378 79 604 43, 45, 47, 49 Inferred 453 98 3,102 236 1,406 Paradox Other Clastics Resource Mississippian Formation 632 94 3,181 315 2,010 Indicated 304 138 3,596 224 1,092 Inferred 508 141 3,606 381 1,834 Mississippian Resource 812 141 3,602 605 2,926 Total Resource 1,568 1,038 5,275 Exploration Target (excluding green Density river) Brine (Mt) Li Grade Li Br Li2CO3 Br (ppm) ('000 t) (ppm) ('000 t) ('000 t) MIN MAX 1.27 1.27 2,095 2,561 108 227 2,000 1,116 4,191 200 512 3,000 2,723 7,684 Refer to ASX announcements of 2 November 2022 for Mineral Resource Estimate and 5 October 2022 for Exploration Target. The Exploration Target is conceptual in nature as there has been insufficient exploration undertaken on the Project to define a mineral resource for the Leadville Formation. It is uncertain that future exploration will result in a mineral resource. Anson Resources | ASX: ASN 14#15For personal use only RESOURCE EXPANSION - WESTERN STRATEGY The successful execution of the Western Strategy will support future increases in Lithium Carbonate production. 595000m 4275000m 597500m 550% increase in JORC lithium resource (over PEA) to >IMt LCE delivered from Eastern Strategy. Western Resource Expansion Strategy will target lithium rich brine aquifers within the thick Mississippian units and Paradox clastic horizons Approval granted for re-entry of Mineral Canyon and Sunburst wells 4272500m 4270000m MAP LEGEND ParadoxLithium Project Claims Eastern Strategy Indicated Inferred Western Strategy 2 km Drilling and sampling expected to commence in H12023 1 - ASX announcement 13 August 2021 2-4 km Geological Structures 600000m 602500m 605000m 607500m 610000m Western Eastern Strategy Strategy BIG ROCK FED 1 BIG FLAT UNIT 5 Inferred Resource Indicated Resource SHELL-QUINTANA FED 1-35 CANE CREEK 32-1 Cane Creek Anticline NERAL CANYON FED 1-3 SKYLINE UNIT Exploration Target Mineral Canyon GLEN M RUBY 1-A TIDEWATER OILCO #74-11 Robert's Rupture Cane Creek Anticline Oil Wells Lithium Values Recorded Sunburst KANE SPRINGS FED 20-1 FEDERAL ORMSBY 1 BIG FLAT UNIT 2 BIG FLAT 2 BURST 1 BIG FLAT 3 HOBSON USA NO. 1 LITTLE VALLEY BIG PLAT GOVT 1 612500m 615000m Kings Bottom Syncline GO UN 2 Robert's Rupture NO 1 LONG CANYON UNIT NO. LONG CANYON UNIT UTAH STATE 16-1 Govt Whitecloud Plan illustrating Mississippian Resource from the Eastern Strategy and Western Strategy. Concentric circles around Mineral Canyon and Sunburst an indication of potential lithium resource targeted in Western Strategy. Anson Resources | ASX: ASN kilometres 15 ANSON RESOURCES#16For personal use only PARADOX LITHIUM PROJECT: PHASE 1 DFS HIGHLIGHTS Production 13,074 tpa (Y1-10) Life Total Revenue 23 years US$ 5,080 m IRR 47% CAPEX US$ 495 m Annual EBITDA2 US$ 153 m NPV7 pre-tax US$ 1,305 m C1 OPEX1 US$ 4,368 /t LCE 1 - C1 Opex for production during years 1-10 at rate of 13,074tpa. 2- Average Annual EBITDA during operations. 3- Payback period post commissioning. Payback Period³ 2 year ANSON RESOURCES Additional Upside Value • Revenue from valuable by-products (Boron) has not been included in the economic analysis ⚫ DFS excludes subsequent JORC Resource Update from Cane Creek . Future Phase 2 expansion to target substantial expansion in production of lithium carbonate and bromine production Anson Resources | ASX: ASN 16#17For personal use Li ANSON'S PARADOX PROJECT: US LITHIUM LOW CARBON AND WASTE 1 LOW CARBON Hydro + solar power Utah USA ANSON RESOURCES Li ANSON US Li US ELECTRIC VEHICLE 4 HIGH SUBSIDY VEHICLE SUBSIDY $3,750/auto US lithium in US EV Inflation Reduction Act LOW INTEREST LOAN For US lithium producers from US Department of Energy PARADOX BRINE RESERVOIRS 2 LOW WASTE Brine Reinjected 3 WATER RIGHTS secured 80% recycled COLORADO RIVER This is an illustration for technical process refer to the Anson DFS announcement on 8 Sept 2022#18LITHIUM CARBONATE PRODUCTION 20,000 18,000 16,000 14,000 12,000 For personal use only production 10,000 8,000 6,000 4,000 2,000 Production Schedule Potential to cost-effectively enhance I production in later years via execution of the Eastern and Western Resource Expansion strategies. | ANSON RESOURCES Production Parameters Units Phase 1 250 Construction Period Years 2 200 Project Life Years 23 Production Rate - Year 1 (ramp-up) tpa. 10,459 150 100 Li grade (ppm) Production Rate - Years 2-10 tpa. 13,074 Production Rate - Years 11-16 tpa. 7,723 Production Rate - Years 17-23 tpa. 4,186 50 50 Lithium Recovery from Brine % 91.5% Carbonation Recovery % 88.6% Recovery - overall % 81.1% 0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 Year Clastic 31 and Mississippian Clastic 19 and 29 Clastic 17 and 23 Grade Note - Lithium content and production schedule is based on Indicated JORC Mineral Resource only and excludes further JORC resource update from announced 2 November 2022. Anson Resources | ASX: ASN 18#19For personal use only MINE PLAN & PROJECT INFRASTRUCTURE Permitted production wells planned at Long Canyon to extract brine¹ Early site works for two production pads completed² Brine transport pipeline to use existing corridors/ underground, minimizing environmental impact Processed brine to be reinjected to target horizon, reducing waste Power is readily available and will be supplemented by renewable energy (solar and hydro) at the planned production site, existing infrastructure to be leveraged Existing water rights secured for an initial term of 23 years from the Colorado and Green rivers near site³ Feed-in Pipeline Control Centre Array Building - 1x SMB Onsite Laboratory 1 - see ASX Announcement 20 October 2021. 2- see ASX Announcement 20 December 2021. 3 - see ASX Announcement 23 January 2023. Membrane Impurity Removal Hydro Unit/s Eluate Concentration ANSON RESOURCES Lithium Precipitation Impurity Removal - IX SMB Reinjection Pipeline Anson Resources | ASX: ASN Image (Top) showing completed site works for planned Production Pads; (Bottom) 3D Schematic of Plant Layout. 19 Package & Storage#20For personal use only CAPITAL COST ESTIMATE • The capital cost estimate includes direct, indirect costs, freight, professional services, taxes and contingency. The DLE plant will be supplied and commissioned by Sunresin, Anson's technology partner. Worley group have estimated the capital costs for all above ground facilities. Capital cost estimate accurate to within +25%/-15%. The new production site and updated project layout has resulted in significant capex savings over PEA by reducing pipeline required from ~40kms to ~5km. 1 - ASX Announcement 25 August 2022. ANSON RESOURCES Capital Item US$m Direct Capital Costs 275.2 Indirect Capital Costs 126.0 Other Costs 17.8 Production and Disposal Wells 22.0 Project Capex 441.0 Owners Costs 31.3 Contingency 22.8 Total Capital Costs 495.1 Anson Resources | ASX: ASN 20 20#21For personal use only OPERATING COST ESTIMATE ANSON RESOURCES • Operating cost estimates include brine extraction, processing and production of battery grade lithium. carbonate. All direct costs such as Transport, labour, maintenance and raw material included in estimates. C1 Costs of US$4,368 per tonne of battery grade lithium carbonate. Lithium Carbonate Production Item Raw materials Freight on raw materials Electricity Gas Gas trucking Maintenance Labour Well disposal fee Year 1-10 Production (13ktpa) US$ per tonne LCE 1,188 95 589 460 37 265 518 1,197 Solid waste disposal & 6 general costs Purchase of water 10 Overheads - SULA lease 4 Total 4,368 By-products credit (none assumed) Annual Production Costs 4,368 1 - Production Costs before royalties and corporate overheads. Anson Resources | ASX: ASN 21#22For personal use only OPERATING AT LOW-END OF COST CURVE Global Lithium Carbonate C1 Cost Curve (2025)1,2 28,000 Spodumene integrated Spodumene non-integrated 26,000 24,000 Brine 22,000 Mica Other 20,000 18,000 16,000 14,000 12,000 10,000 8,000 Paradox Lithium Project DFS2 Years 1-10 USD/MT-LCE (real 2021 terms) 6,000 4,000 2,000 0 ANSON RESOURCES 50,000 100,000 150,000 200,000 250,000 300,000 350,000 400,000 450,000 500,000 550,000 600,000 650,000 700,000 750,000 800,000 850,000 900,000 950,000 1,000,000 1 - Source: Benchmark Minerals Intelligence (Q2 2022) Lithium Quarterly report. 2 - Paradox Lithium Project DFS production cost position on the global lithium carbonate cost curve is based on Anson's DFS assumption for production years 1-10 only and does not reflect Benchmark Minerals Intelligence's views. 3 - Production Costs before royalties and corporate overheads. Anson Resources | ASX: ASN 22 22#23FINANCIAL EVALUATION ANSON RESOURCES For personal use only US$ Millions 400 Project Cash Flows Further resource update from Mississippian formation at Cane Creek expected to enhance economics in later years Key Financial Metrics Unit Capital Cost US$ m 495 3,500 US$ /t C1 Operating Costs 4,368 LCE 3,000 300 Forecast Price Lithium Carbonate US$/t Curve 2,500 200 Revenue US$ m 5,080 2,000 100 II..... 1,500 1,000 US$ Millions Average annual EBITDA % 63% Margin I Average annual EBITDA US$ m 153 500 Payback period Years 2 (100) (200) (300) IRR Pre Tax % 47% (500) IRR Post Tax % 37% (1,000) -2-1123 4 LO 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 NPV, pre-tax (Base Case) US$ m 1,305 Year Cash Flow (pre-tax) Cumulative Cash Flow (pre-tax) NPV, post-tax (Base Case) NPV, pre-tax (Spot Case¹) US$ m 921 US$ m 5,149 1 - Lithium Carbonate Spot price = US$69,400 USD/t as at 31 August 2022 Anson Resources | ASX: ASN 23 23#24For personal use only ANSON'S FUNDING STRATEGY Phase 1 DFS Project Capex - US$495m Debt • ANSON RESOURCES Appointed BurnVoir Corporate Finance as financial adviser Strong initial interest from leading international banks, export credit agencies and credit funds Engagement commenced with US Department of Energy Loan Programs Office Equity Strong Equity market support from domestic and international investors for lithium projects • A$50m equity raise completed Q3 2022 Opportunity to consider additional financing options such as offtake/strategic investment Phase 2: Bromine Production & Lithium Expansion Strong Phase 1 Project Cash Flows to fund Phase 2 Capex 24 24#25For personal use only GREEN RIVER LITHIUM PROJECT Anson Resources | ASX: ASN ANSON RESOURCES#26For personal use only GREEN RIVER - EXTENDING POTENTIAL AT PARADOX In 2023, Anson staked a second lithium project in Paradox Basin, The Green River Lithium Project. The Green River Project is located 50 kms northwest of Paradox Lithium Project, consisting of 1,251 placer claims, an area of 10,620 hectares (106.2 km²). Historical drilling confirms similar geology, and features to the Paradox Lithium Project area including porosity, pressure, depth, and structures. 2nd Project - Green River Lithium 70 GREEN RIVER Previous drilling has identified brine in Clastic 31 and the Mississippian Units that contain supersaturated brine'. Paradox Lithium Project Exploration Target of 1.06Mt - 2.07Mt Lithium Carbonate defined'. 24 1 - ASX announcement 15 February 2023 The Exploration Target figure is conceptual in nature as there has been insufficient exploration undertaken on the project to define a mineral resource. It is uncertain that future exploration will result in a mineral resource.. Anson Resources | ASX: ASN 95 HANKSVILLE GREEN RIVER COLORADO RIVER NEVADA ANSON RESOURCES WYOMING CHEYENNE SALT LAKE CITY MOABO LAS VEGAS UTAH COLORADO ARIZONA NEW MEXICO 191 INTERSTATE 70 128 MOAB 191 COLORA 26 DENVER SANTA FE 40 ALBUQUERQUE#27For personal use only GREEN RIVER - KEY ATTRACTIONS • . • The Green River Project includes historic oil & gas wells, drilled into the thick Mississippian units. Infrastructure already in place - existing rail & road access and utilities abutting project area. Surveys commenced in preparation for Notice of Intent to Bureau of Land Management (BLM) for a drilling program. The proposed drilling program will re- enter three (3) historic oil wells to sample the Clastic Zones and Mississippian Units. Taking advantage of previous drilling, only minor earthworks required to re- establish drill pad area. 1 - ASX announcement 30 January 2023. Green River Lithium Project Green River Clastic Zone 31 Mississippian Units Historic wells Plan of Green River Lithium Project showing relative thickness of Clastic Zone 31 and Mississippian Units, and historic oil and gas wells in project area. Plunge -04 5000 10000 15000 Azimuth 038 20000 27 ANSON RESOURCES#28ANSON'S PARADOX PROJECT: POTENTIAL GROWTH 1 RESOURCE INCREASE: Western strategy and Green River drilling program targets have the potential to increase resource three fold 2 POTENTIAL PRODUCTION INCREASE: Resource increase potential for production expansion 1MT Paradox JORC Resource 1MT Western Strategy Exploration Target* 1MT Paradox JORC Resource 2MT Green River exploration target* 1MT Western Strategy Exploration Target* 1MT Paradox JORC Resource + 3 POTENTIAL FOR COST REDUCTION: * The Exploration Target figure is conceptual in nature as there has been insufficient exploration undertaken on the project to define a mineral resource. It is uncertain that future exploration will result in a mineral resource. Western Strategy Exploration Target is in the range 1.12 to 2.72 million tons of LCE as detailed in the ASX announcement on 23 January 2023. The Green River Exploration Target is in the range 1.06 to 2.08 millon tons of LCE as detailed in the ASX announcement on 15 February 2023. Paradox has 2.2 MT of Bromine resource which can be used to produce Zinc Bromine stationary batteries ANSON RESOURCES + ZINC BROMINE BATTERY#29For personal use only US OFFTAKE STRATEGY Preliminary discussions and interest from Tier 1 US-based automakers and cell makers Offtake discussions to accelerate with the benefit of the recently completed JORC Resource upgrade and release of the Definitive Feasibility Study. Paradox's significant lithium carbonate production capability to generate strong interest from domestic offtake partners ↑ TESLA Panasonic Paradox Lithium Project ANSON RESOURCES Ford SK innovation STELLANTIS SAMSUNG SAMSUNG SDI • . INFLATION REDUCTION ACT (IRA) IRA provides buyers with $3,750 credit towards EVs with batteries containing critical minerals extracted in the US. A further $3,750 credit is provided for EVs with batteries manufactured in the US. INCREASING ATTRACTIVENESS OF ANSON'S BATTERY-GRADE LITHIUM CARBONATE TO US CARMAKERS AND BATTERY MANUFACTURERS. KOREPOWER GM LG Energy Solution TOYOTA Chart showing select EV and EV battery manufacturers with facilities in the US (Illustrative only). 1 - Inflation Reduction Act (IRA), Inflation Reduction Act seeks to jumpstart electric vehicle market Anson Resources | ASX: ASN 29#30For personal use only WHAT IS CLEAN LITHIUM? Direct Lithium Extraction, High Purity, Low Footprint Production of High Purity >99.95% Li₂CO3 Delivery of Longer Battery Life Direct Lithium Extraction No mining / reduced ground disturbance Processed brine to be returned to horizon Low Energy and Water Consumption Lowering emissions Anson Resources ASX: ASN ANSON RESOURCES#31For personal use only ANSON RESOURCES LI BATTERY TESTING - PREMIUM PERFORMANCE NOVONIX Testing conducted on Lithium Carbonate produced from Paradox project brine. Testing involved running 100s' of charge/discharge cycles in lithium-ion pouch cells (NMC622 based) Anson's Li₂CO3 demonstrated lower capacity loss during initial charge cycles • Lower resistance growth in Anson Li battery Anson's Li₂CO3 more stable battery • • 1.5 -2x less gas production within the battery Lower rate of self-discharge at high temperature (60°C) Improved battery efficiency expected due to low impurities . Less unwanted "parasitic" reactions - 99.95% pure 1 - ASX Announcement 9 September 2021. Anson Resources | ASX: ASN Discharge Capacity (Ah) Norm = 1 1.00 0.995 0.99 UHPC Results 0.985 REF622 ANSONCARBONATE622 ANSONHYDROXIDE622 0.98 0 2 T 4 6 8 10 Cycle Number Lower loss of battery capacity during charge cycles¹ 12 14 31 16#32For personal use only GWh ANSON RESOURCES PHASE 2 - BROMINE PRODUCTION Paradox Project is well placed to supply bromine to the rapidly growing stationary energy storage battery market in the United States, with large resources and proximity to planned major energy storage projects on the east coast of the United States. 400 350 350 Stationary Energy Storage Forecast 300 250 200 150 100 50 43% CAGR US utility-scale energy storage projects MT ND OR MN SD WI MI WY PA NE NV Paradox Project DE CO www MD KS MO KY NC TN OK WM AR MS 0 2020 2021 2022 2023 2024 2025 2026 Rest of World US 2027 2028 2029 2030 Data compiled Aug. 22, 2022. Source: Cairn Energy Research Advisors (2021) Storage type ◆ Colocated ◆ Stand-alone Status ⚫ Operating ●Planned Capacity (MW) 1,500 -10 Excludes projects classified as pumped storage, projects with less than 10 MW in capacity and projects with no available in-service year. Excludes projects with no available geographic coordinates. Map credit: Joe Felizadio Source: S&P Global Market Intelligence Anson Resources | ASX: ASN S&P Global Market Intelligence 32#33For personal use only DEVELOPING RESOURCES FOR A SUSTAINABLE FUTURE Future Facing Commodities in Tier 1 Jurisdictions United States Portfolio West Australian Portfolio YELLOW CAT Uranium-Vanadium PARADOX LITHIUM PROJECT Lithium HOOLEY WELLL Nickel & Cobalt AJANA Zinc, Lead & Silver THE BULL Ni-Cu-PGE Project Julimar discovery Anson's Strategy supporting Net Zero by 2050 Lithium Boron Powering Energy Transition and Electric Vehicles Supporting Renewable & Nuclear Energy Anson Resources | ASX: ASN Bromine For stationary energy storage Zn-Br batteries 33 ANSON RESOURCES#34For personal use only +61 7 3132 7990 [email protected] THANK YOU www.ansonresources.com Anson Resources ASX: ASN | Suite 3, Level 3 10 Eagle Street, Brisbane, QLD 4000 ANSON RESOURCES#35For personal use only APPENDIX - PEER TABLE REFERENCES Company Production Target (LCE) |Source Livent 50kpta Lanke Lithium (Minmetals) Zangge Lithium 5ktpa acceptance.html 10ktpa 7ktpa https://s22.q4cdn.com/453302215/files/doc_presentations/2023/02/Livent-BMO-Investor-Presentation.pdf https://www.seplite.com/sunresin-minmetal-s-lithium-carbonate-project-passes-project- https://www.zanggekuangye.com/NewsDetail/2365003.html https://www.seplite.com/sunresin-s-4000t-a-jintai-salt-lake-lithium-extraction-project-put-into- operation.html 8.8ktpa (10ktpa LiOH) https://www.seplite.com/sunresin-s-lithium-extraction-technology-opens-a-new-chapter-in-southwest- china.html 10ktpa Jintai Lithium Tibet National (Tibet Guoneng) Yiwei Lithium (EVE Energy) Eramet/Tsingshan Standard Lithium Vulcan Rio Tinto Controlled Thermal Lake Resources Compass Minerals 24ktpa 22.5ktpa (Full Phase 1) https://www.seplite.com/sunresin-en-route-to-signing-a-new-epc-project-in-direct-lithium-extraction- from-salt-brine-in-qinghai.html; https://www.yicaiglobal.com/news/sunresin-climbs-after-setting-out- new-plan-to-develop-lithium-salt-lake-in-eastern-china https://www.eramet.com/sites/default/files/2022-05/2022-05-Eramet%20Investor%20Presentation- May%202022.pdf https://www.standardlithium.com/projects/arkansas-smackover https://newswire.iguana2.com/af5f4d73c1a54a33/vul.asx/6A1135972/VUL_Phase_One_DFS_Presentation_ https://www.rinconmining.com/wp-content/uploads/2021/10/Rincon-FINAL-E-210921-FINAL.pdf https://www.cthermal.com/projects 21.12ktpa (24ktpa LiOH) 2023 50ktpa 25ktpa 25ktpa (PFS) 11ktpa (Phase 1) https://newswire.iguana2.com/af5f4d73c1a54a33/Ike.asx/2A1429372/LKE_LKE_Bell_Potter_Unearthed_Con ference_070223 https://s22.q4cdn.com/834578860/files/doc_presentations/2022/12/DB-Lithium-Battery-Supply-Chain- Conf-v4-(12.02.22).pdf Anson Resources | ASX: ASN 35 ANSON RESOURCES#36For personal use only COMPETENT PERSON'S STATEMENT ANSON RESOURCES Competent Person's Statement 1: The information in this presentation that relates to exploration results, exploration targets 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 mineralisation 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, Exploration Targets, 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 and a consultant to Anson. Competent Person's Statement 2: The information contained in this presentation relating to Exploration Results and Mineral Resource Estimates has been prepared by Mr Richard Maddocks, MSc in Mineral Economics, BSc in Geology and Grad Dip in Applied Finance. Mr Maddocks is a Fellow of the Australasian Institute of Mining and Metallurgy with over 30 years of experience. Mr Maddocks has sufficient experience that is relevant to the style of mineralisation and type of deposit 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. Mr Maddocks is an independent consultant to Anson Resources Ltd. Mr Maddocks consents to the inclusion in this presentation of this information in the form and context in which it appears. The information in this announcement is an accurate representation of the available data from exploration at the Paradox Lithium Project. Information is extracted from reports entitled 'Anson Further De-risks Paradox Brine Project' created 11 May 2020, 'Anson Granted Additional Paradox Brine Project Claims' created 30 March 2021, 'Anson Significantly Increases Paradox Exploration Area' created 6 April 2021 'Paradox Brine Stage 1 Sodium Bromide/Lithium Updated PEA' created 1 September 2021, 'Test on Historic Diamond Core to Fast Track Resource Upgrade' created 6 July 2022, 'Mississippian Unit at LC2 delivers 25% Increase in Lithium' created 11 July 2022, 'Further 87% Increase in Li Grades of Mississippian Units' created 27 July 2022, 'Further Increase in Lithium Grades at Paradox Project' created 4 August 2022, 'Anson Reports Major Resource Upgrade at Paradox' created 22 August 2022, 'Paradox Lithium Project DFS Confirms Outstanding Economics' created 8 September 2022, 'Anson Delivers 1Mt LCE Mineral Resource at Paradox Lithium Project' created 2 November 2022, 'Western Strategy Resource Expansion Drilling to Commence' created 25 January 2023, and 'Exploration Target Confirmed at Green River Lithium Project' created 15 February 2023, all are available to view on the ASX website under the ticker code ASN. The Group 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 or Ore Reserves, that all material assumptions and technical parameters underpinning the estimates in the relevant market announcement continue to apply and have not materially changed. The Group 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. Anson Resources | ASX: ASN 36