Paradox Lithium Project Update

FINANCIAL 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

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