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(Sharecast News) - Ascent Resources said on Friday that Neometals had defined a maiden JORC-compliant potash and lithium exploration target for the Utah Brine Project, in which Ascent holds a non-dilutive royalty interest covering future product sales.
The AIM-traded onshore US oil and gas company said the exploration target, which assumed conventional brine extraction, outlined a projected range of 1.9m to 6.5m tonnes of contained lithium carbonate equivalent, alongside 94m to 325m tonnes of muriate of potash.
Ascent secured a gross smelter return royalty of 2.5 to 3.5% on future lithium and potassium product sales from brines extracted within the project's covered acreage through a licence agreement covering 24 inactive oil and gas wells in the Paradox Basin, south-east Utah.
In March 2026, Ascent, alongside American Helium and its affiliates, entered into a binding Access and Use Licence with Utah Brine Corporation, the 100% holder of the Utah Brine Project.
The royalty arrangement provided Ascent with low-risk, non-dilutive exposure to the project's potential commercial production without requiring further capital expenditure or assuming operating risk.
At 1345 BST, shares in Ascent Resources were up 10.43% at 0.64p.
Reporting by Josh White for Sharecast.com.
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