Ascent Resources Plc (LSE:AST), together with partner American Helium, has signed an option agreement with Neometals Ltd and Omaha Value to assess and potentially recover lithium and potash from brine-rich acreage in Utah’s Paradox Basin. The arrangement allows Ascent to advance the value of its land position without committing to upfront drilling costs, taking advantage of existing infrastructure to shorten timelines and limit expenditure.
The deal underscores the company’s emerging multi-commodity profile and offers a low-dilution pathway to unlock further value from its portfolio. Under the agreement, Neometals and Omaha Value have a 60-day exclusivity window to complete due diligence. Future financial terms include fees and royalty payments tied to any resulting brine production.
More about Ascent Resources
Ascent Resources Plc is an onshore U.S.-focused oil and gas company that is also exploring the potential extraction of critical minerals such as lithium and potash from high-salinity brines. Operating primarily in the Paradox Basin, the company leverages established oil and gas infrastructure to pursue new monetisation avenues across its acreage.
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