Anson reports ‘exceptional’ results from lithium testing; shares jump 25pc
Link copied to
Anson Resources says tests at its Paradox lithium project are showing higher recovery rates when producing lithium hydroxide (LiOH) product.
Anson estimates overall lithium recovery is now about 70 per cent after extraction and downstream processing.
That compares to rates of 50 per cent achieved in operations such as the South American Salars — which have higher grades, Anson told investors.
Investors liked the news, sending the Anson (ASX:ASN) share price up 25 per cent to 10c. Its rollercoaster share price has ranged between 3.7c and 31c over the past year.
Anson wants to produce lithium-rich brines at its Paradox project in the US state of Utah – an 11-hour drive from electric car maker Tesla’s “gigafactory”.
Anson’s extraction process is cheaper due to reduced processing time, higher lithium recovery rates and a simplified extraction process.
Anson chairman Bruce Richardson said the results were “exceptional”.
“To ensure that the best economic results could be achieved several different extraction methodologies have been tested,” he said.
“As an early adopter of the Lilac process, the Anson will gain a significant advantage over traditional brine producers by utilising a new technology that provides an improved recovery rate, a faster production process with less environmental impact and as a result, improved economics.”