Trident Royalties PLC (AIM:TRR, OTCQX:TDTRF) said a 45% increase in the mineral resource at the Paradox Basin lithium prospect in Utah has underlined the attractiveness of its royalty model.
ASX-listed Anson Resources is the operator at Paradox Basin and has posted a new JORC-compliant resource of 1.5 million tonnes (t) of lithium carbonate (LCE) and 7.6Mt of bromine.
Of these, 366,000t LCE are indicated resources, a 6% increase, with 1.9 Mt of bromine also in that category. Inferred LCE resources are up by 117%.
Trident only acquired a 2.5% royalty over Anson's asset in Utah last month.
Adam Davidson, Trident’s chief executive, said: "The material increase in resources following the acquisition of Green Energy highlights the attractiveness of the royalty model, with value add from the acquisition immediately flowing to the royalty.
“Anson continues to progress Paradox aggressively and we are pleased with the significant amount of activity that has occurred within the short time since we acquired the royalty.
“With this royalty giving us further exposure to battery metals, and in this instance direct lithium extraction, we look forward to further progress as Anson advances Paradox towards a development decision."