Ascent Resources PLC (AIM:AST) released a maiden JORC Exploration Target defined by Neometals Ltd at the Utah Brine Project has sharpened the potential value of its royalty interest in the US critical minerals asset.
The onshore US-focused oil and gas company holds a gross smelter return royalty of 2.5% to 3.5% over future lithium and potassium products produced from brines extracted within the covered acreage at the project in the Paradox Basin, south-east Utah.
The royalty stems from a March 2026 access and use licence between Ascent, American Helium and Utah Brine Corporation, granting UBC exclusive rights to use 24 inactive oil and gas wells, associated leases, infrastructure and acreage for brine sampling, test work, extraction and processing.
Neometals, which owns 51% of UBC, has now defined the maiden potash and lithium Exploration Target for the project. Ascent said the arrangement gives it non-dilutive exposure to any future commercial production without capital expenditure or operating risk.
Chief executive Dave Patterson said the target “underscores the scale and potential” of the project, while noting that it remains conceptual at this early stage. Ascent said it will monitor planned brine sampling, metallurgical testwork and resource definition activities.
In London, Ascent shares traded sharply higher in early trade before pulling back. At 0.56p, the price was down around 2% by mid-morning, having previously risen to 0.65p.