Ascent Resources PLC (AIM: AST) has highlighted the potential value of its royalty interest in the Utah Brine Project after a maiden JORC Exploration Target was defined by Neometals Ltd.
The company holds a 2.5% to 3.5% gross smelter return royalty over future lithium and potash production from brines in the Paradox Basin, south-east Utah—providing exposure to a US critical minerals asset without capital expenditure or operating risk.
The royalty originates from a March 2026 agreement with American Helium and Utah Brine Corporation (UBC), granting UBC rights to utilise 24 inactive oil and gas wells and associated infrastructure for brine extraction and processing. Neometals holds a 51% stake in UBC.
The newly defined Exploration Target covers both lithium and potash, with Dave Patterson, chief executive, saying it highlights the scale and long-term potential of the Utah Brine Project in the Paradox Basin.
He noted that Ascent’s royalty structure provides direct exposure to any future lithium and potash production using existing well infrastructure, without requiring additional capital investment from the company.
While emphasising that the target remains conceptual at this stage, Patterson described it as a meaningful step forward in underpinning the long-term value of Ascent’s royalty interest in a strategically positioned US critical minerals asset.
