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Anson Resources (ASX:ASN) share price leaps 4% on lithium project update

The company’s shares are on the move during Wednesday trade.
The post Anson Resources (ASX:ASN) share price leaps 4% on lithium project update appeared first on The Motley Fool Australia. –

The Anson Resources Ltd (ASX: ASN) share price is climbing today following plans to accelerate the company’s lithium production plant.

Earlier, Anson shares were up more than 7%. But at the time of writing, they have given up some of those gains and are now fetching for 14.5 cents, up 3.57% This means that its shares have now risen by almost 63% in a month alone, reflecting positive investor sentiment.

Anson progresses Paradox Lithium-Bromine Project

Investors are driving up the Anson share price after digesting the company’s latest release this morning.

According to its update, Anson has called upon leading global engineering solutions company, Worley Ltd(ASX: WOR) to perform a detailed feasibility study (DFS) for the development of the lithium production plant.

Worley has been busy in the background, conducting engineering studies on Anson’s behalf for the Paradox Lithium-Bromine Project. Once the DFS is completed, this will give a final total-installed cost estimate to advance to the construction phase.

Anson noted that the rapid increase in works is due to the strong lithium price over the past year. Currently, the price for lithium carbonate is fetching for 197,500 Chinese yuan (A$42,777) per tonne. This represents a 367% increase from November 2020.

Additionally, the company stated that the lithium production process has also improved economically by using alternative direct lithium extraction. Thus, enabling Anson to focus on a stand-alone lithium plant at the first stage of the project.

The DFS will include the drilling results from the two production wells and two re-entry exploration wells, scheduled for Q1 2022. The data is expected to expand the JORC Resource estimate, giving a clearer indication of potential production capacity.

The engineering study is due to be finalised in the second quarter of 2022.

Anson executive chair and CEO, Bruce Richardson commented:

Anson is very pleased to work with Worley on the engineering for its planned lithium plant at a time when demand for lithium is strong as reflected in healthy prices.

Worley provides a strong in-country team in the USA, coupled with global expertise in the development of lithium projects. The commencement of the Detailed Feasibility Study follows extensive test work and the production of EV battery grade products utilising the Direct Lithium Extraction process.

About the Anson share price

Over the last 12 months, the Anson share price has accelerated to post a gain of 353%. Year-to-date, its share price performance is just as impressive, up 400%.

Since hitting a 52-week high of 17.5 cents in the last week, Anson shares have retreated for the time being.

Based on today’s price, Anson presides a market capitalisation of roughly $148.10 million, with approximately 1.02 billion shares outstanding.

The post Anson Resources (ASX:ASN) share price leaps 4% on lithium project update appeared first on The Motley Fool Australia.

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Motley Fool contributor Aaron Teboneras has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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