Government incentives can change project Economics without any change in Commodity price or production assumptions. Anson Resources Limited (ASX:ASN) reported on 7 October 2026 an updated base-case model for the Green River Lithium Project in Utah that incorporates two Utah incentive programs.

Company overview

Anson Resources Limited (ASX:ASN) is an ASX-listed lithium developer with the Green River Lithium Project in Utah, United States. It is advancing a Definitive Feasibility Study and engaging with strategic investors and project-finance providers.

Updated project economics

Base-case pre-tax NPV8 rose from US$1.373 billion to US$1.523 billion and post-tax NPV8 from US$896 million to US$1.046 billion, increases of about US$150 million (10.9% and 16.7%). Gross upfront Capital remains about US$569 million and the lithium carbonate price assumption US$16,465 per tonne. Other scoping study assumptions (10,000 tonnes per annum of battery-grade lithium carbonate, 20-year life, C1 operating cost of US$3,837 per tonne) were retained. The updated figures are company calculations.

The two incentives

The Utah Inland Port Authority Board approved a Business incentive capped at US$193,995,683, based on 50% of projected property-tax Revenue increases and available for up to 25 years. The Governor’s Office of Economic Opportunity approved a post-performance refundable tax Credit of about US$212 million under the Rural Economic Development Tax Increment Financing program, assumed in the model to be earned evenly over 20 years at about US$10.6 million per year. Anson has started discussions with the Authority about using part of the incentive to support a third-party bond for eligible infrastructure.

Sector backdrop

Lithium developers in the United States benefit from state and federal incentives, but project value remains tied to lithium prices and capital costs. Scoping studies are early-stage estimates.

Risks shareholders should weigh

The incentives depend on qualifying investment, employment, taxes paid, annual verification and final agreements, and actual credits may differ materially from the model. The US$212 million is a nominal maximum, not present value.

The release states the project remains exposed to lithium price movements and development risks. A Definitive Feasibility Study, funding and construction are still to be completed.

The NPV improvement relies on company modelling of timing and structure not yet finalised.

What’s next

Anson will refine the model through the Definitive Feasibility Study, including the infrastructure financing structure and credit timing. Shareholders may wish to watch for the DFS and funding progress.