Anson Resources (ASX:ASN) is raising $14 million from a placement to fund exploration at the Green River Lithium Project in Utah, US.
The company will issue 175 million shares at $0.08, representing a 20% discount to the last closing price of $0.10 on 18 November 2025, as well as a 15.2% discount to the 15-day volume weighted average price.
Holders will be entitled to one free-attaching option for every two shares subscribed in the placement, exercisable at $0.12 for a three-year period.
Canaccord Genuity acted as the lead manager and bookrunner for this placement, which is expected to settle on 27 November 2025.
Proceeds will be used to cover exploration activities at the Green River project ahead of an updated mineral resource, as well as associated engineering studies for a Definitive Feasibility Study and front-end engineering and design at the project
Funds will also be deployed to a maiden drilling campaign at the Yellow Cat Uranium Project, similarly located in Utah.
CEO Bruce Richardson says the placement will help Anson push the project towards the production stage.
“The successful completion of this capital raise, which was well supported, reflects the strong investor confidence in the lithium market and specifically the company’s Green River Lithium Project development strategy and support for Anson’s management team,” Richardson says.
As the globe shifts towards net zero emissions, the demand for lithium is expected to jump due to its use in electric vehicles, clean energy storage, and battery energy storage systems.
The lithium market is forecast to grow at a compound annual growth rate of 23.51% over the 2024 to 2029 period, hitting some 564.78 kilotons of lithium carbonate equivalent by 2029, as reported by Mining.com.au on 20 November.
With almost every second car sold expected to run off a battery by 2030, the demand for batteries alone is likely to increase by 35%.
Anson Resources is a critical minerals explorer focused on developing lithium assets in Australia and the US.
Write to Maddison Elliott at Mining.com.au
Images: Anson Resources
