Anson Resources Receives US$358M Utah Incentive Offer for Green River Project
Anson Resources has received a formal Letter of Advice from the Economic Development Corporation of Utah (EDC Utah) outlining proposed State and local incentive programs with an estimated aggregate value of US$357.7 million for its Green River Lithium Project. Final determinations from Utah authorities are expected in September 2026, with approved incentives to be assessed for inclusion in the Green River Definitive Feasibility Study (DFS).
The Letter of Advice is not a binding commitment and does not create any entitlement to funding. Each program remains subject to change, detailed assessment and final approval by the relevant authority.
Breaking down the four proposed incentive programs
The incentive package comprises four distinct programs administered by separate Utah State and local bodies:
| Program | Administering Body | Indicative Support | Duration |
|---|---|---|---|
| State Tax Reimbursement | Governor’s Office of Economic Development | ~US$127.75M (50% of State taxes paid) | 20 years |
| Property Tax Revenue Allocation | Utah Inland Port Authority (UIPA) | ~US$229.9M for infrastructure | 25 years |
| Workforce Training Subsidy | Custom Fit Training Program | 40–50% of approved costs | — |
| Workforce Pipeline Support | Talent Ready Utah | Non-cash assistance | — |
The Governor’s Office program operates as a post-performance reimbursement structure, paid after State taxes are generated by the Project. The Custom Fit Training Program would provide subsidies through the technical college in Price, Utah, whilst Talent Ready Utah would assist Anson in establishing student and apprenticeship pipelines to support long-term workforce requirements.
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Why the infrastructure funding mechanism matters
The Utah Inland Port Authority component represents a strategically significant element of the package. Under the indicative structure outlined by EDC Utah, UIPA would receive 75% of the incremental property-tax revenue generated within the Project Area. The Authority proposes to allocate 50% of that amount to infrastructure supporting Green River.
Subject to approval, this support may allow infrastructure funding — including water, sewer, gas, electrical and rail — to be brought forward through bonding arrangements. This structure would reduce the upfront capital required from the Company to establish critical project infrastructure.
The mechanism directly supports Anson’s stated strategy of minimising shareholder dilution. By reducing the need to raise equity capital for infrastructure development, the bonding arrangements could preserve shareholder value whilst advancing project construction. The final value of the infrastructure support depends on the terms ultimately approved by UIPA, assessed property values, property-tax rates in the Project Area, and the Project proceeding to development.
How government incentives strengthen a mining project’s economics
Jurisdictions offer tax reimbursement and bonding incentives to attract investment in critical minerals, stimulate employment and develop regional infrastructure. For mining projects, these mechanisms deliver two primary benefits. First, tax reimbursement programmes increase after-tax cash flows by reducing the effective tax burden over the project’s operating life. Second, brought-forward infrastructure funding through bonding reduces upfront capital requirements, lowering the total equity needed to reach production.
Both effects improve project Internal Rate of Return (IRR) and Net Present Value (NPV), making projects more attractive to debt and equity financiers. For investors, stronger project economics translate to improved financeability and reduced reliance on dilutive capital raises during development.
The investment case: strengthening Green River’s economics
Anson’s financing strategy focuses on pursuing options that limit dilution of existing shareholders and maximise return on investment. The proposed Utah support aligns directly with this objective.
The State tax reimbursement, representing approximately 50% of taxes paid over 20 years, would increase after-tax project cash flows and improve project IRR. This enhancement is expected to reduce financing requirements and support funding from investors and financial institutions. The UIPA infrastructure bonding mechanism would reduce the need to raise additional equity capital for project infrastructure, further limiting shareholder dilution.
Subject to approval, Anson will evaluate the incentives for incorporation into the financial model being prepared as part of the Green River DFS. Subject to approval, Anson will evaluate the incentives for incorporation into the DFS financial model, where their effect on project economics and long-term competitiveness will be assessed.
Executive Chairman and CEO Bruce Richardson
“The formal Letter of Advice received from EDC Utah demonstrates the strategic importance of the Green River Lithium Project to Utah and the United States’ domestic critical-minerals supply chain. The proposed incentive programs recognise the significant long-term investment, skilled employment and economic activity that Green River is expected to generate in Utah. In particular, the ability to apply potential Utah Inland Port Authority support towards critical infrastructure could provide meaningful assistance as we advance the Project towards development. While the programs remain subject to assessment and final approval, a successful outcome could further strengthen Green River’s economics and competitiveness. Importantly, these programs have the potential to reduce both the capital intensity and long-term tax burden of the Green River Project. Combined with existing project financing initiatives, they reinforce our strategy of minimising shareholder dilution while strengthening project economics. We look forward to continuing to work with EDC Utah, the Governor’s Office of Economic Development and the Utah Inland Port Authority, State and local authorities and the broader Utah business community as the Project progresses.”
Green River holds a JORC Mineral Resource of 773,000 t LCE (Indicated 183,000 t LCE / Inferred 590,000 t LCE), as reported in the Company’s 4 May 2026 announcement. No Ore Reserve has been declared. Inferred Mineral Resources carry a lower level of geological confidence than Indicated Mineral Resources, and there is no certainty that further exploration work will result in their conversion.
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Broad Utah support and what happens next
EDC Utah has confirmed its continued support for Anson through customised research and its network of more than 200 government and industry partners. That network spans:
- Construction and engineering services
- Equipment financing
- Transportation and logistics
- Staffing and workforce development
- Electricity and utility provision
- Insurance services
EDC Utah stated that Anson represents the type of high-value company it seeks to support in Utah, citing the Green River Project’s expected delivery of investment in critical minerals, innovative extraction technologies and regional employment opportunities.
The near-term pathway involves three key stages:
- Utah authorities complete assessments of the proposed incentive programs — expected September 2026
- If approved, incentives assessed for inclusion in the Green River DFS financial model
- DFS quantifies the effect on project economics and long-term competitiveness
The incentive programs described in this article are administered by different Utah State and local bodies under their own criteria and approval processes. Each remains subject to change, detailed assessment and final approval by the relevant authority. There is no assurance that any incentive will be approved in whole or in part, or that its ultimate value will equal the amounts currently estimated.
Green River continues to attract support from government, strategic partners and financial institutions, reflecting its position as one of North America’s most advanced lithium brine developments.
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