South West Arkansas Project

Confined aquifer lithium-brine project located approximately 24 km west of Magnolia in Lafayette County, Arkansas. Property comprises 947 brine leases and eight brine deeds covering approximately 11,438 net mineral hectares across the Smackover Formation. The initial phase project area, known as the Reynolds Unit, has been approved by the AOGC. Brine is extracted from the Upper and Middle Smackover formations at depths of 2,316 to 2,773 m subsea. The project utilizes Aquatech's proprietary Li-Pro Lithium Selective Sorption (LSS) direct lithium extraction technology. September 2025 DFS outlines a 20-year operation producing 22,500 tpa of battery-quality lithium carbonate, with initial capital of US$1.45B and an after-tax NPV8 of US$1.28B at US$22,400/t LCE. Flagship Arkansas lithium asset.