Australia’s Neometals Returns to Upstream Mining with US Lithium-Potash Venture

Australia-based Neometals is re-entering upstream resource development through a new joint venture in the United States, targeting lithium and potash production as part of its broader critical minerals strategy.

The company has agreed to earn a 51% stake in Utah Brine Corporation by investing up to $2 million over three years under a binding deal with partner Omaha Value.

The project is located in the Paradox Basin, where Utah Brine holds rights to a proposed brine-hosted lithium and potash development. The site includes access to 24 existing wells along with oil and gas leases and supporting infrastructure, allowing for near-term exploration activities such as brine sampling and technical testing.

Access to the project area has been secured through an exclusive licence granted by American Helium and Ascent Resources, covering a large footprint in the Lisbon Valley region. The company controls more than 32,000 hectares of mineral claims, permits and lease applications considered prospective for lithium-rich brines.

Neometals said the deal provides a relatively low-cost entry into a potentially scalable resource opportunity, though it emphasised that the project remains at an early exploration stage, with no defined mineral resources or reserves to date.

As part of the agreement, Omaha Value will also make a separate $1.9 million payment to the licensors, contingent on obtaining key approvals required for commercial production.

The company plans to draw on its prior experience in lithium development, including its involvement in the Mt Marion project in Western Australia, as well as its downstream processing capabilities, to advance the venture.

The move reflects a broader industry trend of securing upstream lithium resources to meet rising demand from electric vehicles and energy storage, as companies look to strengthen control over supply chains in an increasingly competitive global market.