APC MINERALS LIMITED — AGM Information 2021

Dec 14, 2021

15 December 2021

Annual General Meeting Presentation

Australian Potash Limited ( ASX: APC or the Company ) is pleased to provide a copy of the presentation that will be given this afternoon by Managing Director & CEO Matt Shackleton at the Company’s annual general meeting of shareholders.

This release was authorised by the Managing Director & CEO.

Matt Shackleton

Managing Director & CEO m.shackleton@australianpotash.com.au +61 (0) 438 319 841

Michelle Blandford

Company Secretary m.blandford@australianpotash.com.au +61 (0) 408 088 295

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About Australian Potash Limited

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APC holds a 100% interest in the Lake Wells Sulphate of Potash (LSOP), located approximately 500km northeast of Kalgoorlie, in Western Australia's Eastern Goldfields. The Company is finalising predevelopment plans for commencement of construction. First production from the LSOP is scheduled for 24 to 27 months from a Final Investment Decision.

K-Brite[TM] is a registered trademark brand of Australian Potash Limited and the brand under which the suite of high quality, premium SOP products from the LSOP will be marketed.

APC holds a 100% interest in the Laverton Downs Project, located 5kms north of Laverton, in Western Australia's Eastern Goldfields.[i]

APC holds a 30% free-carried interest in the Lake Wells Gold Project, located 500km northeast of Kalgoorlie, in Western Australia's Eastern Goldfields.[ii]

Please visit www.australianpotash.com.au for more information.

i Refer to ASX Announcement 9 April 2021 ii Refer to ASX Announcement 8 April 2021

Page 2 of 2

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Low Cost, Organically Certified, Environmentally Sustainable, Green Sulphate of Potash

www.australianpotash.com.au

Disclaimer

Nature of this document

This presentation has been prepared by Australian Potash Limited (APC or the Company). The information is based on publicly available information, internally developed data and other sources. By receiving this presentation, you acknowledge and represent to the Company that you have read, understood and accepted the terms of this disclaimer. It is the responsibility of all recipients of this presentation to obtain all necessary approvals to receive this presentation and receipt of this presentation will be taken by the Company to constitute a representation and warranty that all relevant approvals have been obtained.

Not an offer

This presentation is for information purposes only and does not purport to be all inclusive or to contain all information about the Company or any of the assets, current or future, of the Company. This presentation does not comprise a prospectus, product disclosure statement or other offering document under Australian law (and will not be lodged with ASIC) or any other law. This presentation also does not constitute or form part of any invitation, offer for sale or subscription or any solicitation for any offer to buy or subscribe for any securities in any jurisdiction nor shall it or any part of it form the basis of or be relied upon in connection therewith or act as any inducement to enter into any contract or commitment with respect to securities. This presentation does not constitute an offer to sell, or a solicitation of an offer to buy, any securities in the United States. This presentation and its contents must not be distributed, transmitted or viewed by any person in the United States or any jurisdiction where the distribution, transmission or viewing of this document would be unlawful under the securities or other laws of that or any other jurisdiction.

Not investment advice

This presentation is not investment or financial product advice (nor tax, accounting or legal advice) and its contents are not intended to be used for the basis of making an investment decision. Recipients of this presentation should carefully consider whether the Company is an appropriate investment for them in light of their personal circumstances, including their financial and taxation position. This presentation does not take into account the individual investment objectives, financial situation and particular needs of each investor or shareholder. You may wish to seek independent financial and taxation advice before making any decision in respect of this presentation. Neither APC nor any of its related bodies corporate is licensed to provide financial product advice in respect of the Company’s securities or any other financial products.

Competent Persons’ Statement

The information in this report that relates to the Mineral Resource is based on information announced to the ASX on 8 August 2019. APC confirms that it is not aware of any new information or data that materially affects the information included in the relevant market announcement, and that all material assumptions and technical parameters underpinning the Estimate in the relevant market announcement continue to apply.

The information in the abovementioned announcement relating to Mineral Resources was based on information that was compiled by Mr Duncan Gareth Storey. Mr Storey is a Director and Consulting Hydrogeologist with AQ2, a firm that provides consulting services to the Company. Neither Mr Storey nor AQ2 own either directly or indirectly any securities in the issued capital of the Company. Mr Storey has 30 years of international experience. He is a Chartered Geologist with, and Fellow of, the Geological Society of London (a Recognised Professional Organisation under the JORC Code 2012). Mr Storey has experience in the assessment and development of paleochannel aquifers, including the development of hypersaline brines in Western Australia. His experience and expertise are such that he qualifies as a Competent Person as defined in the 2012 edition of the “Australian Code for Reporting of Exploration Results, Mineral Resources and Ore reserves”. Mr Storey consented to the inclusion in the abovementioned report of the matters based on this information in the form and context as it appeared.

The information in the abovementioned announcement relating to mineral processing was based on information compiled by Mr Antoine Lefaivre P.Eng, a Competent Person who is a Member of the Ordre des Ingénieurs du Québec (Order of Engineers of Quebec). Mr Lefaivre is employed by Novopro Projects Inc, a consultant to the Company, and has sufficient experience that is relevant to the style of minerals processing and type of deposit under consideration and to the activity being undertaken to qualify as a Competent Person as defined in the 2012 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Mr Lefaivre consented to the inclusion in the abovementioned report of the matters based on his information in the form and context in which it appeared.

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Forward Looking Statements Disclaimer

This announcement contains forward-looking statements that involve a number of risks and uncertainties. These forward-looking statements are expressed in good faith and believed to have a reasonable basis. These statements reflect current expectations, intentions or strategies regarding the future and assumptions based on currently available information. Should one or more of the risks or uncertainties materialise, or should underlying assumptions prove incorrect, actual results may vary from the expectations, intentions and strategies described in this announcement. No obligation is assumed to update forward looking statements if these beliefs, opinions and estimates should change or to reflect other future developments.

Financial Forecasts

The forecast financial information stated in this presentation is based on the Company’s Front End Engineering Design Program results as released to the ASX on 20 April 2021. The Company confirms that all material assumptions underpinning the forecast financial information continue to apply and have not materially changed.

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To recap

A genuinely green, premium fertiliser

FEED Program[*] positions the Lake Wells SOP K-Brite[TM] product as a genuinely green, premium fertiliser product for distribution into the world’s most lucrative markets

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‘SHOVEL READY’: DEBT 70% COMPLETE, EQUITY FUNDING

100% OWNED – TIER 1 LOCATION

FULL ENVIRONMENTAL PERMITTING

AUSTRALIA’S LARGEST MEASURED SOP RESOURCE[#] HIGH GRADE, ORGANICALLY CERTIFIED PRODUCT LINES BINDING TAKE-OR-PAY OFFTAKES FOR 90% OF PRODUCTION

GREEN LOAN VERIFICATION

www.australianpotash.com.au

*Refer ASX announcement 20 April 2021; #Refer ASX announcement 8 August 2019

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The financial metrics

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30 YEARS OF SOP
PRODUCTION AT
90%
OF PRODUCTION
170,000
UNDER OFFTAKE
TONNES
PER ANNUM
NAIF FUNDING
GREEN LOAN
VERIFICATION
A$140M
EFA FUNDING
A$45M
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The essential metrics

PRE-TAX[^] NPV 8 A$88M EBITDA[^] A$415M (AVG ANNUAL OVER LOM) CASH COST[^] SOP PRICE[^] US$251/t US$550/t CAPITAL COST[1 ] DEBT FUNDING[2] A$266M A$185M (+A$26M (+COMMERCIAL CONTINGENCY) BANKS PENDING) LOWEST QUARTILE CASH COST

^ These are Real numbers

* Conditional credit approval received 1. Refer Appendix 2

2. Refer Slide 15

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Where are we with development?

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Village
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48-person construction camp including wet & dry
20 permanent rooms
mess and water treatment facilities complete
Wet mess
Kitchen/dining room
Potable water
treatment plant
Sewage treatment plant
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Where are we with development?

Civils

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48-person construction camp including wet & dry mess and water treatment facilities complete 20 bore pads constructed and handed over to drilling contractor

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~25km of access tracks completed

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Where are we with development?

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Borefield

17 bores developed out of total 79 bores

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Test pumping to date: flow rates aligned with resource model

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Brine abstraction materially de-risked with early works

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Where are we with development?

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Evaporation

On-playa evaporation pond trial program complete

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High-grade K SOP produced from pilotevaporation program[*] Organic certification received in Europe, USA & Australia[^]

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Operational experts engaged (Corey Milne) Vital two evaporation seasons to production

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www.australianpotash.com.au

*Refer ASX announcement 22 January 2019; ^Refer ASX announcements 9 February 2021, 12 September 2021 & 11 October 2021

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Execution Timeline to Production

Conservative schedule commitments

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Village
Communications
Earthworks
Borefield - Drilling
Borefield - Power and Pipeline
Process Plant - Engineering and Procurement
Process Plant - Construction
Hybrid Power Plant
TIME UNDER SUN
Plant Commissioning
2021 2022 2023 2024
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Potash Market Update

• Very high energy prices

• Natural gas pricing soaring on resurgent demand and lag time to fill production capacity

• Poor renewable energy production due to drought [hydro], low wind

• Flooding in China curbing coal production

• Freight costs remain high

• Demand for manufactured goods

• Forecast to remain high through 2022

• CPI on the increase in many, though not all, developed economies

Incentivised pricing environment

Government trade decisions:

• China: frozen exports of fertilisers

• Turkey: export restrictions on DAP and NPK

• Vietnam: 6% import duty on DAP

• Russia: export quota on N&P

• Egypt: halted N exports unless approved

• US: imposed sanctions on trade with Belarus

Fertiliser affordability against US grown corn*

• [lag effect: low prices/high demand in 2020 = high

• prices/high demand 2021]

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*IFA Strategic Forum, 15-17 November 2021, Dubai “Short-Term Fertilizer Outlook 2021-2022”, Market Intelligence Service, IFA

Potash Market Update

The LSOP will operate in a global market

Incentivised pricing environment

Ranking of fertiliser purchase decision weightings:

• Affordability

• Supply

• Crop price variability

• Government policies

• Environmental uncertainty

Potash demand year on year[*] :

• 2018/2019 37.1Mt 2019/2020 37.0Mt -0% 2020/2021 40.4Mt +9% 2021/2022 38.9Mt -4% 2022/2023 40.3Mt +4%

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*IFA Strategic Forum, 15-17 November 2021, Dubai “Short-Term Fertilizer Outlook 2021-2022”, Market Intelligence Service, IFA

Bankable offtake agreements

Ship and supply

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30,000tpa K-Brite [TM]
through Europe
20,000tpa K-Brite [TM] 50,000tpa K-Brite [TM]
through USA through China
20,000tpa K-Brite [TM] through
Bankable Offtake Agreements Australia &
for 90% of production: 30,000tpa New Zealand
K-Brite [TM] through
• Take-or-pay South-East Asia
•
Volume commitment
• Price protection
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www.australianpotash.com.au

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Community
Culture
Sustainability
Environment
Environment Replacing &
Ministerial Statement reducing a material
carbon footprint
EPA Approved
Cultural Heritage
Management Plan
High-penetration
(c.69%) renewable
energy fraction
Employment & power station
contracting
opportunities
Laverton Training
Centre
Cultural targets &
2020 - 2023 gender equality
Laverton
STEM Program
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Sustainability

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Sustainability

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Multi-generational reduction in Greenhouse Gas Emissions

Lake Wells Renewable Power Station

• 63-69% Renewable fraction

• • $0.17/kWh

• 4.5MW solar

• • 9MW wind (2x4.5MW turbines)

• • 9MW/3MWh BESS

Greenhouse Gas Emissions (GHG) ^ [tCO2eq/tonneSOP, scope 1,2 & 3] APC Other SS Mannheim 0.187 0.370 0.591 • 49% LESS GHG than other solar salt SOP projects • 69% LESS GHG than Mannheim SOP operation

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^Lake Wells Potash Project - Carbon Footprint Estimation, Novopro, August 2021 – Refer ASX announcement 7 September 2021

Financing the Build

NAIF EFA Commercial banks Equity

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01: NAIF
02: EFA
• Investment decision
03: Banks
approved February
2021 • Conditional
04: Equity
• approval April 2021
A$140 million •
Foreign institutions
• • A$45 million
17-year tenor •
Domestic institutions
• 10-year tenor
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• Green Loan verification on debt issued by APC*

• Capital cost of A$266million [plus contingency of A$26million][^]

www.australianpotash.com.au

*Refer ASX announcement 19 April 2021; ^Refer ASX announcement 20 April 2021

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How does SOP pricing work?

Premium product commands premium pricing

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High K2O granular

High K2O standard

Standard SOP

• Granular

• Powdered

• 50% - 52% K O 2

• Soluble

• 50% K O 2

• 50% - 52% K O 2

• Insoluble

• Bulk

• Organic

• Bulk

• Inorganic

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Solar salt
•
Bulk Solar salt
Salt reaction
Solar salt Salt reaction
Mannheim
Salt reaction
Mannheim 5% -
10%
5% -
10%
ARGUS Average Real price
price used in APC financial
modelling
Price premium
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• Granular or

• • Soluble

• +52% K O 2

• Low Chloride

• • Organic

• • Bagged

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CAPEX includes
granulation and
bagging plants
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How does SOP pricing work?

Premium product commands premium pricing

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900
850 Premiums paid for SOP products
• Granulated
800
• Soluble
750 • Bagged
• Organic
700
650
600
550
500
450
400
NW Eur Stand SOP NW Eur Gran SOP NW Eur Soluble SOP
US$/t
Sep 2018 Oct 2018 Nov 2018 Dec 2018 Jan 2019 Feb 2019 Mar 2019 Apr 2019 May 2019 Jun 2019 Jul 2019 Aug 2019 Sep 2019 Oct 2019 Nov 2019 Dec 2019 Jan 2020 Feb 2020 Mar 2020 Apr 2020 May 2020 Jun 2020 Jul 2020 Aug 2020 Sep 2020 Oct 2020 Nov 2020 Dec 2020 Jan 2021 Feb 2021 Mar 2021 Apr 2021 May 2021 Jun 2021 Jul 2021 Aug 2021 Sep 2021 Oct 2021 Nov 2021
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Gap up in SOP pricing across the globe

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Chart data source: Argus Consulting

How does SOP pricing work?

Premium product commands premium pricing

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900
800
Gap up in
SOP pricing
700 across the
globe
600
500
400 Forward price curves used in the LSOP
FEED bank financial model
300
NW Eur Stand SOP Series2 NW Eur Gran SOP Series4 NW Eur Soluble SOP Series6
US$/t
Sep 2018 Mar 2019 Sep 2019 Mar 2020 Sep 2020 Mar 2021 Sep 2021 Mar 2022 Sep 2022 Mar 2023 Sep 2023 Mar 2024 Sep 2024 Mar 2025 Sep 2025 Mar 2026 Sep 2026 Mar 2027 Sep 2027 Mar 2028 Sep 2028 Mar 2029 Sep 2029 Mar 2030 Sep 2030
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Chart data source: Argus Consulting

Contracting Strategy

Minimising the risk of cost overruns, schedule creep and process under-performance

+75% of construction contracts by value are EPC

6 Packages EPC Contracted SOP process plant Borefield fit-out & HV network Power station Communications & Village 2 Packages Owner’s Team Borefield drilling Civils (including ponds) Contracted Village Power station Logistics

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Why?

Schedule guarantee Price guarantee (in mid-2021 $) Process guarantee Local engineers & Canadian expertise

Experienced owner’s team In depth knowledge of ground conditions – no-one knows better than APC’s team Owner’s Team Pumping Processing Marketing

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Key Implementation Team

Skills Experience Competence

Project Management Process Design Rhett Brans Ryan Duncan Project Director Technical Manager Peter de Groot Corey Milne Specialist Technical Construction Manager Consultant

Borefield Development Commercial Scott Nicholas Simon Page Chief Financial Officer Principal Hydrogeologist Green Legal Chris Shaw Jay Hussey Chief Commercial Officer Exploration Manager

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Corporate

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Jim Walker Brett Lambert Cathy Moises
Chairman Non-executive Director Non-executive Director
Scott Nicholas
Chief Financial Officer
Matt Shackleton Rhett Brans
Managing Director & CEO Project Director
Michelle Blandford
Company Secretary
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Skills
Experience
Competence
Share Price (16 November 2021) $0.074
Shares on Issue 747.4m
Unlisted Options & Performance Rights 12.6m
Market Capitalisation $55.3m
Cash (30 September 2021) $7m
Debt Nil
Enterprise Value $50m
0.25 12
10
0.20
8
0.15
6
0.10
4
0.05
2
0.00 0
Volume (m)
Share price (A$ps)
Jan-2020 Mar-2020 May-2020 Jul-2020 Sep-2020 Nov-2020 Jan-2021 Mar-2021 May-2021 Jul-2021 Sep-2021 Nov-2021
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Risk Management

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• ASX Corporate Governance structures

• Deep commercial & technical experience

• Highly experienced & diversified Board

• Borefield development & fit-out

• Evaporation ponds & civils

• Processing Plant

• Power Plant

• Accommodation Village

• Communications

Skills Governance Commitment

• ISO45001 Framework

• Continuous training and improvement

• 1:20 OH&S professionals on staff

• Framework mirrored in Contractor Policy

• EPC/M Work Packages

• Fixed cost/Lump sum components

• Schedule certainty driven by LDs

• Process Guarantees

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Community Engagement

A commitment to the community

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• Construction of Laverton Training Centre has commenced

• Target of 15% Aboriginal participation

• • Carey Mining and Central Earthmoving joint venture contracted for earthworks

• Local, state, federal & industry funding

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• Active member of the Laverton Cross Cultural Association Inc.

• Interdisciplinary approach promoting Science, Technology, Engineering and Maths

• 3 year investment

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Exploration Opportunities

Laverton Downs Project

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• Prospective for nickel sulphide and gold mineralisation

• Assessment of results of diamond drilling program undertaken in June 2021 quarter will influence future field activities

Regional multi-commodity potential

Lake Wells Gold Project

• SBM earnt in 70% during April 2021; APC 30% free-carried to bankable feasibility study for non-potash

resource

• Extensive exploration program planned for 2021/22 to test mineralised corridor exceeding 9km in length

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Appendix 1: Our Market

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Essential

7M tonnes

Market Size

<1% Chloride/17% Sulphur

• SOP = 10% of the global demand for potassic fertilisers

• Potassium is essential

• Potassium without chloride is

essential

• 170ktpa = 2.4% global demand

• SOP is essential and nonsubstitutable

SOP is the premium form of an essential, nonsubstitutable plant fertiliser

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US 3.5B $

High Margin

SOP Global Demand

Premium pricing

  - 50% of global supply from the

  - high-carbon emitting Mannheim industrial process

• Solar salt = lowest quartile cost

• 50/50 China/Rest-of-World

• production

• 4% - 6% CAGR profile past 2030

• 50% from the passive solar

• evaporation (low Carbon) process

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Appendix 2: CAPEX Summary

Capital expenditure

The Lake Wells Sulphate of Potash Project

CAPEX*	A$m	Delivery and Execution Risk Mitigated
Owner’s Team	18	Capable & experienced owner’s team
Bore drilling & development	16	Schedule guarantee, specialist contractor, productivity KPIs
Borefield fit out, pipeline, HV	36	Lump sum, schedule & process guarantee
Earthworks & ponds	40	Schedule guarantee, specialist contractor, productivity KPIs
SOP processing plant	104	Lump sum, schedule & process guarantee
Granulation & bagging	36	Lump sum, schedule & process guarantee
NPI	16	Lump sum, schedule & process guarantee
Total (excluding contingency)	266
Contingency	26	EPC contracting strategy for +75% of packages of work
Total (including contingency)	292

www.australianpotash.com.au

*Refer ASX announcement 20 April 2021

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Appendix 3: OPEX Summary

Operating expenditure

The Lake Wells Sulphate of Potash Project

	Brine SOP	MOP conversion	Combined
Annual production	120,000 tonnes	50,000 tonnes	170,000 tonnes
Salt harvesting	13	-	9
Power	49	3	35
Reagents & consumables	12	266	85
Labour	57	-	41
Export logistics (FOB)	59	59	59
Maintenance	4	-	3
Indirects	27	-	19
Total cash costs (USD) per tonne	221	328	251

www.australianpotash.com.au

*Refer ASX announcement 20 April 2021

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Appendix 4: Lowest Quartile on Global Cost Curve

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Global FOB SOP cost curve 2018
Mannheim capacity: high energy, high
Brine mineralisation, long
FOB cost (US$/t) First Quartile Sustainable Production cost, environmental issues evaporation timeframe
540 P ee r Comparison
Mannheim
480 Primary
Other
420
360
300
240
Kieserite-
180 based
production
China primary:
120
low cost
but far from ports
60
0
0 1 2 3 4 5 6 7 8 9 10
Nameplate capacity 2018 (million tonnes)
Brine SOP average cost of production 120,000 tpa US$221/t
Kieserite SOP average cost of production 50,000 tpa US$327/t
Overall SOP average cost of production 170,000 tpa US$251/t
APC Kieserite
APC SOP
APC Brine
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What is Kieserite SOP? MOP + excess sulphate = SOP 1. Not Mannheim 2. Low energy 3. Minimal marginal OPEX 4. Compass Minerals, SO4

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Source: Argus Consulting

Appendix 5: FEED Summary

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Financial metrics
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The Lake Wells Sulphate of Potash Project

Assumptions*	Unit
SOP price [real]	US$/t	550
FX rate	US$:$A	0.70
Discount rate	%	8.0
Mine life	years	30
Production	ktpa	170
Financial metric	Unit	Nominal	Real
Project NPV8[pre-tax]	A$m	614	415
IRR (pre-tax)	%	21	19
Annual avg EBITDA [LOM]	A$m	124	88
Annual avg FCF [pre-tax]	A$m	119	84

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Strong Returns in All Scenarios

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SOP Price (495-605 US$/t) 286 544
FX (0.77-0.63 US$/A$) 312 542
Opex (+/-10%) 371 460
Capex (+/-10%) 389 442
250 300 350 400 450 500 550 600
NPV (A$m, pre-tax, real)
SOP Price (495-605 US$/t) 73 102
FX (0.77-0.63 US$/A$) 76 102
Opex (+/-10%) 83 92
70 75 80 85 90 95 100 105
Avg EBITDA (A$m, real)
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www.australianpotash.com.au

*Refer ASX announcement 20 April 2021

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www.australianpotash.com.au +61 8 9322 1003 @OzPotash Suite 31, 22 Railway Road, Subiaco WA 6008