APC MINERALS LIMITED — Capital/Financing Update 2021

Dec 16, 2021

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17 December 2021

Share Purchase Plan Results

Australian Potash Limited (the Company ; ASX: APC) advises that the Company’s share purchase plan announced on 2 November 2021 ( SPP ) closed at 5pm AWST on 13 December 2021. The SPP complemented the Company’s two tranche placement to sophisticated and institutional investors which raised $12million ( Placement ).

The first tranche of shares associated with the Placement was issued on 9 November 2021 representing funds of $7.8million. Issue of the second tranche of Placement shares, representing funds of $4.2million, is anticipated to occur on or around 22 December 2021, following shareholder approval received for their issue at the Company’s annual general meeting on 15 December 2021.

Applications were received from eligible shareholders for a total of $477,000, representing 5,962,500 fully paid ordinary shares at an issue price of $0.08 per share, being the same issue price as the Placement ( SPP Shares ). The issue of the SPP Shares to those eligible shareholders occurred today, 17 December 2021.

This release was authorised by the Board of Directors.

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 pre-development 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

Australian Potash Limited (ASX:APC)

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