HIGHFIELD RESOURCES LIMITED — AGM Information 2015

Oct 29, 2015

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Highfield Resources Ltd AGM Presentation

COMPETENT PERSON STATEMENT – RESOURCES

Information relating to resources was prepared by Mr Leo Gilbride, P.Eng and Ms Vanessa Santos, P.Geo, of Agapito Associates. The Competent Person for Resources under JORC Code standards is Mr Leo Gilbride, P.Eng and Ms Vanessa Santos, P.Geo. of Agapito Associates of Colorado, USA. Mr Gilbride is a licensed professional engineer in the State of Colorado, USA and is a registered member of the Society of Mining, Metallurgy and Exploration Inc. Ms Santos is a licensed professional geologist in South Carolina and Georgia, USA, and is a registered member of the Society of Mining, Metallurgy and Exploration Inc.

The Society of Mining, Metallurgy and Exploration Inc is a JORC Code ‘Recognised Professional Organisation’ (RPO). An RPO is an accredited organisation of which the Competent Person under JORC Code Reporting Standards must belong in order to report Exploration Results, Mineral Resources, or Ore Reserves through the ASX. Mr Gilbride is the Vice President of Engineering and Field Services and Ms Santos is the Chief Geologist with Agapito Associates and both have sufficient experience to qualify as a Competent Person for the relevant style and type of mineralisation and deposit under consideration of this release. Mr Gilbride and Ms Santos consent to the inclusion in the report of the matters based on this information in the form and context in which it appears.

COMPETENT PERSON STATEMENT – RESERVES

Information relating to reserves was prepared by Mr. José Antonio Zuazo Osinaga, Technical Director of CRN, S.A.; Mr. Jesús Fernández Carrasco, Managing Director of CRN, S.A. and Mr Manuel Jesus Gonzalez Roldan, Geologist of CRN, S.A. Mr. José Antonio Zuazo and Mr. Jesús Fernández, are licensed professional geologists in Spain, and are registered members of the EUROPEAN FEDERATION OF GEOLOGISTS, an accredited organisation to which the Competent Person (CP) under JORC Code Reporting Standards must belong in order to report Exploration Results, Mineral Resources, or Ore Reserves through the ASX.

Mr. José Antonio Zuazo is the Technical Director of CRN and he has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which they are undertaking to qualify as a CP as defined in the 2012 Edition of the JORC Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves.

Mr. José Antonio Zuazo and Mr. Jesús Fernández consent to the inclusion in the release of the matters based on their information in the form and context in which it appears.

FORWARD LOOKING STATEMENTS

This presentation includes certain ‘forward looking statements’. All statements, other than statements of historical fact, are forward looking statements that involve various risks and uncertainties. There can be no assurances that such statements will prove accurate, and actual results and future events could differ materially from those anticipated in such statements.

Such information contained herein represents management’s best judgment as of the date hereof based on information currently available. The company does not assume any obligation to update any forward looking statement.

Highfield Resources Limited

CONTENTS

1. Introduction

2. Corporate Summary

3. Board and Senior Executives

4. 2015 Financial Year Achievements

5. 2016 Milestones

6. Objective – Significant Global Potash Producer

7. The Projects

8. Value Proposition

9. Low Capital Costs

10. Priorities – Commencement of Construction

11. Production Focus to Deliver Real Shareholder Value

12. Summary

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1. Introduction

• Highfield Resources is developing the Muga Project, one of its five 100% owned potash projects in northern Spain.

• Located in a producing potash basin where undergound mines have operated via decline with simple sylvinite flotation circuit processing.

• The flagship Muga Project has the lowest capex of any development stage potash project.

• In production Muga will have first quartile EBITDA margins due to a combination of high price end markets and low total cash costs to customer.

• Project pipeline share the characteristics required for low capex, high margin mines and offer significant upside potential

• Management team has proven mine building experience in Spain and operating experience in potash.

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Decline accessed underground mine with project economics boosted by first world infrastructure and domestic markets

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Highway from within 7 kms of mine gate to port Aerial photo of Port of Pasajes Virtual image of proposed aboveground operations

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2. Corporate Summary

Fully Diluted Equity

Ordinary Shares on Issue	310.3m
Options	40.8m
Performance B Shares*	51.5m
Fully Diluted	402.6m
Undiluted Market Cap at A$1.50 (28 October 2015)	A$465m
Fully Diluted Market Cap at A$1.45	A$604m
Cash as at 30 September 2015	~A$115m
Average Daily Volume (3months)	~580,000
Shareholders (Fully Diluted)
Spanish in-country management	17%
Australian based management	6%
EMR Capital	26%
Other Shareholders	51%
Total	100%

• Class A and Class B Performance Shares were granted for acquisition of the Spanish assets in October 2012.

The class A Performance Shares were converted to Ordinary Shares in February 2015.

Class B Performance Shares will be converted to ordinary shares if the Company receives approvals for the construction and production of 500,000 tonnes of potash per annum before November 2016.

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2.25 9.0
2.00 8.0
1.75 7.0
1.50 6.0
1.25 5.0
1.00 4.0
0.75 3.0
0.50 2.0
0.25 1.0
0.00 0.0
Price (A$)
Volume (m)
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Broker	Recommendation	12-month Price Target
Arrowhead	BUY	A$3.00
Bell Potter	BUY	A$2.30
Blue Ocean	BUY	A$3.00
Canaccord Genuity	BUY	A$2.60
Foster Stockbroking	BUY	A$2.80
GMP Securities	BUY	A$2.20
Numis Securities	BUY	A$3.50
Pareto Securities	BUY	A$2.60
RBC Capital Markets	BUY	A$2.10
Taylor Collison	BUY	A$3.01
	AVERAGE	A$2.75

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3. Board and Senior Executives

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Derek Carter – Non Executive Chairman

A geologist with over 40 years experience in exploration and development, including nearly 20 years in management of ASX listed exploration companies including acting as Chief Geologist in Spain for the Shell Group and the Managing Director of Minotaur Resources.

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Anthony Hall – Managing Director

A qualified lawyer and company secretary with close to 20 years` commercial experience in venture capital, risk management, strategy and business development, including nearly four years as Managing Director of Highfield Resources.

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Pedro Rodríguez – Development Director

A geologist with over 35 years’ experience in mining services in Spain. He has been involved with the Highfield Spanish projects for over four years and prior to this he worked for six international mining companies including Billiton International, Navan-Almagrera and Newmont.

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Richard Crookes – Non Executive Director

A geologist with over 28 years executive experience in the resources and investments industry. He is currently an Investment Director of EMR Capital and was formerly a Director of Macquarie Bank’s Metals Energy Capital Division and was Chief Geologist with Ernest Henry Mining.

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Owen Hegarty – Non Executive Director

An executive with over 40 years experience in the global mining industry that included 25 years in Rio Tinto where he was the Managing Director for Asia, and founder and 15 years as CEO of Oxiana Ltd. He is a director of various listed and unlisted resources companies and is Executive Chairman of EMR Capital.

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Donald Stephens – Company Secretary

A Chartered Accountant and Corporate Advisor with over 25 years’ experience in the mining industry and accounting profession. He is a director and company secretary of multiple ASX listed entities.

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4. 2015 Financial Year – A year of significant achievements

• Completed Environmental and Social Impact Assessment and lodged mining concession applications

• MOUs signed with Ports of Pasajes and Bilbao guaranteeing export capacity

• Delivered outstanding Definitive Feasibility Study for Muga Potash Mine

• Low capex, high margin potash mine producing 1.1Mtpa K60 with initial mine life of 24 years

• NPV10 of US$1.4 billion

• Updated Mineral Resource Estimate for Muga

• 52% increase in tonnes in Measured and Indicated categories

• Maiden Mineral Resource Estimate for Sierra del Perdón Potash Project

• Completed Scoping Studies for Sierra del Perdón and Muga K62 by-products plant

• Contracts signed for electricity capacity from substation at Rocaforte for Muga Mine

• Completed placement raising A$101 million before fees  Equity funding for Muga Mine largely complete

• Mandated Project Finance Banking Syndicate

• Completed community consultation process  February 2016 for environmental permits

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5. 2016 Financial Year – Target Milestones

Sep 15

Dec 15

Mar 16

Jun 16

Detailed Project Design and Optimisation

Exploration at other Projects

• Optimisation studies to improve mine life and target operating efficiencies

• Detailed design and engineering to ensure construction ready

• Exploration targets complete for Muga Extension, Vipasca and Pintanos and drilling underway

• Financial Close Debt Financing Commence Early Works

• Financial Close for Debt Financing by 31 Dec 2015 Commence site civil works including site clearing and road upgrades

• Place orders for long lead items

Environmental Permits Received

• Permits by February 2016

• Mining Concession Received - Decline construction commences

• Commence Decline Construction

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Utilities Connected Commence Aboveground Installation

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6. Objective – Significant Global Potash Producer

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Highfield’s objective is to produce at least 2m tonnes of high margin MOP per annum by 2020

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3,000,000
2,500,000
? ? ?
2,000,000
1,500,000
1,000,000
500,000
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0
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7. The Projects

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Five 100% owned potash projects in northern Spain covering over 550km2

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7. The Projects – Muga Mine

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Muga - Highfield’s most advanced, low capex, high margin potash development project

Summary

• DFS completed March 2015

• Decline access, conventional underground mine

• Technologically proven process plant

• Expected to produce over 1.1Mtpa of granular K60 MOP

• Minimum 24 year mine life with substantial upside expected with ongoing exploration

• Pre-production capex – US$256 million (total capex of US$354m)

• EBITDA first full year of production – US$296 million

• Unlevered, post tax, NPV10 – US$1.42 billion

• Unlevered, post tax, IRR – 53.1%

Next Steps

• Detailed engineering and design

• Contracts out for tender

• Financial close (debt term sheets, equity)

• Environmental and mining approvals and construction commencement

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Source: ASX Announcement dated 30 March 2015

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7. The Projects – Muga K62 Project

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Muga By-Products K62 Project - An additional high margin, low capex potash project

Summary

• Scoping Study completed May 2015

• Conventional crystallisation plant to treat Muga Mine by-products

• Revenues from K62 MOP and high-purity vacuum salt

• Expected to produce approx 135ktpa K62 and 260ktpa vacuum salt

• Operational life to match Muga Mine life

• Total capex – US$124 million

• EBITDA first full year of production – US$56 million

• Unlevered, post tax, NPV10 – US$222 million

• Unlevered, post tax, IRR – 33.0%

Next Steps

• Further metallurgical test work

• Pre-feasibility study capital and operating cost estimates

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Location of crystallisation plant within Muga installations

• Environmental and general approvals

• Potential offtake partnering agreements

Source: ASX Announcement dated 1 May 2015

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7. The Projects – Sierra del Perdón

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Sierra del Perdón - Highfield’s second low capex, high margin potash development project

Summary

• Scoping Study completed April 2015

• Decline access, conventional underground mine

• Technologically proven process plant

• Expected to produce over 520ktpa of granular K60 MOP

• Minimum 20 year mine life with substantial upside expected with ongoing exploration

• Total capex – US$233 million

• EBITDA first full year of production – US$120 million

• Unlevered, post tax, NPV10 – US$527 million

• Unlevered, post tax, IRR – 38.5%

Next Steps

• Detailed metallurgical test work

• Pre-feasibility study capital and operating cost estimates

• Environmental and Social Impact Assessment

• Commence environmental approvals process

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Source: ASX Announcement dated 20 April 2015

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7. The Projects - Pintanos

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Pintano - Significant shallow JORC Inferred Resource with similar scale to Muga

Summary

• Contiguous with Muga Project

• Total project area of over 65km[2]

• Mineralisation starts at less than 500m below surface

• Inferred Mineral Resource[*] of 187 million tonnes at 11.2% K20

• Resource estimate covers less than 20% of total permit area

• Significant resource potential with ongoing exploration

• Potential for similar scale operation to Muga mine

• Benefits from the majority of the value drivers of Muga and Sierra del Perdón

Next Steps

• Exploration drilling and resource delineation

• Metallurgical test work program

• Move directly into Definitive Feasibility Study

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Source: ASX Announcement dated 20 November 2013

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7. The Projects – Vipasca

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Vipasca - Outstanding exploration potential abutting Muga with substantially greater scale

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Summary
• Permit area is contiguous with Muga Project
• Permit area of over 120km [2]
•
TDEM and gravimetry shows continuity of the evaporitic horizon from Muga
•
Significant high grade resource potential with ongoing exploration work
•
Potential for similar scale operation to Muga
•
Benefits from the majority of the value drivers of Muga and Sierra del Perdón
Next Steps
• Exploration drilling and resource delineation
• Metallurgical test work program
•
Move directly into Definitive Feasibility Study
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Source: ASX Announcement dated 28 April 2015

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7. The Projects – Izaga

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Izaga - Grass roots exploration with good indications from historical drilling

Summary

• New permits applied for April 2015

• Project area of over 100km[2]

• Clear continuation of sub-basin evaporitic units evidenced by outcropping

• Historical drilling completed with potash mineralisation encountered

Next Steps

• Initial geophysics

• First round exploration drilling

• Resource delineation

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Source: ASX Announcement dated 28 April 2015

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7. The Projects – Basin Wide Scheme

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Proposed Basic Scheme – Potential for a holistic approach to processing and logistics

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proposed slurry pipe

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7. The Projects – Competitive Location

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Highfield has a strong logistics advantage into its target markets

USA - Eastcoast

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Brazil
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• Approximately 3,500nm from HFR’s ports

• Approximately 5,100nm from HFR’s ports

• 96%+ of Canadian exports are via the • HFR has a logistics advantage over all Westcoast (Vancouver) other significant producers to Brazil’s nett • As As such, HFR has a logistics advantage 9mt import market

• As As such, HFR has a logistics advantage 9mt import market over all other significant producers to any • Canadian production is significantly of the USA’s 8.7mt imported via the disadvantaged by having to travel through Eastcoast the Panama canal

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West Africa
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EU
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• Less than 1,000nm from HFR’s ports • Although the African market only consumes .8mtpa, there is currently no production on the continent

• Less than 1,000nm from HFR’s ports

• Only current EU production is K+S and ICL’s Spanish and UK operations • EU is still a nett 2.4mtpa importer.

• HFR is the closest producer to any • Highfield can easily access many major consumption imported through West Africa EU consumers such as France, Belgium, Netherlands as well as Spain

All four of these markets have historically paid premiums to average global prices

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7. The Projects – Jurisdictional Advantages

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Located in a jurisdiction with many advantages

Political Risk Tax & Royalties Funding Options

• Advanced, developed economy

• Ranked 33/189 in the World Bank’s “Doing Business” survey 2015

• Spain reducing Corporate Tax Rates to 25%

• Depreciation tax benefits

• Zero Royalties

• All funding options open

• Likely to be competitively funded by European Commercial Banks

Labour & Utilities

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• Economic access to a highly-skilled workforce

• Sophisticated utilities network in place

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8. Highfield Value Proposition

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Differentiated at every touch point

• Shallow mineralisation (starting at less than 250m beneath surface)

• Decline access to mineralisation (all four potash mines in Ebro Basin have been accessed via a decline)

• Underground conventional mining

• Sylvinite mineralisation

• Tried and tested flotation circuit for processing

• Significantly less dewatering required compared to solution mining processes

• Electricity, water and gas networks

• Existing highways and railways

• Multiple close port options

• Access to relatively high price domestic markets (Spain and France in particular)

• • Easy access to other price markets of East Coast USA and Brazil

• Easy access to other price markets of East Coast USA and Brazil

• Developed EU economy with positive geopolitical risk profile

• European commercial bank financing likely

• • Access to highly skilled workforce

• “Much less than half” of global capex to production average

• • Enables smaller upfront operation that can be cashflow funded into a larger operation

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8. Highfield Value Proposition

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Proven mining and processing techniques

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Mining

Decline access into underground conventional room and pillar mine

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Processing Flotation circuit processing of sylvinite ore

Estimated 2015 MOP Production by Mining Method

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5%
19%
76%
Underground Conventional Brines Solution
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Source: Scotiabank, HFR Research

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Virtual images of decline access into conventional underground mines

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8. Highfield Value Proposition

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Low total cash costs to customers with large royalty and logistics advantages

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$350
$317
$300 $33
$280
$14
$13
$15
$23
$250 $239
$229
$40
$28
$25
$212
$25
$9
$200 $186 $23 $1 $40 $45 Corporate SG&A
$30
Royalties
$162 $24 $15
$154 $155 $1 Sustaining Capital
$150 $137 $11 $11 $19 $35 $36 Freight Costs
$124 $21 $11 $48
$11 $20 $6 $10 $28 $37 $33 Operating Costs
$8 $58 $215
$100 $16
$26
$15 $45 $43 $50 $165 $171
$50 $106 $105
$80 $80 $80
$67 $63 $63
$-
Highfield ICL Dead Sea BHP Jansen Highfield Belaruskali Uralkali PotashCorp K+S Germany K+S Legacy Mosaic Intrepid
Muga SdP
Source: Company Reports and street research
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• Not in production. Figures are sourced from public announcements Highfield Muga figures from DFS March 2015

• Highfield SdP figures from Scoping Study March 2015

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9. Low Capital Cost

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Shared geological and geographical features drive industry low Capex to production

Total capex (in absolute terms) Capital intensity per tonne of production Eurochem: VolgaKaliy W. Potash: Milestone W. Potash: Milestone Eurochem: VolgaKaliy Potashcorp: Rocanville MagIndustries: Mengo Eurochem: Usolskiy Encanto: Muskowekwan Encanto: Muskowekwan Brazil Potash: Autazes Uralkali: Polovodovsky Uralkali: Polovodovsky Verde: Cerrado Verde Elemental: Sintoukola Karnalyte: Wynyard Karnalyte: Wynyard Brazil Potash: Autazes Eurochem: Usolskiy Average: US$1,990 million Average: US$787/tonne Passport: Hollbrook Passport: Hollbrook Elemental: Sintoukola Verde: Cerrado Verde Uralkali: Ust South Boulder: Colluli South Boulder: Colluli Allana: Danakil MagIndustries: Mengo Uralkali: Ust Pros. Glb'l: Hollbrook Prospect Global Allana: Danakil Potashcorp: Rocanville Highfield: Muga Highfield: SdP Highfield: SdP Highfield: Muga - 2,000 4,000 6,000 0 500 1,000 1,500 Capital Expenditure US$ millions Capital Intensity US$/tonne of Production

Source: GMP Europe Research HFR: Muga figures from DFS HFR: SdP figures from Scoping Study

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10. Priorities – Commencement of Construction

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The transition from developer to producer

Muga Mine Funding	Debt	•Term Sheet signed with four leading European based commercial banks •65% debt to equity ratio •Targeting completion of legal documentation by December 2015
	Equity	•Consider on-market equity options •Explore off-take related mezzanine finance •Pursue asset level partner options with both strategic and financial investors
Muga Mine Construction Ready	Detailed Design	•Complete detailed design for mine and process plant construction •Ensure overall site design is consistent with finalisation of mine and process plant design •Complete infrastructure and logistics design with local authorities
	Appointment of Contractors	•Prepare tender packs including contractual documentation and detailed design •Prequalify construction companies and publish tendering documents •Review tenders and appoint contractors
Muga Mine Approvals		•Completion of public consultation period •Continued work with local communities to ensure full transparency and sensitive design outcome •Prepare and lodge construction licence applications

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11. Production Focus to Deliver Real Shareholder Value

Real opportunity to create a signficant global potash producer

	NPV10 Valuation (US$)	Capex (US$)
Muga Potash Mine1	1,422m 528m 222m	354m 233m 124m
Sierra del Perdón Potash Mine2
Muga Mine K62 Project3
Total	2,172m	711m
	? ? ? ?	? ? ? ?
Other Projects:
Vipasca Potash Project
Pintanos Potash Project
Izaga Potash Project
Further K62 By-Products Projects

Sources:

1. ASX Announcement 30 March 2015

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2. ASX Announcement 20 April 2015

3. ASX Announcement 1 May 2015

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12. Summary

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• Highfield Resources is developing the Muga Potash Project, one of its five 100% owned potash projects in Northern Spain.

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• The projects are in a producing potash basin where conventional underground mines have operated via decline and sylvinite flotation circuit processing.

• The projects share many characteristics required to be low capex, high margin potash mines.

• The flagship Muga Mine Project has the lowest capex of any development stage potash project.

• In production it will have first quartile EBITDA margins driven by combination of high price end markets and low total cash costs to customer.

• A management team has been assembled with proven mine building .

• experience in Spain and in potash operations

Logo of the Company’s Spanish Foundation that is currently delivering several projects with local communities

• 2015 is a defining year for the Company.

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REGISTERED OFFICE

169 Fullarton Road Dulwich SA 5065 Australia

HEAD OFFICE

Avenida Carlos III, 13-15, 1B, 31002 Pamplona, Spain T +34 948 050 577 | F +34 948 050 578

www.highfieldresources.com.au info@highfieldresources.com.au

FURTHER INFORMATION

Anthony Hall Managing Director T +34 617 872 100 John Claverley General Manager T +34 607 748 435 Hayden Locke Corporate Development T +34 609 811 257