HIGHFIELD RESOURCES LIMITED — Capital/Financing Update 2015

Nov 18, 2015

ASX Release 19 November 2015

CLARIFICATION ON PROJECT FINANCE PROCESS

Highfield Resources (ASX: HFR) (“Highfield” or “the Company”) refers to the article in The Australian newspaper of 18 November 2015 stating the Muga Mine is fully funded.

Highfield notes:

1. Consistent with the ASX release of 27 August 2015, a project finance mandate for the Muga Mine has been agreed with four major European commercial banks who have all received initial internal approvals on the basis a an indicative non binding term sheet to participate in a long term project finance facility of up to €222m on a debt to equity ratio of up to 65% (being the debt component of the funding).

2. The Company is targeting final credit approval subject to mining concession award, from those four major European banks, for the project finance facility by the end of December 2015 as noted in its ASX release dated 30 October 2015.

3. As at 30 September 2015 the Company had $115.7m cash at bank.

4. The Company continues to pursue alternate financing arrangements in parallel with the project financing mandate that may or may be mutually exclusive to project finance.

For more information:

Company

Anthony Hall Managing Director Ph: + 34 617 872 100 Hayden Locke Head of Corporate Development Ph: +34 609 811 257

Investor Relations Executives Simon Hinsley APAC Investor Relations Ph: +61 401 809 653 Nuala Gallagher / Simon Hudson UK Investor Relations Ph: +44 207 920 3150

About Highfield Resources

Highfield Resources is an ASX-listed potash company with five 100%-owned projects located in Spain.

Highfield’s Muga, Vipasca, Pintano, Izaga and Sierra del Perdón potash projects are located in the Ebro potash producing basin in Northern Spain covering a project area of more than 550km[2] . The Sierra del Perdón project includes two former operating potash mines.

The Company has completed a Definitive Feasibility Study for its flagship Muga Project in March 2015, which was optimised in November 2015 to enhance operational efficiencies, sales and marketing activities and the life of mine. Highfield expects to receive a positive environmental in February 2016 to enable it commence construction of the Mine.

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Figure 1: Location of Highfield´s Muga, Vipasca, Pintano, Izaga and Sierra del Perdón Projects in Northern Spain