HIGHFIELD RESOURCES LIMITED — Capital/Financing Update 2021

Sep 8, 2021

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ASX Release 9 September 2021

SUCCESSFUL COMPLETION OF SHARE PURCHASE PLAN

Highfield Resources (ASX: HFR) (“Highfield” or “the Company”) is pleased to announce that Share Purchase Plan (“SPP”) that closed on 03 September 2021 successfully raised a total of AU$3,111,500 before costs. This follows Highfield’s successful AU$15 million oversubscribed placement that was announced on the 09 August 2021 (“the Placement”)

The amount raised is very encouraging and the Company is pleased with the ongoing support from its shareholders. A total of 5,983,562 shares are expected to be issued to existing shareholders.

In total the Company has raised AU$18.1 million, consisting of AU$15 million through the Placement and AU$3.1 million through the SPP. The proceeds will be used to fund the purchase of long-lead items and other site infrastructure including power supply at the Company’s flagship Muga Potash Project.

Highfield Resources CEO, Ignacio Salazar, said: “I would like to thank shareholders for their continued support of the Company. With the successful completion of the SPP, Highfield continues to progress the Muga project to construction.”

This announcement has been authorised for release by the Directors of Highfield Resources Limited

For more information:

Highfield Resources Limited

Ignacio Salazar CEO Ph: +34 948 050 577

Olivier Vadillo Investor Relations Ph: +34 609 811 257

Australia based queries:

Michael Weir

Citadel Magnus – Director, Partner Ph: +61 (0) 402 347 032

Highfield Resources Limited ACN 153 918 257 ASX: HFR

Issued Capital 358.4 million shares 24.66 million options

Registered Office

C/– HLB Mann Judd 169 Fullarton Road Dulwich, SA 5065 Australia

–––––––––––––––––– T. +61 8 8133 5098 F. +61 8 8431 3502

Head Office

Avenida Carlos III, 13 - 1°B, 31002 Pamplona, Spain

–––––––––––––––––– T. +34 948 050 577 F. +34 948 050 578

www.highfieldresources.com.au

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About Highfield Resources:

Highfield Resources is an ASX listed potash company which focuses on the construction of its flagship low cost, low capex Muga Project in Spain having granted the Mining Concession in July 2021.

Muga is a unique project - with shallow mineralization and no aquifers above it there is no need to build a shaft. There is quality and readily accessible infrastructure already in place nearby and importantly Muga is located in the heart of a European agricultural region which has a clear deficit in potash supply. It is expected to be a relatively low cost and low capex potash mine.

Highfield’s potash tenements (Muga-Vipasca, Pintanos, and Sierra del Perdón) are located in the Ebro potash producing basin in Northern Spain, covering an area of around 262km[2] .

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Figure 1: Location of Highfield’s Muga-Vipasca, Pintanos and Sierra del Perdón Tenement Areas in Northern Spain

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www.highfieldresources.com.au