TURNSTONE RESOURCES LTD — AGM Information 2024

Nov 27, 2024

ASX ANNOUNCEMENT 28 November 2024

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CHAIRMANS AGM SPEECH

Dear fellow shareholders,

Welcome to the 2024 Annual General Meeting of South Harz Potash Limited and thank you for making the effort to turn up in person.

I was appointed to succeed Ian Farmer as Chairman of South Harz in February 2024, following his decision to step down from the Board for personal reasons. I would like to take this opportunity to thank Ian for his leadership, dedication and diligence to the business over his tenure.

It has been a significant year for South Harz. In May 2024, we reported that we had agreed key non-binding commercial terms for the future acquisition of the neighbouring Sollstedt mine in Thuringia, Germany. This has delivered a transformational development pathway for our flagship Ohmgebirge Potash Development (Ohmgebirge), enabling us to strongly capitalise on the regional mining and infrastructure context in which the project is located. Multiple existing operating shafts on the Sollstedt tenure facilitate underground access and ventilation for mining of Ohmgebirge, significantly reducing pre-production capital expenditure relative to greenfield alternatives. Brownfield development of Ohmgebirge also delivers an approximate 50% reduction in surface footprint and, critically, eliminates the need for interim surface waste piles.

It is important to note that the Sollstedt acquisition is dependent upon a number of conditions being satisfied including the completion of satisfactory due diligence, the consents of relevant Government authorities, the execution of binding documents which are currently under negotiation with its current owner, Deusa International GmbH (Deusa), and South Harz achieving full project financing and making a final investment decision for the development of Ohmgebirge.

We were also delighted to complete and release the Ohmgebirge Pre-Feasibility Study (PFS) in May 2024. Importantly, it incorporates the core brownfield development and operational features facilitated by the targeted Sollstedt acquisition. The PFS demonstrates that it is possible to develop and operate a world-class potash mine in Germany, in the heart of Europe, profitably and responsibly in the modern era.

The PFS also confirms that there is material further upside potential from a range of additional synergy opportunities delivered by the Sollstedt transaction, but which have not yet been evaluated or incorporated into our development and operational planning. Included in these opportunities is the potential mining of substantial residual potash within the Sollstedt mine, proximate to existing underground infrastructure, which could deliver life of mine extension and/or increased output rates for Ohmgebirge in early years.

In June 2024, we achieved a key permitting milestone with the granting of the Spatial Planning Assessment for Ohmgebirge. The published decision of the regulator, TLVwA, confirms the compatibility of all submitted Ohmgebirge site options with regional planning requirements. The decision provides a strong base for the future development of Ohmgebirge and speaks volumes to the constructiveness of the entire Thuringia region to new critical minerals development. It also

ABN: 64 153 414 852 ASX Code: SHP Frankfurt Code: A2DWXX

CONTACT DETAILS W: southharzpotash.com E: info@southharzpotash.com

U13, 6 -10 Douro Place West Perth, W.A. 6005

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validates the world-class environmental and sustainability features that we have incorporated into our Ohmgebirge development and operational planning.

As first announced in March 2024, the business has now entered a lower cost, internal project optimisation phase. This follows completion of the Ohmgebirge PFS and is a fit-for-purpose approach to global potash markets being at a cyclical low. In line with this approach, the closure of our UK corporate office resulted in the departure of our CFO, Andrew Robertson, and Managing Director, Luis da Silva (in April and May 2024 respectively). In addition, we farewelled our Chief Operating Officer, Lawrence Berthelet, following the completion and publication of the PFS. I would like to wholeheartedly thank all three for their valuable contributions to the business.

This cost-efficient phase allows for the systematic progression of development permitting and value engineering activities on Ohmgebirge, alongside evaluation of the broad suite of synergy/optimization opportunities from the targeted Sollstedt acquisition. It also enables the evaluation of various strategic alternatives towards long-term project advancement and financing. Most importantly, it is designed to maintain our strong positioning versus potash development competitors, in parallel with an expected restrengthening in global potash market conditions over the next 12-24 months.

I would like to thank the entire South Harz team for their hard work over the past year. I would also like to express my gratitude to you, our shareholders, for your ongoing support. Current market conditions mean our share price is not where we would like it to be and, we believe, also wholly unrepresentative of the underlying level of value in the business. As shareholders ourselves, the South Harz Board and senior management team understands the frustration with that and are committed to the rectification of it.

I believe the future for South Harz is bright and I look forward to keeping you updated over the journey ahead.

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Len Jubber

Executive Chairman

South Harz Potash Limited

This announcement was authorised for release by the South Harz Board of Directors.

Investor and media enquiries

Len Jubber Executive Chairman South Harz Potash Ltd info@southharzpotash.com

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About South Harz

South Harz is a potash exploration and development company with its flagship project located in the historic South Harz Potash District region of Germany, midway between Frankfurt and Berlin.

The South Harz Project hosts a globally large-scale potash JORC (2012) Mineral Resource estimate of 258 million tonnes at 13.2% K2O of Indicated Resources and 5.1 billion tonnes at 10.6% K2O of Inferred Resources across four wholly-owned project areas located favourably within central Europe. This comprises three perpetual potash mining licences, Ohmgebirge, Ebeleben and Mühlhausen-Nohra, and two potash exploration licences, Küllstedt and Gräfentonna.

The flagship Ohmgebirge Development (1.0 Mtpa potash capacity) was the subject of a positive PreFeasibility Study (PFS) and maiden Ore Reserve declaration in May 2024. As part of that process, South Harz also agreed non-binding key terms for the purchase of the neighbouring Sollstedt mine property, which includes extensive underground and surface infrastructure (including multiple operating shafts). The envisaged brownfield development of Ohmgebirge (as facilitated by the Sollstedt mine) delivers significantly lower pre-production capital expenditure and surface footprint (relative to the greenfield alternatives).

South Harz also received the Spatial Planning Assessment for Ohmgebirge in June 2024, a key step in the permitting process which confirmed the compatibility of all submitted site options with regional planning requirements.

South Harz Potash: Responsible potash mine development in the heart of the European market

www.southharzpotash.com

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For full Mineral Resource, Ore Reserve, Ohmgebirge PFS and Sollstedt acquisition key terms refer to South Harz ASX announcement Landmark Sollstedt Mine Purchase, Ohmgebirge Pre-Feasibility Study and Maiden Ore Reserve dated 22 May 2024, and Landmark Resource Upgrade at Ohmgebirge dated 12 July 2022. South Harz is not aware of any new information or data that materially affects the information included in these announcements and confirms that all material assumptions and technical parameters underpinning the estimates in these announcements continue to apply and have not materially changed.

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