TURNSTONE RESOURCES LTD — Capital/Financing Update 2024

Sep 22, 2024

ASX ANNOUNCEMENT 23 September 2024

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COMPLETION OF ENTITLEMENT OFFER

South Harz Potash Limited (ASX:SHP) ( South Harz or the Company ) refers to its pro-rata non-renounceable entitlement issue of one share for every three shares held by eligible shareholders on 15 August 2024, at an issue price of A$0.01 per share, to raise up to A$2,966,894 (before costs) ( Entitlement Offer ), as set out in the Prospectus dated 9 August 2024 ( Prospectus ).

The Entitlement Offer closed on Monday 16 September 2024 and the Company now advises the results of the Entitlement Offer. Of the 296,689,424 shares offered under the Entitlement Offer, 54,109,646 shares (representing new equity of A$541,096) were applied for by eligible shareholders under the Entitlement Offer ( New Shares ), including those subscribing for shares in excess of their entitlements. This represents approximately 18.2% of all shares offered under the Entitlement Offer, leaving a shortfall of 242,579,778 Shares ( Shortfall Shares ). Acceptances under the Entitlement Offer included:

• A$94,021 (9,402,095 New Shares) of entitlements subscribed for by Rory Luff (Non-Executive Director) through his related entities; and

• A$13,040 (1,303,973 New Shares) of entitlements subscribed for by Len Jubber (Executive Chairman) through his related entities.

Allotment of all New Shares will take place today, following which South Harz will have 944,177,918 ordinary shares on issue. Activities targeting the placement of the Shortfall Shares during the next three months (in accordance with Section 2.6 of the Prospectus) have commenced.

Committed funds from the recent placement (refer ASX release dated 1 August 2024, New Equity of up to A$4 Million to Advance Brownfield Ohmgebirge Potash Development ) and the completed Entitlement Offer total approximately A$1.57 million in new equity (before costs). This includes a subscription of approximately A$0.4 million from South Harz Directors in the placement (the completion of which remains subject to shareholder approval at the Company’s forthcoming Annual General Meeting).

The Directors wish to thank shareholders for their participation in the Entitlement Offer and/or placement.

In line with South Harz’s streamlined low-cost optimisation setting in the current global potash markets, the focus of corporate and operational activities is:

• Completion of detailed due diligence and negotiation of definitive documentation for the purchase of the neighbouring Sollstedt mine property from Deusa International GmbH (refer SHP ASX release dated 22 May 2024, Landmark Sollstedt Mine Purchase, Ohmgebirge Pre-Feasibility Study and Maiden Ore Reserve );

• Advancement of preparatory Stage 2 permitting activities (Framework Operating Plan) for the Ohmgebirge Potash Development following grant of the Spatial Planning Assessment (refer SHP ASX release dated 14 June 2024, Spatial Planning Assessment Received – Flagship Ohmgebirge Potash Development Receives Stage 1 Permitting Greenlight );

• Qualification assessment for potential German R&D tax incentive rebates (supplementary working capital) and complementary funding opportunities such as freight rail access and clean energy utilisation / critical minerals grants; and

• Evaluation of long-term Definitive Feasibility Study design and development funding pathways, including potential strategic partnership.

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

CONTACT DETAILS ABN: 64 153 414 852 W: southharzpotash.com ASX Code: SHP E: info@southharzpotash.com P: +61 (0) 408 447 493 Frankfurt Code: A2DWXX

944.2 M Ordinary Shares 113.4 M Unlisted Options

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

Investor and media enquiries

Len Jubber Michael Vaughan Executive Chairman Fivemark Partners South Harz Potash Ltd +61 422 602 720 info@southharzpotash.com michael.vaughan@fivemark.com.au

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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 release 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 releases and confirms that all material assumptions and technical parameters underpinning the estimates in these releases continue to apply and have not materially changed.

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