TURNSTONE RESOURCES LTD — Capital/Financing Update 2025

Jun 30, 2025

Appendix 3B - Proposed issue of securities

==> picture [21 x 22] intentionally omitted <==

Update Summary

Entity name SOUTH HARZ POTASH LTD

Announcement Type

Update to previous announcement

Date of this announcement

30/6/2025 Reason for update to a previous announcement

Option expiry date incorrect and should be 24 July 2027. Change of Closing Date to 25 July 2025. Fractional Entitlements to be rounded up to the nearest whole number. Refer to next page for full details of the announcement

Appendix 3B - Proposed issue of securities

1 / 7

Appendix 3B - Proposed issue of securities

Part 1 - Entity and announcement details

==> picture [21 x 22] intentionally omitted <==

1.1 Name of +Entity

SOUTH HARZ POTASH LTD

We (the entity named above) give ASX the following information about a proposed issue of +securities and, if ASX agrees to +quote any of the +securities (including any rights) on a +deferred settlement basis, we agree to the matters set out in Appendix 3B of the ASX Listing Rules.

If the +securities are being offered under a +disclosure document or +PDS and are intended to be quoted on ASX, we also apply for quotation of all of the +securities that may be issued under the +disclosure document or +PDS on the terms set out in Appendix 2A of the ASX Listing Rules (on the understanding that once the final number of +securities issued under the +disclosure document or +PDS is known, in accordance with Listing Rule 3.10.3C, we will complete and lodge with ASX an Appendix 2A online form notifying ASX of their issue and applying for their quotation).

1.2 Registered Number Type

ACN

Registration Number

153414852

1.3 ASX issuer code

SHP

1.4 The announcement is

Update/amendment to previous announcement

1.4a Reason for update to a previous announcement

Option expiry date incorrect and should be 24 July 2027. Change of Closing Date to 25 July 2025.

Fractional Entitlements to be rounded up to the nearest whole number.

1.4b Date of previous announcement to this update

30/6/2025

1.5 Date of this announcement

30/6/2025

1.6 The Proposed issue is:

A standard +pro rata issue (non-renounceable or renounceable)

1.6a The proposed standard +pro rata issue is:

• Non-renounceable

Appendix 3B - Proposed issue of securities

2 / 7

Appendix 3B - Proposed issue of securities

==> picture [21 x 22] intentionally omitted <==

Part 3 - Details of proposed entitlement offer issue

Part 3A - Conditions

3A.1 Do any external approvals need to be obtained or other conditions satisfied before the entitlement offer can proceed on an unconditional basis? No

Part 3B - Offer details

+Class or classes of +securities that will participate in the proposed issue and +class or classes of +securities proposed to be issued

ASX +security code and description

SHP : ORDINARY FULLY PAID

Is the proposed security a 'New class' (+securities in a class that is not yet quoted or recorded by ASX) or an 'Existing class' (additional securities in a class that is already quoted or recorded by ASX)? Existing class

Will the proposed issue of this If the entity has quoted company +security include an offer of options, do the terms entitle option attaching +securities? holders to participate on exercise? Yes No

Details of +securities proposed to be issued

ASX +security code and description

SHP : ORDINARY FULLY PAID

ISIN Code (if Issuer is a foreign company and +securities do not have +CDIs issued over them)

ISIN Code for the entitlement or right to participate in a non-renounceable issue (if Issuer is foreign company and +securities do not have +CDIs issued over them)

Offer ratio (ratio to existing holdings at which the proposed +securities will be issued) The quantity of additional +securities For a given quantity of +securities to be issued held

1 3

Appendix 3B - Proposed issue of securities

3 / 7

Appendix 3B - Proposed issue of securities

==> picture [21 x 22] intentionally omitted <==

What will be done with fractional	Maximum number of +securities
entitlements?	proposed to be issued (subject to
	rounding)
Fractions rounded down to the nearest	427,687,348
whole number or fractions disregarded
Offer price details for retail security	holders
In what currency will the offer be	What is the offer price per +security
made?	for the retail offer?
AUD - Australian Dollar	AUD 0.00300

Oversubscription & Scale back details

Will individual +security holders be permitted to apply for more than their entitlement (i.e. to over-subscribe)? Yes

Describe the limits on over-subscription No securities will be issued under the Offer, if in the view of the Directors, such Securities would increase that Applicant's voting power in the Company above 20% or otherwise result in a breach of the Listing Rules, the Corporations Act or any other applicable law. Will a scale back be applied if the offer is over-subscribed? Yes

Describe the scale back arrangements

To be decided by the Board of Directors

Will these +securities rank equally in all respects from their issue date with the existing issued +securities in that class? Yes

Attaching +Security

Is the proposed attaching security a 'New class' (+securities in a class that is not yet quoted or recorded by ASX) or an 'Existing class' (additional +securities in a class that is already quoted or recorded by ASX)? New class

Attaching +Security - New class (+securities in a class that is not yet quoted or recorded by ASX)

Details of attaching +securities proposed to be issued

ISIN Code (if Issuer is a foreign company and +securities do not have +CDIs issued over them)

ISIN Code for the entitlement or right to participate in a non-renounceable issue (if Issuer is foreign company and +securities do not have +CDIs issued over them)

Have you received confirmation from ASX that the terms

Appendix 3B - Proposed issue of securities

4 / 7

Appendix 3B - Proposed issue of securities

==> picture [21 x 22] intentionally omitted <==

==> picture [495 x 75] intentionally omitted <==

----- Start of picture text -----

of the proposed +securities are appropriate and Will the entity be seeking quotation of the 'new' class of
equitable under listing rule 6.1? +securities on ASX?
No
No
ASX +security code +Security description
New class-code to be confirmed Unlisted option ex $0.006 expiry 2 years from issue date
----- End of picture text -----

+Security type
Options
Offer ratio (ratio of attaching securities at which the new	+securities will be issued)
The quantity of attaching +securities to be issued	For a given quantity of the new +securities issued
1	2
What will be done with fractional entitlements?	Maximum number of +securities proposed to be issued
Fractions rounded down to the nearest whole number or	(subject to rounding)
fractions disregarded	213,843,674
Offer price details for retail security holders
In what currency will the offer be made?	What is the offer price per +security for the retail offer?
	AUD 0.00000

AUD - Australian Dollar

Oversubscription & Scale back details

Will individual +security holders be permitted to apply for more than their entitlement (i.e. to over-subscribe)? Yes

Describe the limits on over-subscription

No securities will be issued under the Offer, if in the view of the Directors, such Securities would increase that Applicant's voting power in the Company above 20% or otherwise result in a breach of the Listing Rules, the Corporations Act or any other applicable law.

Will a scale back be applied if the offer is over-subscribed? Yes

Describe the scale back arrangements

To be decided by the Board of Directors

Will all the +securities issued in this class rank equally in all respects from their issue date?

Yes

Options details

+Security currency

AUD - Australian Dollar

Exercise price

AUD 0.0060

Expiry date 20/8/2027

Appendix 3B - Proposed issue of securities

5 / 7

Appendix 3B - Proposed issue of securities

==> picture [21 x 22] intentionally omitted <==

Details of the type of +security that will be issued if the option is exercised

SHP : ORDINARY FULLY PAID Number of securities that will be issued if the option is exercised One fully paid ordinary share for each option exercised

Please provide a URL link for a document lodged with ASX setting out the material terms of the +securities proposed to be issued or provide the information by separate announcement. https://southharzpotash.com/

Part 3C - Timetable

3C.1 +Record date

3/7/2025

3C.2 Ex date

2/7/2025

3C.4 Record date

3/7/2025

3C.5 Date on which offer documents will be sent to +security holders entitled to participate in the +pro rata issue 8/7/2025

3C.6 Offer closing date

25/7/2025

3C.7 Last day to extend the offer closing date

22/7/2025

3C.9 Trading in new +securities commences on a deferred settlement basis

28/7/2025 3C.11 +Issue date and last day for entity to announce results of +pro rata issue

29/7/2025

3C.12 Date trading starts on a normal T+2 basis

30/7/2025

3C.13 First settlement date of trades conducted on a +deferred settlement basis and on a normal T+2 basis 1/8/2025

Appendix 3B - Proposed issue of securities

6 / 7

Appendix 3B - Proposed issue of securities

==> picture [21 x 22] intentionally omitted <==

Part 3E - Fees and expenses

3E.1 Will there be a lead manager or broker to the proposed offer? No 3E.2 Is the proposed offer to be underwritten? No 3E.3 Will brokers who lodge acceptances or renunciations on behalf of eligible +security holders be paid a handling fee or commission? No 3E.4 Details of any other material fees or costs to be incurred by the entity in connection with the proposed offer Part 3F - Further Information 3F.1 The purpose(s) for which the entity intends to use the cash raised by the proposed issue Funds to be directed towards advancing South Harz's dual-asset strategy for the targeted acquisition of a second complementary minerals asset and the preservation and non-dilutive growth of the longer-term option value within the South Harz Potash Project. 3F.2 Will holdings on different registers or subregisters be aggregated for the purposes of determining entitlements to the issue? No 3F.3 Will the entity be changing its dividend/distribution policy if the proposed issue is successful? No 3F.4 Countries in which the entity has +security holders who will not be eligible to participate in the proposed issue Shareholders with a registered address which is outside Australia, New Zealand, European Union (excluding Austria), United Kingdom, Switzerland or Singapore. 3F.5 Will the offer be made to eligible beneficiaries on whose behalf eligible nominees or custodians hold existing +securities No 3F.6 URL on the entity's website where investors can download information about the proposed issue https://southharzpotash.com/ 3F.7 Any other information the entity wishes to provide about the proposed issue 3F.8 Will the offer of rights under the rights issue be made under a +disclosure document or product disclosure statement under Chapter 6D or Part 7.9 of the Corporations Act (as applicable)? Yes 3F.9 Any on-sale of the +securities proposed to be issued within 12 months of their date of issue will comply with the secondary sale provisions in sections 707(3) and 1012C(6) of the Corporations Act by virtue of: The publication of a +disclosure document or +PDS for the +securities proposed to be issued

Appendix 3B - Proposed issue of securities

7 / 7