TURNSTONE RESOURCES LTD — Investor Presentation 2024

Jul 31, 2024

INVESTOR PRESENTATION A WORLD-CLASS BROWNFIELD POTASH DEVELOPMENT

ASX: SHP | 1 August 2024

IMPORTANT NOTICES

Forward looking statements and Disclaimer

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This presentation has been prepared by South Harz Potash Limited (“South Harz Potash”, “SHP”, “The Company”). The information contained herein is a professional opinion only and is provided in good faith. Certain information has been derived from third party sources and, while SHP has no reason to believe that it is not accurate, reliable or complete, it has not been independently audited or verified by SHP. The presentation is in summary form and does not purport to be all-inclusive or complete. Recipients should conduct their own investigations and perform their own analyses in order to satisfy themselves as to the accuracy and completeness of the information, statements and opinions contained.

This is for information purposes only. Neither this nor the information contained constitutes an offer, invitation, solicitation or recommendation in relation to the purchase or sale of SHP securities in any jurisdiction. This does not constitute investment advice and has been prepared without taking into account the recipients’ investment objectives, financial circumstances or particular needs and the opinions and recommendations contained in this presentation are not intended to represent recommendations of particular investments to particular persons. Recipients should seek professional advice when deciding if an investment is appropriate. All securities transactions involve risks which include (among others) the risk of adverse or unanticipated market, financial or political developments.

To the fullest extent permitted by law, SHP, its officers, employees, related bodies corporate, agents and advisors do not make any representation or warranty, express or implied, as to the currency, accuracy, reliability or completeness of any information, statements, opinions, estimates, forecasts or other representations contained in this presentation. No responsibility for any errors or omissions from this arising out of negligence or otherwise is accepted.

Any forward-looking statements included in this document involve subjective judgment and analysis and are subject to uncertainties, risks and contingencies, many of which are outside the control of, and may be unknown to SHP. In particular, they speak only as of the date of this document, they assume the success of SHP’s strategies and they are subject to significant regulatory, business, competitive and economic uncertainties and risks. Actual future events may vary materially from the forward-looking statements and the assumptions on which the forward-looking statements are based. Recipients of this document are cautioned not to place undue reliance on such forward-looking statements.

For full Mineral Resource and Ore Reserve estimate details 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. In accordance with ASX Listing Rule 5.23, the Company is not aware of any new information or data that materially affects the information included in this release, and the Company confirms that, to the best of its knowledge, all material assumptions and technical parameters underpinning the estimates in these releases continue to apply and have not materially changed.

INVESTOR PRESENTATION |

ASX: SHP | August 2024

2

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South Harz Potash is a potash exploration and development company with large-scale resource endowment across five wholly-owned project development areas.

Located in the middle of the central European agricultural market , in the South Harz Potash District of Germany, the company recently signed a transformational purchase agreement for the neighbouring Sollstedt mine and infrastructure, which includes four operating shafts.

This acquisition facilitates large-scale integrated mining, adds scale and project optionality , and enabled the delivery of an initial brownfield Ohmgebirge Potash Development Pre-Feasibility Study.

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GERMANY
Sollstedt mine purchase
N Ohmgebirge
Mühlhausen-Nohra
Küllstedt
SHP Mining Licence
Sollstedt mine purchase
Mined area
Other Mining Licence
Historical mine shaft
Ebeleben Motorway
Federal road
Railroad
Gräfentonna
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Quoted numbers in red represent mined volumes of potash from neighbouring historical underground mining operations

INVESTOR PRESENTATION |

ASX: SHP | August 2024

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A HIGHLY COMPELLING NATURAL RESOURCES INVESTMENT OPPORTUNITY

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Strategic central German location with access to established road, rail and port infrastructure Vast tenure of 659km[2] comprising three perpetual potash mining licences Brownfield development delivers highly competitive capital intensity Low environmental impact, highly-sustainable operations Clearing defined permitting pathway, with Stage 1 assessment received Vastly-expandable project strongly underpinned by long term potash demand

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INVESTOR PRESENTATION |

ASX: SHP | August 2024

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BOARD OF DIRECTORS

CAPITAL STRUCTURE (ASX: SHP)

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Share price (29 July 2024) A$0.012

Shares on issue 827.2M

Len Jubber Executive Chairman

Reinout Koopmans Non-Executive Director

• Mining executive with 30 years of technical, commercial, and corporate experience

• Investment banker at Deutsche Bank, London, with 15 years of experience

• ▪ Globally responsible for public equity raising for natural resource companies

Options 113.4M

• Previously Managing Director & Chief Executive Officer of the ASX-listed uranium development company Bannerman Resources Ltd for 8 years

• Previous roles include Head of the European Equity Capital Markets team at Jefferies International and management consultant with McKinsey & Co. in Germany and South-East Asia. He has significant business experience in Germany

• Prior roles include Managing Director/Chief Executive of Perilya Ltd, an ASX-listed zinc and lead producer, and Chief Operating Officer of OceanaGold Ltd

Market capitalisation A$9.9M (undiluted)

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Rory Luff Non-Executive Director

• Co-Founder of South Harz Potash (formerly Davenport Resources Ltd) in 2015

• Head of Corporate (and Founder) of the specialist Melbourne equities advisory firm BW Equities

• Equity markets specialist with more than 15 years of experience in the financial services industry, focused on primary and secondary issuance and financial markets strategy for natural resource companies

INVESTOR PRESENTATION |

ASX: SHP | August 2024

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C

A

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B

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TRANSFORMATIONAL OHMGEBIRGE FUTURE ACQUISITION OF PROJECT REPRESENTS A NEIGHBOURING MINE AND WORLD-CLASS BROWNFIELD INFRASTRUCTURE POTASH DEVELOPMENT

EXTENSIVE FURTHER UPSIDE AND SYNERGISTIC OPPORTUNITIES STILL TO BE UNLOCKED

• Multiple existing shafts facilitate underground access and ventilation

• Significantly lowers surface production footprint

• No upfront purchase consideration , with payment subject to project financing and FID

• Non-binding terms agreed, definitive documentation in progress

• Proximity to market drives strong netback pricing profile and high operating margins

• Low capital intensity, well below industry average for equivalent scale operations

• Low-risk, low-impact development footprint with highly sustainable operations

• Resources outside Ohmgebirge to enable multi-generational operating life potential

• Sollstedt includes substantial in-situ potash mineralisation (non-JORC)

• Existing shafts on Sollstedt proximate to additional South Harz resources

• Other significant Sollstedt synergy opportunities yet to be evaluated INVESTOR PRESENTATION |

ASX: SHP | August 2024

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A

TRANSFORMATIONAL SOLLSTEDT ACQUISITION

Existing Sollstedt shaft infrastructure proximal to Ohmgebirge and Mühlhausen-Nohra deposits

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GERMANY
SOLLSTEDT MINE
AND INFRASTRUCTURE
ACQUISITION [1]
Ohmgebirge SHP Mining Licence
FOUR OPERATING Sollstedt Sollstedt Mining Licence
SHAFTS PROVIDE Mined area
Operating shaft
UNDERGROUND ACCESS Closed shaft
AND VENTILATION Kraja I and II Motorway
Federal road
Railroad
Shaft access to deposit
Sollstedt
Sollstedt
Lohra Lohra
Bernterode I and II
Gebra Gebra
Neusollstedt Neusollstedt
Mühlhausen-
Mühlhausen-
Nohra
Nohra
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1. For full future acquisition details, refer South Harz ASX release dated 22 May 2024, LANDMARK SOLLSTEDT MINE PURCHASE, OHMGEBIRGE PRE-FEASIBILITY STUDY AND MAIDEN ORE RESERVE. South Harz confirms that it is not aware of any new information or data that materially affects the information included in that release. All material assumptions and technical parameters underpinning that release continue to apply and have not materially changed.

INVESTOR PRESENTATION |

ASX: SHP | August 2024

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A

TRANSFORMATIONAL SOLLSTEDT ACQUISITION

Future acquisition of key assets radically improves potential project scale and overall development opportunity

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▪ Shaft infrastructure: Eight existing shafts , with four open for access, hoisting and/or ventilation

▪ Unused mine voids: Providing approx. 2.2 million m[3] immediately available for waste backfill

• Linked surface land and buildings: Providing connected surface-to-shaft infrastructure

• Significant existing (non-JORC compliant) sylvinite and carnallite potash deposits : Provides future Mineral Resource conversion and mining potential

ALLOWS UNDERGROUND PLACEMENT OF CRUSHERS/DISSOLVERS AND TAILINGS STORAGE IN EXISTING VOIDS, ELIMINATING NEED FOR SURFACE ORE OR WASTE PILES

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INVESTOR PRESENTATION |

ASX: SHP | August 2024

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A TRANSFORMATIONAL SOLLSTEDT ACQUISITION

Overlay of mine plan and planned location of underground processing and access drifts

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South Harz Ohmgebirge Licence boundary South Harz Ohmgebirge Project mine plan

Underground crushing circuit Access drift Bernterode Shaft 1 and Shaft 2

South Harz Mühlhausen-Nohra Licence boundary

ASX: SHP | August 2024

@vrify

INVESTOR PRESENTATION | 9

A TRANSFORMATIONAL SOLLSTEDT ACQUISITION

Attractive deal terms secured with no upfront consideration

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A COMPANY WITH A RICH HISTORY OF UNDERGROUND OPERATIONS IN THURINGIA, GERMANY

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KEY NON-BINDING TERMS AGREED

• Cash consideration of EUR 40 million payable on future acquisition and transfer of title in the assets

• Execution of binding sale and purchase agreement subject to:

• Satisfactory detailed due diligence activities

• Consents of relevant Government authorities

• Negotiation of definitive documentation

PAYMENT OF CASH CONSIDERATION CONDITIONAL ON SOUTH HARZ ACHIEVING FULL PROJECT FINANCING AND FID FOR THE OHMGEBIRGE DEVELOPMENT

INVESTOR PRESENTATION | 10

ASX: SHP | August 2024

B WORLD CLASS BROWNFIELD POTASH DEVELOPMENT

Pre-Feasibility Study outlines a world-class brownfield potash development - the first of multiple potential domains

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OHMGEBIRGE POTASH DEVELOPMENT HIGHLIGHTS

KEY PRE-FEASIBILITY STUDY OUTCOMES[1]

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LOW

BROWNFIELD OUTSTANDING ENVIRONMENTAL PATHWAY LOCATION, IMPACT, HIGHLY DELIVERS CAPITAL IDEALLY SITUATED SUSTAINABLE AND TIMING IN THE HEART OF OPERATIONS EFFICIENCIES EUROPE LARGE-SCALE PERPETUAL MINING PROJECT SOUTH HARZ LICENCES AND STRONGLY RESOURCES OFFER CLEARLY DEFINED UNDERPINNED BY MULTI-OPERATION PERMITTING LONG TERM OPPORTUNITY PATHWAY POTASH DEMAND

	Initial life-of-mine	Years	19
	Average MOP output and sales (60% K2O)	Mtpa MOP	0.93
	Cash operating cost (delivered average) – post salt credits Delivered potash price – LOM weighted average (real) Net MOP operating margin	US$/t MOP US$/t MOP %	147 441 67%
	NPV8%(pre-tax, real basis, ungeared)	US$M	1,029
	IRR (pre-tax, real basis, ungeared)	%	17.8%
	NPV8%(post-tax, real basis, ungeared)	US$M	602
	IRR (post-tax, real basis, ungeared)	%	14.4%
	Pre-production capital expenditure	US$M	1,152
	Project net cashflow (pre-tax)	US$M	3,643

1. For key Ohmgebirge PFS details, refer South Harz ASX release dated 22 May 2024, LANDMARK SOLLSTEDT MINE PURCHASE, OHMGEBIRGE PRE-FEASIBILITY STUDY AND MAIDEN ORE RESERVE. South Harz confirms that it is not aware of any new information or data that materially affects the information included in that release. All material assumptions and technical parameters underpinning that release continue to apply and have not materially changed.

INVESTOR PRESENTATION | 11

ASX: SHP | August 2024

B WORLD CLASS BROWNFIELD POTASH DEVELOPMENT

Outstanding central German location with access to established road, rail and port infrastructure

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South Harz Potash
Port of Antwerp
Port of Bremerhaven
Port of Hamburg
Port of Rostock
500 km radius from Ohmgebirge
1,000 km radius from Ohmgebirge
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PROXIMITY TO MARKET DRIVES STRONG NETBACK PRICING PROFILE AND HIGH OPERATING MARGINS

INVESTOR PRESENTATION | 12

ASX: SHP | August 2024

B

WORLD CLASS BROWNFIELD POTASH DEVELOPMENT

Outstanding central German location with access to established road, rail and port infrastructure

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OHMGEBIRGE MINERAL RESOURCE ESTIMATE (MARCH 2024) (5% K2O CUT-OFF)

SEAM	CATEGORISATION	TONNAGE (Mt)	K2O (%)	K2O (Mt)
Sylvinite	Indicated	258	13.2	34
Sylvinite	Inferred	28	12.5	3
Sylvinite2 total		286	13.1	37
Carnallitite	Inferred	91	9.6	9
Carnallitite3 total		91	9.6	9
Total Ohmgebirge Mineral Resources1		377	12.2	46

OHMGEBIRGE ORE RESERVE ESTIMATE (MARCH 2024)

SEAM	CATEGORISATION	TONNAGE (Mt)	K2O (%)	K2O (Mt)
Sylvinite	Probable	83.1	12.6	10.5
Sylvinite2 total		83.1	12.6	10.5
Total Ohmgebirge Ore Reserve1		83.1	12.6	10.5

SUBSTANTIAL PROJECT DE-RISKING ACHIEVED WITH ORE RESERVES COMPRISING 92% OF PFS MINE SCHEDULE

1. For full Mineral Resource and Ore Reserve estimate details, refer to South Harz ASX release dated 22 May 2024, LANDMARK SOLLSTEDT MINE PURCHASE, OHMGEBIRGE PRE-FEASIBILITY STUDY AND MAIDEN ORE RESERVE. South Harz confirms that it is not aware of any new information or data that materially affects the Mineral Resource or Ore Reserve estimate information included in that release. All material assumptions and technical parameters underpinning the Mineral Resource estimate in that release continue to apply and have not materially changed.

2. Sylvinite is the mineral name for potassium chloride (KCl), the most common form of potash.

3. Carnallite is made up of potassium chloride, magnesium and water and can be extracted using solution mining

INVESTOR PRESENTATION | 13

ASX: SHP | August 2024

B WORLD CLASS BROWNFIELD POTASH DEVELOPMENT

Nameplate 1Mtpa MOP and two-decade initial operating life at the initial Ohmgebirge domain

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KEY PHYSICAL PARAMETERS

92%

OF MINE SCHEDULE IS COMPRISED OF DECLARED ORE RESERVES

90.1 Mt

TOTAL ORE PRODUCTION OVER LIFE-OF-MINE

4.7 Mtpa AVERAGE ANNUAL THROUGHPUT – NO STOCKPILING

19 YEAR INITIAL LIFE-OF-MINE

	KEY PHYSICAL PARAMETERS
	KCl product	Mtpa MOP	0.93
	Ore throughput (average LOM)	Mtpa ROM	4.7
	Total adjusted exploitable ore	Mt	90.1
	Initial life-of-mine	Years	19
	K2O head grade	%	12.5%
	Standard MOP output and sales (+60% K2O, SMOP K60)	% MOP	40%
	Granular MOP output and sales (+60% K2O, GMOP K60)	% MOP	60%
	Industrial salt sales (+99% NaCl)	Mtpa NaCl	0.93

12.5% 0.93 Mtpa AVERAGE DILUTED AVERAGE MOP PRODUCTION K2O GRADE AND SALES

The PFS mine and process schedule is comprised of 92% Ore Reserves, with Inferred Resource material accounting for 8%. There is a low level of geological confidence associated with Inferred Mineral Resources and there is no certainty that further exploration work will result in the determination of Indicated Mineral Resources or that the mine and process schedule itself will be realised. The mine and process schedule incorporates mining of Inferred Mineral Resources during the final two years of operation. South Harz confirms that the financial viability of the Ohmgebirge Development is not dependent on the inclusion of Inferred Resources in the production schedule.

1. For key Ohmgebirge PFS details, refer South Harz ASX release dated 22 May 2024, LANDMARK SOLLSTEDT MINE PURCHASE, OHMGEBIRGE PRE-FEASIBILITY STUDY AND MAIDEN ORE RESERVE. South Harz confirms that it is not aware of any new information or data that materially affects the information included in that release. All material assumptions and technical parameters underpinning that release continue to apply and have not materially changed.

INVESTOR PRESENTATION | 14

ASX: SHP | August 2024

B

WORLD CLASS BROWNFIELD POTASH DEVELOPMENT

Industry-low capital intensity and +60% net MOP unit margins

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KEY FINANCIAL PROJECTIONS

US$1.03 B 17.8% PRE-TAX NPV PRE-TAX IRR 8% (REAL BASIS, UNGEARED) (REAL BASIS, UNGEARED) US$3.64 B US$1.15 B

US$3.64 B US$1.15 B PRE-TAX PROJECT NET PRE-PRODUCTION CAPITAL CASHFLOW EXPENDITURE

US$441/t LOM WEIGHTED AVERAGE DELIVERED POTASH PRICE

US$165/t AISC – MOP NET DELIVERED

Price inputs
LOM weighted average potash price (delivered)	US$/t 441
LOM average NaCl price (delivered)	US$/t 79
EUR/US$ exchange rate	US$/EUR 1.05
Combined Municipal, State and Federal tax rates	% 29.65
Key metrics
NPV8%(pre-tax, real basis, ungeared)	US$M 1,029
IRR (pre-tax, real basis, ungeared)	% 17.8%
NPV8%(post-tax, real basis, ungeared)	US$M 602
IRR (post-tax, real basis, ungeared)	% 14.4%
Payback period (pre-tax, from first production)	Years 5.0
Pre-production capital expenditure	US$M 1,152
Project net cashflow (pre-tax)	US$M 3,643
All-in-sustaining-cost (AISC) – MOP net delivered	US$/t 165
All-in-sustaining-cost (AISC) – MOP net FCA Bernterode	US$/t 112

1. For key Ohmgebirge PFS details, refer South Harz ASX release dated 22 May 2024, LANDMARK SOLLSTEDT MINE PURCHASE, OHMGEBIRGE PRE-FEASIBILITY STUDY AND MAIDEN ORE RESERVE. South Harz confirms that it is not aware of any new information or data that materially affects the information included in that release. All material assumptions and technical parameters underpinning that release continue to apply and have not materially changed.

INVESTOR PRESENTATION | 15

ASX: SHP | August 2024

B WORLD CLASS BROWNFIELD POTASH DEVELOPMENT

Simple, well understood process flowsheet

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DISSOLUTION

TRANSPORT TO PURIFICATION SURFACE

CRUSHING

Raw ore crushing Leaching of all Leached slurry Magnesium and to a grain size chloride potash pumped to calcium that facilitates minerals from surface removed liberation of raw ore while for clarification from leached chloridic potash leaving sulphate and further slurry by minerals from minerals largely processing precipitation the associated undissolved in using caustic soda minerals residues. and soda ash for complete Key process that leaching determines overall efficiency

EVAPORATION CRYSTALLIZATION COMPACTION SEPARATION AND DRYING A KCl saturated Solid KCl is The portion of solution plus crystallized out of dried KCl that is crystallized NaCl is the hot KCl destined for sale produced by mother liquor, in granular form evaporating water separated, and is then from the purified dried to produce compacted to brine that a standard MOP produce a crystallizes the NaCl product for sale granular MOP leaving a hot, product for sale highly concentrated KCl solution

The portion of dried KCl that is destined for sale in granular form is then compacted to produce a granular MOP product for sale

INVESTOR PRESENTATION | 16

ASX: SHP | August 2024

B

 

 

WORLD CLASS BROWNFIELD POTASH DEVELOPMENT

Low-risk, low-impact development footprint with highly sustainable operations

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Zero waste piles on surface: no tailing facilities Zero industrial water discharges: no brine waste Low surface footprint and no major protected areas impacted Proximity to rail loadout and market minimises transport logistics and emissions

HIGHLY SUSTAINABLE OPERATION UTILISING GRID POWER, WITH 60%+ SUPPLIED FROM RENEWABLE ENERGY

INDUSTRY MODERN STANDARD, PROCESSING CONVENTIONAL IMPROVEMENTS COLD LEACHING TO DELIVER /EVAPORATIONSUSTAINABILITY HOT IMPROVEMENTS CRYSTALLISATION VS HISTORIC PROCESS ROUTE METHODS

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BEST-IN-CLASS GERMAN POTASH INDUSTRY CREDENTIALS WITH A DEMONSTRATED COMMITMENT TO LOW IMPACT MINING PRACTICES

INVESTOR PRESENTATION | 17

ASX: SHP | August 2024

B WORLD CLASS BROWNFIELD POTASH DEVELOPMENT

Market strategy optimised for seasonal demand patterns and typical intra-year relative price movements

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PRODUCT MIX AND SALES DESTINATION STRATEGY

LOM PRODUCT MIX AND REGIONAL SALES STRATEGY

▪ Balances market fluctuation: Regional sales strategy smoothes seasonal and market entrance impacts

▪ Delivers storage capital efficiency: By prioritising regular sales to contracted markets

▪ Maximises average product selling price: Capitalises on attractive netback pricing from European proximity ▪ Leverages proximity to key ports: Captures overland logistics advantages in exporting to premium Brazil/U.S. markets

SMOP K60 - NW Europe SMOP K60 - Scandinavia SMOP K60 - Poland GMOP K60 - NW Europe GMOP K60 - Brazil GMOP K60 - North America MOP sales (Mt) 1.0 0.9 0.8 0.7 0.6 0.5 0.4 0.3 0.2 0.1 0.0

INVESTOR PRESENTATION | 18

ASX: SHP | August 2024

B WORLD CLASS BROWNFIELD POTASH DEVELOPMENT

Transparent, well-administered approval process – Stage 1 assessment achieved

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1 2
SITE FRAMEWORK
APPROVAL OPERATING PLAN
COMPLETE APPROVAL
REGIONAL AND SPATIAL PLANNING AND BUILD
PLANNING PROCEDURE APPROVAL PROCEDURE
▪ ▪
Determines spatial, social and environmental Covers all mandatory regulatory processes and
compatibility at the planned location. permits for general Framework Operating Plan.
▪ ▪
Assesses and determines feasibility of the project Includes all approvals and permits by the
in a broader scope at an early planning stage. competent authorities to construct a mine and
related facilities, except for certain water law
permits.

ASSESSMENT
RECEIVED JUNE 2024 [1]
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3 AND 4
OPERATING
APPROVAL + SPECIAL
APPROVAL
PARALLEL APPLICATION FOR
PLANT AND FACILITIES OPERATIONS +
SPECIAL INSTALLATIONS
▪
Includes submission of a Main Operating Plan
and a Special Operating Plan.
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• If all statutory requirements of the Stage 2 Framework Operating Plan Approval are completed, then Stage 3 and Stage 4 will be granted (i.e. the authority responsible for mining regulation has no discretional power).

1. Refer South Harz ASX release dated 14 June 2024, SPATIAL PLANNING ASSESSMENT RECEIVED..

INVESTOR PRESENTATION | 19

ASX: SHP | August 2024

C EXTENSIVE FURTHER UPSIDE AND SYNERGY OPPORTUNITIES

Combination of perpetual mining tenure and extensive historical drilling database holds significant latent value

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▪ Ohmgebirge tenement and immediate surrounds contain 41 historical drill holes

• Broader South Harz Project contains 308 historical

drill holes within four additional project areas

• This database (and associated geological modelling) was heavily de-risked via South Harz’s drilling of

two confirmatory drillholes into Ohmgebirge

▪ At approximately A$5M per new drill hole, there is significant latent value in the existing drillhole database at Ohmgebirge and the broader South Harz Project

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Ohmgebirge
Mühlhausen-Nohra
SHP Mining Licence
Küllstedt Sollstedt mine purchase
Mined area
Operating shaft
Drillhole
Confirmatory drillhole
Bulk-sample location
Ebeleben
Motorway
Federal road
Railroad
Gräfentonna
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INVESTOR PRESENTATION | 20

ASX: SHP | August 2024

C EXTENSIVE FURTHER UPSIDE AND SYNERGY OPPORTUNITIES

World-class Resource scale further unlocked by Sollstedt acquisition for a multi-generational opportunity

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FIVE 100%-OWNED SOUTH HARZ PROJECT AREAS + EXISTING SOLLSTEDT MINING AREA		DELIVERS PIPELINE OF FURTHER POTENTIAL MOP DEVELOPMENTS = MULTI-STAGE OPPORTUNITY		PERPETUAL MINING LICENSES ARE A KEY DIFFERENTIATING FEATURE OF THE ASSET PROFILE		LOCAL PARTNERS, EROCSPLAN AND K-UTEC, POSSESS LARGE REGIONAL KNOWLEDGE AND EXPERTISE BASE		ENSURES MAXIMISATION OF LONG-TERM OPERATING LIFE AND COST COMPETITIVENESS		FUTURE OUTPUT GROWTH TO BE TIMED TO MATCH INCREASES IN MARKET DEMAND

SOUTH HARZ POTASH MINERAL RESOURCE ESTIMATE (MARCH 2024) (5% K2O CUT-OFF)

LICENCE AREA	CATEGORISATION	TONNAGE (Mt)	K2O (%)	K2O (Mt)
Ohmgebirge	Indicated	258	13.2	34
Total Indicated		258	13.2	34
Ohmgebirge	Inferred	119	10.3	12
Ebeleben	Inferred	577	12.1	69
Mühlhausen-Nohra-Elende	Inferred	1,698	9.7	165
Mühlhausen-Keula	Inferred	1,130	11.1	125
Küllstedt	Inferred	1,538	10.7	165
Total Inferred		5,062	10.6	536
Total South Harz Project Mineral Resource Estimate		5,320	10.7	570

INVESTOR PRESENTATION | 21

ASX: SHP | August 2024

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NEXT STEPS FOR A LEAN, FOCUSED POTASH DEVELOPER

• Complete Sollstedt due diligence, negotiate definitive documentation and execute binding agreement

▪ Progress Ohmgebirge permitting activities

• Undertake value engineering activities and evaluate synergy opportunities afforded via Sollstedt purchase

• Review broader South Harz development opportunities and forward plan

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ADVANCING VIA A LOW-COST INTERNAL OPTIMISATION PHASE TO MAINTAIN STRONG POSITIONING VERSUS GLOBAL POTASH DEVELOPMENT PEERS ALONGSIDE EXPECTED STRENGTHENING IN GLOBAL POTASH MARKETS OVER NEXT 12-24 MONTHS

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C

A

B

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TRANSFORMATIONAL FUTURE ACQUISITION OF NEIGHBOURING MINE AND INFRASTRUCTURE

OHMGEBIRGE PROJECT REPRESENTS A WORLD-CLASS BROWNFIELD POTASH DEVELOPMENT

EXTENSIVE FURTHER UPSIDE AND SYNERGISTIC OPPORTUNITIES STILL TO BE UNLOCKED

STRATEGIC CLEARING VASTLYCENTRAL GERMAN VAST TENURE OF BROWNFIELD LOW DEFINED EXPANDABLE LOCATION WITH 659KM[2] DEVELOPMENT ENVIRONMENTAL PERMITTING PROJECT ACCESS TO COMPRISING DELIVERS IMPACT, HIGHLYPATHWAY, WITH STRONGLY ESTABLISHED THREE PERPETUAL COMPETITIVE SUSTAINABLE STAGE 1 UNDERPINNED BY ROAD, RAIL AND POTASH MINING CAPITAL FUTURE ASSESSMENT LONG TERM PORT LICENCES EFFICIENCY OPERATIONS ACHIEVED POTASH DEMAND INFRASTRUCTURE

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ASX: SHP | August 2024

EXPLORE THE OHMGEBIRGE DEVELOPMENT, INCLUDING THE RANGE OF POTENTIAL UPSIDE OPPORTUNITIES IN VISUAL DETAIL AT THE LINK BELOW: https://vrify.com/decks/16044

ASX: SHP | August 2024