TURNSTONE RESOURCES LTD — Investor Presentation 2024

May 21, 2024

LANDMARK SOLLSTEDT MINE PURCHASE, OHMGEBIRGE PRE-FEASIBILITY STUDY AND MAIDEN ORE RESERVE

ASX: SHP | May 2024

IMPORTANT NOTICES

Forward looking and Competent Person’s statements

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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.

Mrs Elizabeth de Klerk M.Sc., Pr.Sci.Nat., SAIMM., Managing Director and Senior Geologist of Micon International Company Limited (UK) has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which she is undertaking to qualify as a Competent Person as defined in the 2012 edition of the “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves”. Mrs De Klerk consents to the inclusion in this document of the matters based on this information in the form and context in which it appears.

The information in this announcement which relates to the Mineral Resource Estimates for the Ebeleben, Mühlhausen-Keula, Mühlhausen-Nohra Elende, Küllstedt and Ohmgebirge licence areas, and Ore Reserve Estimate for the Ohmgebirge licence area, was compiled and generated by Mrs De Klerk under commission by SHP. Mrs De Klerk holds no shares in SHP.

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South Harz Potash Port of Antwerp Port of Bremerhaven Port of Hamburg Port of Rostock

SOLLSTEDT ACQUISITION FACILITATES LARGE-SCALE INTEGRATED MINING AND BROWNFIELD DEVELOPMENT OPPORTUNITY

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500 km radius from Ohmgebirge
Norway Finland
1,000 km radius from Ohmgebirge
Estonia
Sweden
Denmark Latvia
Lithuania
United
Ireland Kingdom Belarus
Poland
Belgium Czech Ukraine
Republic
Slovakia
France Switzerland Austria Hungary Moldova
Slovenia
Romania
Croatia
Italy Serbia
Bosnia and
Herzegovina Bulgaria
Montenegro
Portugal Albania Macedonia
Spain
Greece
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N
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Set to deliver responsible potash mining in the centre of the European agricultural market

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TRANSFORMATIONAL FUTURE ACQUISITION OF NEIGHBOURING MINE AND INFRASTRUCTURE

OHMGEBIRGE: A WORLD-CLASS BROWNFIELD POTASH DEVELOPMENT

EXTENSIVE FURTHER UPSIDE AND SYNERGY OPPORTUNITIES

• Unlocks latent value , with multiple existing shafts facilitating underground access and ventilation

• Substantially reduces pre-production capital relative to greenfield alternative

• Accelerates timeframe to first production

• Significantly lowers surface footprint by allowing underground crushers/dissolvers and removing need for surface waste piles

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

• Robust, rigorous study fully incorporates current global cost environment

• Proximity to European end markets and export facilities drives strong netback pricing profile and high operating margins

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

• Projected operating costs to be in the bottom half of the global unit cost curve

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

• Large-scale South Harz resources outside of Ohmgebirge delivers multi-generational operating life potential

• Sollstedt mine area includes substantial insitu potash mineralisation (non-JORC)

• Proximity of existing shafts on Sollstedt property to other South Harz resources

• Other significant Sollstedt synergy opportunities yet to be evaluated

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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	US$/t MOP	147
Delivered potash price – LOM weighted average (real)	US$/t MOP	441
Net MOP operating margin	%	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 Sollstedt purchase terms (currently non-binding) and 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.

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MAJOR SHAREHOLDERS[1]

CAPITAL STRUCTURE (ASX: SHP)

CAPITAL STRUCTURE (ASX: SHP)
Share price (20 May 2024)	A$0.019
Shares on issue	827.2M
Options	113.4M
Market capitalisation (undiluted)	A$15.7M
Cash (31 March 2024)	A$1.0M
Debt (31 March 2024)	Zero

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3.6%
8.2%
11.7%
2.3%
2.8%
1.8%
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69.6%
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BOARD OF DIRECTORS

Len Jubber Reinout Koopmans Rory Luff Executive Non-Executive Non-Executive Chairman Director Director

Delphi Board and Management BNP Paribas nominee Merchant RAB Capital Lowell Resources Fund Retail and others

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1. As at market close on 20 May 2024

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TRANSFORMATIONAL ACQUISITION OF MINE AND INFRASTRUCTURE

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TRANSFORMATIONAL SOLLSTEDT ACQUISITION

Includes entire neighbouring mine property and associated infrastructure plus additional mineral rights

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Ohmgebirge
(SHP)
Muhlhausen-Nohra (SHP)
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KEY ASSETS TO BE ACQUIRED

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

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UNLOCKS SUBSTANTIAL LATENT VALUE FOR OHMGEBIRGE

Landmark transaction that extends well beyond initial MOU with Deusa

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ENHANCED ECONOMIC AND SUSTAINABILITY OUTCOMES

• Outright future purchase allows greater realisation of synergies and sustainability benefits

• Multiple existing Sollstedt shafts facilitate underground access and ventilation for mining of Ohmgebirge

• Significantly reduces pre-production capital expenditure relative to greenfield alternative

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• Allows underground placement of crushers/dissolvers and tailings storage in existing voids, eliminating need for surface ore or waste piles

DELIVERS ACCELERATED TIMEFRAME TO FIRST PRODUCTION AND PRE-PRODUCTION CAPEX SAVINGS MULTIPLE TIMES THAT OF AGREED PURCHASE PRICE (€40M CASH UPON COMPLETION)

• Reduces overall surface footprint of development by approx. 50% (relative to existing Spatial Planning Application, shown in yellow outline)

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INTEGRATED OHMGEBIRGE-SOLLSTEDT DEVELOPMENT

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

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OHMGEBIRGE (SHP) LICENCE BOUNDARY

OHMGEBIRGE PROJECT MINE PLAN

UNDERGROUND CRUSHING CIRCUIT ACCESS DRIFTS BERNTERODE SHAFT 1 AND 2 MUHLHAUSEN-NOHRA (SHP) LICENCE BOUNDARY

@vrify

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ATTRACTIVE DEAL TERMS WITH NO UPFRONT CONSIDERATION

Comprehensive due diligence underway, execution of binding documentation targeted in three-to-six months

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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

A RICH HISTORY OF UNDERGROUND OPERATIONS IN THURINGIA, GERMANY

• Execution of binding sale and purchase agreement subject to:

• Satisfactory detailed due diligence activities

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• Consent of Federal Government Trust, LMBV

• Negotiation of definitive documentation

FINAL TRANSACTION COMPLETION (AND PAYMENT OF CASH CONSIDERATION) IS TO BE CONDITIONAL ON SOUTH HARZ ACHIEVING FULL PROJECT FINANCING AND TAKING A POSITIVE FINAL INVESTMENT DECISION FOR THE OHMGEBIRGE DEVELOPMENT

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A WORLD-CLASS BROWNFIELD POTASH DEVELOPMENT

A WORLD-CLASS BROWNFIELD POTASH DEVELOPMENT

High-quality technical study lead by premium geological and mining industry experts

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LEAD CONSULTANT AND STUDY MANAGER (EXTERNAL), INFRASTRUCTURE ENGINEERING AND DESIGN, CAPITAL AND OPERATING COST ESTIMATES

MINE PLANNING, GEOLOGICAL RISK ASSESSMENTS, GEOTECHNICAL MODELLING, SHAFT HOISTING AND UNDERGROUND BACKFILL TECHNOLOGY ENGINEERING

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POTASH MARKET INSIGHTS INFORMING PRODUCT STRATEGY, TARGET DESTINATION SPLIT AND PRICING ASSUMPTIONS

GEOLOGICAL MODELLING, MINE PLANNING AND MINERAL RESOURCE UPDATE AND ORE RESERVE DECLARATION

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PROCESS FLOWSHEET DESIGN, BACKFILL TECHNICAL AND CONSTITUENT ENGINEERING

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INDEPENDENT ENVIRONMENTAL, PERMITTING AND SUSTAINABILITY ADVISORY SERVICES

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OUTSTANDING CENTRAL EUROPEAN LOCATION

Benefiting from proximity to European and export markets, and a long, proud history of district-scale potash mining

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“The unique brownfield features incorporated into the Ohmgebirge PFS demonstrate 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 study confirms how common perceptions about the German regulatory and operating environment are misplaced, and why the Thuringia district offers such an enormous opportunity to deliver secure, sustainable potash supply to Europe and beyond.”

- South Harz Potash Executive Chair, Len Jubber

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 

 

LOW ENVIRONMENTAL IMPACT, SUSTAINABLE OPERATIONS

Best-in-class German potash industry credentials with a demonstrated commitment to low impact mining practices

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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

CONVENTIONAL COLD LEACHING AND EVAPORATION-HOT CRYSTALLISATION PROCESS ROUTE HIGHLY SUSTAINABLE OPERATION UTILISING GRID POWER, WITH 60%+ OF GRID SUPPLIED FROM RENEWABLE ENERGY

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ZERO
WASTE
LOW IMPACT
PILES ON
MINING
SURFACE
PRACTISES
ZERO
INDUSTRIAL
WATER
DISCHARGES
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OHMGEBIRGE DEPOSIT: HIGH-QUALITY POTASH MINERALISATION

Mineral Resource update and maiden Ore Reserve declaration

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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

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NAMEPLATE 1MTPA MOP AND TWO-DECADE INITIAL OPERATING LIFE

Substantial derisking of mine and process schedule delivered

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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%

AVERAGE DILUTED K2O GRADE

0.93 Mtpa AVERAGE MOP PRODUCTION 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.

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INDUSTRY-LOW CAPEX INTENSITY AND +60% NET MOP UNIT MARGINS

Attractive forecast returns delivered via brownfield development pathway

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US$1.03 B

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

PRE-TAX PROJECT NET CASHFLOW

PRE-PRODUCTION CAPITAL EXPENDITURE

US$165/t

US$441/t LOM WEIGHTED AVERAGE DELIVERED POTASH PRICE

AISC – MOP NET DELIVERED

KEY FINANCIAL PROJECTIONS

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

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MINE SCHEDULE AND POTASH OUTPUT

Nameplate 1.0Mtpa MOP and 1.0Mtpa NaCl

• LOM schedule comprises 90.1Mt at an average diluted K over an 2O grade of 12.50% initial 19-year mine life.

LOM PROCESS SCHEDULE

Ore mined and processed (Mt) KCl head grade (% KCl) [RH-axis]

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• Average annual throughput is 4.7 Mt

▪ Main development accounts for 7.3% of mined material, continuous mining panels for 41.5% and drill and blast panels for 51.2%

▪ Mine and process schedule is comprised of 92% Ore Reserves, with Inferred Resource material accounting for only 8% (final two years)

• Average annual MOP production of 0.93 Mt and NaCl output of 0.93 Mt

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Mt
% KCl
6.0 25%
5.0
20%
4.0
15%
3.0
10%
2.0
5%
1.0
0.0 0%
Y1 Y2 Y3 Y4 Y5 Y6 Y7 Y8 Y9 Y10 Y11 Y12 Y13 Y14 Y15 Y16 Y17 Y18 Y19 Y20
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SIMPLE, WELL UNDERSTOOD PROCESS FLOWSHEET Project infrastructure further simplified via underground crushing and dissolution route

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CRUSHING

DISSOLUTION TRANSPORT TO PURIFICATION SURFACE

EVAPORATION

CRYSTALLIZATION SEPARATION AND DRYING

COMPACTION

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

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

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PREMIUM POTASH PRODUCT AND 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 market 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

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PERMITTING AND SOCIAL LICENSE TO OPERATE

Ohmgebirge benefits from a well understood approval process and single approval authority

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• Phase Detail and authority ▪ Determines whether project can be implemented in a spatially, socially and environmentally compatible manner at the planned location

• Step 1 ▪ Applies for projects with significant impact on development of a state or region measured by its effect on environment, supply of public goods, traffic, plus economic and social goals of state development plan

• Site approval ▪ Assesses and determines the feasibility of the project in a broader scope at an early planning stage

• Regional and Spatial ▪ A formal EIA is required ▪

• Planning Procedure Approval authority is Thüringer Landesverwaltungsamt (TLVwA) ▪ Spatial Planning application submitted December 2023, legislatively mandated decision by June 2024 ▪ Covers all mandatory regulatory processes and permits for general Framework Operating Plan

• Step 2 ▪▪ Includes all approvals and permits by the competent authorities to construct a mine and related facilities, except for certain water law permitsA typical operator regards a Step 2 approval which has become final as a sufficient basis for a project FID

• Build approval ▪ Requires an EIA to be submitted as part of a general Framework Operating Plan

• Planning Approval ▪ Plan submitted for the purpose of carrying out a public consultation procedure with authorities other than the TLUBN, municipalities, the public and environmental organisations Procedure ▪ Approval authority is the Thüringer Landesamt für Umwelt, Bergbau und Naturschutz (TLUBN) ▪ Approval leads to a Planning Approval Decision ▪ Mandatory to operate plants and facilities in the mining area

• Step 3 ▪ Mining authority has no discretion regarding approval of initial and subsequent Main Operating Plans (and Special Operating Plans); if fulfilling the statutory requirements and in-line with the Step 2 approval, then the Step 3 approval must be granted

• Operating approval ▪ Includes submission of Main Operating Plan, renewable every two years Approval of Main ▪ Based on same information as submitted under Step 2 above and includes technical concept, detailed safety measures and hazard prevention for operation of mines and facilities Operating Plan ▪ Approval authority is TLUBN ▪ Approval leads to an Operating Plan Permit ▪ Special Operating Plans provide the operator greater flexibility in separating certain installations and activities from the Main Operation Plan. Such plans do not have to be renewed every two

• Step 4 years

• Special approval ▪ Approval process includes submission of a Special Operating Plan for specific installations or activities Approval of Special ▪ Based on same information as submitted under Steps 2/3 above, with more detailed technical specification ▪ Approval authority is TLUBN

• Operating Plan ▪ Approval leads to a Special Operating Plan Permit

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EXTENSIVE FURTHER UPSIDE AND SYNERGY OPPORTUNITIES

SOUTH HARZ: A LONG-TERM, MULTI-GENERATIONAL POTASH BASIN

World-class resource scale delivers excellent scalability and multi-operation opportunity

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FIVE 100%-OWNED SOUTH HARZ PROJECT AREAS + EXISTING SOLLSTEDT MINING AREA		DELIVERS PIPELINE OF FURTHER POTENTIAL MOP DEVELOMENTS = MULTI-STAGE OPPORTUNITY		PERPETUAL MINING LICENSES A KEY DIFFERENTIATING FEATURE OF 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

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SOLLSTEDT UNLOCKS FURTHER SOUTH HARZ RESOURCES

Muhlhausen-Nohra deposit readily proximate to existing Sollstedt property shaft infrastructure

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Quoted numbers in red represent mined volumes of potash from neighbouring historical underground mining operations

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FURTHER SOLLSTEDT SYNERGIES & VALUE ENGINEERING OPPORTUNITIES

To be evaluated during next phase of project evaluation

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• Mining of substantial in-situ potash at Sollstedt: Potash mineralisation proximate to Sollstedt underground infrastructure delivers potential life extension and/or increased output rates in early years

• Greater power efficiency and/or alternative power delivery: Including proposed local wind power developments delivering potential for direct sourcing arrangements

• Increased temperature leach process: Lowering unit costs and capital requirements

• Definitive-stage geological and geotechnical study work: Ability to be undertaken from underground at significantly lower cost versus alternative surface-based activities

TO EXPLORE THE OHMGEBIRGE DEVELOPMENT IN MORE VISUAL DETAIL, INCLUDING THE RANGE OF POTENTIAL UPSIDE OPPORTUNITIES TO BE FURTHER EVALUATED, PLEASE VISIT:

https://vrify.com/decks/16044

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LEAN, EFFICIENT AND FOCUSED POTASH DEVELOPER

Advancing via a lower cost, internal project optimisation phase

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NEXT STEPS

• 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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MAINTAIN STRONG POSITIONING VERSUS GLOBAL POTASH DEVELOPMENT PEERS ALONGSIDE EXPECTED STRENGTHENING IN GLOBAL POTASH MARKETS OVER NEXT 12-24 MONTHS

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2

3

1

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TRANSFORMATIONAL OHMGEBIRGE: A WORLD-CLASS ACQUISITION OF NEIGHBOURING BROWNFIELD POTASH MINE AND INFRASTRUCTURE DEVELOPMENT

EXTENSIVE FURTHER UPSIDE AND SYNERGY OPPORTUNITIES

• Unlocks latent value , with multiple existing shafts facilitating underground access and ventilation

• ▪ Substantially reduces pre-production capital relative to greenfield alternative

• ▪ Accelerates timeframe to first production

• ▪ Significantly lowers surface footprint by allowing underground crushers/dissolvers and removing need for surface waste piles

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

• Robust, rigorous study fully incorporates current global cost environment

• Proximity to European end markets and export facilities drives strong netback pricing profile and high operating margins

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

• Projected operating costs to be in the bottom half of the global unit cost curve

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

• Large-scale South Harz resources outside of Ohmgebirge delivers multi-generational mining and operating potential

• Sollstedt mine area includes substantial insitu potash mineralisation (non JORC-compliant)

• Proximity of existing shafts on Sollstedt property to other South Harz resources

• ▪ Substantial Sollstedt synergy opportunities yet to be evaluated

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APPENDIX

FORECAST CASHFLOW PROFILE

Strong steady-state net cash generation at high operating margins

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LIFE OF MINE PROJECTED CASHFLOW PROFILE

Cumul. CF [RH-axis] Revenue Operating costs (incl royalties) Capex (incl pre-prod. mining) Tax Net cashflow

Annual cashflow (US$M) 600 400 200

Cumulative cashflow (US$M)

600 3,000 2,500 400 2,000 200 1,500 0 1,000 500 -200 0 -400 -500 -600 -1,000 -800 -1,500

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VALUATION SENSITIVITIES

Excellent leverage to upside potash price scenarios

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NPV8% SENSITIVITIES AT 0.93 Mtpa MOP

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

Potash Market Price (-20% / +20%) US$339 US$1,719
Operating costs (+20% / -20%) US$451 US$1,607
Pre-production capital (+20% / -20%) US$818 US$1,241
EUR/USD exchange rate (+20% / -20%) US$767 US$1,291
NPV8% US$1,029M
(pre-tax, real, ungeared)
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