TURNSTONE RESOURCES LTD — Investor Presentation 2025

Nov 27, 2025

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Expanded European Portfolio: Scandinavian Copper Gold Acquisition Option

INVESTOR PRESENTATION | November 2025

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IMPORTANT NOTICES AND DISCLAIMERS

This presentation ( Presentation ), together with any information communicated by South Harz Potash Limited ACN 153 414 852 (the Company, SHP or South Harz ), in any presentation or discussion relating to this Presentation (collectively, Information ) has been prepared by the Company 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 allinclusive 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. Except as otherwise expressly stated in this Presentation, the Company has not authorised any person to give any information or make any representation which is not contained in this Presentation. Any such information or representation not contained in this presentation must not be relied upon as having been authorised by, or on behalf of, the Company. The Presentation has been prepared as at 27 November2025.

responsibility for any errors or omissions from this arising out of negligence or otherwise is accepted

FORWARD LOOKING STATEMENTS

The Presentation includes “forward looking statements” within the meaning of securities laws of applicable jurisdictions. Forward looking statements can generally be identified by the use of the words “anticipate”, “believe”, “expect”, “project”, “forecast”, “estimate”, “likely”, “intend”, “should”, “could”, “may”, “target”, “plan” “guidance” and other similar expressions. Indications of, and guidance on, future earning or dividends and financial position and performance are also forwardlooking statements. Such forward-looking statements are not guarantees of future performance and involve known and unknown risks, uncertainties and other factors, many of which are beyond the control of the Company and its officers, employees, agents or associates, that may cause actual results to differ materially from those expressed or implied in such statement. Actual results, performance or achievements may vary materially from any projections and forward looking statements and the assumptions on which those statements are based. Given these uncertainties, recipients are cautioned to not place undue reliance on any forward looking statement. Subject to any continuing obligations under applicable law the Company disclaims any obligation or undertaking to disseminate any updates or revisions to any forward looking statements in this document to reflect any change in expectations in relation to any forward looking statements or any change in events, conditions or circumstances on which any such statement is based.

NOT AN OFFER

The information contained in the Presentation is for information purposes only. The Presentation does not comprise a prospectus, product disclosure statement or other offering document under Australian law (and will not be lodged with the Australian Securities and Investments Commission) or any other law. The Presentation also does not constitute or form part of any invitation, offer for sale or subscription or any solicitation for any offer to buy or subscribe for any securities nor shall they or any part of them form the basis of or be relied upon in connection therewith or act as any inducement to enter into any contract or commitment with respect to securities. The distribution of this Presentation elsewhere outside Australia may be restricted by law. Persons who come into possession of this Presentation should observe any such restrictions as any non-compliance could contravene applicable securities laws.

JORC

To the extent that this announcement contains references to prior exploration results which have been cross referenced to previous market announcements made by the Company, unless explicitly stated, no new information is contained. The Company confirms that it is not aware of any new information or data that materially affects the information included in the relevant market announcements and, in the case of estimates of Mineral Resources, that all material assumptions and technical parameters underpinning the estimates in the relevant market announcements continue to apply and have not materially changed.

NOT INVESTMENT ADVICE

The information contained in this Presentation is not investment or financial product advice and is not intended to be used as the basis for making an investment decision. Please note that, in providing the Presentation, the Company has not considered the objectives, financial position or needs of any particular recipient. The information contained in the Presentation is not a substitute for detailed investigation or analysis of any particular issue and does not purport to be all of the information that a person would need to make an assessment of the Company or its assets. Current and potential investors should seek independent advice before making any investment decisions in regard to the Company.

It is a requirement of the ASX Listing Rules that the reporting of ore reserves and mineral resources in Australia comply with the Joint Ore Reserves Committee’s Australasian Code for Reporting of Mineral Resources and Ore Reserves ( JORC Code ). Investors outside Australia should note that while ore reserve and mineral resource estimates of the Company in this document comply with the JORC Code (such JORC Code-compliant ore reserves and mineral resources being Ore Reserves and Mineral Resources respectively), they may not comply with the relevant guidelines in other countries.

SUMMARY INFORMATION

The Presentation does not purport to be all inclusive or to contain all information about the Company or any of the assets, current or future, of the Company. The Presentation contains summary information about the Company and its activities which is current as at the date of the Presentation. The information in the Presentation is of a general nature and does not purport to contain all the information which a prospective investor may require in evaluating a possible investment in the Company or that would be required in a prospectus or product disclosure statement or other offering document prepared in accordance with the requirements of Australian law or the laws of any other jurisdiction.

For full Mineral Resource and Ore Reserve estimate details 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. 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 announcement, and the Company confirms that, to the best of its knowledge, all material assumptions and technical parameters underpinning the estimates in these announcements continue to apply and have not materially changed.

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

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CREATING MULTIPLE PATHWAYS TO GENERATE SHAREHOLDER VALUE

Building a diversified European portfolio leveraged to security of supply & energy transition value drivers

Enhanced European Self Sufficiency

Multi Asset – Multi Commodity Company

Copper & Gold in Scandinavia

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• EU embracing change – funds available to progress quality projects

• Cornerstoned by advanced (perpetual mining licence) potash project

• Scandinavian countries leading the way – Sweden ranked 6[th] in Investment Attractiveness in Fraser Institute 2024

• Policy changes happening fast to improve European competitiveness, security and transition

• Hedged across commodity & jurisdiction

• Exploration upside in emerging district in proven metallogenic belt

• Commodity choices influenced by geopolitical risk, global supply chain dynamics, supply & demand trends

• Momentum commodities

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IMPLEMENTING THE EUROPEAN STRATEGY

Targeting Multi-Asset Diversified Commodity Portfolio

EMERGING CHANGES IN GLOBAL POTASH DYNAMICS – RENEWED EU INTEREST ??

• Improving investment climate – regulatory, cost focus, funding availability

• Perpetual tenure - unique 'sovereign' like licence ownership

• Asymmetric risk-reward – multiple opportunities with limited downside

• Operational flexibility - potential pivots for margin & production optimization

OPTION TO ACQUIRE THE GLAVA COPPER-GOLD PROJECT IN SWEDEN

• Early-mover advantage in an under-explored gold-bearing metallogenic system

• Sweden ranks 6 out 83 (above WA at 17) on the Investment Attractiveness Index*

• Known high-grade epithermal copper-gold-silver mineralisation

• Advanced exploration project with negligible glacial till cover, mineralised outcrops and historic artisanal mining - fast-tracked drill-testing with experienced in-country team

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Glava Gold Project
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*Fraser Institute Annual Survey of Mining Companies, 2024

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GLAVA CU-AU PROJECT

‘Advanced exploration’ in emerging exploration district in Western Sweden

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ACQUISITION HIGHLIGHTS

• Prospective and under explored copper-gold province in Scandinavia

• Negligible glacial till allows for use of proven, costeffective exploration techniques (geophysics, soil sampling)

• Extensive outcrops with historic artisanal mining to help define bornite–covellite–chalcocite mineralisation

• 430ha licence area located close to established infrastructure but isolated from local communities

• Drill targeting activities underway – completed extensive rock sampling and ground magnetic survey

• Drill test in June 2026 quarter – within 6 months of announcement

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GLAVA GOLD-COPPER PROJECT

Prospective geology, historic workings, high-grade mineralisation

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PROJECT GEOLOGY

• Mineralisation structurally controlled along northsouth oriented fracture array that intersects shallow south dipping meta sedimentary host rocks

• Historic mining during 1916 -1918 from two open pits within a 300m x 100m area of shallow workings - 2,280t of rock mined including 49t grading 10.5%Cu [(1)]

• Dump sampling programs confirm extensive development of gold and copper mineralisation associated with bornite, covellite & chalcocite

• Hydrothermal breccias occur in the vicinity of the known mineralisation

• Known mineralisation plunges towards the south along the lineaments

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• 1 Cautionary statement: The production details from historic mining are derived from publicly available historical sources. The source of the reported production is Lundegaardh, 1995; Ba45-1 Beskrivning till berggrundskartan over Varmland: ISBN 91-7158-547-8, pages 150-152 under the authority of the SGU. The historical production data cited has not been reported in accordance with the JORC Code 2012. A Competent Person has not carried out sufficient work to classify the historical production data in accordance with the JORC Code 2012 and South Harz does not treat the historical production data as a Mineral Resource or Ore Reserve. It is possible that further evaluation and/or exploration work could reduce the confidence in the historical production figures.

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GLAVA GOLD-COPPER PROJECT

Evidence of an epithermal system

MINERALISATION

• Analytical results from 2024 sampling program show high grade gold & copper mineralisation[1]

• Results also confirm the presence of telluride minerals, frequently a component of epithermal deposits

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Cautionary Note: the grades quoted are from selective grab samples and are not considered, at this stage, to be representative of a bulk sample

• Maximum Grades from 2024 sampling program 4.9g/t Au 49g/t Ag 1.42% Cu

1 Refer ASX: SHP Announcement: Growth Strategy Initiated with Epithermal Scandinavian Copper-Gold Project Acquisition, dated 27 November 2025

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GLV1 GLV9
chalcocite bornite
quartz albite
GLV2 GLV3
chalcocite / malachite
chalcocite / malachite
quartz
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GLAVA EXPLORATION – TIMELINE

Fieldwork commenced on 10 November 2025

Activity

Q4 2025 Q1 2026 Q2 2026 Q3 2026

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Phase 1 – targeting

Ground Magnetics: 40-line km on 25m grid

Geological Mapping: combining rock chip sampling Geochemical Survey: outcrop rock sampling to define anomalous eochemistr g y

Define & mobilise Phase 2

Phase 2 (indicative) – drilling

Core drilling program targeting: - down dip extensions of mineralisation - otential eochemical anomalies p g Initial metallurgical test work and mineralogy

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TRANSACTION DETAILS

Conserving Funds through collaboration - Farm-in and Acquisition: McKnight Resources AB

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FARM-IN OPTION

The option to acquire 100% of the Glava 100 Permit may be exercised during the Exercise Period (defined below)

EXERCISE PERIOD

Commencing on 27 November 2025 and ending on the date which is 30 days after the latter of (a) completion of the Work Programme or (b) 31 March 2026

CONSIDERATION FOR THE ACQUISITION

AUD$150,000 payable in SHP ordinary shares with a deemed issue price per ordinary share equal to the 20-day VWAP of ordinary shares immediately prior to the date that the option is exercised

ROYALTY

On and from completion of the acquisition, SHP grants McKnight Resources AB a 1.5% net smelter royalty ( Glava Royalty )

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MAINTAINING VALUE POTENTIAL OF POTASH ASSETS

Diversification creating value via optionality with operational flexibility

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• Portfolio approach creates ability to extract full value from unique licence ownership, in-situ public and mining infrastructure and zero surface stockpiling / discharges to local waterways.

• Food security the ultimate critical resource and majority of countries /

• continents are net potash importers

• Ohmgebirge has defined development pathway and timeline

• South Harz seeking development partner

STRATEGIC PATIENCE APPROACH WITHIN FORWARD LOOKING PORTFOLIO CREATES MULTIPLE OPTION-VALUE CREATION PATHWAYS

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THE SOUTH HARZ POTASH PROJECT

Perpetual tenure holds significant latent value

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• Pre-Feasibility Study & Spatial Planning Approval & Baseline Environmental Study delivered 2024[1]

• Ohmgebirge Ore Reserve 83.1 million tonnes (Mt) at 12.6% K2O

• South Harz has invested ~A$30M to confirm the technical, environmental and financial viability of the Ohmgebirge Potash Development

• Extensive historical drilling & production database

• A low-risk development in a low-risk jurisdiction, rich with infrastructure and deep potash mining history and expertise

• Industry-leading environmental and sustainability features : Low-impact development, low surface footprint, zero surface waste piles and zero effluent/wastewater discharges

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GERMANY
Sollstedt mine purchase
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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1 For full Mineral Resource and Ore Reserve estimate details 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

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POTENTIAL STRATEGIC OPTION VALUE DRIVERS

Multiple paths to value of significant European potash asset

European Self Sufficiency

Perpetual Ownership

Consolidation Opportunities

Operational Flexibility

Key asset for European food security

Potential pivots for margin optimisation

Unique sovereign-like licence ownership with zero decline

Multiple regional consolidation pathways

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• Solstedt infrastructure extension

• Perpetual mining licences

• Import substitution play

• MOP to SOP

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Asymmetric RiskReward

No stranded capital risk

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  - >A$200m historical investment validation

• Staged development

• No holding costs

• Priority status protection

• Time arbitrage advantage

• Premium pricing capture

• Logistics cost advantage

• Clean & green differentiation

• Other operations & industries in area

• Backfilling synergies

• In-country & European operations

• Full chemical salt monetization

• Process / electricity optimization

• Value engineering catalogue

• Proven feasibility (PFS/ESIA/SPA)

• Public & brownfieldsmining infrastructure in place

• Early signs of energy cost deflation

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POTASH – A "CRITICAL" MINERAL

Growing security of supply concerns amidst escalating geo-political tensions and declining arable land

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• Global figures plummeted from 4,500m[2] arable land per individual in 1960 to a mere 1,800m[2] projected for 2050

• Listed in USA and Canada as a critical mineral

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IN A WORLD WHERE FOOD SECURITY CONCERNS ARE EVER GROWING, POTASH IS THE CRITICAL MINERAL WE SHOULD BE MOST CONCERNED ABOUT SECURING SUPPLY

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GLOBAL POTASH SUPPLY CONSTRAINTS DRIVE LONG-TERM PRICE UPSIDE

European security of supply worsening, potash increasingly gaining critical mineral status

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• China 50% short on self-sufficiency - globally traded material going to China puts more pricing pressure on European supply

• Aging, high-cost production of MOP in Europe with minimal growth aspirations from existing producers

• Tightening supply from fewer projects being developed expected to support higher long-term MOP prices

• Historic reliance on Belarus and Russia (30% of global supply) disrupted by sanctions with MOP exports directed toward Brazil, India & China to avoid western sanctions

• Disruption of global trade patterns exacerbated by new tariffs on international trade

• Reliance on volatile jurisdictions (middle east) for critical supply

MOP PRICE FORECAST (REAL, 2024) (US$/TONNE)[1,2]

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Standard MOP NW Europe fob (bulk)
Granular MOP Brazil cfr (bulk)
490
Standard MOP Vancouver fob (bulk)
440 SHP AISC (Net)
390
340
290
240
190
140
2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040
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1. Based on information from Argus Report August 2025 2. Argus data excluding any by-product credits. SHP FOB data shown excluding sea freight costs from stated CFR AISC, calculated based on operating cost data before and after NaCl by-product (gross vs net)

New sources of potash required to ensure food security, sustainable agriculture & resilient farming in Europe

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LOCATION & INFRASTRUCTURE CREATES UNIQUE ADVANTAGE

Proximity to infrastructure drives optionality of local or international supply

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South Harz Potash
Port of Antwerp
Port of Bremerhaven
Port of Hamburg
Port of Rostock Zielitz Mine
500 km radius from Ohmgebirge K+S underground mining
production: 2 Mtpa
1,000 km radius from Ohmgebirge
Kehmstedt Mine
DEUSA International Gmbh solution
mining production: 100 ktpa
Werra Mines
K+S underground mining
production: 3.2 Mtpa
Neuhof-Ellers Mine
Sollstedt Mine
K+S underground mining
production: 1.3 Mtpa
Bernterode Shaft
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BOARD OF DIRECTORS

Experienced team

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Len Jubber Executive Chair

Reinout Koopmans

Non-Executive Director

Len Jubber was Managing Director & Chief Executive Officer of Bannerman Resources Ltd, an ASX listed uranium development company for eight years.

Reinout Koopmans spent 15 years in investment banking, based in London. He was responsible globally for public equity raising for natural resource companies at Deutsche Bank and he led the European equity capital markets team at Jefferies International. In the 1990’s, Reinout was a management consultant with McKinsey & Co in Germany and South-East Asia. He has significant business experience in Germany. Reinout has a PhD and Masters degree from the London School of Economics.

Prior roles include Managing Director/Chief Executive of Perilya Ltd, an ASX listed zinc and lead producer, and Chief Operating Officer of Oceana Gold Ltd.

He started his career with Rio Tinto in Namibia. In a mining career spanning more than 35 years, he brings a wealth of technical, commercial and corporate experience.

Reinout is Chair of the Audit & Risk Committee and a member of the Nomination & Remuneration Committee. Considered to be an independent Director.

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Rory Luff

Non-Executive Director

Rory Luff is the founder of BW Equities, a specialist Melbourne equities advisory firm and has over 20 years experience in the financial services industry.

Rory has spent most of his career in the financial markets advising resources companies on capital raisings and financial markets strategy.

Rory is Chair of the Nomination & Remuneration Committee and a member of the Audit & Risk Committee.

Rory is not considered to be an independent Director.

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Richard Pearce

Non-Executive Director

Richard Pearce is an experienced professional in the global mining and mining technology industries, the private investment sector and in the agricultural sector. He started his career at Rio Tinto and experience in the mining industry spans the full value chain, including board directorships, exploration, operational management and improvement, mining finance, M&A and business strategy.

Richard has worked in multiple commodities and geographies, including iron ore, coal, uranium, mineral sands, gold, and copper across Europe, the Middle East, North and South America, South East Asia, New Zealand, and Australia.

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Corporate overview

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CAPITAL STRUCTURE (ASX: SHP)[1]

CAPITAL STRUCTURE (ASX: SHP)1
Share price Shares on issue	A$0.025 130.2M
Options and performance rights on issue	38.6M
Market capitalisation (undiluted)	A$3.25M
Cash (30-Sep-25)	A$0.99M

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South Harz Potash
ASX : SHP
Germany Sweden Growth through
Potash Assets Glava Option acquisition
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SHAREHOLDER SUMMARY[2]

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2%
Australia & New Zealand: 60%
25%
Directors: 13%
13%
Europe & the UK: 25%
60%
Rest of the World : 2%
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▪ South Harz Potash Project – large, strategically located potash asset ▪ Overheads minimised – lean project advancement team ▪ Foundation firmly established – proven asset progression skillset

1 Capital Structure based on position as at 27 November 2025, apart from cash balance which is as reported in the September 2025 Quarterly Activities Report announced on the ASX on 21 October 2025 2 Shareholder summary based on analysis performed as at 27 November 2025

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SHP INVESTMENT CASE

Dual-asset / multi commodity exploration & development platform with near term catalysts

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• Epithermal copper & gold exploration project in Sweden with drilling targeted to commence in June 2026 quarter

• Actively assessing further exploration acquisition opportunities

• Advanced muriate of potash & chemical salt development project in Germany positioned to capture option value on multiple levels

• Growth strategy complements long-term value and optionality of the South Harz Potash Project with exposure to critical or precious / base metal project(s)

• Market reality: latent value of potash assets and exploration prospectivity of Swedish acquisition not reflected in current share price

BUILDING A DIVERSIFIED PORTFOLIO OF STRATEGIC METALS AND MINERALS THAT SUPPORT EUROPEAN SELF SUFFICIENCY & ENERGY TRANSITION

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APPENDIX: WORLD CLASS BROWNFIELD POTASH DEVELOPMENT

Pre-Feasibility Study outlines a globally significant brownfield potash development

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KEY PRE-FEASIBILITY STUDY MAY 2024 OUTCOMES[1]

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

OHMGEBIRGE Mineral Resource Estimate (March 2024)[1]

SEAM	CATEGORISATION	TONNES (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)[1]

SEAM	CATEGORISATION	TONNES (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

Ore Reserves comprise 92% of PFS Mine schedule

1. For key Ohmgebirge PFS details, refer South Harz ASX announcement dated 22 May 2024, LANDMARK SOLLSTEDT MINE PURCHASE, OHMGEBIRGE PRE-FEASIBILITY STUDY AND MAIDEN ORE RESERVE. For full Mineral Resource and Ore Reserve estimate details, refer to South Harz ASX announcement 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 those announcements. All material assumptions and technical parameters underpinning the Mineral Resource estimate in that announcement 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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APPENDIX: POTASH DEVELOPMENT SENSITIVITIES

Pre-Feasibility Study outlines excellent leverage to upside potash price scenarios

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NPV8% SENSITIVITIES AT 0.93 Mtpa MOP

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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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Contact Us:

Len Jubber, Executive Chair ljubber@southharzpotash.com

ASX: SHP | November 2025

A WORLD-CLASS BROWNFIELD POTASH DEVELOPMENT22

ASX: SHP | February 2025