TURNSTONE RESOURCES LTD — Investor Presentation 2026

Mar 31, 2026

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New name, new identity Building a Critical Minerals Portfolio

March 2026

INVESTOR PRESENTATION

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Important Notices and Disclaimers

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This presentation ( Presentation ), together with any information communicated by Turnstone Resource Ltd ACN 153 414 852 (the Company, TSR or Turnstone ), 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 TSR has no reason to believe that it is not accurate, reliable or complete, it has not been independently audited or verified by TSR. 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. 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 30 March 2026.

“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 forward-looking 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.

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.

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.

To the fullest extent permitted by law, TSR, 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

FORWARD LOOKING STATEMENTS

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.

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.

For Mineral Resource and Ore Reserve estimate details related to the Ohmgebirge Potash Project 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.

Competent Person

The information in this Presentation that relates to Exploration Results is based on information compiled and reviewed by Mr. Alfred Gillman, Director of independent consulting firm, Odessa Resources Pty Ltd. Mr. Gillman, a Fellow and Chartered Professional of the Australasian Institute of Mining and Metallurgy (the AusIMM) and has sufficient experience relevant to the styles of mineralisation under consideration and to the activity being reported to qualify as a Competent Person as defined in the 2012 Edition of the Australasian Code for Reporting of Exploration Results. Mr Gillman is a full-time employee of Odessa Resources Pty Ltd, a firm that specialises in mineral resource estimation, evaluation, and exploration. Neither Mr Gillman nor Odessa Resources Pty Ltd holds any interest in South Harz Potash, its related parties, or in any of the mineral properties that are the subject of this Presentation. Mr Gillman consents to the inclusion in this Presentation of the matters based on information in the form and context in which it appears. Additionally, Mr Gillman confirms that the entity is not aware of any new information or data that materially affects the information contained in the Presentation referred to in this report.

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”,

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Investment Case

Underexplored copper / gold potential in Sweden – targeting drilling in mid 2026

Building a diversified portfolio of strategic metals and minerals that support European self-sufficiency and energy transition

• Glava-Klinten Project – Epithermal copper and gold exploration

• Torsby West Project – 25km corridor of structurally controlled copper-gold mineralisation identified, IOCG target

• Actively assessing further portfolio additions

• Targeting maiden drilling at Glava and follow-up drilling at Torsby West mid 2026

• Advanced MOP and chemical salt project in Germany positioned to capture value on multiple levels • Market reality: exploration prospectivity of Swedish acquisitions and latent value of potash assets not reflected in current share price

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Board of Directors

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Capability aligned with growth strategy

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Len Jubber Executive Chair

Len Jubber has held numerous executive leadership roles including CEO at Kalium Lakes Resources Ltd, Managing Director & Chief Executive Officer of Bannerman Energy Ltd, Managing Director/Chief Executive of Perilya Ltd and Chief Operating Officer of Oceana Gold Ltd.

He started his career as a mining engineer with Rio Tinto in Namibia. In a mining career spanning more than 35 years, he brings broad leadership, technical and corporate experience.

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Christian Barbier

Non-Executive Director

Christian Barbier has more than 30 years’ experience with global resources and industrial companies, holding senior executive roles and board positions across Europe, Australia and Asia.

He specialises in critical and industrial mineral supply chains, with expertise in strategy, technical marketing, partnerships and business transformation.

Christian was previously Chief Sales & Marketing Officer at Allkem Limited (now part of Rio Tinto), where he played a key role in building the company into a top-five global lithium producer, and earlier held senior roles at Iluka Resources.

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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 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: TSR)[1]

Shareholder Summary

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Share price (27-Mar-26) A$0.023 2%
20%
Shares on issue 163.59M
11%
Options and performance rights on issue 39.3M
Market capitalisation (undiluted) A$3.76M
Australia & New Zealand: 67%
Cash (27-Mar-26) A$0.84M Directors: 11%
Europe & the UK: 20%
67%
Rest of the World : 2%
Turnstone Resources
ASX:TSR
• Overheads minimised – lean project advancement team
• Foundation firmly established – proven asset progression skillset
Sweden Growth through Germany
further Critical
Copper-Gold Potash-Chemical
Minerals Acquisition
Salt
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1. Capital Structure and cash balance based on position as at 27 March 2026. Includes the impact of the Tranche 1 Placement from the Capital Raising Placement conducted in March 2026, but excludes the Tranche 2 Placement which is subject to shareholder approval at the general meeting to be held on 17 April 2026. Refer ASX Announcement “A$1.25 Million Placement to Advance Copper-Gold Exploration” dated 9 March 2026

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Multiple Pathways to Generate Shareholder Value Building a diversified portfolio leveraged to European security of supply and energy transition value drivers

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Copper & Gold in Scandinavia

Multi Asset – Multi Commodity Company

Enhanced European Self-Sufficiency

• Scandinavia leads the way – Sweden ranked 9th in Investment Attractiveness in 2025 Fraser Institute survey

• Exploration upside in emerging district with proven metallogenic belt

• Momentum commodities at near record-high prices

• Diversified across commodity and jurisdiction

• Commodity choices influenced by geo-political risk, supply chain dynamics, supply and demand trends

• Potash project with perpetual mining licence

• EU embracing change – funding available for quality projects

• Policy changes rapidly improving European competitiveness, security and transition

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Growth through further
Swedish Copper-Gold
Potash acquisition of critical
Assets [1,2]
minerals projects
Muhlhausen
Ohmgebirge Ebeleben
-Nohra Glava Klinten Project Torsby West Project
Project Project
Project
Perpetual Mining Tenure
Glava 100
Kyrkskogen Mangens Bockgruvan
Glava 200 Klinten 100
100 100 100
Glava 300
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1. Glava 100 licence held by McKnight Resources AB – will be transferred to Turnstone subject to exercise of its option to acquire this licence

2. All other Swedish licences held by McKnight Resources AB on trust for Turnstone. Legal ownership to be transferred to Turnstone in due course

Copper – A Critical Mineral in Demand

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Turnstone enters the copper sector at an opportune time

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Strategic and Economic Importance

• Copper has a broad range of emerging uses, including:

• Renewable energy systems

• Electric vehicles (EVs)

• Artificial intelligence and data centres

• Traditional uses of copper such as power infrastructure remain strong

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Copper demand is set to surge

• Demand for copper forecast to as much as double by 2050[1]

• New copper supply is limited with shortage of discoveries and developments

• Key demand drivers include clean energy transition, EVs and batteries, and digital infrastructure

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Copper prices reach all-time highs

• Copper prices hit record highs of >US$13,300/t in early 2025

• In 2025, copper prices increased by more than 40%

• Goldman Sachs forecasts copper prices to reach US$15,000/t by 2035[2]

1 https://www.csiro.au/en/news/all/articles/2025/november/malachite-strategic-copper? 2 https://www.goldmansachs.com/insights/articles/copper-prices-forecast-to-decline-from-record-highs-in-2026

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Building a European Growth Portfolio

Diversified Multi-Asset Strategy

90 km[2] Copper – Gold Footprint in Sweden

• Secured option to acquire Glava 100 licence and established district level footprint in Sweden through further 6 licences at Glava-Klinten and Torsby West

• Early-mover advantage in an underexplored gold-bearing metallogenic system

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

• Advanced opportunities with minimal glacial cover, mineralised outcrops and historical data validated through initial fieldwork results

• Drill testing expedited through partnership with McKnight Resources

Emerging Shifts in Global Potash Dynamics

• 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 and production optimisation

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Torsby West
Cu-Au Project
Glava-Klinten Cu-Au
Gold Project
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9 * Fraser Institute Annual Survey of Mining Companies, 2025

Advanced Copper–Gold Exploration

Building a district-scale copper–gold asset

Emerging Scandinavian Mining Province

• Acquisition opportunity in Värmland with seven new licences:

• Glava-Klinten Project:

  • Option to acquire the Glava 100 licence

  • Glava 200, Glava 300 and Klinten 100

• Torsby West Project - Mangens / Bockgruvan / Kyrkskogen

• Minimal glacial cover allows for use of proven, cost-effective exploration techniques

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

• 8,771ha footprint near established infrastructure but isolated from local communities

• Exploration activities underway – initial drilling targeted in mid 2026

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Glava Copper-Gold Project

Prospective geology, historical workings and high-grade mineralisation

Project Geology

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

• Historic mining from two open pits – 2,280t mined including 49t grading 10.5% Cu*

• Maximum grades from 2024 sampling program[1]

4.9g/t Au 49g/t Ag 1.42% Cu

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 150152 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 Turnstone 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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1 Refer ASX : Option to Acquire Scandianavian Copper-Gold Project dated 28 November 2025

Glava Gold-Copper Project

November 2025 exploration fieldwork delivers significant copper, gold and REE results

• Encouraging rock chip sample assay results returned, including 9.88g/t Au and 2.88% Cu[1]

• Geochemical analyses show a strong, consistent coppergold correlation across the samples

• Sampling returned notable Rare Earth Elements (REEs) results, including 9,513 ppm Total REEs

• Ground magnetic survey confirms north-south structures and highlights areas for further investigation

• Rock chip sampling may indicate an additional mineralised zone south of the historic artisanal pits

Fieldwork validates historical data and supports the thesis that the region is prospective for copper-gold deposits

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1 Refer ASX : Further Cu-Au mineralised area identified at Glava Project dated 20 January 2026

Glava Gold-Copper Project

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Conceptual geological model – epithermal style mineralisation

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1 Refer ASX : Further Cu-Au mineralised area identified at Glava Project dated 20 January 2026

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Glava - Exploration Timeline

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Initial field work successfully completed – planning underway for Phase 2

Activity Q1 2026 Q2 2026 Q3 2026 Q4 2026 PHASE 1 – DRILL TARGETING Ground Magnetics: 40-line km on 25m grid Completed Geological Mapping: combining rock-chip sampling Completed Geochemical Survey: outcrop rock-chip sampling to define Completed anomalous geochemistry Define & Mobilise Phase 2 In progress PHASE 2 (INDICATIVE) – DRILLING Core drilling program targeting: Down dip extensions of mineralisation and geochemical anomalies Initial metallurgical test work and mineralogy

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Torsby West Project

25km corridor of structurally controlled copper-gold-cobalt mineralisation

Mineralised outcrops, artisanal mining and drilling

• Torsby West comprises three exploration permits, Mangens 100, Bockgruvan 100 and Kyrkskogen 100 , establishing a second, regionally significant Swedish opportunity

• The three permits cover a 6,300ha IOCG target with identified disseminated copper mineralisation

• 25km corridor of structurally controlled mineralisation identified, with historical high-grade workings and untested targets

• Located the drill core from 15 of 19 historic diamond drill holes at SGU coreshed.

• Results from inspection, resampling and assaying of historic drill core expected in April

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Torsby West Project

An opportunity to apply modern exploration techniques to a historic site

Planning for early-stage program underway

• Previous explorers completed rock chip geochemistry, limited drilling and interpretation of aeromagnetic data across the permit applications

• Access to core from historic holes provides Turnstone with key advantage

• Turnstone considers the system’s IOCG affinity provides potential for large-tonnage targets consistent with IOCG belts

• Torsby West to be advanced through an early-stage exploration program, including:

• Geological mapping & rock chip sampling

• High-resolution magnetic surveys

• Target definition for potential drilling in CY2026

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1Refer ASX Announcement: SHP Secures 25km Copper-Gold Corridor in Sweden, dated 19 December 2025

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Kyrkskogen cross sections[1]

Torsby West - Exploration Timeline

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Initial field work successfully completed – planning underway for Phase 2

Activity Q1 2026 Q2 2026 Q3 2026 Q4 2026 PHASE 1 Geochemical Survey: outcrop rock-chip sampling to define In progress anomalous geochemistry Inspection & relogging of previous core drill drilling In progress Define & Mobilise Phase 2 In progress PHASE 2 (INDICATIVE) Geological Mapping: combining rock-chip sampling Magnetic surveys: drone areo-magnetic grid survey Core drilling program targeting: Down dip extensions of mineralisation and geochemical anomalies

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Potash – A Critical Mineral

As global food security concerns grow, potash stands out as one of the most critical minerals for securing long-term supply

Growing security of supply concerns emerge amid geo-political tensions and declining arable land

• Global arable land per capita to decline from 4,500m[2] in 1960 to an estimated 1,800m[2] by 2050

• Listed in USA and Canada as a critical mineral

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Global Potash Supply Constraints Drive Upside

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

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

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

• Aging, high-cost MOP production 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 towards Brazil, India and 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

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

1 Based on information from Argus Report August 2025.

2 Argus data excluding any by-product credits. TSR 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).

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Location & Infrastructure Creates Unique Advantage Proximity to infrastructure drives optionality of local or international supply

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

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Perpetual tenure holds significant latent value

Planning for early-stage program underway

• Ohmgebirge Ore Reserve 83.1Mt at 12.6% K2O

• ~A$30M invested to confirm technical, environmental and financial viability of Ohmgebirge

• 2024 milestones:

• Pre-Feasibility Study

• Spatial Planning Approval

• Baseline Environmental Study[1]

• Extensive historical drilling and production database

• Low-risk development and jurisdiction , rich with infrastructure and potash mining expertise

• Industry-leading environmental and sustainability features

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1 For Mineral Resource and Ore Reserve estimate details related to the Ohmgebirge Potash Project refer to Turnstone 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

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Multiple paths to value of significant European potash asset

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Perpetual Ownership

European Self Consolidation Sufficiency Opportunities

Operational Asymmetric Flexibility Risk-Reward

Unique sovereign-like licence ownership with zero decline

• Perpetual mining licences

• No holding costs

• Priority status protection

• Time arbitrage advantage

Key asset for Multiple regional European food consolidation security pathways

• Solstedt infrastructure extension

• Import substitution play

• Other operations & industries in area

• Premium pricing capture

• Logistics cost advantage

• Backfilling synergies

• In-country & European operations

• Clean & green differentiation

Potential pivots No stranded for margin capital risk optimisation

• A$200m historical investment validation

• MOP to SOP

• Staged development

• Proven feasibility

• Full chemical salt monetisation

• (PFS/ESIA/SPA)

• Public & brownfieldsmining infrastructure in place

• Process / electricity optimisation

• Value engineering catalogue

• Early signs of energy cost deflation

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Investment Case

Delivering on stated diversified multi-asset critical mineral strategy

Why Invest into Turnstone Resources

• Two underexplored district scale copper – gold opportunities in Sweden

• Maiden drilling targeted for mid year

• Actively assessing further portfolio additions

• • A$3.7m market cap – upside leverage

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

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

Len Jubber

Executive Chair

Turnstone Resources Ltd P +61 (0) 408 447 493

E info@turnstoneresources.com W www.turnstoneresources.com

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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]

	Key Pre-Feasibility Study May 2024 Outcomes1
	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]

	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
	SEAM CATEGORISATION TONNES (Mt) K2O (%) K2O (Mt) Sylvinite Probable 83.1 12.6 10.5 OHMGEBIRGE Ore Reserve Estimate (March 2024)1
	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 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 ASX announcement dated 22 May 2024, LANDMARK SOLLSTEDT MINE PURCHASE, OHMGEBIRGE PRE-FEASIBILITY STUDY AND MAIDEN ORE RESERVE. Turnstone 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

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

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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