AGM Address and Presentation
ASX Release 23 Nov ember 202 1 Agrimin Limited | ABN 15 122 162 396 ASX Code: AMN 2C Loch Street Nedlands , Western Australia 6009 T: +61 8 9389 5363 E: firstname.lastname@example.org | W: www.agrimin.com.au Page 1 of 2 ANNUAL GENERAL MEETING SHAREHOLDERS ADDRESS Chairperson of the Board, Mr Richard Seville: Good afternoon and welcome to the Agrimin Annual General Meeting. Firstly may I say how much it is a pleasure to at tend today’s meeting in person and have the opportunity to interact with our shareholders and staff . We have continued to make significant progress toward establishing our Mackay Potash Project (“ the Project ”) as the world’s leading seaborne supplier of Sulphate of Potash (“ SOP ”) fertiliser, developed with sustainability principles at its core including the empower ment of local Indigenous communities. The Definitive Feasibility Study (“ DFS ”) completed last year show ed the Mackay Potash Project can become the lowest cost seaborne supplier of SOP globally with a ll facets of the P roject be ing scalable and offering the potential to expand production over time. The DFS results, as well as favourable SOP market dynamics , have provided a strong platform for us to advance our offtake and project financing activities over this past year. Ea rlier this year , we were pleased to report the successful completion of the Independent Technical Review of the Project to support our project financ ing activities. Also, this year , we signed a Binding Offtake Agreement with Sinochem Fertilizer Macao Limited, which belongs to Sinofert Holdings Limited , China’s main potash importer . This i s the l argest offtake volume for any Australian SOP project and covers one third of Agrimin’s planned product ion . We are at an advanced stage of negotiations with other global fertiliser companies and we expect to announce further offtake developments in the near term to underpin project financing . I am proud to say that Agrimin is committed to supporting the gl obal transition to net zero emissions . A s part of our Front End Engineering Design (“ FEED ”) work we recently announced an industry - leading renewable energy penetration target of 84%. O ur SOP production is set to have one of the lowest carbon footprints of any major macro - nutrient fertiliser product . We are focus ed o n assessing opportunities to further reduce ou r greenhouse gas emissions over the Project’s 40 - year lifespan , such as the potential integration of hydrogen - based storage solutions . W e are eager to create a reliable seaborne supply of sustainable SOP fertiliser to farmers around the world, many of whi ch are currently using SOP produced from the highly polluting Mannheim process. Agrimin is currently advancing the Environmental Impact Assessment (“ EIA ” ) for the Mackay Potash Project, which i s the critical path item to reaching a Final Investment Decision targeted for mid - 2022 . During the year, the final environmental surveys and studies which support the EIA were completed . The recent award of Lead Agency Status by the WA State Government highlights the strategic importance of the Mackay Potash Project and reinforces the WA Government’s conviction in supporting a new SOP industry. This is in addition to the Australian Federa l Government acknowledging the national significance of the Project by the award of Major Project Status last year. Page 2 of 2 While t he emergence of a new SOP industry in WA continued , this year witnessed various challenges for the broader sector. T he level and qua lity of feasibility work completed by Agrimin, including both fieldwork and engineering studies, continues to set us apart. During this current phase of the Project’s development , we remain committed to retaining leverage to record high SOP prices and maximising shareholder value . On behalf of Agrimin and our shareholders I wish to acknowledge the Kiwirrkurra People, along with the Ngururrpa People and Tjurabalan People, who have provided significant sup port to our Company . I would also like to thank our CEO Mark Savich and his team for their determination in the development of our world - class Mackay Potash Project, as well as our shareholders for their ongoing support and belief in our vision. ENDS For further information, please contact: Investors Media Mark Savich Michael Vaughan Chief Executive Officer Fivemark Partners T: +61 8 9389 5363 T: +61 422 602 720 E: email@example.com E: firstname.lastname@example.org Or visit our website at www.agrimin.com.au This ASX R elease is authorised for market release by Agrimin’s Board. About Agrimin Based in Perth, Agrimin Limited is a leading fertiliser development company focused on the development of its 100% owned potash projects in Western Australia. Agrimin is aiming to be a global supplier of speciality potash fertilisers to both traditional a nd emerging value - added markets. Agrimin’s shares are traded on the Australian Securities Exchange (ASX: AMN) . Forward - Looking Statements This ASX Release may contain certain “forward - looking statements” which may be based on forward - looking information that are subject to a number of known and unknown risks, uncertainties, and other factors that may cause actual results to differ materially from those presented here. Where the Company expresses or implies an expectation or belief as to future events or results, such expectation or belief is expressed in good faith and believed to have a reasonable basis. Forward - looking information includes exchange rates; the proposed production plan; projected brine concentrations and recovery rates; uncertainties and risks regarding the estimated capital and operating costs; uncertainties and risks regarding the development timeline, including the need to obtain the necessary approvals. For a more detailed discussion of such risks and other factors, see the Company’s Annual Reports, as well as the Company’s other ASX Releases. Readers should not place undue reliance on forward - looking information. The Company does not undertake any obligation to release publicly any revisions to any forward - looking statement to refl ect events or circumstances after the date of this ASX Release, or to reflect the occurrence of unanticipated events, except as may be required under applicable securities laws. Developing a Tier 1 SOP asset to sustain global food production Annual General Meeting | November 2021 ASX: AMN AGRIMIN LIMITED Important notices and disclaimers Nature of Document This presentation has been prepared as a summary only, and does not contain all information about Agrimin Limited’s (“ Agrimin ” or “ the Company ”) assets and liabilities, financial position and performance, profits and losses, prospects, and the rights and liabilities attaching to Agrimin’s securities. This presentation includes information extracted from the Company’s ASX Release titled “Agrimin to be the World’s Lowest Cost SOP Producer” announced on 21 July 2020. The Company’s ASX Releases are available at www.asx.com.au. The securities issued by Agrimin are considered speculative and there is no guarantee that they will make a return on the capital invested, that dividends will be paid on the shares or that there will be an increase in the value of the shares in the future. Agrimin does not purport to give financial or investment advice. No account has been taken of the objectives, financial situation or needs of any recipient of this presentation. Recipients of this presentation should carefully consider whether the securities issued by Agrimin are an appropriate investment for them in light of their personal circumstances, including their financial and taxation position. Forward - Looking Statements This presentation may contain certain forward - looking statements which may not have been based solely on historical facts, but rather may be based on the Company’s current expectations about future events and results. Where the Company expresses or implies an expectation or belief as to future events or results, such expectation or belief is expressed in good faith and believed to have a reasonable basis. However, forward - looking statements are subject to risks, uncertainties, assumptions and other factors, which could cause actual results to differ materially from future results expressed, projected or implied by such forward - looking statements. Forward - looking information includes exchange rates; the proposed production plan; projected brine concentrations and recovery rates; uncertainties and risks regarding the estimated capital and operating costs; uncertainties and risks regarding the development timeline, including the need to obtain the necessary approvals. For a more detailed discussion of such risks and other factors, see the Company’s Annual Reports, as well as the Company’s other ASX Releases. Readers of this presentation should not place undue reliance on forward - looking information. No representation or warranty, express or implied, is made by the Company that the matters stated in this presentation will be achieved or prove to be correct. Recipients of this presentation must make their own investigations and inquiries regarding all assumptions, risks, uncertainties and contingencies which may affect the future operations of the Company or the Company’s securities. The Company does not undertake any obligation to update or revise any forward - looking statements as a result of new information, estimates or opinions, future events or results, except as may be required under applicable securities laws. Cautionary Statement The Definitive Feasibility Study results, production target and forecast financial information referred to in this presentation are supported by the Definitive Feasibility Study mine plan which is based on the extraction of 93% Ore Reserve and 7% Inferred Mineral Resource. There is a low level of geological confidence associated with the Inferred Mineral Resource and there is no certainty that further exploration work and economic assessment will result in the conversion to Ore Reserve or that the production target itself will be realised. The Mineral Resource and Ore Reserve underpinning the production target in this presentation have been prepared by a competent person in accordance with the requirements of the JORC Code (2012). Competent Person Statements The information in this presentation that relates to Exploration Results for the Mackay Potash Project is based on and fairly represents information compiled or reviewed by Mr Michael Hartley, who is a member of AusIMM and the Australian Institute of Geoscience (AIG). Mr Hartley is a full - time employee of Agrimin Limited. Mr Hartley has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration, and to the activity he is undertaking, to qualify as a Competent Person in terms of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’ (JORC Code 2012 Edition). Mr Hartley consents to the inclusion of such information in this presentation in the form and context in which it appears. The information in this presentation that relates to the Mineral Resource estimate for the Mackay Potash Project was first reported in accordance with ASX listing rule 5.8 in the Company's ASX Release titled “Potash Resource Upgraded by 470%” announced on 20 January 2020. The Company confirms that it is not aware of any new information or data that materially affects the information included in the previous announcement and that all material assumptions underpinning the estimate in the previous announcement continue to apply and have not materially changed. The information in this presentation that relates to the Ore Reserve for the Mackay Potash Project was first reported in accordance with ASX listing rule 5.9 in the Company's ASX Release titled “Agrimin to be the World's Lowest Cost SOP Producer” announced on 21 July 2020. The Company confirms that it is not aware of any new information or data that materially affects the information included in the previous announcement and that all material assumptions underpinning the estimate in the previous announcement continue to apply and have not materially changed. The information in this presentation that relates to production targets and forecast financial information for the Mackay Potash Project were first reported in accordance with ASX listing rules 5.16 and 5.17 in the Company's ASX Release titled “Agrimin to be the World's Lowest Cost SOP Producer” announced on 21 July 2020. The Company confirms that all the material assumptions underpinning the production targets and forecast financial information derived from the production target in the previous announcement continue to apply and have not materially changed. The information in this presentation that relates to the interpretation of process test work data and mineral processing for the Mackay Potash Project was first reported in the ASX Release titled “Agrimin to be the World's Lowest Cost SOP Producer” announced on 21 July 2020. The Company confirms that it is not aware of any new information or data that materially affects the information in the previous announcement and that all the material assumptions underpinning the interpretation in the previous announcement continue to apply and have not materially changed. Authorisation Statement This presentation is authorised for market release by Agrimin’s Board of Directors. All currency amounts are in Australian dollars unless specified otherwise. 2 Sustainable and organic plant nutrient products Made in Australia and certified for organic food production Agrimin provides unrivaled exposure to potash Developing the world’s leading Sulphate of Potash (SOP) asset 100% ownership of a Tier 1 asset in WA Mackay Potash Project to be the largest and lowest cost SOP seaborne supplier Low - carbon production process Targeting the lowest carbon footprint of any major macro - nutrient product Committed to maximising shareholder value Focused on disciplined development and retaining leverage to record potash prices 3 Board & Management Corporate snapshot Mark Savich Chief Executive Officer Appointed: 2012 Rhys Bradley Chief Commercial Officer Appointed: 2017 Tom Lyons General Manager Appointed: 2014 Michael Hartley Principal Hydrogeologist & Project Manager Appointed: 2017 Greg Hill Project Development Manager Appointed: 2018 Graeme Ditri Process Manager Appointed: 2017 Mark Savich CEO & Executive Director Appointed: 2012 Alec Pismiris Non - Executive Director & Co. Sec. Appointed: 2013 Richard Seville Non - Executive Chair Appointed: 2019 Brad Sampson Non - Executive Director Appointed: 2016 Board of directors Management team Market cap. $ 95 m Share price (ASX: AMN) $ 0.45 /share Shares on issue 211 m Major shareholders Cash balance 1 $ 3 m Research coverage Capital structure (23 November 2021) 1. Cash as at 30 September 2021. Agrimin has no debt. 4 Sulphate of Potash Critical plant nutrients to sustain global food production 5 Global SOP prices hit record highs SOP prices expected to increase further 200 300 400 500 600 700 800 900 1000 2016 2017 2018 2019 2020 2021 NW Europe (US$/t FOB) Taiwan (US$/t FOB) • Rising SOP use is required to support higher crop yields and global food security • Surging crop prices and improved farmer profitability are driving potash prices to record highs • Major potash importers including China and India continue to draw down national stockpiles • Demand for Agrimin’s low - carbon , chloride - free , organic SOP is expected to grow significantly and displace existing production • Agrimin’s DFS 1 was prepared using a long - term flat SOP price of US$500/t FOB Wyndham 5 Year SOP Price History 2 1. Refer to slide 12 of this presentation for further details of the DFS results. 2. Source: CRU Group and Argus Media. 6 Potash themes highlighted by BHP 1 Potash sits at the intersection of global demographic, social and environmental megatrends 1. Source: BHP Potash Outlook Briefing. 7 Tier 1 offtake partners being secured Agrimin’s environmental and organic credentials underpin strong offtake demand Southeast Asia 1% • 150ktpa, 10 - year binding offtake agreement signed with Sinofert , China’s main potash importer 1 • Offtake negotiations are advanced with multiple global crop nutrition companies 4% 4% 3% 5% Europe Middle East South Asia China 62% Oceania 1% Latin America North America Africa 1% SOP Demand by Region (% of ~7Mt Global Market) 2 17% 150ktpa China 300ktpa Uncontracted Agrimin’s Offtake Book 1. Refer to the ASX Release on 18 May 2021 for further details in relation to Agrimin’s Binding Offtake Agreement with Sinochem Fertilizer Macao Limited ( Sinofert ). 2. Source: CRU. 8 Definitive Feasibility Study Mackay Potash Project 100% owned 9 Project highlights Outstanding DFS results 1 $ 1 bn NPV & 21 % IRR (post - tax) Lowest global forecast total cash cost US$ 159 /t FOB Largest SOP development outside of Africa 450 ktpa Binding offtake for 33 % of production Project ownership 100 % Set to be shovel ready by mid - 2022 A world - class potash project portfolio in WA 1. Refer to slide 12 of this presentation for further details of the DFS results. 10 Detailed and differentiated feasibility work • The industry's most extensive DFS program completed in July 2020 and included: – 2 years of long - term trench pumping at 22 representative sites across Lake Mackay – 1½ year pilot evaporation trial on Lake Mackay with >100t of potash salts harvested • DFS engineering and costings completed by experienced WA - based contractors via early contractor involvement • Independent Technical Review completed by Advisian in April 2021 $50m invested to date 1. Refer to the ASX Release on 21 July 2020 for full Definitive Feasibility Study details. All material assumptions underpinnin g t he production target and forecast financial information derived from the production target still apply and have not materially changed. The production target and financial informat ion in this table must be read in conjunction with the Cautionary Statement on page 2 of this presentation. Definitive Feasibility Study metrics are based on a foreign exchange ra te of AUD:USD 0.65. July 2020 DFS highlights 1 • Lowest quartile cash costs are driven by: 1. Economies of scale 2. Brine extraction and gravity flow via trenches 3. Consistent wind and solar energy 4. Wet harvesting of feed salts 5. Dedicated haulage fleet 6. No MOP addition • Forecast cash flow margin of >60% at a SOP price of US$500/t FOB • A long - life project that can be profitable though the commodity cycle Agrimin set to have the world’s lowest SOP production cost Production rate 450ktpa Total cash cost US$159/t FOB Initial mine life 40 years Post - tax NPV 8, real A$1 billion Post - tax IRR 21% Annual EBITDA forecast A$220 million EBITDA margin 66% Pre - production capex (inc. contingency) A$640 million Post - tax payback period 4.2 years Parameter Value 12 Ore Reserves for Australian SOP Projects 2 Lake Mackay is a Tier 1 potash deposit • 20Mt contained SOP 1 = Australia’s largest SOP Ore Reserve and the world’s largest undeveloped potash - bearing salt lake • 2,815mg/L potassium = high - grade Ore Reserve, based on average grade over the life - of - mine • 40 - year life = underpins critical investment in renewable power and transport infrastructure • Shallow, contiguous resource = opportunity for low - risk, low - cost development • Competitive cost structure = high margins and ability to withstand the commodity cycle Globally strategic and valuable asset 20.0 5.0 5.0 3.6 0 5 10 15 20 25 0 2,000 4,000 6,000 8,000 Potassium Grade (K mg/L) Contained SOP (Mt) 1. Total Ore Reserve comprises a Proved Ore Reserve of 3.7Mt and a Probable Ore Reserve of 16.3Mt. 2. Refer to Appendix 3 of this presentation for the sources of information and comments. 13 Beyondie Lake Lake Wells Lake Way Lake Sevier Lake Disappointment Lake Mackay Colluli Dallol Brine Production MOP Production Large SOP deposits are very rare A unique potash opportunity 1. Refer to Appendix 2 of this presentation for the sources of information and comments. 2. Stage one production rates . 3. The production target and financial information in this table must be read in conjunction with the Cautionary Statement on pa ge 2 of this presentation. 472ktpa 2 600ktpa 450ktpa 3 407ktpa 120ktpa 2 245ktpa 338ktpa 150ktpa Country Forecast Annual SOP Production Rates of Projects Being Developed 1 Company 14 1. Indicative megawatts (MW) of installed capacity. 2. Comprises all site emissions, including the power station, process heating, mobile and fixed diesel equipment . Industry - leading renewables penetration • Site power station has a modelled 84% renewable energy penetration rate • Exceptional wind resource with low seasonal variability defined by long - term on - site wind monitoring • SOP production to have industry - low emissions of 138kg of CO 2 - e per tonne of SOP, inclusive of haulage and shiploading • Renewable energy storage options including hydrogen technology are being evaluated to further reduce greenhouse gas emissions during the Project’s 40 - year life Supporting the global transition to net zero emissions 22.5 MW wind generation 25 MW solar generation 45 MWh battery system 25.4 MW diesel generation 84 % renewable penetration Site power station 1 Trucking and shiploading 54kg of CO 2 - e per tonne of SOP 84kg of CO 2 - e per tonne of SOP 2 Scope 1 and 2 Emissions Efficient and low - cost salt harvesting • Raw potash salts to be fed directly to the processing plant via wet harvesters • Wet harvesters will deliver major cost benefits, including: – Powered by reticulated renewable energy – Automation and less manpower – Increased overall potassium recoveries – Smaller evaporation pond sizes • Four years of R&D and on - site pilot trials completed, with FEED work underway 1 Conventional technology to drive industry - low operating costs Computer - generated imagery of Agrimin’s proposed wet harvesters. 1. Refer to the ASX Release on 25 November 2020 for further details in relation to Agrimin’s award of the FEED contract for automated wet harvesting equipment to Royal IHC. 16 Lowest cost logistics Fit - for - purpose and scalable logistics infrastructure Project Port Distance (mine to port) Lake Disappointment (LD) Port Hedland 860km Lake Mackay Wyndham 940km Lake Wells Geraldton 1,060km Beyondie Lakes Fremantle 1,120km Lake Way Fremantle 1,200km 1. Export ports for each project are based on publicly available information from company reports . • Agrimin’s integrated haulage and shiploading solution can deliver the industry’s lowest SOP transportation cost • Road trains will deliver SOP directly from Lake Mackay to a dedicated storage and shiploading facility at Wyndham Port Proposed Logistics Chains 1 17 Innovative haulage solution • Mine - to - port haulage to be provided by Newhaul Bulk, a JV between Agrimin and WA trucking specialist 1 • Haulage JV will deliver major cost savings and reduce risk over the Project’s 40 - year life • Newhaul Bulk is committed to maximising employment of local indigenous personnel through driver training and job readiness programs Alliance with proven bulk logistics operator 1. Refer to the ASX Release on 3 December 2019 for further details in relation to the haulage joint venture and strategic allian ce. Computer - generated imagery of Agrimin’s proposed road trains. 18 Fully integrated port solution • Port infrastructure to be built on freehold land strategically located at Wyndham Port • SOP will be transported by a fleet of purpose - built road trains to a dedicated storage facility • SOP will be loaded onto ships via an integrated barge loading facility and delivered to customers • Port infrastructure is designed specifically for Agrimin’s planned standard and granular SOP products Mine - to - ship logistics chain to minimise handling 1. Refer to the ASX Release on 1 October 2019 for further details in relation to Agrimin’s Option Agreement to purchase freehold property at Wyndham Port . 19 Computer - generated imagery of Agrimin’s proposed storage shed and barge loading facility. Project financing & strategic partner process Next steps Focused on creating a shovel ready Tier 1 potash asset DFS & ITR complete Binding offtakes Q4 2021 FEED Q3 2022 Major approvals Q3 2022 FID Q3 2022 2 3 4 Approvals 2022 Offtakes FEED & approvals Construction (2 ½ years) 1 FID Shovel ready Today 9 months SOP Production 20 Offtake and price realisation S inofert offtake covers one third of Agrimin’s planned production • Standard SOP product ( ± 200µm powder) • Product grade (52% K 2 O) • Sales price negotiated with reference to published Chinese market prices • Volume - based discount may be offered • Import taxes • Organic and low - carbon status may reduce discounts • Product delivered in bulk • Minimum 15kt volume per shipment • Agrimin to arrange ocean freight using spot or long - term charter • Agrimin’s realised price FOB Wyndham Port 21 1. Refer to the ASX Release on 18 May 2021 for further details in relation to Agrimin’s Binding Offtake Agreement with Sinochem Fertilizer Macao Limited ( Sinofert ). • 150ktpa binding offtake agreement signed with Sinofert , China’s main importer of potash • Current Chinese standard SOP price (52% K 2 O) is >Yn4,000/t CFR (approx. US$620/t) • Negotiations for additional offtake are advanced with multiple global crop nutrition companies CFR selling price Discounts FOB netback price Seaborne freight Pricing realisation calculation for Sinofert offtake 1 Working closely with Traditional Owners • Native Title Agreement with the Kiwirrkurra People, the native title holders of the land at the Mackay Potash Project 1 • Extremely strong long - term support from Traditional Owners for the Project’s development • Awarded Major Project Status by the Australian Federal Government and Lead Agency Status by the WA State Government • More than $1.6bn in net public benefits expected to be generated by the Project 2 A project of both local and national significance 1. Refer to the ASX Release on 9 November 2017 for further details of the Native Title Agreement. 2. Deloitte Access Economics has undertaken a Cost Benefit Analysis of the proposed Mackay Potash Project. 22 Strong Indigenous engagement • Agrimin is committed to creating local jobs and delivering sustainable economic opportunities for Traditional Owners • The Project will create approximately 200 full - time jobs and an additional 800 jobs through the regional supply chain • Project infrastructure will greatly improve regional access for essential services and local business opportunities Creating value for all stakeholders 23 Contact Investor relations: Mark Savich Chief Executive Officer T: +61 8 9389 5363 E: email@example.com Media contact: Michael Vaughan Fivemark Partners M: +61 422 602 720 E: firstname.lastname@example.org Office contact: 2C Loch Street Nedlands WA 6009, Australia T: +61 8 9389 5363 E: email@example.com ABN 15 122 162 396 agrimin.com.au 24 Appendix 1. Mineral Resource & Ore Reserve 1. Refer to the Company’s ASX Release on 20 January 2020 for full details of the Mineral Resource, to the ASX Release on 21 July 20 20 for full details of the Ore Reserve and to page 2 of this presentation for Competent Person Statements . Drainable Porosity Mineral Resource Estimate 1 (JORC Code 2012) Total Porosity Mineral Resource Estimate 1 (JORC Code 2012) Resource Zone Aquifer Volume (Mm 3 ) Measured & Indicated Inferred Total Mineral Resource Measured Indicated Total K (mg/L) SOP (Mt) K (mg/L) SOP (Mt) K (mg/L) SOP (Mt) K (mg/L) SOP (Mt) K (mg/L) SOP (Mt) UZT 10,568 3,473 3.9 3,719 3.3 3,558 7.3 2,969 3.7 3,360 11.0 UZB 28,636 - - 3,405 6.5 3,405 6.5 3,084 3.6 3,292 10.1 LZ1 48,127 - - 3,542 9.7 3,542 9.7 3,428 9.0 3,487 18.7 LZ2 248,711 - - - - - - 3,382 75.0 3,382 75.0 LZ3 17,003 - - - - - - 1,910 8.7 1,910 8.7 Total 353,046 3,473 3.9 3,527 19.5 3,509 23.5 3,232 99.9 3,285 123.4 Resource Zone Aquifer Volume ( Mm 3 ) Measured & Indicated Inferred Total Mineral Resource Measured Indicated Total K (mg/L) SOP (Mt) K (mg/L) SOP (Mt) K (mg/L) SOP (Mt) K (mg/L) SOP (Mt) K (mg/L) SOP (Mt) UZT 10,568 3,473 16.5 3,719 8.6 3,558 25.1 2,952 10.9 3,375 36.0 UZB 28,636 - - 3,405 54.6 3,405 54.6 3,084 29.8 3,292 84.4 LZ1 48,127 - - 3,542 81.4 3,542 81.4 3,428 75.7 3,487 157.0 LZ2 248,711 - - - - - - 3,382 787.8 3,382 787.8 LZ3 17,003 - - - - - - 1,910 30.4 1,910 30.4 Total 353,046 3,473 16.5 3,501 144.6 3,498 161.1 3,323 934.6 3,349 1,095.7 Ore Reserve 1 (JORC Code 2012) Classification Brine Volume (GL) K (mg/l) SOP (Mt) Proved 602 2,797 3.7 Probable 2,592 2,819 16.3 Total 3,195 2,815 20.0 25 Appendix 2. Information sources – production rates Company Source Source Date Comments Yara International ASA (OSL: YAR) Corporate release titled “Yara to Sign Ethiopian Mining Agreement” 7 November 2017 Production rate of 600ktpa of SOP is based on proposed development plan. Danakali Ltd (ASX: DNK) ASX announcement titled “FEED Completion” (page 2) 29 January 2018 Production rate of 472ktpa of SOP is based on Module I development plan. Module II is expected to commence in year 6 of the project and will increase total SOP production rate to 944ktpa. Agrimin Limited (ASX: AMN) ASX announcement titled “ Agrimin to be the World’s Lowest Cost SOP Producer” (page1) 21 July 2020 Production rate of 450ktpa of SOP is based on proposed development plan. Reward Minerals Ltd (ASX: RWD) ASX announcement titled “PFS Confirms LD as a Globally Significant SOP Project” (page 1) 1 May 2018 Production rate of 407ktpa of SOP is based on proposed development plan. Crystal Peak Minerals Inc. (TXSV: CPM) TSXV announcement titled “Crystal Peak Announces Feasibility Study Results” (page 2) 21 February 2018 Production rate of 338ktpa of SOP is based on proposed development plan. Salt Lake Potash Ltd (ASX: SO4) ASX announcement titled “Outstanding Bankable Feasibility Study Results for Lake Way” (page 24) 11 October 2019 Production rate of 245ktpa of SOP is based on proposed development plan and includes the conversion of 42ktpa of MOP. Australian Potash Ltd (ASX: APC) ASX announcement titled “Definitive Feasibility Study Outstanding Financial Outcomes” (page 3) 28 August 2019 Production rate of 150ktpa of SOP is based on proposed development plan and includes the conversion of 50ktpa of MOP. Kalium Lakes Ltd (ASX: KLL) ASX announcement titled “BSOPP Feasibility Study Complete – New 120ktpa Base Case” (page 1) 18 August 2021 Production rate of 120ktpa of SOP is based on Stage 1 development plan. A Stage 2 development is expected to increase total SOP production rate further. No timeline is provided for Stage 2. 26 Appendix 3. Information sources – Ore Reserves Project / Company Source Source Date Comments Lake Mackay Agrimin Limited (ASX: AMN) ASX announcement titled “ Agrimin to be the World’s Lowest Cost SOP Producer” (page 6) 21 July 2020 Total Ore Reserve of 20.0Mt of SOP comprises 3.7Mt in the Proved category and 16.3Mt in the Probable category. Lake Way Salt Lake Potash Ltd (ASX: SO4) ASX announcement titled “Outstanding Bankable Feasibility Study Results for Lake Way” (page 1) 11 October 2019 Total Ore Reserve of 2.4Mt of potassium tonnage is entirely in the Probable category. A conversion factor of 2.23 was used to convert potassium tonnage to SOP tonnage. Beyondie Lake Kalium Lakes Ltd (ASX: KLL) ASX announcement titled “BSOPP Feasibility Study Complete – New 120ktpa Base Case” (page 28) 18 August 2021 Total Ore Reserve of 5.03Mt of SOP comprises 1.58Mt in the Proved category and 3.45Mt in the Probable category. Lake Wells Australian Potash Ltd (ASX: APC) ASX announcement titled “Definitive Feasibility Study Outstanding Financial Outcomes” (page 1) 28 August 2019 Total Ore Reserve of 3.6Mt of SOP is entirely in the Probable category. 27
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