Ann: Company Presentation-SO4.AX, page-15

Lake Wells has the potential to be one of only five large scale salt lake SOP producers around
the world and the Project’s estimated cash production costs of A$185 per tonne
(Stage 2) would be amongst the lowest in the world. The Scoping Study is based on a two stage development plan for Lake Wells:
- Stage 1 is based on shallow trenching and bore production with 100% of brine feed drawn
from the near surface Measured Resource.
- Stage 2 also includes pumping additional brine from the deeper Inferred Resource, to
increase production to 400,000 tpa of SOP.
All-in capital costs total A$268 million for the 400,000 tpa production scenario, amongst the
lowest capital intensity for any proposed potash project worldwide.