7.5c SP -> $1.11 SP Target (Largest Potash Deposit in West-Europe) $30M MC, page-501

Clearly defined evaluation, funding and development
phases
 Outstanding asset domicile – first world, historic mining
region and pro development government focus
 Strongly differentiable from permitting challenges faced in
other western European jurisdictions (e.g. Spain)
 General appetite of European development banks to drive
financing of new agriculture and fertiliser projects
 Expected relative low capital intensity of development –
shallow depth, established integrated infrastructure
 Fundamentally different and substantially lower project
execution risks from Australian SOP developments