Ann: AGM Presentation, page-3

AGM feedback as requested:...(this report is about "the vibe" of the meeting...the factual stuff is reported by the company),

#Chairman Paul Harris impressed as very capable and very much into the "big picture"...his response to the suggestion that "small picture" shareholders' interests would be well served by loyal small holders' option issues was to revert to the "big picture" equity raising and how that raising is ultimately in small holders' interest...after free-flowing conversation I believe that he did finally "click" to the small holders' viewpoint but whether that view would prevail was not committed.......what was committed was that there WILL be a capital raising.

#Almost unprecedented, institutions are apparently that keen to invest that they are attempting to pre-register to be a part of HFR's equity raising.

#Production is expected in late 2024.

#Aim is to get HFR on the Indices.

#Capital intensity is about 1/2 of BHP's current potash play. (I'm not sure what that means but I think it is pretty good).

#Our ESG credentials are brilliant and are to be truly lauded....so, as shareholders, not only will we make a quid but we can be smug about our virtue signals...(not so sure though of the virtue of our worth rising on the back of present warfare...but I'm happy to suppress the virtue for the money)...one of the Es (Enviro stuff) is that all created salt not sold will be back-filled leaving the mine site unique in its pristinity.

#Oz Super deserted us not because of something that HFR did or didn't do, but because they apparently decided to lump their potash investment allocation into SOP rather than MOP....at this stage, it appears that MOP is the likely better bet.

#That better bet is what brought Stokes to HFR...(he took Oz Sup's shares)....whether Stokes' capital is (like EMR's) "patient" capital is unknown at this stage, but in all likelihood it probably is "patient".

So, there you have it....a good-vibe AGM....a credit to the Board and the Executive (esp Ignacio and his team).

[ps...#Look forward to an upcoming new positive analysis from at least one of the broking firms present]


Yours in Beach Boys ("good vibrations") optimism....Al Dinga...cheers