Ann: Definitive Feasibility Study Outstanding Financial Outcomes, page-3

Looking very good and as suspected a viable project. Finance is hard to get across the board at the moment so will be very keen to see what happens from here.

How will the market see see this is anyone’s guess, hard to predict in current climate.

in all I’m a happy holder.

• Compelling economics:
o Pre-tax NPV8 of A$665M
o Annual pre-tax free cash flows of A$100M and Life of Mine (LOM) pre-tax free cash flows of A$3.1Billiono Pre-tax Internal Rate of Return (IRR) of 25% on robust operational and capital efficiencies
o 150,000tonnesperannum(tpa)SulphateofPotash(SOP)productionrate • Long life Project with lowest quartile production costs:
o 30yearminelifewithLOMproductionof4.5Mtofpremiumhigh-gradeSOP
o LOM cash cost of US$262/t places the Lake Wells Sulphate of PotashProject (LSOP) in the first quartile of the SOP cost curve• Sector leading CAPEX:
o Development CAPEX of A$208M
o Capital intensity of A$1,387/t SOP compared to peer average A$2,400/ti• Resources and Reserves:
o LOM production is met using maiden 3.6Mt Probable Reserve and drawson the Measured Resource Estimate of 18.1Mt drainable SOP• Clear pathway to production:
o Defined Project delivery schedule of 24 months post Final InvestmentDecision (FID)
o Financing and off-take discussions rapidly advancing
o FEED program commencing immediately