There are nearby opportunities in the neighborhood to add...

There are nearby opportunities in the neighborhood to add additional products and tonnage. Accordingto ASN's 3/23 presentation, the Western expansion should add another1.0Mt to its current 1.0Mt LCE resource plus two additional Mt behindthe Green river expansion. Yet, there are other opportunities foradditional tonnage. Specifically, ASN's two (Paradox+Green River)properties serve as bookends for an interesting opportunity viaacquisition, JV or a combo combination similar to the SYA and JourdanResources12/22 transaction. This could result in expanding the ASNresource beyond the estimated 4 Mt Lithium as well as addingPotash as a Phase III to its planned Lithium-Phase I andBromine-Phase II product roll out.

American Potash (KCL/CSE)is a Midget cap ($5m-US) with about 14,000 hectares located betweenParadox and Green River. About 70% of the total share (70m) float isheld by management/friends/family/ institutions. The company is cashpoor,thus,KCL recently borrowed from Insiders $120k to sustain KCLwhile it searches for an JV deal that would include Lithium. ThisPotash+Lithium approach makes sense after reading ASN's recentannouncement. The last section titled “3D model” clearly showsKCL's Green River project in the middle of ASN's book ends. Morespecifically, the announcement describing the basin belowParadox and Green river suggests a very interesting stratigraphichorizon that could be suitable for both potash and lithiumextraction. TheKCL's property has a historical resource of 600 million to 1 billiontonnes of potash. A portion of its tenement already is designated bythe Federal government for potash evaporation processing. Potash evaporation processing is cheaper and is proven to be effective as shown by theIntrepid Potash’s evaporation ponds mining operation operatingsince 1965. BTW, Potash requires a separate regulatory lease separate fromlithium, bromine etc. It is not automatic.

Potashis critical to the US agriculture. While the US is almost selfsufficient with Nitrogen and Phosphorus, it has to import over 90% ofits Potash consumption. Domesticproducers receive a higher sales price due to proximity to market.For perspective, the 12/2022 muriate of potash (MOP) price was $563USD/ tonne (fob Vancouver). Intrepid Potash, US’s largest potashproducer (located S.E. of ASN), reported receiving $734 USD/ tonne inQ3 2022. Because over 1/3 of Potash is produced by Russia and Belarusit is estimated that the long term Potash price will fluctuate between $360/t and $400/t vs its historical average of $300/tonne.

Aspart of my Potash DD, I am following an European Potash brownfield underground mine. The project's financial estimate isbased on 338Mt and 1.0 Mtpa production with a 3.6 yr payback. Thisproject has a post tax $1.28B valuation and a 27%IRR @ 8% discount.Perhaps, a better comparable is a brine project in **on, Africa. Itis at a similar project exploration stage vs KCL as well as size.Currently, its market cap is 4X higher than KCL's $5m market cap.Also, despite **on having a higher country risk geographical location discount(13.5%) and using a very conservative $300/t MOP long term pricing, the project'sestimated current fair value share valuation is about 3X it's currentmarket cap.

Fulldisclosure: My son in law and I own a fair number of “Ansonitos”.In addition, I own American Potash, Sayona and Jourdan Resources.