#1SOUTH HARZ POTASH LTD. Building a world-class potash business ASX:SHP August 2023#2Disclaimer Forward looking and Competent Person's statements SOUTHHARZ POTASH This presentation has been prepared by South Harz Potash Limited ("South Harz Potash", "SHP", "The Company"). The information contained herein is a professional opinion only and is provided in good faith. Certain information has been derived from third party sources and, while SHP has no reason to believe that it is not accurate, reliable or complete, it has not been independently audited or verified by SHP. The presentation is in summary form and does not purport to be all-inclusive or complete. Recipients should conduct their own investigations and perform their own analyses in order to satisfy themselves as to the accuracy and completeness of the information, statements and opinions contained. This is for information purposes only. Neither this nor the information contained constitutes an offer, invitation, solicitation or recommendation in relation to the purchase or sale of SHP securities in any jurisdiction. This does not constitute investment advice and has been prepared without taking into account the recipients' investment objectives, financial circumstances or particular needs and the opinions and recommendations contained in this presentation are not intended to represent recommendations of particular investments to particular persons. Recipients should seek professional advice when deciding if an investment is appropriate. All securities transactions involve risks which include (among others) the risk of adverse or unanticipated market, financial or political developments. To the fullest extent permitted by law, SHP, its officers, employees, related bodies corporate, agents and advisors do not make any representation or warranty, express or implied, as to the currency, accuracy, reliability or completeness of any information, statements, opinions, estimates, forecasts or other representations contained in this presentation. No responsibility for any errors or omissions from this arising out of negligence or otherwise is accepted. Any forward-looking statements included in this document involve subjective judgment and analysis and are subject to uncertainties, risks and contingencies, many of which are outside the control of, and may be unknown to SHP. In particular, they speak only as of the date of this document, they assume the success of SHP's strategies and they are subject to significant regulatory, business, competitive and economic uncertainties and risks. Actual future events may vary materially from the forward-looking statements and the assumptions on which the forward-looking statements are based. Recipients of this document are cautioned not to place undue reliance on such forward-looking statements. Mrs Elizabeth de Klerk M.Sc., Pr.Sci. Nat., SAIMM., Managing Director and Senior Geologist of Micon International Company Limited (UK) has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which she is undertaking to qualify as a Competent Person as defined in the 2012 edition of the "Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves". Mrs De Klerk consents to the inclusion in this document of the matters based on this information in the form and context in which it appears. The information in this announcement which relates to the Mineral Resource Estimates for the Ebeleben, Mühlhausen-Keula, Mühlhausen-Nohra Elende, Küllstedt and Ohmgebirge Mining Licence areas, as set out in the Appendix to this document, were compiled and generated by Mrs De Klerk under commission by SHP. Mrs De Klerk holds no shares in SHP. AUGUST 2023 INVESTOR PRESENTATION 2#3South Harz Potash Building the MOP business of choice for European markets and beyond WORLD-CLASS PROJECT ATTRIBUTES PREMIER POTASH 5.3 billion tonnes¹ LARGE MINERAL COMPELLING ECONOMICS TIER-1 SCALE ENDOWMENT 尖 SOUTHHARZ POTASH 1. LOCATION LOW-RISK, LOW-IMPACT APPROACH CLEAR DELIVERY PATHWAY DEEP POTASH MINING HISTORY REGIONAL EXPERTISE DEVELOPED INFRASTRUCTURE DIRECT EUROPEAN CONVENTIONAL MARKET ACCESS MINING & PROCESSING SUSTAINABLE FOCUS ADVANCED PRE- FEASIBILTY STUDY HIGH-CALIBRE TEAM STRONG LT MARKET FUNDAMENTALS THURINGIA GERMANY Refer to slide 21 for full details, SHP confirms that it is not aware of any new information or data that materially affects the information included in the original market announcement and, in the case of Mineral Resources or Ore Reserves, that all material assumptions and technical parameters underpinning the estimates in the relevant market announcement continue to apply and have not materially changed. SHP confirms that the form and context in which the Competent Person's findings are presented have not been materially modified AUGUST 2023 INVESTOR PRESENTATION 3#4Senior management Deep executive and potash mine development delivery team SOUTHHARZ POTASH Luis da Silva Managing Director and CEO Lawrence Berthelet Chief Operating Officer ■ Proven natural resources business leader and executive with close to 30 years' experience in the mining industry ■ Most recently, President and CEO of Andean Precious Metals, a leading Latin- American silver producer Previously President and CEO of Phosphate developer, GB Minerals, leading the company through to its acquisition by Canadian phosphate producer, Itafos Metallurgist with more than 30 years' operational and executive experience with major global potash and fertilizer firms ■ Most recently Head of Mining Division at global agriculture and chemicals business, EuroChem ■ Previous senior potash roles at The Mosaic Company, SNC-Lavalin (Saskatoon) and Agrium (now Nutrien) Andrew Robertson Chief Financial Officer ■ UK Chartered Accountant and Economics professional with a career spanning over 30 years' listed company experience Previously CFO of two AIM listed and two TSX listed companies; Ecometals Ltd (manganese), African Eagle PLC (nickel), White Tiger Gold, Maple Minerals Canada (lead/zinc) and Laporte PLC based in Germany Dr Babette Winter Regional Director Thuringia, Germany ■ PhD in Chemistry with broad professional experience in politics, communication, public administration and environmental policy Previously, Head of Environmental Policy Department within the Ministry for Agriculture, Forestry, the Environment and Nature Conservation in Thuringiaand Member of the European Parliament AUGUST 2023 INVESTOR PRESENTATION 4#5World-class project attributes Large, high-quality mineral endowment OHMGEBIRGE PROJECT 290Mt SYLVINITE RESOURCE AT 13.47%1 PART OF THE BROADER SOUTH HARZ PROJECT 5.3Bt JORC MINERAL RESOURCE ESTIMATE HIGH-QUALITY JORC MINERAL RESOURCE WITH 89% OF OHMGEBIRGE SYLVINITE SEAM IN THE INDICATED CATEGORY1 1. Refer to slide 21 for full details, SHP confirms that it is not aware of any new information or data that materially affects the information included in the original market announcement and, in the case of Mineral Resources or Ore Reserves, that all material assumptions and technical parameters underpinning the estimates in the relevant market announcement continue to apply and have not materially changed. SHP confirms that the form and context in which the Competent Person's findings are presented have not been materially modified AUGUST 2023 OHMGEBIRGE Bischofferode 60.8 Mt Potash Bleicherode 33.1 Mt Potash 38 Leinefelde-D Worbis KÜLLSTEDT 0 5 10 km 3 Sollstedt 17.6 Mt Potash 2 SOUTHHARZ POTASH MÜHLHAUSEN-NOHRA Mühlhausen Volkenroda 27.4 Mt Potash EBELEBEN Bad Langensalza Ebeleben Nordhausen 38 Sondershausen 42.8 Mt Potash GRÄFENTONNA Sondershausen SHP Mining Licence SHP Exploration Licence Mined Area Other Mining Licence Historical Mine Shaft Motorway Federal Road Railroad MINING LICENCE 1. Ohmgebirge 2. Muhlausen- Nohra (North) 3. Muhlausen- Nohra (South) 4. Ebeleben RESOURCE 258 Mt Sylvinite (35 Mt K₂O) and 80 Mt Sylvinite/Carnallite (9 Mt K₂O) 1,700 Mt Sylvinite/Carnallite/Kieserite (164 Mt K₂O) 2,668 Mt Sylvinite/Carnallite (290 Mt K₂O) 577 Mt Sylvinite/Carnallite (69 Mt K₂O) INVESTOR PRESENTATION (л#6World-class project attributes Tier-1 scale with modular expansion potential Resource size directly comparable to BHP's Operator SOUTHHARZ POTASH SOUTHHARZ POTASH EMMERSON PLC Highfield ① BHP Resources ☐ ☐ Jansen project Very high proportion of Sylvinite ore Resource grades equivalent to Highfield's Muga project Status Benefiting from an extensive geological data set from over 300 boreholes providing Drillholes detailed Resource understanding European focus complementary to, rather than competing with, future Jansen supply ■ Attributes and proximity of mining licences provide staged development optionality Source: BHP Jansen briefing retrieved 23 February 2023 from https://www.bhp.com/-/media/project/bhp1ip/bhp-com- en/documents/investors/presentations/2021/150921_jansenbriefing.pdf and Highfield ASX announcement "Annual Report to Shareholders", dated 30 March 2021 and "Muga Feasibility Study: Compelling Economics Reconfirmed", dated 3 November 2022. 1. SHP Ohmgebirge flagship project total Mineral Resource Estimate 338Mt at 12.91% K20 for 44Mt K₂O, Sylvinite comprises 290Mt at 13.47% for 39Mt K₂O, refer to slide 23 for full details 2. EUR 662M @ EURUSD: 1.064 3. EUR 91/t @ EURUSD: 1.064 4. Jansen stage 1 Resource (Mt) Ownership Country Project 100% 100% 100% 100% Germany Morocco Spain Canada South Harz Khemisset Muga Jansen Scoping FS PFS DFS 308 142 40 50 5,281 537 282 Measured: Indicated: Inferred (ratio) 0:5:95 0:70:30 37:48:16 6,510 80:0:20 Total resource K₂0 grade (%) Flagship project K₂O resource grade (%) 10.8% 9.2% 11.6% 25.6% 12.9%1 9.2% 11.6% 25.6% Project capacity (ktpa MOP) Pre-production capex (US$M) 1,000 735 1,000 4,3504 620 411 7042 5,7004 Net cash operating cost (AISC, US$/t) 93 158 993 1154 Conventional UG Conventional UG Conventional UG Conventional UG 220 km 1,500 km Americas, India and Asia Mine type Overland distance to target markets and/or export port Target markets 0 - 300 km Europe and South America 200 km Europe, South America and Africa Europe and South America AUGUST 2023 INVESTOR PRESENTATION 6#7World-class project attributes Brownfield pathway provides potential for substantial capital-efficiency benefits AUGUST 2022 SCOPING STUDY OUTCOME US$620M Pre-production capital expenditure for 1mtpa greenfield development Pre-production capital development intensity (US$ per tonne annual MOP production capacity) 1,310 704 620 560 OHMGEBIRGE PERMITTING PROCESS COMMENCED REQUISITE PRELIMINARY SCOPING PAPER SUBMITTED TO KEY REGULATORY BODY (JUNE 2023) BASED ON DUAL POTENTIAL DEVELOPMENT PATHWAYS Full Spatial Planning Application to be submitted by Q4 CY23 based on a single elected development pathway SOUTHHARZ POTASH OPTION 1: BERNTERODE Preferred brownfield option utilising existing shaft infrastructure offering potential savings to overall CapEx and timing Option 1.A: Bernterode shaft and Bernterode railway station; or Option 1.B: Bernterode shaft and Leinefelde OPTION 2: HAYNRODE Greenfield development pathway with new shaft benefitting from ready access to existing gas, rail and road infrastructure Option 2.A: Haynrode and Leinefelde; or Option 2.B: Haynrode and Bernterode railway station EMMERSON PLC SOUTHHARZ POTASH Highfield BHP Resources 1. Refer ASX announcement 8 August 2022, South Harz confirms that it is not aware of any new information or data that materially affects the information included in that release. All material assumptions and technical parameters underpinning that release continue to apply and have not materially changed. AUGUST 2023 INVESTOR PRESENTATION 7#8World-class project attributes SOUTHHARZ POTASH Brownfield optionality provides potential for substantial capital-efficiency benefits Ferna thickness (m) A. 20 15 Plunge 00 12.5 Azimuth 019 0 250 500 750 10 Großbodungen 7.5 3x vertical exaggeration 5 2.5 OHM-02 Haynrode 700 m Confirmation Drillhole (2022) A. OHM-01 Bulk Sample Location Historical Mine Shaft 247 ✰ open closed High-Voltage Line Gas Pipeline (< 250 mm) Motorway Federal Road Railroad AUGUST 2023 Leinefelde 4500 m Worbis 必 B. 38 Bernterode 1 2 3 km KATE Topographic surface B. Potential connecting drit Bernterode.. Shaft Plan view of Ohmgebirge tenement (left) and long section of Ohmgebirge deposit (above, marked A to B on plan view) Shows modelled deposit thickness (red thickest) with historical and recent confirmatory drillholes labelled with black dots and grey lines ☐ Demonstrates the location of existing operational Bernterode shaft (shown with red line) with proposed connecting drift (red dashed line) under brownfield development plan. Note the long section schematic is for illustration purposes only, not representative of final design. INVESTOR PRESENTATION 8#9Premier potash location Safe, stable jurisdiction with a deep MOP and salt mining history ■ ☐ SOCIAL LICENCE TO OPERATE Supportive regional government and community, pro job creation Region with a proud century-long history in potash mining and a positive view of future operations World's 4th largest economy, G7 country, stable politically and economically SHP is taking an early and proactive approach to local stakeholder engagement Committed to making a positive social impact to the broader Thüringen community Significant future investment will directly benefit the regional population Anticipate Ohmgebirge Development alone will deliver hundreds of new, highly skilled local jobs Recent German National Security Strategy (June 2023) emphasises need for greater domestic mining of key minerals AUGUST 2023 Ohmgebirge BISCHOFFERODE POTASH MINE Bischofferode II 00 Bischofferode | Ferna Neubleicherode Kraja Westoh I and II Bernterode I and II Kleinbodungen I and II DEUSA Bleicherode I und II NDHE Sollstedt SOLLSTEDT POTASH MINE Muhlausen-Nohra (North) GLÜCKAUF SONDERSHAUSEN Hain II POTASH MINE Glückauf V SOUTHHARZ POTASH South Harz and Unstrut Potash Districts ☑ Shaft Mine Field Paleozoic Zechstein State Boundary Administrative ☑ District 10 km BLEICHERODE Hain POTASH MINE Gebra Lohr Neusollstedt, Ludwigshall Immenrode Glückauf V Glückauf I GSES Glückauf II Olückauf III Glückauf IV Günthershall Schwarzburg Großherzog Whelm Efnst II Großherzog Wilhel Ernst Anna Irmgard Valter Volkenroda Felsenfest ⚫ ● Hüpstedt Beberstedt VOLKENRODA POTASH MINE Muhlausen-Nohra (South) Pöthen. Pöthen II Ebeleben Permo-Carboniferous Total Subrosion of the Stassfurt Rock Salt Start of Subrosion Stassfurt Potash Seam 20 km 30 km Borlach Thüringen I Thuringen II ROSSLEBEN POTASH MINE Richard Reichskrone Rastenberg Rossleben Wendelstein Georg Unstrut Nebra Orlas Burggraf Bernsdorf Potash ore extraction and mining cavities in South Harz and Unstrut Potash Districts (1971 - 1989) 60.8 60.8 64.4 42.8 33.1 26.4 27.4 28.0 17.6 18.6 14.4 11.9 ■Ore extraction (Mt) Mining cavity (m³) Bischofferode Bleicherode Sollstedt Sondershausen Volkenroda Rossleben Source: ERCOSPLAN INVESTOR PRESENTATION 9#10Premier potash location Regional production expertise, well understood geology and chemistry KIS Kali+Salz AG Global chemical group and largest supplier of potash in Europe Underground MOP mines producing 3.2mtpa across 3 separate operations in Germany and proximate to South Harz Werra Mines the largest regional producer ■ K+S recently announcing Werra 2060 plan outlining long term commitment to production NDH-E/DEUSA GmbH NDH DEUSA U INTERNATIONAL GmbH North Sea Bremen Hamburg Hanover NETHERLANDS 肉 Amsterdam. Kehmstedt mine DEUSA International GmbH solution mining Rotterdam... Brussels, BELGIUM Zielitz mine K+S underground mining SHP Licences Düsseldorf. Cologne Werra mines K+S Erfurt underground mining Frankfurt SOUTHHARZ POTASH Baltic Sea Berlin POLAND Prague LUXEMBOURG Neuhof-Ellers mine K+S Nuremberg underground mining CZECHIA 54°N 50°N ◉ Kehmstedt Mine annual MOP production of 100kt ☐ Same potash-horizon as SHP-licence - contiguous to Ohmgebirge To Paris FRANCE Note: Above production numbers represent nameplate capacity, source K+S annual reports AUGUST 2023 Stuttgart Zürich SWITZERLAND 6°E 10°E Munich 14°E AUSTRIA 0 Vienna, Bratislava INVESTOR PRESENTATION 200km 10#11Low-risk, low-impact approach Extensive historical drilling database de-risked by recent confirmatory holes Ohmgebirge tenement and immediate surrounds ■ contain 41 historical drill holes ◉ Broader South Harz Project contains 308 historical drill holes ■ This database (and associated geological modelling) was heavily de-risked last year via South Harz's drilling of two confirmatory drillholes into Ohmgebirge ■ At approximately A$5M per new drill hole, there is significant latent value in the existing drillhole database at Ohmgebirge and the broader South Harz Project Bischofferode OHMGEBIRGE Bleicherode 38 Leinefelde- Worbis OHM-01 KÜLLSTEDT OHM-02 Sollstedt MÜHLHAUSEN-NOHRA SOUTHHARZ POTASH Nordhausen Sondershausen Volkenroda Ebeleben EBELEBEN Mühlhausen 38 Sondershausen SHP Mining Licence SHP Exploration Licence Mined Area Other Mining Licence Drillhole Confirmation Drillhole Bulk-Sample Location Motorway Federal Road Railroad AUGUST 2023 247 GRÄFENTONNA 0 5 10 km Bad Langensalza INVESTOR PRESENTATION 11#12Low-risk, low-impact approach Optimum access to Europe and the global seaborne market ■ Located IN THE MIDDLE of the central European agricultural market ■ Small relative transport distances deliver low-carbon logistics footprint for South Harz product ■ Product to be transported via South Harz regional network which services the major hubs of Northwest Europe and key European ports ■ Central and Eastern European sales delivered by combinations of rail, truck and river barge Transportation costs estimated to be US$30/t for NW and Central European customers ■ Western Europe a net importer from Eastern Europe; security of supply concerns can't be competitively alleviated from offshore markets given freight cost differential Ohmgebirge Project Port of Rotterdam (NL) Port of Bremerhaven Port of Hamburg Port of Szczecin (PL) 500 km radius from Ohmgebirge 1,000 km radius from Ohmgebirge Ireland Portugal Spain United Kingdom Belgium Norway SOUTHHARZ POTASH Finland Estonia Sweden Denmark Latvia Lithuania Hungary Moldova Belarus Poland Czech Republic Ukraine Slovakia France Switzerland Austria Slovenia Croatia Italy Se bia Bosnia and Bulgaria Macedonia Albania Greece Herzegovina Monteneg Romania AUGUST 2023 INVESTOR PRESENTATION 12#13Low-risk, low-impact approach Unwavering commitment to low impact mining practices ☐ ☐ ◉ Environmentally and socially responsible process route selected eliminating waste brine and minimising solid waste Environmental Impact Assessment (EIA) underway - identification and evaluation of environmental risks and impacts Ohmgebirge Environmental Standards and Monitoring System (ESMS) to be developed - focus on key elements of EIA process and associated conditions attached to the Environmental Licence Unwavering, self-imposed commitment to low impact mining practises - Zero permanent waste piles on surface Zero industrial water discharges No major protected areas impacted Energy study initiated LOW IMPACT MINING PRACTISES ZERO SOUTHHARZ POTASH PERMANENT WASTE PILES ON ZERO INDUSTRIAL WATER DISCHARGES SURFACE AUGUST 2023 INVESTOR PRESENTATION 13#14Clear delivery pathway PFS advancing on schedule with current focus on detailed trade-off analyses + TRADE-OFF ANALYSIS FOR OPTIMAL ECONOMIC AND ENVIRONMENTAL OUTCOMES 1. Power: Multiple effect evaporator (steam) vs mechanical vapour recompression (electrical) 2. Mining method: Drill and blast vs continuous miners 3. Energy mix: Natural gas vs electricity vs biogas vs hydrogen (or combination) Milestone Contract award Study commencement/initial meeting Planning approval procedure commencement Spatial planning procedure commencement Preliminary process design review - K-Utec Process information to Hatch for layout Shaft selection Layout review Infrastructure review (gas, power, water) Material Take Off's issued for compilation of final estimate Final mine design review Risk review (HAZID ID) Draft estimate delivery PFS draft delivery PFS - complete SOUTHHARZ POTASH Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan 23 23 23 23 23 23 23 23 23 23 23 24 Target development schedule includes forecast internal and external/third-party timeframes and includes contingency allowances. Schedule is subject to change in response to changes in market and regulatory environments. AUGUST 2023 INVESTOR PRESENTATION 14#15SOUTHHARZ POTASH MILESTONE H1 H2 H1 H2 CY23 CY23 CY24 CY24 H1 CY25 CY25 H2 H1 CY26 H2 CY26 H1 CY27 Clear delivery pathway Ticking all development milestones RECENTLY DELIVERED MILESTONES: ◉ 1. ■ Küllstedt and Gräfentonna exploration licence extensions granted by Thuringian mining authority ■ Bench scale metallurgical test work completed by K-UTEC on core samples collected from drillholes OHM-01 and OHM-02 validated scoping study process flow design ◉ ERM Consultants appointed as both the Environmental Impact Assessment (EIA) consultant and Spatial Planning Permitting consultant ■ Hatch appointed to lead PFS delivery team which includes German engineering consultants ERCOSPLAN as mining specialists, K-UTEC as process consultants and Micon for Resource Geology ☐ ☐ Environmental baseline studies for the later EIA commenced at three potential sites around our Ohmgebirge area Ohmgebirge permitting process commenced with a requisite Scoping Paper submitted to local regulatory body - full Spatial Planning Application to be submitted by Q4 CY23 Refer to Appendix: Permitting overview AUGUST 2023 Site selection Pre-Feasibility Study Environmental Study (EIA) Definitive Feasibility Study Project Permitting1 Project construction INVESTOR PRESENTATION 15#16Leverage to MOP price upside Conservative long run potash price assumed MOP NW Europe standard bulk (fob, nominal) New global MOP pricing paradigm Western European forecast to remain a net MOP importer with regional supply deficit expected to increase in the long term. US$/t 900 800 I | 700 I I 600 500 400 2012 2014 2016 2018 Actual Forecast 2020 2022 300 200 100 0 2024 US$385 Scoping Study input assumption Long-term MOP prices continue to be strongly supported by global crop price strength. Geopolitical tensions have heighted food security concerns and continue to impact traditional sources of supply. Source: Argus Potash Analytics, November 2022 AUGUST 2023 ע SOUTHHARZ POTASH ☐ STRONG UPSIDE LEVERAGE TO A REBASED EUROPEAN PRICE ENVIRONMENT AND ONGOING SUPPLY SHORTAGE Europe has been the highest paying market worldwide since the end of 2022 - a trend that is expected to continue Structurally limited exports from Belarus and Russia and reduced supply expected into the foreseeable future - logistical and financial constraints unlikely to fully unwind in the near term Ongoing geopolitical tensions driving continued east-east, west-west bifurcation Europe to embrace increased home grown production INVESTOR PRESENTATION 16#17Development funding Strategic partnership process progressing though 2023 ☐ LA STRONG STRATEGIC ENGAGEMENT NUMEROUS FUNDING PRECEDENTS ■ Multiple expressions of interest from strategic partners/investors " Strong counterparty focus on PFS-level detail and key outcomes ■ Process running concurrently with PFS workstreams Potential partnership and strategic financing structures under consideration ■ ■ HORIZONTE MINERALS PLC TSX/LSE LISTED BRAZILIAN NICKEL PROJECT DEVELOPMENT STAGE1 PEA/SS completed August 2012 Initial PFS delivered March 2014 - market capitalisation of US$55M Total US$428.3M equity and US$671.2M debt raised in development funding MAdriatic Metals ASX/LSE LISTED BOSNIAN SILVER/ZINC PROJECT CONSTRUCTION STAGE1 PEA/SS completed November 2019 PFS delivered October 2020 - market capitalisation of US$307M Total US$162.5M equity and US$142.5M² debt raised in development funding ☐ ■ ■ SOUTHHARZ POTASH DANAKALI ASX LISTED ERITREA POTASH PROJECT (50%) DEVELOPMENT STAGE1 PEA/SS completed December 2010 PFS delivered March 2013 - market capitalisation of US$32M Total US$111.2M equity and US$200.0M debt raised in development funding Highfield Resources ASX LISTED SPANISH POTASH PROJECT DEVELOPMENT STAGE1 Resource defined October 2013 PFS delivered May 2014 – market capitalisation of US$70M Total US$133.2M equity, US$319.3M³ traditional debt and A$25M4 in convertible notes³ raised in development funding 1. 2. Data complied by Hannam & Partners based on publicly available information Includes a US$22.5M copper stream 3. Announced in March 2022, as yet undrawn 4. Announced in May 2023 AUGUST 2023 INVESTOR PRESENTATION 17#18Corporate snapshot ASX | SHP SOUTHHARZ POTASH PRO-FORMA CAPITAL STRUCTURE1 BOARD OF DIRECTORS Share price (2 August 2023) A$0.031 lan Farmer: Non-Executive Chairman Shares on issue (incl. pending placement issue) 687M Dr Reinout Koopmans: Non-Executive Director Options (incl. pending placement issue) 92M Rory Luff: Non-Executive Director Market capitalisation (undiluted) A$21.3M Len Jubber: Non-Executive Director Cash (30 June 2023) - incl. pending funds A$4.9M Luis da Silva: CEO & Managing Director Debt (30 June 2023) A$0.0M Enterprise value A$16.4M 1. On 2 August 2023, South Harz announced firm commitments had been received for an equity placement to raise A$2.6 million (before costs) at A$0.03 per share (with a 1-for-4 attaching option at a strike price of A$0.08 and 3-year expiry). Planned launch of a Share Purchase Plan was announced at the same time to raise up to A$0.5 million by enabling eligible shareholders to participate on the same terms. PRO-FROMA MAJOR SHAREHOLDERS1 4% 83% 8% | Delphi Unternehmensberatung Aktiengesellschaft Board and Management Merchant Funds Management 5% Other AUGUST 2023 INVESTOR PRESENTATION 18#19SOUTHHARZ Compelling investment proposition SOTASH Positioned to become Europe's MOP supplier of choice 1. Tier 1 project located within a G7 country 2. Perpetual licences 3. Low impact approach 4. Brownfield development potential for reduced initial capital 5. Proven geology, mining and process 6. Funding optionality - unencumbered by offtakes, royalties or streams OHMGEBIRGE PROJECT NPV 8% A$1,279M POST TAX IRR (REAL, UNGEARED) 26.6% 1 Mtpa MOP OVER 21 YEARS Refer ASX announcement 8 August 2022, South Harz confirms that it is not aware of any new information or data that materially affects the information included in that release. All material assumptions and technical parameters underpinning that release continue to apply and have not materially changed. AUGUST 2023 INVESTOR PRESENTATION 19#20APPENDIX#21Mineral Resources estimates SOUTHHARZ POTASH Ohmgebirge Total Inferred Licence Area Ohmgebirge Total Indicated Ebeleben Mühlhausen-Nohra-Elende Mühlhausen-Keula Küllstedt Categorisation Indicated Inferred Inferred Inferred Inferred Inferred Resource (Mt) K₂O (%) K₂O (Mt) 258 13.5 35 258 13.5 35 577 12.1 69 1,698 9.7 165 1,130 11.1 125 1,538 10.7 165 80 13.1 9 5,023 10.6 533 Total South Harz Project JORC Mineral Resource estimate¹ 5,281 10.8 568 Ohmgebirge Mineralised Seam Sylvinite Sylvinite Sylvinite² total Categorisation Indicated Inferred Resource (Mt) K₂O (%) K₂O (Mt) 258 13.54 35 32 12.84 4 290 13.47 39 Carnallitite Inferred 48 9.81 LO 5 Carnallitite³ total 48 Total Ohmgebirge Mineral Resources 338 9.81 12.91 LO 5 44 1. 2. For full Mineral Resource estimate details, refer to South Harz ASX release dated 12 July 2022, Landmark Resource Upgrade at Ohmgebirge. South Harz confirms that it is not aware of any new information or data that materially affects the Mineral Resource estimate information included in that release. All material assumptions and technical parameters underpinning the Mineral Resource estimate in that release continue to apply and have not materially changed. Sylvinite is the mineral name for potassium chloride (KCI), the most common form of potash. 3. Carnallitite is made up of potassium chloride, magnesium and water and can be extracted using solution mining AUGUST 2023 INVESTOR PRESENTATION 21#22Clear delivery pathway Permitting process benefits from 'one-stop shop' authority for each phase SOUTHHARZ POTASH Phase Step 1: Site approval Regional and Spatial Planning Procedure Step 2: Build approval Planning Approval Procedure Step 3: Operating approval Approval of Main Operating Plan Step 4: Special approval Approval of Special Operating Plan Detail and authority " " " Determines whether project can be implemented in a spatially, socially and environmentally compatible manner at the planned location Applies for projects with significant impact on development of a state or region measured by its effect on environment, supply of public goods, traffic, plus economic and social goals of state development plan Assesses and determines the feasibility of the project in a broader scope at an early planning stage A formal EIA is required Approval authority is Thüringer Landesverwaltungsamt (TLVWA) Scoping Paper submitted ahead of full Spatial Planning application by September, with brownfield at Bernterode and greenfield at Haynrode contemplated ✓ Covers all mandatory regulatory processes and permits for General Operating Plan Includes all approvals and permits by the competent authorities to construct a mine and related facilities, except for certain water law permits A typical operator regards a Step 2 approval which has become final as a sufficient basis for a project FID Requires an EIA to be submitted as part of a General Operating Plan Plan submitted for the purpose of carrying out a public consultation procedure with authorities other than the TLUBN, municipalities, the public and environmental organisations Approval authority is the Thüringer Landesamt für Umwelt, Bergbau und Naturschutz (TLUBN) Approval leads to a Planning Approval Decision Mandatory to operate plants and facilities in the mining area Mining authority has no discretion regarding approval of initial and subsequent Main Operating Plans (and Special Operating Plans); if fulfilling the statutory requirements and in-line with the Step 2 approval, then the Step 3 approval must be granted Includes submission of Main Operating Plan, renewable every two years Based on same information as submitted under Step 2 above and includes technical concept, detailed safety measures and hazard prevention for operation of mines and facilities Approval authority is TLUBN Approval leads to an Operating Plan Permit Special Operating Plans provide the operator greater flexibility in separating certain installations and activities from the Main Operation Plan. Such plans do not have to be renewed every two years Approval process includes submission of a Special Operating Plan for specific installations or activities Based on same information as submitted under Steps 2/3 above, with more detailed technical specification Approval authority is TLUBN Approval leads to a Special Operating Plan Permit AUGUST 2023 INVESTOR PRESENTATION 22#23A large, growing MOP market Slow supply response from geopolitical tension and strong agricultural demand MOP VS SOP GLOBAL POTASH DEMAND IS DOMINATED BY MOP SOUTHHARZ POTASH SULPHATE OF POTASH SOP 52% K₂O EQUIVALENT Potassium sulphate 91% MOP MOP SOP ☐ ☐ MURIATE OF POTASH MOP 60% K₂O EQUIVALENT Potassium chloride Large, well structured global market Current global market of ~67 Mt pa Extensively applied to a wide range of crop segments, including, soya, rice, wheat, barley etc Market is supplied predominately by Canada, Russia and Belarus Simple mineral extraction and production Low relative operational expenditure Most cost-effective form of granulated potassium fertiliser ☐ ☐ Sensitive, fragile market dynamics ☐ Current global market of ~6 Mt pa Niche market for chlorine-sensitive crops, tobacco, oranges, avocado Market is dominated by the Chinese Production from natural brine lakes and via MOP conversion (Mannheim process) Complex brine chemistry, controlled. stage-wise evaporations in multiple pond layouts Expensive Source: Argus Potash Analysis May 2023 AUGUST 2023 INVESTOR PRESENTATION 23#24POTASH MINING IN THURINGIA#25300 400 500 W F.M.1#26Empty#27Empty#28SOUTHHARZ POTASH