#1117 BE " Western Potash Corporate Presentation August 2023#2Forward-looking statements and cautionary notes Except for statements of historical fact, this presentation contains statements that constitute "forward-looking statements" within the meaning of Section 21E of the United States Securities Exchange Act of 1934 and "forward-looking information" within the meaning of applicable Canadian securities legislation (collectively, "forward-looking statements"). Forward-looking statements often, but not always, are identified by the use of forward-looking terminology such as "seek", "anticipate", "believe", "plan", "estimate", "expect", "targeting" and "intend" and statements that an event or result "may", "will", "should", "could", or "might" occur or be achieved and other similar expressions. Forward-looking statements include, but are not limited to, statements concerning plans of Western Resources Corp. and its wholly owned subsidiary Western Potash Corp. (collectively, the "Company") at the Milestone Project, the estimated potash production and the timing thereto and capital and operating costs. The forward-looking statements that are contained in this presentation are based on the opinions and estimates of management of the Company as of the date of this presentation and they are subject to known and unknown risks, uncertainties, and other factors that may cause the actual results of the Company to be materially different from those expressed or implied by such forward- looking statements. Such factors include, among others: risks relating to fluctuations in the price of potash; the inherently hazardous nature of mining-related activities; uncertainties concerning resource estimates; results of exploration; availability of capital and financing on acceptable terms; inability to obtain required regulatory approvals; unanticipated difficulties or costs in any reclamation which may be necessary; market conditions; and general business, economic, competitive, political and social conditions. The material assumptions upon which such forward-looking statements are based include, among others: the ability of the Company to access capital; the ability of the Company to conclude a transaction(s) with third parties to fund the development of our projects and mineral properties (including the Milestone Project); that the demand for potash will develop as anticipated; that the price of potash will remain at levels that will render the Company's potash projects economic; that operating and capital plans will not be disrupted by issues such as mechanical failure, unavailability of parts and supplies, labour disturbances, interruption in transportation or utilities, or adverse weather conditions; that the Company will continue to have the ability to attract and retain skilled staff; and that there are no material unanticipated variations in the cost of energy or supplies, or in any of the capital and operating cost estimates as may be disclosed in the Company's public record, as filed on SEDAR Although management of the Company has attempted to identify important factors that could cause actual results to differ materially from those expressed or implied in forward-looking statements, there may be other factors which cause actual results not to be as anticipated, estimated or intended. Forward-looking statements contained herein are made as of the date of this presentation and the Company does not undertake to update any forward-looking statements contained in this presentation, except in accordance with applicable securities laws. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. 2#3I Mission statement To be a world-class, environmentally responsible potash producer 3#4Western Potash Corp. An emerging Canadian potash producer Western potash Financed Phase 1 production 1 Following the recent financings with Appian Capital Advisory and Vantage, Western Potash is financed through to Phase 1 commercial production (146ktpa) 2 3 corp. 4 5 Attractive economics & market dynamics Milestone's low cash costs and long mine life (40+ years) are expected to result in robust margins and returns throughout market cycles Strategic location and blue-chip offtaker Located in Saskatchewan, Canada, a Tier-1 potash district, Western Potash has a long-term offtake agreement in place with Archer-Daniels-Midland ("ADM") for all Phase I production Innovative application of proven mining and processing technologies Solution mining is a proven technology and Milestone has successfully operated 3 horizontally drilled test wells to date. Milestone's processing circuit is similar to other existing solution mining potash operations globally. Market-leading ESG profile Substantially lower carbon and environmental footprint of MOP vs. most other nitrogen/phosphate fertilizers, no salt "tailings", and significant economic benefits to the local community A clear path to expansion 6 Phase 2 will utilize a similar design resulting in a combined ~300ktpa-450ktpa production, with the potential for additional future growth at Milestone Project and other locations 4#51 Phase 1 Financed to Production Recent financing packages from mining industry specialist Appian Capital Advisory LLP and Vantage Chance Limited provided significant capital to complete Phase 1 and begin to study Phase 2 expansion VANTAGE CHANCE LIMITED APPIAN CAPITAL ADVISORY LLP C$85 million loan investment into Western Potash Majority shareholder Western Resources ☐ US$3.6B AUM, London-based, leading investment advisor that invests solely in mining, with global experience across South America, North America, Australia and Africa Appian has brought 9 mines into production and has a team of 65 experienced professionals located around the world ■ The collective experience of Appian's team has operated and expanded 70+ mines globally across commodities and geographies 100% Western potash согр. VANTAGE CHANCE LIMITED ☐ C$80 million equity investment Represents 54% of Western Potash Holdings ■ Vantage is Hongkong based private investment company focused on energy and resources. 5#61 Value Creation Milestones Western Potash nearing Phase 1 completion and start-up Apr-2007 Western Potash incorporated May 2008 میدا in Vancouver TSX listing Dec 2021 Updated NI43-101 Report for Phase 1 May 2022 $ Dec 2012 Apr 2013 a ☑ Completed Feasibility Study on 2.8 mt capacity Milestone Project Milestone Project's EA is approved Oct 2019 Oct 2018 Cold & Hot Mining Test commenced Jun 2022 T ADM off-take agreement signed for Phase 1 Aug 2023 Vantage and Appian investments closed Phase 1 construction resumed Phase 1 Commissioning Starts Jan-2024 Phase 1 Project in Production 6#72 Milestone Phase 1: Strong Project Fundamentals Attractive capital cost and production profile leads to a defensive cost position relative to peers and robust Phase 1 economics Strong free cash flow generation Consistent cash flow generation at steady state Initial capital cost Low capex, with over C$200m already spent C$40+ million annual after-tax cash flow > C$200 million MOP annual production Clear path to larger scale production 146ktpa (Phase 1) 150ktpa to 450ktpa (Phase 2) *Operational Cost estimate as per N143-101 Report Operating cost C$91/t Operating cost Freight OPEX Western Potash Corp. 7#82 Attractive Market Dynamics Supportive long-term demand drivers and short-term supply constraints Demand ■ Fundamental, long-term driver of MOP demand is food consumption which is driven by population and income growth ■ Food consumption and changes in dietary preferences are reliable and slow-moving ■ Increasing potash application rates to support higher yields and offset depleting soil fertility (particularly in China where application rates are lower) World population Billions of people 7.1 0.9% 1.0% 1.2% 8.3 7.9 7.5 ◉ Demand is largely uncorrelated to most other mined commodities (e.g., metals) Supply 2012 2017 2022 2027 Timing and quantity of additional short-term supply from existing producers is uncertain Capital intensity of traditional new supply makes investment decision challenging for large greenfield expansions beyond known projects and creates steep inducement curve World GDP/capita 2022-US$/capita ■ Russia's war in Ukraine is leading to supply disruptions in the potash market over the short-to-medium term as a result of international sanctions 0.3% 4.6% 4.3% 16,854 13,447 10,735 10,903 ■ Before the war, >50% of global supply additions between 2022-26 were expected to come from Russia - realization of these additions is becoming less certain Source: CRU; International Monetary Fund; World Bank 2012 2017 2022 2027 8#92 Strong Market Prices Supply-demand imbalance has led to recent strong MOP prices, which are expected to remain favorable in the near term Historical potassium chloride prices over the last 10 years ■ FOB US Midwest typically trades at a modest premium to other benchmark prices (including FOB Vancouver) driven by lower transport costs to enter key US demand markets ■ Following supply tightness and high MOP prices in 2005, producers elected to expand capacity. However, long lead times for new projects resulted in an extended period of elevated prices ■ Between 2015 and 2020, large North American producers reduced capacity and delayed new projects to support MOP prices ■ Since 2021, a combination of strong demand from high crop prices and supply disruptions from production disruptions at several mines in Canada have elevated prices once again ■ Market fundamentals are expected to remain favorable for potash prices through 2023, potentially enhanced by sustained supply tightness from sanctions on Belarus and Russia Source: CRU; International Monetary Fund; World Bank 1. US$/t MOP, real 2022. Source: CRU Potassium Chloride price (US$/t) 1200 1000 800 600 400 200 US MidWest Vancouver COVID 1 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 9#103 Milestone's Strategic Location Attractive strategic location in Saskatchewan, one of the largest potash producing areas in the world Strategically located in Saskatchewan 35km southeast of Regina, easily accessible by paved and gravel roads Saskatchewan is one of the largest potash-producing areas in the world, with strong local government and community support Offtake agreement with Archer Daniels Midland (ADM) for 100% of the 146ktpa Phase 1 production and an MOU for future phases ADM, one of the largest global fertilizer distributors, provides ready access to a wide-spanning logistics network and several hundred end-customers across the US Excellent rail connectivity, providing cost-efficient direct access to large potash-consuming US states Milestone product is sold FOB mine site and shipped on rail from Port Lajord (efficiently located ~15km from the mine site) Vancouver SeeWe Portland ALBERTA REGON BARO Canada MANITOBA Sat sty REVADA Sacha anto UTAH enver COLORADO United States MISSOUR San Francisco SJose Las Vegas Albuquerque AREA USES Los Anges AZONA LA MEXICO San Diego Phonis Tucson Ciudad Jez ONDA CHIMAHU San Aston COAHUILA BAJA CALIFORNIA Mentairey PESISTORY Soy H umsden Qappelle Butle Regina Fense Balenie Port ย Lajord ADM Drink water Coules Roulead est Sedley Arti Milestone Montmartre Francis Osage Filmore Steward Rarel Ryan Sub) Western potash Khedive Ogema Ceylon CP Radville Bengough Nase Rang Colored lines represent rail lines accessible from Regina, Saskatchewan Minton • Toronel Radville Gladmar Windforst conville " Kipling Tantalio Rocanville Whitewood Broadview Kennedy Arcola CN Lampman Wapell Moosomin CN Cromer Wawota. Fleming nosee Lake Fairgr Carlyle CN Lampman Manor Redvers le Anda Soroako Heward Stoughton Mabey Weyburn Forget Benson Midale Colgale Goodw Macoun Lake Alma Tiburong Creek Railroad stevar Lampman Alameda Frobisher Oxbow Glen Ewi Celtawan Carnduff Gansborough - Bienfait Roche Percee North Portal CN Northgate Ottawa Share of total US State 1. Illinois 2. Iowa MOP consumption 15% 13% 3. Minnesota 9% Washington 4. Indiana 8% 5. Wisconsin 7% 6. Missouri 7% 7. Ohio 5% acksonville 8. Michigan 4% 9. Kentucky 3% Miami 10. Tennessee 3% Others 26% Source: CRU 10#11Traditional solution mining 4 ISR Potash Mining: De-risked Through Trial Mining Western Potash has successfully drilled and operated 3 test wells and we are now extending those well to provide more production surface area to meet production requirements. Distinct tested method ■ Western Potash uses innovative horizontal solution mining and a saturated sodium chloride ("NaCl") brine injected into underground caverns to dissolve and extract potash ("KCI") Hot KCI-rich brine is extracted from the wells and sent to a cooling pond where it precipitates into a KCI slurry ■ As the brine cools and the KCI crystalizes in the pond, lower concentration brine in the pond is heated and sent back into the cavern, creating a closed circuit ◉ Crystalized KCI is dredged and sent to the on-site processing plant ■ KCI crystals are dried and processed to achieve size and quality in accordance with specifications Simplified Flow Sheet Brackish make up Water from Brine Heater Water Well Excess water is sent back to the pond Crystallization Pond Dredge Hydrocyclone Dryer Compactor Product storage and shipment Production Well 11#124 Key Competitive Advantages vs. Traditional Potash Mining Technical advantages ◉ Access to multiple potash zones Fewer drill holes vs. conventional solution mining ☐ Greater cavern stability ☐ Lower capital costs as a result of not requiring a crystallizer ☐ Safer than conventional mining with no people required underground No oil is required for cavern control Traditional processes OVERBUNDEN SYLVARIS = PATIENCE LAAD MLMOLH SYLVINITE ESTERHAZY MEN Service Shaft Environmental benefits vs. traditional processes " No tailings on surface, salt remains underground Less subsidence Minimal water consumption Manville water source is brackish ground water, no effect upon local resident consumption Reduced energy consumption due to crystallization ponds - lower greenhouse gas emissions Production Shaft Western Potash process 12#134 Known Geology: Targeting High Grade Zones Targeting both the Patience Lake Member and Belle Plaine Member is expected to result in access to 17m of high-grade product 1650 M-1750 M Patience Lake Member Belle Plaine Member Esterhazy Member & Mining Zone Thickness (m) Formation Grade (KCI %) 12m Patience Lake Member 27.4% Salt Back 5m Belle Plaine Member 31% Lower Salt Interbed and White Bear Member 5.3m Esterhazy Member 30.4% 13#145 Market Leading ESG Profile Substantially lower carbon and environmental footprint than most other fertilizers ■ MOP production emits substantially lower levels of greenhouse gases than most nitrogen or phosphate fertilizers ■ Decarbonization could provide an additional tailwind to MOP demand growth ■ The Company integrates ESG considerations into its risk management strategy, assessing and mitigating potential environmental and social impacts. ■ Horizontal solution mining method uses saturated brine to extract potash, resulting in zero tailings. ■ Mining methodology requires less water compared to a traditional solution mine Yukon Territory Whitehors Northwest Territories Nunavut Yellowknife British Columbia Alberta Edmonton Saskatchewan Vancouver Victoria Manitoba Newfoundland and Labrador St John's Québec Prince Edward Island Charlottetown Nova Scotia Ontario Québec City Regina Winnipeg Toronto Halifax New Brunswick Fredericton Significant monetary and employment benefits to the local community ■ The Milestone Project is expected to benefit the economy at the local, regional and provincial levels through increased jobs and taxes/royalty payments to the government ☐ Over C$80m in funding injected into the local economy through direct expenditures related to the project ■ 40+ jobs are locally hired ■ The company offers comprehensive employee well-being programs, including health benefits and professional development opportunities. ■ Opportunities for local and Aboriginal suppliers to participate in the Milestone Project ■ The company actively engages with local communities, supporting social initiatives and infrastructure development. 14#15■ Millions tonnes MOP production 6 Plan for Expansion: Clear Path to 300ktpa+ Production Western Potash has a clear path to 300ktpa+ MOP production through a staged modular growth approach Phase 1 will prove mining approach and generate significant cash flow Phase 2 is a duplication of Phase 1, representing a near-term path to 300ktpa MOP production 1.4 1.2 0.8 0.6 0.4 0.2 1 0 Timeline from today Phase 2 mirrors Phase 1, simplifying expansion Phase 2: 2025 (up to 300 ktpa) Phase 1: 2023 (146ktpa) Source: December 23, 2021, March NI-43-101 Report, company estimates Phase 3 & 4: 2028+ (1.4Mtpa/each) 15#16Appendix: Construction Progress to Date 16#17Crystallization Pond 17#18Pump House BRINE 18#19Commissioned - E-houses MENSHAW 1280 5W-400 1 VOLTS BNSHAM 520-SWIG-000 19#20Commissioned - Brine Heating 20#21Process Plant potash 21 21#22Overview 22 22