Danakali ESG Framework

NPV Sensitivities & Commodity Price Coefficient's Commodity Price coefficient of variation (2010-2020) SOP 5% Gold 15% Copper 16% SOP Price DANAKALI create, nurture pross FEED dual module - Economic outcomes for scenario testing Discount Rate Development Capital Nickel 27% Product Logistics Costs Mining Operating Costs MOP 27% Iron Ore 35% Lithium 46% Sources: Bloomberg. Company Data & Standard Chartered Analysis Sept 2020 Product Logistics Costs Water Logistics, G&A Costs 400 450 500 550 Base NPV (US$M) 600 650 700 750 800 850 900 950 1.000 1.050 1.100 1.150 1.200 1.250 1.300 1.350 1.400 20% Unfavourable 10% Unfavourable 10% Favourable 20% Favourable

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