POLY4: A SUSTAINABLE PRODUCT
FOOTNOTES
1.
£59.9m unrestricted cash, $236.6m value of outstanding convertible bonds. USD/GBP FX rate as at 31 December 2019 of 1.32475.
USD/GBP FX rate as at 16 January 2020 of 1.3006.
2.
3.
With rights reserved to switch to an offer.
4.
5.
6.
7.
8.
9.
$1.1bn project spend incurred to 30 September 2019 excludes exploration pre-stage1 financing, and financing costs. Total capex on a P90 confidence
level as assessed by Sirius management.
Net debt and EBITDA both on an underlying basis. Net debt excludes the own credit risk fair value adjustment on derivatives.
Charts show split of product by mass with potassium, calcium and magnesium expressed as oxides for comparison. Oxygen component of sulphate for
SOP and POLY4 included in unlabelled segment of chart.
Internal analysis. Co-product basis, consistent margin applied to potassium units in POLY4 only.
Implied value-in-use based on current market prices of underlying components assuming full value of each individual nutrient component. This is not a
forecast of future pricing, which could be materially different.
Based on studies conducted by Sirius.
10. Internal analysis.
11. Based on January 2019 prices. Indicative weighted average FOB price for POLY4 under the offtake agreements outlined in Sirius Minerals' May 2019
prospectus. This figure is not a forecast of future pricing and future pricing could be materially different.
12. Source: Sirius - Investor Presentation, 2017.
13. Source: Sirius - Sustainability Report, September 2017.
14. Probable.
15. Including royalties and SIB capex.
16. Anglo American attributable share.
17. Wet basis.
AngloAmerican
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