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Huge resource, exceptional characteristics
Two licenses with c. 25B tonnes of potash resources
Ultra-thick carnallite seams of +/- 210m (mineable)
Scalability on a huge resource with +/- 30 years LOM
Logistics
advantages
Plant and solution mining on the Atlantic coast (ex mine = FOB)
Long and expensive logistics to the port of export being avoided
Proximity to key
potash markets
Shortest shipping time to Brazilian and African markets
Competitive
costs
Attractive CAPEX: $457m (600K tpa)
Globally lowest FOB cash cost: $66/ton¹ (600K tpa).
Potentially down to $54/ton³ (2,4M tpa scenario)
Low sustaining CAPEX: cavern life is in excess of 20 years per well
Food security: A Global Strategic Imperative
Increasing world population, decreasing arable land and increased diet changes
Polarized geopolitics
Robust and
compelling economics
600K tpa¹: post tax NPV(12.2, nom) $501m, post tax IRR 22.3%, average EBITDA of $139m/pa at full capacity²
2.4M tpa³: tax NPV(12.2, nom) $1.9b, post tax IRR 21.3% and an av. EBITDA of $618m pa at full capacity²
Project at pre-construction phase
$46m invested over the last 6 years to develop the project
MoUs signed for the off-take of 100% of the designated production
Detailed term sheet signed with gas supplier
12 -15 months to FID requiring c.$15m to complete FEED workstreams
Regulatory
approvals
Mining convention submitted; approval expected in Q4/2022
Kanga mining title received (June 2022)
ESIA Letter of Conformity (2021)
All surface rights secured by decrees (2020)
Strategically attractive to partners
Private equity groups
Strategic partners (fertiliser companies and off-takers)
Financiers (e.g., banks, debt funds)
Pre-qualified EPC-F contractors
Potash is an eco-friendly fertilizer
Potash is the lowest GHG emission fertilizer
No CO₂ or N²O release upon application
No waterways pollution
Notes: 1) As per DFS, 2) Nominal, 3) As per PFS