ASX Announcement: December 2020 Quarterly Report

ASX Announcement 29.01.
21
December 2020 Quarterly Report

SO4 (Salt Lake Potash Limited (SO4 or the Company)) is pleased to
present its Quarterly Report for the period ending 31 December
2020.
The Company is focussed on transitioning from developer to
producer at the Lake Way SOP Project in Wiluna, Western Australia,
as it looks to complete construction and commence commissioning
the Process Plant in the current quarter.
Project Financial  Financial Close for the Lake Way Project was achieved in December with an equity financing including a
Close delivered
A$52m share placement and A$5m Share Purchase Plan (subsequently upsized to A$8m on strong
demand), priced at A$0.40 per new share. Following completion of the placement the Company drew the
first US$105m tranche of the US$138m Taurus/CEFC debt facility with US$45m used to repay the Taurus
Bridge Facility.
Salt harvesting  Harvesting of potassium rich kainite and schoenite salts from Train 1 commenced with approximately 27kt of
commenced
salts stockpiled ahead of plant commissioning. Harvest trials in a section of the cells were successful using
an efficient tractor and scraper methodology. Assays from the harvest salt stockpiles have returned grades
in-line with the system curve and planning models.
Process Plant  At December 31st, 2020 the Process Plant was 88% complete on an earned value basis with site concrete
reaches 88%
completion work (including additional NPI and bagging infrastructure) 94% complete, structural steel 80% complete and
tanks/vessels 81% complete.
Logistics routes  A preferred logistics provider has been selected and contractual arrangements are expected to be finalised
confirmed
shortly. As part of optimising the logistics and sales/marketing platform SO4 expects to have the flexibility to
sell up to 82% of its SOP via Fremantle.
Board strengthened  In October Phil Montgomery and Peter Thomas were appointed to the board as Non-Executive Directors.
Mark Pearce stepped down from his position as a Non-Executive Director.
Community  SO4 received the Community Contribution Award at the 2020 Association of Mining and Exploration
contribution
recognised Company (AMEC) annual awards. The award recognised the Company’s efforts to deliver sustainable and
long-lasting social and economic benefits to the Wiluna region through strategic partnerships, community
investment and opportunities in employment and training.
S T E W
Salt Lake Potash Limited Adelaide Terrace Telephone Email Website
ASX/AIM SO4 Perth WA 6000 +61 8 6559 5800 info@so4.com.au www.so4.com.au
ABN 98 117 085 748 Australia
ASX Announcement 29.01.21
CEO Statement “Significant progress was made in the December quarter in financing, operations and construction as
well as at the corporate level with the strengthening of our board. We look forward to commissioning the
plant in the March 2021 quarter, shortly followed by premium quality SOP sales to the domestic and
global markets.”
Tony Swiericzuk Chief Executive Officer
Enquiries Tony Swiericzuk and Richard Knights

Telephone +61 8 6559 5800
Authorisation This announcement has been authorised for release by the Board of Directors.
S T E W
Project Financial Close

Equity Financing
In December, the Company achieved project Financial Close on the Lake Way Project with an equity financing
including a A$52m share placement and a Share Purchase Plan (SPP), priced at A$0.40 per new share.
Directors applied for A$2m of shares in the placing including 3.0 million shares by Chairman, Mr Ian
Middlemas and 0.5 million shares by Managing Director and CEO, Mr Tony Swiericzuk.
The SPP, originally intended to raise A$5 million, was heavily oversubscribed with applications received for
A$10.0 million. Given the strong support from existing Shareholders, the Board exercised its discretion under
the terms of the SPP to increase the size of the offer to A$8 million in recognition of the ongoing support of its
retail investors.
The funds were raised partially to satisfy the remaining conditions precedent in the US$138m debt facility with
Taurus and CEFC. The funds are to be used as follows:
 A$18m to cash back a bank guarantee for the APA gas pipeline;
 A$15m to cover possible variations to ramp up schedule vs. bank model;
 A$10m due to recent AUD strength;
 A$2m financing transaction fees; and
 Up to a further A$15m for additional working capital.
Debt Financing
On December 22nd the Company drew the first US$105m tranche of the US$138m Taurus/CEFC debt facility
with US$45m used to repay the Taurus Bridge Facility.
The remaining US$33m is expected to be drawn in Q2’21, subject to market standard conditions. The material
terms of the SFA are outlined in the table below.
Table 1: Key loan Facility Amount US$138m (Taurus US$91m, CEFC US$47m)
terms Tenor 4 Years (30 September 2024)
Availability Period Financial close until 30 June 2021
Interest rate 9% per annum payable quarterly on drawn funds
Upfront Fee 2.75%
Undrawn Commitment fee 2.5% per annum
Tranches Bridge: US$45m currently drawn
SFA: US$138m (including Bridge repayment)
Amortisation/Repayment No scheduled repayments or debt amortisation until 31 March 2022
(approximately 12 months after first production) with scheduled repayment
profile commencing at 2.0% of Principal
Additional cash sweep of 70% of surplus cash available for debt service
accelerating SO4’s deleveraging
Debt Service Reserve Account US$8m prior to project completion, thereafter greater of US$8m and principal
and interest payable in next 6 months
Bullet US$92m (67%) at 31 December 2024 (less early repayments)
Refinancing Restrictions Nil 18 months after signing
S T E W
On-Lake Operations
Plant feed salt harvesting commenced
Harvesting of potassium rich kainite and schoenite salts from Train 1 commenced in the quarter with
approximately 27kt of salts now stockpiled ahead of plant commissioning. Harvest trials in a section of the cells
were successful using an efficient tractor and scraper methodology. Assays from the harvest salt stockpiles
have returned grades in-line with the system curve and planning models.
Figure 1: Train 1 Cell

post-harvest
Figure 2: Harvest salt

stockpile
S T E W
Figure 3: Salt scraper
Figure 4: Train 1 salt

harvesting
S T E W
Paleochannel drilling
The paleochannel drilling programme continues with bores at pads 12, 14 and 23 now completed and
undergoing test-pumping.
Figure 5: Paleochannel
brine extraction bores
S T E W
Off-Lake Operations
Process Plant construction
At December 31st, 2020 the Process Plant was 88% complete on a value earned basis with site concrete work
(including additional NPI and bagging infrastructure) 94% complete, structural steel 80% complete and
tanks/vessels 81% complete.
Figure 6: Aerial view of

process plant site
Major items now installed include the SOP and schoenite crystallisers, attritioners, drag feeder, conveyors,
lump breaker, various tanks and agitators, chillers, transformers, utilities switch room and various pumps,
hoppers and launders. Associated piping, cabling and valves installation now comprise most of the remaining
work on an earned value basis.
Figure 7: Process Plant

structural steel erected
to the 6th floor
S T E W
The Company expects Process Plant commissioning to commence in February with the introduction of first
feed salts to the plant occurring in March.
Figure 8: Flotation tank

welding well advanced
S T E W
Non-Process Infrastructure
The raw water pond has been lined and commissioned, and both the Southern and West Creek Raw Water
Borefields supplying the plant and village have been commissioned.
Figure 9: Raw water

pond filling and
commissioning has
been completed
Work on of the 27km APA gas pipeline that connects with the Goldfields Gas Pipeline commenced in
November 2020. At the end of December, the pipeline was 99% welded and 67% placed and backfilled. Full
installation is expected to be completed in late January.
Figure 10: APA gas

pipeline 27km lateral to
site
S T E W
Figure 11: Concrete

footings for 5x gas
generator units and 2x
additional footings for
expansion activities
Procurement
Total procurement for the Process Plant reached 96% on December 31st, 2020. Recently a small number of
items have experienced minor delays due to dynamics in the COVID effected global shipping markets.
Specifically, consignments including flooring grid mesh, cage crusher, and some valves and pumps have
been delayed by a few weeks. The Company is working closely with GRES and its suppliers to minimise the
impact of any potential delays caused by shipping. At this stage, the delays in shipping are not expected to
impact commissioning.
Logistics & Marketing

A preferred logistics provider was identified in the quarter and contractual arrangements are currently being
finalised. The Company has been working with short-listed providers throughout 2020 to optimise its logistics
and sales/marketing platform, exploring various routes to market and product packaging solutions.
As part of this optimisation process SO4 plans to have the flexibility to sell up to 82% of its SOP via Fremantle
port in sea containers loaded with product in loose bulk, 1 to 1.5t bulk bags and 25kg bags. Product exported
from Fremantle will be transported to Leonora by road where it will be transferred to rail for the remaining
journey to Fremantle.
Shipping through Fremantle is expected to provide access to broader global markets at no additional net cost.
Bagging and container premiums (verified by Argus) are expected to offset incremental domestic logistics
costs. Additional benefits of using Fremantle are a reduction in inventory working capital and a significant
reduction in the logistics carbon footprint.
Bulk shipment sales will remain out of Geraldton port.
A further logistics update will be provided upon finalisation of all contractual arrangements.
S T E W
Board & Management changes

In October Phil Montgomery and Peter Thomas were appointed to the board as Non-Executive Directors. Mark
Pearce stepped down from his position as a Non-Executive Director.
Phil Montgomery is a highly experienced mining industry executive who was most recently Vice President -
Projects at BHP, responsible for the development of BHP’s Potash business through its Jansen project in
Saskatchewan, Canada. Mr Montgomery brings significant experience in project development and operations
having held senior project development positions at BHP and Billiton for over 20 years working across several
commodities and geographies, including leadership of BHP’s Iron Ore growth program (2002-12). He holds a
BSc (Mechanical Engineering) from Oxford Brookes University in the UK and completed the Executive
Leadership Programme at INSEAD.
Peter Thomas is a senior executive with significant experience in project operations, construction, finance and
strategy. Mr Thomas held senior executive positions at Fortescue between 2004-2014 including Project
Director in charge of the A$4.7bn T155 port and rail infrastructure investment and Director of Corporate
Services. He has previously worked for McKinsey and Lehman Brothers in the USA and more recently held the
position of CEO of the Balla Balla Infrastructure Group (Todd Corporation). He is currently CFO of Decmil, the
ASX listed construction and engineering group with c.A$500m in revenues. Mr Thomas holds an MBA from
Harvard Business School, a BEc and BSc from Macquarie University and is a graduate of the Australian
Institute of Company Directors.
In December, Shaun Day resigned as CFO. Grant Coyle has subsequently been appointed interim CFO.
Grant is an experienced corporate finance executive having been appointed as SO4’s Head of Corporate
Development in July 2018 and playing a lead role in delivering the US$138m Taurus / CEFC funding package.
Prior to SO4 Grant held an executive position at Rio Tinto working across the business analysis and business
development areas within the Iron Ore division. He is a former investment banker at Macquarie Bank and
corporate tax accountant for an international accounting firm. Grant has extensive experience in finance,
budgeting, project evaluation, commercial negotiations and strategic planning.
The Company is undertaking an external search ahead of the appointment of a permanent CFO.
AMEC community contribution award

In December 2020 SO4 received the Community Contribution Award at the 2020 Association of Mining and
Exploration Company (AMEC) annual awards.
The award recognised the Company’s efforts to deliver sustainable and long-lasting social and economic
benefits to the Wiluna region through strategic partnerships, community investment and opportunities in
employment and training.
S T E W
Figure 12: SO4 team at

AMEC Awards
Approvals
The Company continued the advancement of the remaining permitting required to support full-scale
operations.
A revised Environmental Review Document (ERD) was submitted during the quarter, with the EPA confirming
acceptance and completing their draft assessment report. SO4 presented the project to the EPA board and
the board assessed the project in their December monthly meeting. The board agreed to adopt the draft
assessment report and the EPA have commenced the final assessment report, to be issued to the Minister.
The EPA has determined that the full project scope requires formal assessment with no public review.
In addition to the EPA submission, the Company continues to seek other project approvals as required.
S T E W
APPENDIX A – DISCLAIMER
Forward Looking Statements

This announcement includes forward-looking statements. These forward-looking statements are based on the
Company's expectations and beliefs concerning future events. Forward-looking statements are necessarily
subject to risks, uncertainties and other factors, many of which are outside the control of the Company, which
could cause actual results to differ materially from such statements. Although the Company believes that its
forward-looking statements have reasonable grounds, can give no assurance that they will be achieved. They
may be affected by a variety of variables and changes in underlying assumptions that are subject to risk factors
associated with the nature of the Company's business (including those described in pages 25 to 29 (inclusive)
of the Presentation released to ASX on 11 December 2020), which cause actual results to differ materially from
those expressed herein. The Company makes no undertaking to subsequently update or revise the forward-
looking statements made in this announcement, to reflect the circumstances or events after the date of this
announcement.
S T E W
APPENDIX B – DISCLOSURES IN ACCORDANCE WITH ASX

LISTING RULE 5.3
Summary of Mining Tenements
Interest (%)
Interest (%)
Project Status Type of Change License Number
31-Dec-20
30-Sep-20
Western Australia
Lake Way
Central Granted - E53/1878 100% 100%
East Granted - E53/2057 100% 100%
South Granted - E53/1897 100% 100%
South Granted - E53/2059 100% 100%
South Granted - E53/2060 100% 100%
West Application - L53/208 100% 100%
Central Application - M53/1102 100% 100%
East Application - M53/1109 100% 100%
West Granted - E53/1863 100% 100%
North Application - E53/1905 100% 100%
West Application - E53/1966 100% 100%
North Granted - P53/1642 100% 100%
West Granted - P53/1643 100% 100%
West Granted - P53/1644 100% 100%
West Granted - P53/1645 100% 100%
Central Granted - P53/1666 100% 100%
North Granted - M53/121 100% 100%
West Granted - M53/122 100% 100%
West Granted - M53/123 100% 100%
West Granted - M53/147 100% 100%
Central Granted - M53/253 100% 100%
West Granted - L53/51 100% 100%
West Granted - L53/207 100% 100%
West Granted - L53/211 100% 100%
North Granted - L53/212 100% 100%
West Granted - L53/214 100% 100%
West Granted -- L53/215 100% 100%
North Granted - L53/216 100% 100%
S T E W
Interest (%)
Interest (%)
31-Dec-20
30-Sep-20
West Granted - L53/218 100% 100%
South Application - L53/225 100% 100%
West Granted - G53/24 100% 100%
West Granted - G53/25 100% 100%
Lake Wells
South Granted - E38/2821 100% 100%
North Granted - E38/2824 100% 100%
Outer East Granted - E38/3055 100% 100%
Single Block Granted - E38/3056 100% 100%
Outer West Granted - E38/3057 100% 100%
North West Granted - E38/3124 100% 100%
West Granted - L38/262 100% 100%
East Granted - L38/263 100% 100%
South West Granted - L38/264 100% 100%
South Granted - L38/287 100% 100%
South Western Granted - E38/3247 100% 100%
South Granted - M38/1278 100% 100%
Central Application - E38/3380 100% 100%
Lake Ballard
West Granted - E29/912 100% 100%
East Granted - E29/913 100% 100%
North Granted - E29/948 100% 100%
South Granted - E29/958 100% 100%
South East Granted - E29/1011 100% 100%
South Granted - E29/1067 100% 100%
South Granted - E29/1068 100% 100%
East Granted - E29/1069 100% 100%
North Granted - E29/1070 100% 100%
Lake Irwin
West Granted - E37/1233 100% 100%
East Granted - E38/3087 100% 100%
North Granted - E37/1261 100% 100%
Central East Granted - E38/3113 100% 100%
South Granted - E39/1955 100% 100%
North West Granted - E37/1260 100% 100%
South West Granted - E39/1956 100% 100%
Lake Minigwal
West Granted - E39/1893 100% 100%
East Granted - E39/1894 100% 100%
S T E W
Interest (%)
Interest (%)
31-Dec-20
30-Sep-20
Central East Granted - E39/1963 100% 100%
South Granted - E39/1964 100% 100%
Lake Marmion
North Granted - E29/1000 100% 100%
South Granted - E29/1002 100% 100%
West Granted - E29/1005 100% 100%
Lake Noondie
North Granted - E57/1062 100% 100%
South Granted - E57/1064 100% 100%
West Granted - E57/1065 100% 100%
East Granted - E36/932 100% 100%
Lake Barlee
North Granted - E30/495 100% 100%
South Granted - E77/2441 100% 100%
Lake Raeside
North Granted - E37/1305 100% 100%
Lake Austin
East Granted - E58/529 100% 100%
South Granted - E58/530 100% 100%
Northern Territory
Lake Lewis
South Granted - EL 29787 100% 100%
North Granted - EL 29903 100% 100%
Related Party Payments

During the quarter ended 31 December 2020, the Company made payments of $96,000 to related parties and
their associates. These payments relate to existing remuneration arrangements (executive salaries, non-
executive director fees and superannuation).
S T E W
Rule 5.5
Appendix 5B
Mining exploration entity or oil and gas exploration entity
quarterly cash flow report
Name of entity
Salt Lake Potash Limited
ABN Quarter ended (“current quarter”)
98 117 085 748 31 December 2020
Consolidated statement of cash flows Current quarter Year to date (6

$A’000 months)
$A’000
1. Cash flows from operating activities
1.1 Receipts from customers - -
1.2 Payments for
(a) exploration & evaluation (1,045) (1,445)
(b) development - -
(c) production - -
(d) staff costs (439) (980)
(e) administration and corporate costs (1,234) (2,039)
1.3 Dividends received (see note 3) - -
1.4 Interest received 52 100
1.5 Interest and other costs of finance paid (3) (7)
1.6 Income taxes paid - -
1.7 Government grants and tax incentives - 3,589
1.8 Other (provide details if material)
- Business Development (1,003) (3,331)
- Other - -
1.9 Net cash from / (used in) operating (3,672) (4,113)
activities
2. Cash flows from investing activities

Payments to acquire or for:
(a) entities - -
(b) tenements - (715)
(c) property, plant and equipment (889) (1,645)
(d) exploration & evaluation - -
(e) investments - -
ASX Listing Rules Appendix 5B (17/07/20) Page 1

+ See chapter 19 of the ASX Listing Rules for defined terms.
Appendix 5B
Mining exploration entity or oil and gas exploration entity quarterly cash flow report

$A’000 months)
$A’000
(f) other non-current assets – Mine (56,934) (96,748)
Properties in development
2.2 Proceeds from the disposal of:
(a) entities - -
(b) tenements - -
(c) property, plant and equipment - -
(d) investments - -
(e) other non-current assets - -
2.3 Cash flows from loans to other entities - -
2.4 Dividends received (see note 3) - -
2.5 Other (Bank Guarantee) (18,000) (18,000)
2.6 Net cash from / (used in) investing (75,823) (117,108)
activities
3. Cash flows from financing activities

3.1 Proceeds from issues of equity securities
(excluding convertible debt securities) 50,000 163,537
3.2 Proceeds from issue of convertible debt - -
securities
3.3 Proceeds from exercise of options - -
3.4 Transaction costs related to issues of equity (2,635) (7,802)
securities or convertible debt securities
3.5 Proceeds from borrowings 138,257 138,257
3.6 Repayment of borrowings and leases (59,652) (60,008)
3.7 Transaction costs related to loans and (6,247) (12,126)
borrowings
3.8 Dividends paid - -
3.9 Other (provide details if material) - -
3.10 Net cash from / (used in) financing 119,723 221,858
activities
4. Net increase / (decrease) in cash and

cash equivalents for the period
4.1 Cash and cash equivalents at beginning of 67,337 7,030
period
4.2 Net cash from / (used in) operating (3,672) (4,113)
activities (item 1.9 above)
4.3 Net cash from / (used in) investing activities (75,823) (117,108)
(item 2.6 above)

Appendix 5B

$A’000 months)
$A’000
4.4 Net cash from / (used in) financing activities 119,723 221,858
(item 3.10 above)
4.5 Effect of movement in exchange rates on (212) (314)
cash held
4.6 Cash and cash equivalents at end of 107,353 107,353
period
5. Reconciliation of cash and cash Current quarter Previous quarter

equivalents $A’000 $A’000
at the end of the quarter (as shown in the
consolidated statement of cash flows) to the
related items in the accounts
5.1 Bank balances 96,916 49,287
5.2 Call deposits 10,437 18,050
5.3 Bank overdrafts - -
5.4 Other (provide details) - -
5.5 Cash and cash equivalents at end of 107,353 67,337
quarter (should equal item 4.6 above)
6. Payments to related parties of the entity and their Current quarter

associates $A'000
6.1 Aggregate amount of payments to related parties and their (96)
associates included in item 1
6.2 Aggregate amount of payments to related parties and their -
associates included in item 2
Note: if any amounts are shown in items 6.1 or 6.2, your quarterly activity report must include a description of, and an
explanation for, such payments.

Appendix 5B
7. Financing facilities Total facility Amount drawn at

Note: the term “facility’ includes all forms of financing amount at quarter quarter end
arrangements available to the entity.
end $A’000
Add notes as necessary for an understanding of the
sources of finance available to the entity. $A’000
7.1 Loan facilities 179,174 136,328
7.2 Credit standby arrangements - -
7.3 Other (please specify) - -
7.4 Total financing facilities 179,174 136,328
7.5 Unused financing facilities available at quarter end 42,846

7.6 Include in the box below a description of each facility above, including the lender, interest
rate, maturity date and whether it is secured or unsecured. If any additional financing
facilities have been entered into or are proposed to be entered into after quarter end,
include a note providing details of those facilities as well.
In August 2020, the Company and its subsidiaries and Taurus Mining Finance Fund No. 2,
L.P. and the Clean Energy Finance Corporation entered into the Syndicated Facility
Agreement for a US$138 million debt financing package (SFA). After achieving financial
close in December 2020, the Company announced its first draw down under the SFA
totalling US$105 million enabling repayment of the US$45 million Stage 1 Bridge facility
originally entered into in 2019.
The SFA is secured and interest payable at 9.00% pa with a further draw down US$33
million available to the Lake Way Project.
As the loan is denominated in USD, the facility amount and amount drawn down has been
converted at an FX rate of $0.7702 USD/AUD, being the FX cross rate at 31 December
2020.
8. Estimated cash available for future operating activities $A’000

8.1 Net cash from / (used in) operating activities (item 1.9) (3,672)
8.2 (Payments for exploration & evaluation classified as investing -
activities) (item 2.1(d))
8.3 Total relevant outgoings (item 8.1 + item 8.2) (3,672)
8.4 Cash and cash equivalents at quarter end (item 4.6) 107,353
8.5 Unused finance facilities available at quarter end (item 7.5) 42,846
8.6 Total available funding (item 8.4 + item 8.5) 150,199
8.7 Estimated quarters of funding available (item 8.6 divided by

40
item 8.3)
Note: if the entity has reported positive relevant outgoings (ie a net cash inflow) in item 8.3, answer item 8.7 as “N/A”.
Otherwise, a figure for the estimated quarters of funding available must be included in item 8.7.
8.8 If item 8.7 is less than 2 quarters, please provide answers to the following questions:
8.8.1 Does the entity expect that it will continue to have the current level of net operating
cash flows for the time being and, if not, why not?
Answer: Not applicable.

Appendix 5B
8.8.2 Has the entity taken any steps, or does it propose to take any steps, to raise further
cash to fund its operations and, if so, what are those steps and how likely does it
believe that they will be successful?
8.8.3 Does the entity expect to be able to continue its operations and to meet its business
objectives and, if so, on what basis?
Note: where item 8.7 is less than 2 quarters, all of questions 8.8.1, 8.8.2 and 8.8.3 above must be answered.
Compliance statement
1 This statement has been prepared in accordance with accounting standards and policies which
comply with Listing Rule 19.11A.
2 This statement gives a true and fair view of the matters disclosed.
Date: 29 January 2021
Authorised by: By the Board

(Name of body or officer authorising release – see note 4)
Notes
1. This quarterly cash flow report and the accompanying activity report provide a basis for informing the market about the
entity’s activities for the past quarter, how they have been financed and the effect this has had on its cash position. An
entity that wishes to disclose additional information over and above the minimum required under the Listing Rules is
encouraged to do so.
2. If this quarterly cash flow report has been prepared in accordance with Australian Accounting Standards, the definitions
in, and provisions of, AASB 6: Exploration for and Evaluation of Mineral Resources and AASB 107: Statement of Cash
Flows apply to this report. If this quarterly cash flow report has been prepared in accordance with other accounting
standards agreed by ASX pursuant to Listing Rule 19.11A, the corresponding equivalent standards apply to this report.
3. Dividends received may be classified either as cash flows from operating activities or cash flows from investing activities,
depending on the accounting policy of the entity.
4. If this report has been authorised for release to the market by your board of directors, you can insert here: “By the board”.
If it has been authorised for release to the market by a committee of your board of directors, you can insert here: “By the
[name of board committee – eg Audit and Risk Committee]”. If it has been authorised for release to the market by a
disclosure committee, you can insert here: “By the Disclosure Committee”.
5. If this report has been authorised for release to the market by your board of directors and you wish to hold yourself out as
complying with recommendation 4.2 of the ASX Corporate Governance Council’s Corporate Governance Principles and
Recommendations, the board should have received a declaration from its CEO and CFO that, in their opinion, the financial
records of the entity have been properly maintained, that this report complies with the appropriate accounting standards
and gives a true and fair view of the cash flows of the entity, and that their opinion has been formed on the basis of a
sound system of risk management and internal control which is operating effectively.


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ASX Announcement 29.01.

December 2020 Quarterly Report

Enquiries Tony Swiericzuk and Richard Knights

Project Financial Close

 A$15m to cover possible variations to ramp up schedule vs. bank model;

 A$10m due to recent AUD strength;

 A$2m financing transaction fees; and

 Up to a further A$15m for additional working capital.

Figure 1: Train 1 Cell

Figure 2: Harvest salt

Figure 3: Salt scraper

Figure 4: Train 1 salt

Figure 6: Aerial view of

Figure 7: Process Plant

Figure 8: Flotation tank

Figure 9: Raw water

Figure 10: APA gas

Figure 11: Concrete

Logistics & Marketing

Bulk shipment sales will remain out of Geraldton port.

Board & Management changes

AMEC community contribution award

Figure 12: SO4 team at

Forward Looking Statements

APPENDIX B – DISCLOSURES IN ACCORDANCE WITH ASX

Summary of Mining Tenements

Related Party Payments

Salt Lake Potash Limited

ABN Quarter ended (“current quarter”)

98 117 085 748 31 December 2020

Consolidated statement of cash flows Current quarter Year to date (6

2. Cash flows from investing activities

ASX Listing Rules Appendix 5B (17/07/20) Page 1

Consolidated statement of cash flows Current quarter Year to date (6

3. Cash flows from financing activities

4. Net increase / (decrease) in cash and

ASX Listing Rules Appendix 5B (17/07/20) Page 2

Consolidated statement of cash flows Current quarter Year to date (6

5. Reconciliation of cash and cash Current quarter Previous quarter

6. Payments to related parties of the entity and their Current quarter

ASX Listing Rules Appendix 5B (17/07/20) Page 3

7. Financing facilities Total facility Amount drawn at

7.5 Unused financing facilities available at quarter end 42,846

8. Estimated cash available for future operating activities $A’000

8.7 Estimated quarters of funding available (item 8.6 divided by

ASX Listing Rules Appendix 5B (17/07/20) Page 4

Date: 29 January 2021

Authorised by: By the Board

ASX Listing Rules Appendix 5B (17/07/20) Page 5

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