Highfield Resources provided an update to the Muga-Vipasca Potash Project Feasibility Study that reconfirms the compelling economics of the Project. NPV8 of 1.89 billion and 25% IRR; Sensitivity analysis using current flat real spot prices for the whole life of mine results in a post- tax NPV8 of 2.8 billion and a 42% IRR; At full production, EBITDA of around 400 million per annum; Economics resulting in a 30-year mine life; The Feasibility Study is based on significantly more advanced engineering and procurement: in the current Study, 86% of the capex estimate is based on signed contracts, firm offers and updated prices. Compared with 59% in the previous feasibility study update from 2019; Higher degree of confidence in the updated capex numbers with: phase 1 capex of 398 million; phase 2 capex of 209 million. The Company continues to work with its Financial Advisor, Endeavour Financial, to secure an appropriate financing for Phase 1. Based upon its assessment of the Muga Project and following positive feedback on a draft term sheet by a potential syndicate of lenders, the Company is targeting debt sizing of around 300m to start construction of phase 1. The 2021 Mine Plan is based on the Proved and Probable Ore Reserves as well as the abutting Exploration Target as per the ASX announcement released on the 23 November 2021 and the additional Measured, Indicated and Inferred Mineral Resources audited by SRK Consulting ("SRK") as per the ASX release on 30 March 2021. Underground access will be by twin parallel declines from surface, over a length of 2.6 km to a depth below surface of approximately 350 metres. The declines, approximately 25 metres apart along their length, are connected by three crosscuts. The West decline will be developed with a bolter-miner using continuous haulage systems to transport mined material to surface and the East decline with road-headers. The same type of equipment will be used to develop underground infrastructure including workshops and service areas such as emergency evacuation chambers, pumping stations and electrical rooms. The potash seams are constrained by a minimum mining height of around 2 metres which is consistent with the planned mining equipment. The shallow dipping seams have been detailed designed, utilising a set of two parallel roadways as the main development access, one for fresh air intake and access and the other for exhaust ventilation and both with conveyor belt materials handling systems. The mining method approach is a typical Room and Pillar ("R&P") panel layout. The room width is specified at 8 metres and the height and pillar size is determined by the total combined seam thickness, geotechnical constraints due to depth below surface and/or any equipment limitations. The more steeply inclined potash seams in the north west of the deposit required an alternative mining approach to the R&P panel layout used for the shallow dipping seams, to minimise dilution and maximise extraction, taking into consideration the geotechnical constraints and equipment limitations. For that area, a panel has been designed and the extraction ratio has been applied considering geotechnical constraints due to the seam thickness, depth below surface and/or any equipment limitations. An adaptation of the existing R&P method was considered for developing a practically achievable inclination for the roadways and mining rooms while maintaining the same production targets and utilising the same excavation, material handling and backfill approach. The Project schedule assumes that construction will commence in the first half of 2022 following the preparation for construction. The preparation for construction assumes: Agreement is reached on the construction contract and maximum price with construction partner; Successful procurement of long-lead items; The award of local town hall construction licenses; Finalisation of the debt package, that the Company is running in conjunction with Endeavour Financials. Capex: phase 1 capital expenditure of 398 million; phase 2 capital expenditure of 209 million. Given changes in the potash market and prices since October 2019 and November 2019, with prices increasing considerably, the current European delivered spot price is around 575/t and the Brazil delivered spot price is currently around USD 800/t, compared to an average price of 440/t used in this feasibility study over the life of mine. The potash prices used in the financial modelling have therefore been updated and are now based on the recently released September 2021 forecasts from the independent research company CRU Group ("CRU"). The potash price forecasts in the model are only modestly higher than those used in 2019 (440/t vs 438/t) given the long-term fundamentals of the market have not significantly changed. The potash price forecasts also include the effect of updating foreign exchange rates to reflect current levels, as potash price forecasts are expressed in US dollars as seen in Table 4 above. The salt by-product credit is based on a forecast by Argus Media's most recent salt prices and continue to reflect the commercial production of vacuum salt as well as de-icing salt. The mine gate sales price is 36/tonne for de-icing salt and 55/tonne for vacuum salt. The destination sales strategy is based on 50% of the total phase 1 and 2 production is assumed to be sold into local and regional markets, with 25% sold into northern European markets and 25% to export markets. This has not changed from the strategy used in 2019 and in clarification document published in November 2019 is unchanged. The Company reported to the market that it had received the mining concession permit in an announcement on 5 July 2021. This permit followed the positive environmental permit announced in June 2019 concludes the Government permitting process. The Company has requested the construction licences from the town halls of Sangüesa and Undués, being the two towns closest to the mine site, one in the province of Navarra and the other in Aragón, as well as licences from the water authorities. Key Risks: Key risks identified in this document included: Future conversion of additional Resources (including Inferred) and the Exploration target into Ore Reserves; Adverse movement in the potash price; Adverse movement in key operating costs; Timely project approvals by authorities; Results of future detailed engineering can be uncertain; and Project funding.