Australian Potash Limited provided the following update on the Lake Wells SOP Project (LSOP). Pump Test Program: The efficiency of a solar salt brine operation is a function of many variables, including primarily grade of contained mineral of interest, and flow rate of abstraction. A critical concentration of potassium is required to make a sulphate of potash (SOP) product, below which level the costs of abstraction render the operation unviable in most pricing environments. In a bore pumping operation, upon completion of the construction of each bore it is critical that the bore is pump tested to assess the efficiency, to determine the maximum flow rate from the bore, and provide critical input in the flow model that ultimately determines the long-term pumping rate. Initial pumping test analysis only provides a maximum rate that the bore can be pumped under prevailing conditions. The long-term maximum pumping rate will be lower due to drawdown interference from other pumped bores and boundary effects due to the size of the aquifer. The maximum flow rates are not used to determine pump sizes for permanent installation, rather the maximum rate provided by an initial test pumping analysis provides an upper limit on the size of the pump. Reconciliation to the hydro model: During the Front End Engineering Design (FEED) level of optimisation, external consultants AQ2 developed a hydrogeological model for the proposed development of the LSOP1. This model is constantly updated with additional data as that data is generated in the field. Short term pumping testing allows the reconciliation of the modelled early-time flow rate at each bore to the actual early-time flow rate likely to be recorded in operations. It is very encouraging to see evidence from short term testing consistent with the currently modelled flow rates. 3-Month Outlook: Commercial banks' credit approvals process finalisation; documentary close on syndicated debt facility; Bore drilling and development to continue with a target of between 30% and 50% of the borefield by volume developed through First Quarter 2022; Short term pumping testing to continue, with a transition to extended testing towards the end of Fourth Quarter 2021/beginning of First Quarter 2022; Processing test-work program to be accelerated to facilitate detailed vessel sizing and design; Capital estimates being optimised ahead of final investment decision.