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Salt Lake Potash Limited (SO4) announces interim results for the half-year

14th March 2019 / Leave a comment

AIM and ASX listed company Salt Lake Potash Limited (“SO4” or the “Company”), announces its interim results for the half-year ended 31 December 2018.

The full version of the Interim Financial Report can be viewed at www.saltlakepotash.com.au.

OPERATING AND FINANCIAL REVIEW

The Company is focussed on rapidly progressing the development of its Lake Way Project, intended to be the first salt-lake brine Sulphate of Potash (SOP) production operation in Australia. Lake Way’s location and logistical advantages make it the ideal location for the Company’s first SOP operation.

The Company’s long term plan is to develop an integrated SOP operation, producing from a number (or all) of its nine salt lakes. Salt Lake Potash will progressively explore each of the lakes with a view to estimating resources for each lake, and determining the development potential. Exploration of the lakes will be prioritised based on likely transport costs, scale, permitting pathway and brine chemistry.

HIGHLIGHTS

Highlights during and subsequent to the half-year ended 31 December 2018 included:

Key Appointments Enhance Senior Project Development Team

Highly regarded mining executive Tony Swiericzuk commenced as Managing Director and Chief Executive Officer of Salt Lake Potash effective 5 November 2018
Three proven mining executives join Salt Lake Potash as leaders in the project development team:
- Peter Cardillo as Project Director – Processing and NPI
- Lloyd Edmunds as Project Director – Civil
- Stephen Cathcart as Project Director – Technical
These appointments, along with other recent additions to the project execution team, bring diversified technical/studies, approvals, construction, operations and process infrastructure experience to the Company as it moves into rapid project development phase

Key Approval Obtained and Construction of Lake Way Ponds Commences

Mining Proposal and Project Management Plans for the First Phase of the Lake Way Evaporation Ponds (Lake Way Ponds) approved by the Department of Mines, Industry Regulation and Safety (DMIRS)
Approval received from Department of Water and Environmental Regulation (DWER) for construction and operation of the Lake Way Ponds and de-watering of the Williamson Pit
Site support infrastructure is in place and construction of the Lake Way Ponds has now commenced

Native Title Land Access and Exploration Agreement Executed for Lake Way

Salt Lake Potash and Tarlka Matuwa Piarku (Aboriginal Corporation) RNTBC (TMPAC) have entered into a Native Title Land Access and Exploration Agreement for Lake Way
TMPAC consent was received for the on-lake construction of the pond system for the dewatering of the Williamson Pit at Lake Way (Lake Way Ponds)
‘Whole of Lake’ Resource Program for Lake Way Advancing
Work well advanced to enable the Company to report a Mineral Resource Estimate for the lake bed brine and the paleochannel aquifer for the 100% owned Salt Lake tenements
‘Whole of Lake’ Mineral Resource Estimate will enable the Company to examine larger production scenarios

Field Trials at Lake Way Confirm Salt Production Process

Comprehensive field evaporation trials at Lake Way are successfully producing substantial volumes of potassium Harvest Salts validating the modelled salt production process
Field evaporation trials have produced over 2 tonnes of high grade Harvest Salts at Lake Way
Over 100,000l of brine from both high grade Lake Way playa brine and the super high-grade Williamson Pit brine have been extracted for the field trial and evaporated separately. Both brines have rapidly produced quality harvest salts amenable for conversion to Sulphate of Potash (SOP)
Potassium Harvest Salts produced from the field trial will be processed at Saskatchewan Research Council (SRC), where a pilot plant will duplicate and refine the Lake Way process flow sheet, as well as producing further product samples for offtake partners

LAKE WAY PROJECT

Lake Way is located in the Northern Goldfields Region of Western Australia, less than 15km south of Wiluna. The surface area of the Lake is over 270km².

Salt Lake Potash holds five Exploration Licences (two granted and three under application) covering most of Lake Way and select areas off-lake, including the paleochannel defined by previous exploration. The northern end of the Lake is largely covered by a number of Mining Leases, held by Blackham Resources Limited (Blackham), the owner of the Wiluna Gold Mine.

The Company’s Memorandum of Understanding with Blackham (see ASX Announcement dated 12 March 2018) allows for an expedited path to development at Lake Way.

Lake Way has a number of compelling advantages which make it an ideal site for Salt Lake Potash’s initial SOP operation, including:

Ø Utilisation of Blackham’s existing infrastructure (including camps, power and maintenance) to accelerate development.

Ø The site has excellent freight solutions, being adjacent to the Goldfields Highway, which is permitted for heavy haulage, quad trailer road trains to the railhead at Leonora and then direct rail access to both Esperance and Fremantle Ports, or via other heavy haulage roads to Geraldton Port.

Ø The Goldfields Gas Pipeline is adjacent to Salt Lake Potash’s tenements, running past the eastern side of the Lake.

Ø Access to Blackham’s existing Mining Leases provides advanced permitting pathway for early development activity, including the construction of the Williamson Ponds.

Ø Salt Lake Potash will construct the Williamson Ponds and dewater the existing Williamson Pit on Lake Way. The pit contains an estimated 1.2GL of brine at the exceptional grade of 25kg/m³ of SOP. This brine is the ideal starter feed for evaporation ponds, having already evaporated from the normal Lake Way brine grade, which averages over 14kg/m³_.

Ø The high grade brines at Lake Way will result in lower capital and operating costs due to lower extraction and evaporation requirements.

Ø The presence of clays in the upper levels of the lake which are amenable to low cost, on-lake evaporation pond construction.

The Company is concurrently progressing the construction of the First Phase of the Lake Way Evaporation Ponds (Lake Way Ponds), whilst also rapidly advancing a ‘whole of lake’ scenario, including mineral resource estimates, permitting and approvals, pilot plant process testwork and assessment of infrastructure and logistical options.

Discussions are also ongoing with a number of offtake partners and the pilot plant process testwork currently underway will provide high-grade SOP product samples for testing by these partners.

Having completed a placement to raise $13.0 million during the period and built a team with the capability and track record of successfully developing and constructing numerous resource projects, the Company is well placed to take advantage of the benefits of the Lake Way Project and its broader portfolio of nine salt lakes.

Approvals Advancing

The Company’s Mining Proposal and Project Management Plans for the first phase of the Lake Way Ponds were approved by Department of Mines, Industry Regulation and Safety (DMIRS) during the period, and subsequent to the period end, the Company also received approval from Department of Water and Environmental Regulation (DWER) for the Part V works approval for construction and operation of the Lake Way Ponds and de-watering of the Williamson Pit. These works include the construction of operational scale evaporation ponds and associated infrastructure including pond trenching to provide brine conditioning to manage the brine extracted from the Williamson Pit.

Salt Lake Potash has previously received environmental approval from the DMIRS to construct ponds totalling up to 133Ha (the Williamson Ponds), as well as ancillary infrastructure.

The Lake Way Ponds will be the first operational scale SOP evaporation ponds built on a salt lake in Australia – an important part of the staged de-risking and development at Lake Way and across the Company’s portfolio of salt lakes in the Northern Goldfields Region.

A series of studies commenced during the period in support of the ongoing environmental approvals. These include flora and fauna surveys, climatology and hydrologic assessment, flood modelling and geotechnical investigations.

Native Title Land Access and Exploration Agreement

In December 2018, the Company signed a Native Title Land Access and Brine Minerals Exploration Agreement (the Agreement) with Tarlka Matuwa Piarku (Aboriginal Corporation) RNTBC (TMPAC) covering the Lake Way Project area.

TMPAC entered into the Agreement with Salt Lake Potash on behalf of the Wiluna People who are the recognised Native Title Holders of the land covering the Lake Way Project area. TMPAC also provided consent for the total area required for the construction and operation of the Williamson Ponds.

The signing of the Agreement with TMPAC and receipt of TMPAC’s consent for the Williamson Ponds is a major milestone in the development of the Lake Way Project and positions Salt Lake Potash to accelerate the works program for the Williamson Ponds.

Mineral Resource Program

The Company reported a maiden Mineral Resource Estimate for Lake Way (Blackham tenements only) in July 2018.

Total Mineral Resource Estimate (Blackham tenements only)

Sediment Hosted Brine – Indicated (94%)

Playa Area	Lakebed Sediment Volume	Brine Concentration			Mineral Tonnage Calculated from Total Porosity			Mineral Tonnage Calculated from Drainable Porosity
		K	Mg	SO₄	Total Porosity	Brine Volume	SOP Tonnage	Drainable Porosity	Brine Volume	SOP Tonnage
(km²)	(Mm³)	(kg/m³)	(kg/m³)	(Kg/m³)		(Mm³)	(kt)		(Mm³)	(kt)
55.4	290	6.9	7.6	28.3	0.43	125	1,900	0.11	31.9	490

Williamson Pit Brine – Measured (6%)

Brine Volume (Mm³)	Potassium Conc. (kg/m³)	Magnesium Conc. (kg/m³)	Sulphate Conc. (kg/m³)	SOP Tonnage (kt)
1.26	11.4	14.47	48	32

Work progressed during the period to enable the Company to estimate a ‘whole of lake’ Mineral Resource Estimate, including the remaining playa surface covered by Salt Lake Potash’s tenements and the paleochannel aquifer, which were not considered as part of the initial Mineral Resource estimate and provide significant short term upside to increase resources at Lake Way.

Estimation of a ‘whole of lake’ resources will enable the Company to consider larger production scenarios for Lake Way.

Civil Construction – On-Lake Infrastructure

During the period, the Company progressed on-lake development with completion of the detailed design for the first phase of Lake Way Evaporation Ponds (Lake Way Ponds) that will enable the dewatering of the high grade Lake Way Williamson Pit brine. This early works program will allow the fast-tracking of harvest salts in readiness for process plant commissioning.

Detailed engineering works during the period for the Lake Way Ponds included further analysis of strength and permeability characteristics of lakebed sediments, and geotechnical parameters for final pond analysis and design. Other geotechnical design work undertaken included Cone Penetration Test (CPT) data analysis, trafficability assessment, access road analysis, seepage models, borrow pit assessments and development of the pond construction methodology.

Surveying contractor, AAM Group set out the Williamson Pond design in readiness for construction commencement and also completed the Light Detection and Ranging (LiDAR) topographical survey flyover for the larger ‘whole of lake’ scenario.

The Company mobilised initial construction equipment to Lake Way in December 2018, with site support infrastructure at Lake Way installed enabling an immediate start on the construction works.

Salt Lake Potash is undertaking a wet hire and self-perform model for the construction of the Lake Way Ponds. This construction model allows a fast track mobilisation and execution of the works, whilst providing the Company with critical hands on experience allowing testing and validating of all design criteria to de-risk the future on-lake construction.

The construction of the initial Lake Way ponds is planned to be completed by the end of Q2 2019. The de-watering of the 1.2GL of Williamson Pit brine is expected to commence towards the end of Q2 2019.

The Company has also sort Expressions of Interest (EOI) from key civil contractors to participate in an Early Contractor Involvement (ECI) process for the larger ‘whole of lake’ development. To date, the Company has received positive feedback and acceptance from a number of major civil contractors.

Process Testwork

Comprehensive field evaporation trials at Lake Way continued to successfully produce substantial volumes of potassium Harvest Salts validating the modelled salt production process.

The Lake Way Site Evaporation Trial (SET) was established in May/June 2018 and initial brine feed was gradually introduced from both the Williamson Pit and the Lake Way playa.

The Lake Way SET has already produced over 2 tonnes of Potassium Harvest Salts (1.8 tonnes Lake Way Playa and 0.4 tonnes of Williamson Pit) and a further 5 tonnes are forecast to be harvested during ongoing evaporation trials.

From the test work to date, the Williamson Pit and the Lake Way Playa brines have produced excellent high grade Harvest Potassium Salts with an exceptional K grade of up to 10% and an overall high average K grade of 6.8%. This aligns very well with the grades that were observed during the Lake Wells SET’s.

This provides the Company with confidence that the Lake Way production model, process flowsheet and Harvest Salt product will produce a final high grade SOP product in line with the world leading SOP product of 53% K2O produced at Lake Wells.

The Company has engaged the world’s leading potash processing laboratory, Saskatchewan Research Council (SRC), to establish a pilot plant based on the process flow sheet for the Lake Way Project. The initial batch of harvest salts from Lake Way has been delivered to SRC and testwork is underway.

The pilot plant will validate and refine the Lake Way process flowsheet and also produce high-grade SOP product samples for offtake partners.

CORPORATE

During the period, the Company completed a placement to existing and new institutional and sophisticated investors in Australia and overseas for 31.0 million new ordinary shares of the Company, to raise gross proceeds of $13,000,000 (Placement).

The cornerstone investor for the Placement was a significant international investment fund. Directors and senior management subscribed for a total of 2.4 million shares in the Placement, including 950,000 shares by the CEO, Mr Tony Swiericzuk, and 750,000 shares by the Company’s Chairman, Mr Ian Middlemas, which were issued in January 2019 following shareholder approval.

Proceeds from the Placement are being used to fund construction of the Lake Way Ponds and dewatering of the Williamson Pit, as well as ongoing development of on-lake infrastructure, exploration and feasibility studies, and general working capital.

Having successfully raised the funds for project development at Lake Way, the Company significantly accelerated its activity and expenditure.

Results of Operations

Net loss after tax for the half year ended 31 December 2018 was $5,809,606 (31 December 2017: $5,354,804).

(i) Exploration and evaluation expenses were $4,696,515 (31 December 2017: $4,549,568), which is attributable to the Group’s accounting policy of expensing exploration and evaluation expenditure incurred by the Group subsequent to the acquisition of the rights to explore and up to the final investment decision to commence construction for each separate area of interest; and

(ii) Business development expenses increased to $481,343 (31 December 2017: $374,784) which is attributable to additional business development and investor relations activities required to support the growth and development of the Lake Way Project and the Company’s broader portfolio of Lakes.

Financial Position

At 31 December 2018, the Company had cash reserves of $12.0 million (30 June 2018: $5.7 million) and net assets of $13.5 million (30 June 2018: $7.0 million). The Company is in a financial position to conduct its current and planned exploration and development activities.

SIGNIFICANT POST BALANCE DATE EVENTS

Other than as disclosed below, at the date of this report there were no significant events occurring after balance date requiring disclosure.

On 9 January 2019, the Company successfully completed the final tranche of its $13,000,000 capital raising. The final tranche has resulted in 750,000 shares being issued to Chairman Mr Ian Middlemas and 950,000 shares being issued to CEO Mr Tony Swiericzuk at $0.42 following shareholder approval on 20 December 2018. These funds will contribute to the construction of the Williamson Ponds and dewatering of the Williamson Pit, as well as ongoing development of on-lake infrastructure, exploration and feasibilities studies, and general working capital.

AUDITOR’S INDEPENDENCE DECLARATION

Section 307C of the Corporations Act 2001 requires our auditors, Ernst & Young, to provide the directors of Salt Lake Potash Limited with an Independence Declaration in relation to the review of the half year financial report. This Independence Declaration is attached to and forms part of this Directors’ Report.

Signed in accordance with a resolution of the Directors.

TONY SWIERICZUK

CEO & Managing Director

14 March 2019

Competent Persons Statement

The information in this announcement that relates to Process Testwork Results is extracted from the report entitled ‘Field Trials at Lake Way Confirm Salt Production Process’ dated 29 January 2019. This announcement is available to view on www.saltlakepotash.com.au. The information in the original ASX Announcement that related to Process Testwork Results was based on, and fairly represents, information compiled by Mr Bryn Jones, BAppSc (Chem), MEng (Mining) who is a Fellow of the AusIMM. Mr Jones is a Director of Salt Lake Potash Limited. Mr Jones has sufficient experience, which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking, to qualify as a Competent Person as defined in the 2012 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Salt Lake Potash Limited confirms that it is not aware of any new information or data that materially affects the information included in the original market announcement. Salt Lake Potash Limited confirms that the form and context in which the Competent Person’s findings are presented have not been materially modified from the original market announcement.

The information in this Announcement that relates to Mineral Resources is extracted from the report entitled ‘Scoping Study for Low Capex, High Margin Demonstration Plant at Lake Way’ dated 31 July 2018. This announcement is available to view on www.saltlakepotash.com.au. The information in the original ASX Announcement that related to Mineral Resources was based on, and fairly represents, information compiled by Mr Ben Jeuken, who is a member Australian Institute of Mining and Metallurgy and a member of the International Association of Hydrogeologists. Mr Jeuken is employed by Groundwater Science Pty Ltd, an independent consulting company. Mr Jeuken has sufficient experience, which is relevant to the style of mineralisation and type of deposit under consideration and to the activity, which he is undertaking to qualify as a Competent Person as defined in the 2012 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Salt Lake Potash Limited confirms that it is not aware of any new information or data that materially affects the information included in the original market announcement and, in the case of estimates of Mineral Resources, that all material assumptions and technical parameters underpinning the estimates in the relevant market announcement continue to apply and have not materially changed. Salt Lake Potash Limited confirms that the form and context in which the Competent Person’s findings are presented have not been materially modified from the original market announcement.

DIRECTORS’ DECLARATION

In the opinion of the Directors of Salt Lake Potash Limited:

1. the interim consolidated financial statements comprising the statement of profit or loss and other comprehensive income, statement of financial position, statement of cash flows, statement of changes in equity and notes set out on pages 13 to 21 are in accordance with the Corporations Act 2001 including:

i) giving a true and fair view of the financial position of the consolidated entity as at 31 December 2018 and of its performance and cash flows for the six months ended on that date; and

ii) complying with Australian Accounting Standard AASB 134 Interim Financial Reporting and Corporations Regulations 2001; and

2. there are reasonable grounds to believe that the Company will be able to pay its debts as and when they become due and payable.

Signed in accordance with a resolution of Directors:

TONY SWIERICZUK

CEO & Managing Director

14 March 2019

CONSOLIDATED STATEMENT OF PROFIT

OR LOSS AND OTHER COMPREHENSIVE INCOME

FOR THE HALF YEAR ENDED 31 DECEMBER 2018

		31 December 2018	31 December 2017
	Notes	$	$

Finance income		38,800	145,705
Research and development rebate		–	456,709
Exploration and evaluation expenses		(4,696,515)	(4,549,568)
Corporate and administrative expenses		(626,786)	(448,894)
Business development expenses		(481,343)	(374,784)
Share based payments expenses		(43,762)	(583,972)
Loss before tax		(5,809,606)	(5,354,804)
Income tax expense		–	–
Loss for the period		(5,809,606)	(5,354,804)
Other comprehensive income Items that may be reclassified subsequently to profit or loss:
Exchange differences arising during the period		–	–
Other comprehensive (loss)/ income for the period, net of tax		–	–
Total comprehensive loss for the period		(5,809,606)	(5,354,804)
Basic and diluted loss per share attributable to the ordinary equity holders of the company (cents per share)		(3.18)	(3.10)

The above Consolidated Statement of Profit or Loss and other Comprehensive Income
should be read in conjunction with the accompanying notes.

CONSOLIDATED STATEMENT OF

FINANCIAL POSITION

AS AT 31 DECEMBER 2018

	Notes	31 December 2018 $	30 June 2018 $

ASSETS
Current Assets
Cash and cash equivalents		12,028,224	5,709,446
Trade and other receivables		211,633	227,273
Total Current Assets		12,239,857	5,936,719

Non-Current Assets
Security deposits		65,583	–
Property, plant and equipment		601,155	535,344
Exploration and evaluation expenditure	3	2,276,736	2,276,736
Total Non-Current Assets		2,943,474	2,812,080
TOTAL ASSETS		15,183,331	8,748,799

LIABILITIES
Current Liabilities
Trade and other payables		1,470,984	1,620,527
Finance lease		11,829	11,829
Provisions	4	103,827	57,462
Total Current Liabilities		1,586,640	1,689,818

Non-Current Liabilities
Finance lease		33,077	38,992
Provisions	4	24,327	–
Total Non-Current Liabilities		57,404	38,992
TOTAL LIABILITIES		1,644,044	1,728,810
NET ASSETS		13,539,287	7,019,989

EQUITY
Contributed equity	5	135,205,595	123,501,153
Shares to be issued	6	715,000	–
Reserves	7	2,015,348	2,105,886
Accumulated losses		(124,396,656)	(118,587,050)
TOTAL EQUITY		13,539,287	7,019,989

The above Consolidated Statement of Financial Position should be read in conjunction with the accompanying notes.

CONSOLIDATED STATEMENT

OF CHANGES IN EQUITY

FOR THE HALF YEAR ENDED 31 DECEMBER 2018

CONSOLIDATED	Contributed Equity $	Share- Based Payment Reserve $	Shares to be Issued $	Accumulated Losses $	Total Equity $
Balance at 1 July 2018	123,501,153	2,105,886	–	(118,587,050)	7,019,989
Net loss for the period	–	–	–	(5,809,606)	(5,809,606)
Total comprehensive loss for the period	–	–	–	(5,809,606)	(5,809,606)

Transactions with owners, recorded directly in equity
Shares issued from placement	12,285,000	–	715,000	–	13,000,000
Shares issued in lieu of fees	134,300	–	–	–	134,300
Share based payment expense	–	(90,538)	–	–	(90,538)
Share issue costs	(714,858)	–	–	–	(714,858)
Balance at 31 December 2018	135,205,595	2,015,348	715,000	(124,396,656)	13,539,287

Balance at 1 July 2017	123,484,561	821,824	–	(107,259,942)	17,046,443
Net loss for the period	–	–	–	(5,354,804)	(5,354,804)
Total comprehensive loss for the period	–	–	–	(5,354,804)	(5,354,804)

Transactions with owners, recorded directly in equity
Shares issued in lieu of fees	18,476	–	–	–	18,476
Share based payment expense	–	583,972	–	–	583,972
Share issue costs	(1,884)	–	–	–	(1,884)
Balance at 31 December 2017	123,501,153	1,405,796	–	(112,614,746)	12,292,203

The above Consolidated Statement of Changes in Equity should be read in conjunction with the accompanying notes.

CONSOLIDATED STATEMENT OF

CASH FLOWS

FOR THE HALF YEAR ENDED 31 DECEMBER 2018

	31 December 2018 $	31 December 2017 $

Cash flows from operating activities
Payments to suppliers and employees	(5,768,638)	(5,594,353)
Research and development rebate received	–	456,709
Exploration investment scheme received	–	30,000
Interest received	52,851	133,705
Net cash outflow from operating activities	(5,715,787)	(4,973,939)

Cash flows from investing activities
Payments for property, plant and equipment	(244,662)	(83,030)
Net cash outflow from investing activities	(244,662)	(83,030)

Cash flows from financing activities
Finance lease payments	(5,914)	–
Proceeds from the issue of shares	13,000,000	–
Transaction costs from the issue of shares	(714,858)	(40,222)
Net cash inflow/(outflow) from financing activities	12,279,228	(40,222)

Net increase/(decrease) in cash and cash equivalents held	6,318,778	(5,097,191)
Cash and cash equivalents at the beginning of the half year	5,709,446	15,596,759
Cash and cash equivalents at the end of the half year	12,028,224	10,499,568

The above Consolidated Statement of Cash Flows should be read in conjunction with the accompanying notes.

NOTES TO THE FINANCIAL STATEMENTS

FOR THE HALF YEAR ENDED 31 DECEMBER 2018

1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

(a) Statement of Compliance

The interim condensed consolidated financial statements of the Group for the half year ended 31 December 2018 were authorised for issue in accordance with the resolution of the directors on 7 March 2019.

The interim condensed consolidated financial statements for the half year reporting period ended 31 December 2018 have been prepared in accordance with Accounting Standard AASB 134 Interim Financial Reporting and the Corporations Act 2001.

This half year financial report does not include all the notes of the type normally included in an annual financial report. Accordingly, this report is to be read in conjunction with the annual report of Salt Lake Potash Limited for the year ended 30 June 2018 and any public announcements made by Salt Lake Potash Limited and its controlled entities during the half year reporting period in accordance with the continuous disclosure requirements of the Corporations Act 2001.

(b) Basis of Preparation of Half Year Financial Report

The financial statements have been prepared on an accruals basis and are based on historical cost. All amounts are presented in Australian dollars.

The interim condensed consolidated financial statements for the half year have been prepared on a going concern basis which assumes the continuity of normal business activity and the realisation of assets and the settlement of liabilities in the ordinary course of business.

For the half year ended 31 December 2018, the Consolidated Entity incurred a net loss of $5,809,606 (31 December 2017: $5,354,804) and experienced net cash outflows from operating and investing activities of $5,960,449 (2017: $5,056,969). As at 31 December 2018, the Group had cash and cash equivalents of $12,028,224 (30 June 2018: $5,709,446) and net current assets of $10,653,217 (2017: $4,246,901).

The Company is rapidly progressing the development of the Lake Way Project and plans to raise additional funding, which may include debt and/or equity, within the next 12 months to fund these activities. The Company has sufficient funds to meet currently committed expenditure but in order to progress development and construction, it requires additional funds.

The Directors are confident that they will be able to raise additional funding as and when required to enable the Consolidated Entity to meet its obligations as and when they fall due, and have been involved in a number of recent successful capital raisings to fund development activities for the Company and other listed resource companies. Accordingly, they consider that it is appropriate to prepare the financial statements on the going concern basis.

Should the Consolidated Entity be unable to raise additional funding as and when required, uncertainty would exist that may cast doubt on the ability of the Consolidated Entity to continue as a going concern. These consolidated financial statements do not include any adjustments relating to the recoverability and classification of recorded asset amounts, or to the amounts and classification of liabilities that might be necessary should the Consolidated Entity be unable to continue as a going concern.

In the current period, the Group has adopted all of the new and revised standards, interpretations and amendments that are relevant to its operations and effective for annual reporting periods beginning on or after 1 July 2018. The adoption of new and revised standards and amendments has not affected the amounts reported for the current or prior half-year periods, however the Company has set out below the main changes due to the adoption of AASB 9.

AASB 9 Financial Instruments

The Company has adopted AASB 9 from 1 July 2018 which have resulted in changes to accounting policies and the analysis for possible adjustments to amounts recognised in the Interim Financial Reports. In accordance with the transitional provisions in AASB 9, the reclassifications and adjustments are not reflected in the balance sheet as at 30 June 2018 but recognised in the opening balance sheet as at 1 July 2018. As per the new impairment model introduced by AASB 9, the Company has not recognised a loss allowance on trade and other receivables.

i) Classification and Measurement

On 1 July 2018, the Company has assessed which business models apply to the financial instruments held by the Company and have classified them into the appropriate AASB 9 categories. The main effects resulting from this reclassification are shown in the table below.

On adoption of AASB 9, the Company classified financial assets and liabilities as subsequently measured at either amortised cost or fair value, depending on the business model for those assets and on the asset’s contractual cash flow characteristics. There were no changes in the measurement of the Company’s financial instruments.

There was no impact on the statement of comprehensive income or the statement of changes in equity on adoption of AASB 9 in relation to classification and measurement of financial assets and liabilities.

The following table summarises the impact on the classification and measurement of the Group’s financial instruments at 1 July 2018:

Presented in statement of financial position	Financial Asset	AASB 139	AASB 9	Reported $	Restated $
Cash and cash equivalents	Bank deposits	Loans and receivables	Amortised Cost	No change	No change
Trade and other receivables/payables	Loans and receivables	Loans and receivables	Amortised Cost	No change	No change

ii) Impairment

AASB 9 introduces a new expected credit loss (“ECL”) impairment model that requires the Company to adopt an ECL position across the Company’s financial assets at 1 July 2018. The Company’s receivables balance consists of GST refunds from the Australian Tax Office and interest receivables from recognised Australian banking institutions. While cash and cash equivalents are also subject to the impairment requirements of AASB 9, an impairment loss would be considered immaterial.

The loss allowances for financial assets are based on the assumptions about risk of default and expected loss rates. The Company uses judgement in making these assumptions and selecting the inputs to the impairment calculation, based on the Company’s past history, existing market conditions as well as forward looking estimates at the end of each reporting period. Given the Company’s receivables are from the Australian Tax Office and recognised Australian banking institutions, the Company has assessed that the risk of default is minimal and as such, no impairment loss has been recognised against these receivables as at 31 December 2018.

The Group has not early adopted any other standard, interpretation or amendment that has been issued but is not yet effective.

(d) Issued Standards and Interpretations not early adopted

Australian Accounting Standards and Interpretations that have recently been issued or amended but are not yet effective have not been adopted by the Company for the reporting period ended 31 December 2018. Those which may be relevant to the Company are set out below, and are not expected to have any significant impact on the Company’s financial statements.

AASB 16 Leases

AASB 16 Leases will replace existing accounting requirements for leases under AASB 117 Leases. Under current requirements, leases are classified based on their nature as either finance leases which are recognised on the Statement of Financial Position, or operating leases, which are not recognised on the Statement of Financial Position.

Under AASB 16 Leases, the Company’s accounting for operating leases as a lessee will result in the recognition of a right-of-use (ROU) asset and an associated lease liability on the Statement of Financial Position. The lease liability represents the present value of future lease payments, with the exception of short-term and low value leases. An interest expense will be recognised on the lease liabilities and a depreciation charge will be recognised for the ROU assets. There will also be additional disclosure requirements under the new standard.

The Company will initially apply AASB 16 on 1 July 2019, using the modified retrospective approach. Therefore, the cumulative effect of adopting AASB 16 will be recognised as an adjustment to the opening balance of retained earnings at 1 July 2019, with no restatement of comparative information.

When applying the modified retrospective approach to leases previously classified as operating leases under AASB 117, the Company can elect, on a lease-by-lease basis, whether to apply a number of practical expedients on transition. The Company is assessing the potential impact of using these practical expedients.

The Company is yet to complete its assessment of the impact of AASB 16, however given the limited number of leases it has at 31 December 2018, the impact is not expected to be significant. The actual impact of applying AASB 16 on the financial statements in the period of initial application will depend however on future economic conditions, including the Company’s borrowing rate, the composition of the Company’s lease portfolio, the extent to which the Company elects to use practical expedients and recognition exemptions, and the new accounting policies, which are subject to change until the Company presents its first financial statements that include the date of initial application.

2. OPERATING SEGMENTS

AASB 8 requires operating segments to be identified on the basis of internal reports about components of the Consolidated Entity that are regularly reviewed by the chief operating decision maker in order to allocate resources to the segment and to assess its performance.

The Consolidated Entity operates in one segment, being mineral exploration. This is the basis on which internal reports are provided to the Directors for assessing performance and determining the allocation of resources within the Consolidated Entity.

3. EXPLORATION AND EVALUATION

	31 December 2018 $	30 June 2018 $
(a) Areas of Interest
SOP Project	2,276,736	2,276,736
Carrying amount at end of period ¹	2,276,736	2,276,736

(b) Reconciliation
Carrying amount at start of period	2,276,736	2,276,736
Impairment losses	–	–
Carrying amount at end of period ¹	2,276,736	2,276,736

Note:

¹ The ultimate recoupment of costs carried forward for exploration and evaluation is dependent on the successful development and commercial exploitation or sale of the respective areas of interest.

SOP Project

Salt Lake holds a number of large salt lake brine projects (Projects) in Western Australia and the Northern Territory, each having potential to produce highly sought after Sulphate of Potash (SOP) for domestic and international fertiliser markets.

4. PROVISIONS

	31 December 2018 $	30 June 2018 $
(a) Current Liabilities – Provisions
Onerous lease	67,607	–
Annual leave	36,220	57,462
Total Current Liabilities	103,827	57,462

(b) Non-Current Liabilities
Onerous lease	24,327	–
Total Non-Current Liabilities	24,327	–

Onerous lease

During the period, the Company relocated its head office to accommodate a larger work force as the Company rapidly pursues development of the Lake Way Project. Due to this, a pre-existing lease is currently vacant as the Company considers options to sublet the leasehold area. The Company has recognised a Provision for Onerous Lease over the remaining term of the lease contract as identified above, less the amount the Company expects to receive through sub-letting.

5. CONTRIBUTED EQUITY

	31 December 2018 $	30 June 2018 $
(a) Share Capital
204,568,200 (30 June 2018:175,049,596) Ordinary Shares	135,205,595	123,501,153
	135,205,595	123,501,153

(b) Movement in Share Capital during the past six months

		Number of Ordinary Shares	Issue Price $	$

1 Jul 18	Opening Balance	175,049,596		123,501,153
16 Nov 18	Placement	29,035,714	0.42	12,195,000
20 Nov 18	Placement	214,286	0.42	90,000
31 Dec 18	Share issue¹	268,604	0.50	134,300
Nov 18 to Dec 18	Placement costs	–	–	(714,858)
31 Dec 18	Closing balance	204,568,200	–	135,205,595

Note:

1. Issued to employees and consultants of the Company in lieu of fees.

6. SHARES TO BE ISSUED

31 December

2018
$

30 June

2018
$

Shares to be issued

715,000

–

715,000

–

The Company completed the second tranche of a placement on 9 January 2019 with the issue of shares to Directors of the Company following shareholder approval. Shares to be issued represents the subscriptions funds received in respect of the placement before the balance date.

7. RESERVES

Notes

31 December

2018
$

30 June

2018
$

Share-based payment reserve

7(a)

2,015,348

2,105,886

2,015,348

2,105,886

(a) Movement in share-based payment reserve during the past six months

Date	Details	Number of Performance Rights	Number of Performance Shares	Number of Unlisted Options	$
1 Jul 18	Opening Balance	5,400,000	22,500,000	4,400,000	2,105,886
2 Nov 18	Issue of Performance Rights	7,266,258	–	–	–
2 Nov 18	Issue of Incentive Options	–	–	5,000,000	–
31 Dec 18	Issue of Performance Rights	10,781,258	–	–	–
31 Dec 18	Issue of Incentive Options	–	–	2,450,000	–
31 Dec 18	Cancellation/Expiry of Performance Rights	(2,352,500)	–	–	(984,383)
31 Dec 18	Expiry of Performance Shares	–	(5,000,000)	–	–
Jul – Dec 18	Share Based Payments Expense	–	–	–	893,845
31 Dec 2018	Closing Balance	21,095,016	17,500,000	11,850,000	2,015,348

8. SHARE-BASED PAYMENTS

For the six months end 31 December 2018, the Group recognised $43,762 in share-based payments expenses in the statement of profit or loss (31 December 2017: $583,972) following the issue of shares to employees and consultants in lieu of payment of remuneration and fees totalling $134,300, and expensing the fair value of equity instruments (options and performance rights) over the vesting period totalling $893,845. This expense was partially offset by the expiry/cancellation of unvested performance rights and performance shares totalling ($984,383).

(a) Options

During the current period 7,450,000 incentive options were granted consisting of 5,000,000 granted on 2 November 2018 (Series 1 – Series 3) and 2,450,000 granted on 31 December 2018 (Series 4 – Series 6). The fair value of the equity-settled incentive options granted is estimated as at the date of grant using the Binomial option valuation model taking into account the terms and conditions upon which the options were granted.

Inputs	Series 1	Series 2	Series 3
Exercise price	$0.60	$1.00	$1.20
Grant date share price	$0.470	$0.470	$0.470
Dividend yield ¹	–	–	–
Volatility ²	70%	70%	70%
Risk-free interest rate	2.32%	2.32%	2.32%
Grant date	2-Nov-18	2-Nov-18	2-Nov-18
Expiry date	1-Nov-23	1-Nov-23	1-Nov-23
Expected life of option ³	5.00 years	5.00 years	5.00 years
Fair value at grant date	$0.253	$0.200	$0.181

Inputs	Series 4	Series 5	Series 6
Exercise price	$0.60	$1.00	$1.20
Grant date share price	$0.460	$0.460	$0.460
Dividend yield ¹	–	–	–
Volatility ²	70%	70%	70%
Risk-free interest rate	2.10%	2.10%	2.10%
Grant date	31-Dec-18	31-Dec-18	31-Dec-18
Expiry date	1-Nov-23	1-Nov-23	1-Nov-23
Expected life of option ³	4.84 years	4.84 years	4.84 years
Fair value at grant date	$0.240	$0.187	$0.169

Notes:

¹ The dividend yield reflects the assumption that the current dividend payout will remain unchanged.

² The expected volatility reflects the assumption that the historical volatility is indicative of future trends, which may not necessarily be the actual outcome.

³ The expected life of the options is based on the expiry date of the options as there is limited track record of the early exercise of options.

(b) Performance Rights

During the current period 18,047,516 performance rights were granted consisting of 7,266,258 granted on 2 November 2018 (Series 1 – Series 5) and 10,781,258 granted on 31 December 2018 (Series 6 – Series 15). The fair value of performance rights granted is estimated as at the date of grant based on the underlying share price. The table below lists the inputs to the valuation model used for the performance rights granted by the Group:

Inputs	Series 1	Series 2	Series 3	Series 4	Series 5
Milestones	Short Term Incentive	Trench/Pond Construction	Plant Construction	Plant Commissioning	Nameplate Capacity
Exercise price	–	–	–	–	–
Grant date share price	$0.470	$0.470	$0.470	$0.470	$0.470
Grant date	2-Nov-18	2-Nov-18	2-Nov-18	2-Nov-18	2-Nov-18
Expiry date	31-Jul-19	1-Nov-20	1-Nov-21	1-Nov-22	1-Nov-23
Expected life ¹	0.74 years	2.00 years	3.00 years	4.00 years	5.00 years
Fair value at grant date ²	$0.470	$0.470	$0.470	$0.470	$0.470

Inputs	Series 6	Series 7	Series 8	Series 9	Series 10
Milestones	Short Term Incentive	Trench/Pond Construction	Plant Construction	Plant Commissioning	Nameplate Capacity
Exercise price	–	–	–	–	–
Grant date share price	$0.460	$0.460	$0.460	$0.460	$0.460
Grant date	31-Dec-18	31-Dec-18	31-Dec-18	31-Dec-18	31-Dec-18
Expiry date	31-Jul-19	1-Nov-20	1-Nov-21	1-Nov-22	1-Nov-23
Expected life ¹	0.58 years	1.84 years	2.84 years	3.84 years	4.84 years
Fair value at grant date ²	$0.460	$0.460	$0.460	$0.460	$0.460

Inputs	Series 11	Series 12	Series 13	Series 14	Series 15
Milestones	Advanced Schedule	Reduced Capex	Lake Way Application	Lake Wells Application	Financing Milestone
Exercise price	–	–	–	–	–
Grant date share price	$0.460	$0.460	$0.460	$0.460	$0.460
Grant date	31-Dec-18	31-Dec-18	31-Dec-18	31-Dec-18	31-Dec-18
Expiry date	31-Dec-21	31-Dec-21	31-Dec-19	31-Dec-20	30-Jun-20
Expected life ¹	3.00 years	3.00 years	1.00 years	2.00 years	1.50 years
Fair value at grant date ²	$0.460	$0.460	$0.460	$0.460	$0.460

Notes:
¹The expected life of the Performance Rights is based on the expiry date of the performance rights as there is limited track record of the early conversion of performance rights.
²The fair value of Performance Rights granted is estimated as at the date of grant based on the underlying share price (being the closing share price at the date of issuance).

9. COMMITMENTS AND CONTINGENCIES

Management have identified the following material commitments for the consolidated group as at 31 December 2018:

	31 December 2018	30 June 2018
	$	$

Finance lease commitments
Within one year	11,829	11,829
Later than one year but not later than five years	33,077	38,992
	44,906	50,821

Operating lease commitments
Within one year	408,184	200,018
Later than one year but not later than five years	374,011	113,419
	782,195	313,437

Exploration commitments
Within one year	3,817,500	1,896,500
Later than one year but not later than five years	–	–
	3,817,500	1,896,500

10. DIVIDENDS PAID OR PROVIDED FOR

No dividend has been paid or provided for during the half year ended 31 December 2018 (31 December 2017: nil).

11. FINANCIAL INSTRUMENTS

Fair Value Measurement

At 31 December 2018, the Group had no material financial assets and liabilities that are measured at fair value on a recurring basis and at 31 December 2018, the carrying amount of financial assets and financial liabilities for the Group is considered to approximate their fair values.

12. SUBSEQUENT EVENTS AFTER BALANCE DATE

Other than as disclosed below, at the date of this report there were no significant events occurring after balance date requiring disclosure.

The full version of the Interim Financial Report for the Half-Year Ended 31 December 2018 Report is available on the Company’s website at www.saltlakepotash.com.au

For further information please visit www.saltlakepotash.com.au or contact:

Tony Swierizcuk/Clint McGhie	Salt Lake Potash Limited	Tel: +61 8 6559 5800
Jo Battershill	Salt Lake Potash Limited	Tel: +44 (0) 20 7478 3900
Colin Aaronson/Richard Tonthat/Ben Roberts	Grant Thornton UK LLP (Nominated Adviser)	Tel: +44 (0) 20 7383 5100
Derrick Lee/Beth McKiernan	Cenkos Securities plc (Joint Broker)	Tel: +44 (0) 131 220 6939
Jerry Keen/Toby Gibbs	Shore Capital (Joint Broker)	Tel: +44 (0) 20 7468 7967

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

END

IR GLGDXLUBBGCS

Salt Lake Potash #SO4 – Jo Battershill discusses the new commercial scale Sulphate of Potash Evaporation Ponds on the Vox Markets podcast

11th March 2019 / Leave a comment

Vox Markets podcast – Jo Battershill, Corporate Executive of Salt Lake Potash #SO4 and Justin Waite discuss why the start of the construction on Australia’s First Commercial Scale Sulphate of Potash Evaporation Ponds is significant. Interview starts at 10 minutes 57 seconds.

Salt Lake Potash #SO4 -Construction Begins on Australia’s First Commercial Scale SOP Evaporation Ponds

6th March 2019 / Leave a comment

SALT LAKE POTASH LIMITED

Construction Begins on Australia’s First Commercial Scale SOP Evaporation Ponds

Highlights:

Following receipt of the final approval from the Department of Water and Environmental Regulation (DWER), construction and operation of the First Phase of Lake Way Evaporation Ponds (Lake Way Ponds) at Wiluna, Western Australia has begun
Site support infrastructure for construction of the Lake Way Ponds is in place
The Lake Way Ponds will be the first Commercial Scale on-lake Sulphate of Potash (SOP) evaporation ponds in Australia. The first phase will enable de-watering of the Lake Way Williamson Pit that contains the highest grade brine resource in Australia
The initial ponds will have the capacity to hold the Measured Resource of 1.2GL of Williamson Pit brine at an average SOP grade 25kg/m3 which contains an equivalent of 32,000 tonnes premium SOP
The utilisation of the Williamson Pit brine will accelerate Salt Lake Potash’s pathway to first production of SOP at Lake Way

Salt Lake Potash Limited (Salt Lake Potash or the Company) is pleased to announce that all permits have been received from the Department of Water and Environmental Regulation (DWER) for the Lake Way Ponds at Lake Way and construction has now commenced.

Salt Lake Potash’s Chief Executive Officer, Mr Tony Swiericzuk said: “It is a very exciting time for Salt Lake Potash as we begin construction on Australia’s first commercial scale on-lake evaporation pond system.

This is a key milestone for not only Salt Lake Potash but also for the creation of the new SOP industry within Australia.

We will continue to progress works at Lake Way on both the construction of the first phase of evaporation ponds and also on the exploration of the “whole of lake” development options which we believe will underpin a globally significant SOP operation.”

For further information please visit www.saltlakepotash.com.au or contact:

Tony Swiericzuk/Clint McGhie	Salt Lake Potash Limited	Tel: +61 8 6559 5800
Jo Battershill	Salt Lake Potash Limited	Tel: +44 (0) 754 036 6000
Colin Aaronson/Richard Tonthat/ Ben Roberts	Grant Thornton UK LLP (Nominated Adviser)	Tel: +44 (0) 20 7383 5100
Derrick Lee/Beth McKiernan	Cenkos Securities plc (Joint Broker)	Tel: +44 (0) 131 220 6939
Jerry Keen/Toby Gibbs	Shore Capital (Joint Broker)	Tel: +44 (0) 20 7468 7967

Background

Salt Lake Potash’s immediate focus is on the rapid development of the Lake Way Project, intended to be the first salt-lake brine Sulphate of Potash (SOP) production operation in Australia. Lake Way’s location and logistical advantages make it the ideal location for the Company’s first SOP operation.

Lake Way is located in the Northern Goldfields Region of Western Australia, less than 15km south of Wiluna. The surface area of the Lake is over 270km². The northern end of the Lake is largely covered by a number of Mining Leases, held by Blackham Resources Limited (Blackham), the owner of the Wiluna Gold Mine. The Company’s Memorandum of Understanding with Blackham (see ASX Announcement dated 12 March 2018) allows for an expedited path to development at Lake Way.

Lake Way Evaporation Ponds – Overview

The Company has now received final approval from DWER for the construction and operation of the initial evaporation ponds for Lake Way and de-watering of the Williamson Pit.

Site support infrastructure at Lake Way has been installed enabling an immediate start on the construction works.

Salt Lake Potash is constructing Australia’s first commercial scale on-lake evaporation ponds for a Sulphate of Potash (SOP) project at Lake Way. The initial ponds will consist of:

· Two evaporation ponds:

(i) Kainite Harvest Pond 500m x 500m (25 Ha); and

(ii) Halite Pond 2,000m x 500m (100 Ha);

· A 2km long and 4m deep trench will also be constructed running parallel to the ponds which will provide additional
brine feed into the pond network;

· A 1.4km causeway from the Williamson Pit to the Kainite Harvest Pond; and

· Associated piping and pumping infrastructure.

Design

The design of the evaporation ponds has been led by Knight Piesold, a leading global engineering and consulting firm with extensive experience in evaporation pond design.

Both evaporation ponds will include 2m high perimeter berms with internal baffles to extend the flow path of the brine movement within the pond to optimise the evaporation process.

Construction

Salt Lake Potash is undertaking a wet hire and self-perform model for the construction of the Lake Way Ponds. This construction model allows fast track mobilisation and execution of the works, whilst providing the Company with critical hands on experience allowing testing and validating of all design criteria to de-risk the future on-lake construction.

The construction works for the pond berms involves the stripping of the sandy evaporite layer of material on the lake’s surface. A key trench will then be constructed at the upstream toe of the embankment. An excavator will borrow lakebed clays from adjacent to the embankment and spread the material within the embankment footprint to form the pond berm.

The fill will be progressively spread, air dried, rotated and mixed to bring the moisture content to an optimum level. Dewatering of the borrow pits will be conducted throughout the construction process to manage saturation levels of the fill.

The works are being completed with a number of specialized pieces of civil earthmoving equipment suited to the unique conditions, including amphibious excavators and low ground pressure equipment.

The Company has also established support infrastructure on Lake Way, comprising a site office, crib room, and full mechanical workshop with canopy capable of undertaking repairs to our fleet of equipment onsite without the need for demobilization to external repair facilities.

The initial Lake Way ponds will have a volume of 1.8GL which will be capable of capturing the total Williamson Pit Measured Brine Resource (1.2GL @ 25kg/m³ SOP equivalent).

On-going Work Program

The information contained within this announcement is deemed to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014. Upon the publication of this announcement, this inside information is now considered to be in the public domain.

Competent Person Statement

The information in this Announcement that relates to Mineral Resources is extracted from the report entitled ‘Scoping Study for Low Capex, High Margin Demonstration Plant at Lake Way’ dated 31 July 2018. This announcement is available to view on www.saltlakepotash.com.au. The information in the original ASX Announcement that related to Mineral Resources was based on, and fairly represents, information compiled by Mr Ben Jeuken, who is a member of the Australian Institute of Mining and Metallurgy and a member of the International Association of Hydrogeologists. Mr Jeuken is employed by Groundwater Science Pty Ltd, an independent consulting company. Mr Jeuken has sufficient experience, which is relevant to the style of mineralisation and type of deposit under consideration and to the activity, which he is undertaking to qualify as a Competent Person as defined in the 2012 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Salt Lake Potash Limited confirms that it is not aware of any new information or data that materially affects the information included in the original market announcement and, in the case of estimates of Mineral Resources, that all material assumptions and technical parameters underpinning the estimates in the relevant market announcement continue to apply and have not materially changed. Salt Lake Potash Limited confirms that the form and context in which the Competent Person’s findings are presented have not been materially modified from the original market announcement.

Salt Lake Potash #SO4 – Holdings in Company

5th March 2019 / Leave a comment

TR-1: Standard form for notification of major holdings

NOTIFICATION OF MAJOR HOLDINGS (to be sent to the relevant issuer and to the FCA in Microsoft Word format if possible)ⁱ

1a. Identity of the issuer or the underlying issuer of existing shares to which voting rights are attachedⁱⁱ:			Salt Lake Potash Ltd
1b. Please indicate if the issuer is a non-UK issuer (please mark with an “X” if appropriate)
Non-UK issuer						x
2. Reason for the notification (please mark the appropriate box or boxes with an “X”)
An acquisition or disposal of voting rights						x
An acquisition or disposal of financial instruments
An event changing the breakdown of voting rights
Other (please specify)ⁱⁱⁱ:
3. Details of person subject to the notification obligation^iv
Name			Lombard Odier Asset Management (Europe) Limited
City and country of registered office (if applicable)			London, United Kingdom
4. Full name of shareholder(s) (if different from 3.)^v
Name			Disclosure on behalf of accounts managed on a discretionary basis by Lombard Odier Investment Managers group.
City and country of registered office (if applicable)
5. Date on which the threshold was crossed or reached^vi:			04/03/2019
6. Date on which issuer notified (DD/MM/YYYY):			05/03/2019
7. Total positions of person(s) subject to the notification obligation
	% of voting rights attached to shares (total of 8. A)	% of voting rights through financial instruments (total of 8.B 1 + 8.B 2)		Total of both in % (8.A + 8.B)	Total number of voting rights of issuer^vii
Resulting situation on the date on which threshold was crossed or reached	11.55%			11.55%	206,270,581
Position of previous notification (if applicable)	8.83%			8.83%

8. Notified details of the resulting situation on the date on which the threshold was crossed or reached^viii
A: Voting rights attached to shares
Class/type of shares ISIN code (if possible)		Number of voting rights^ix					% of voting rights
		Direct (Art 9 of Directive 2004/109/EC) (DTR5.1)		Indirect (Art 10 of Directive 2004/109/EC) (DTR5.2.1)			Direct (Art 9 of Directive 2004/109/EC) (DTR5.1)		Indirect (Art 10 of Directive 2004/109/EC) (DTR5.2.1)
AU000000SO44				23,833,501					11.55%


SUBTOTAL 8. A		23,833,501					11.55%

B 1: Financial Instruments according to Art. 13(1)(a) of Directive 2004/109/EC (DTR5.3.1.1 (a))
Type of financial instrument		Expiration date^x	Exercise/ Conversion Period^xi			Number of voting rights that may be acquired if the instrument is exercised/converted.			% of voting rights



			SUBTOTAL 8. B 1

B 2: Financial Instruments with similar economic effect according to Art. 13(1)(b) of Directive 2004/109/EC (DTR5.3.1.1 (b))
Type of financial instrument	Expiration date^x		Exercise/ Conversion Period ^xi		Physical or cash settlement^xii			Number of voting rights	% of voting rights



					SUBTOTAL 8.B.2

9. Information in relation to the person subject to the notification obligation (please mark the applicable box with an “X”)
Person subject to the notification obligation is not controlled by any natural person or legal entity and does not control any other undertaking(s) holding directly or indirectly an interest in the (underlying) issuer^xiii				X
Full chain of controlled undertakings through which the voting rights and/or the financial instruments are effectively held starting with the ultimate controlling natural person or legal entity^xiv(please add additional rows as necessary)
Name^xv	% of voting rights if it equals or is higher than the notifiable threshold	% of voting rights through financial instruments if it equals or is higher than the notifiable threshold	Total of both if it equals or is higher than the notifiable threshold






10. In case of proxy voting, please identify:
Name of the proxy holder
The number and % of voting rights held
The date until which the voting rights will be held

11. Additional information^xvi

Place of completion	London, United Kingdom
Date of completion	05/03/2019

Potash a “critical mineral” – MiningNewsNet

25th February 2019 / Leave a comment

A great read from @MiningNewsNet, labelling Potash a “critical mineral”.

We have all been going gaga in recent months over critical minerals such as lithium and cobalt but MiningNewsNet have importantly drawn attention to Potash as another critical mineral worthy of attention. Potash refers to mined and manufactured salts that contain potassium in water-soluble form. The mineral is critical thanks to it’s use as a fertiliser in crop production

In food production, potassium is removed from the soil in harvested crops and must be replaced in order to maintain future crop growth. Sulphate of Potash (SOP) is the premium source of potassium (macro-nutrient) favoured by high value, chloride intolerant crops.

Read the full story here: http://bit.ly/2GV4NQk

Salt Lake Potash #SO4 – Change of Registered Office

8th February 2019 / Leave a comment

Salt Lake Potash Limited (the “Company”) advises that effective from today, the principal and registered office of the Company has changed to:

Ground Floor,
239 Adelaide Terrace
Perth WA 6000
Australia
Phone: +61 8 6559 5800
Fax: +61 8 6559 5820

For further information please visit www.saltlakepotash.com.au or contact:

Tony Swierizcuk/Clint McGhie	Salt Lake Potash Limited	Tel: +61 8 6559 5800
Jo Battershill	Salt Lake Potash Limited	Tel: +44 (0) 20 7478 3900
Colin Aaronson/Richard Tonthat/Ben Roberts	Grant Thornton UK LLP (Nominated Adviser)	Tel: +44 (0) 20 7383 5100
Derrick Lee/Beth McKiernan	Cenkos Securities plc (Joint Broker)	Tel: +44 (0) 131 220 6939
Jerry Keen/Toby Gibbs	Shore Capital (Joint Broker)	Tel: +44 (0) 20 7468 7967

Salt Lake Potash (SO4) December 2018 Quarterly Report and Appendix 5B

31st January 2019 / Leave a comment

The Board of Salt Lake Potash Limited (the Company or Salt Lake Potash) is pleased to present its Quarterly Report for the period ending 31 December 2018.

The Company is focussed on rapidly progressing the development of its Lake Way Project, intended to be the first salt-lake brine Sulphate of Potash (SOP) production operation in Australia.

Highlights for the quarter and subsequently include:

Native Title Land Access and Exploration Agreement Executed for Lake Way

Ø Salt Lake Potash and Tarlka Matuwa Piarku (Aboriginal Corporation) RNTBC (TMPAC) have entered into a Native Title Land Access and Exploration Agreement for Lake Way

Ø TMPAC consent has been received for the on-lake construction of the pond system for the dewatering of the Williamson Pit at Lake Way (Williamson Ponds)

Key Approval Obtained and Construction of Williamson Ponds Imminent

Ø Mining Proposal and Project Management Plans for the Williamson Ponds approved by the Department of Mines, Industry Regulation and Safety (DMIRS)

Ø Initial fleet of construction equipment mobilised to Lake Way and site preparation works being undertaken in preparation for imminent construction of the Williamson Ponds

Ø Detailed design of Williamson Ponds completed

‘Whole of Lake’ Resource Program for Lake Way Advancing

Ø Work well advanced to enable the Company to report:

o a Mineral Resource Estimate for the lake bed brine and the paleochannel aquifer for the 100% owned Salt Lake tenements
o upgraded Mineral Resource Estimate for the Blackham tenements

Ø ‘Whole of Lake’ Mineral Resource Estimate will enable the Company to examine larger production scenarios

Field Trials at Lake Way Confirm Salt Production Process

Ø Comprehensive field evaporation trials at Lake Way are successfully producing substantial volumes of potassium Harvest Salts validating the modelled salt production process.

Ø Field evaporation trials have produced over 2 tonnes of high grade Harvest Salts at Lake Way.

Ø Over 100,000l of brine from both high grade Lake Way playa brine and the super high-grade Williamson Pit brine have been extracted for the field trial and evaporated separately. Both brines have rapidly produced quality harvest salts amenable for conversion to Sulphate of Potash (SOP).

Ø Potassium Harvest Salts produced from the field trial will be processed at Saskatchewan Research Council (SRC), where a pilot plant will duplicate and refine the Lake Way process flow sheet, as well as producing further product samples for offtake partners.

Key Appointments Enhance Senior Project Development Team

Ø Highly regarded mining executive Tony Swiericzuk commenced as Managing Director and Chief Executive Officer of Salt Lake Potash effective 5 November 2018

Ø Three proven mining executives join Salt Lake Potash as leaders in the project development team:

o Peter Cardillo as Project Director – Processing and NPI

o Lloyd Edmunds as Project Director – Civil

o Stephen Cathcart as Project Director – Technical

Ø These appointments, along with other recent additions to the project execution team, bring diversified technical/studies, approvals, construction, operations, process infrastructure experience to the Company as it moves into rapid project development phase

Completion of A$13.0 Million Placement to Fund Activities at Lake Way

Ø The Company completed placement of 31.0 million new shares to raise gross proceeds of $13.0 million

Ø The Placement included 950,000 shares subscribed for by CEO, Mr Tony Swiericzuk, and 750,000 shares subscribed for by the Company’s Chairman, Mr Ian Middlemas

Ø The proceeds have enabled the Company to accelerate planned development activities at Lake Way, including mobilisation of construction equipment for the imminent construction of the Williamson Ponds and dewatering of the Williamson Pit

OVERVIEW

Salt Lake Potash is the owner of nine large salt lakes in the Northern Goldfields Region of Western Australia. This outstanding portfolio of assets has a number of important, favourable characteristics:

· Over 3,300km² of playa surface, with in-situ clays suitable for low cost on-lake pond construction;

· Very large paleochannel hosted brine aquifers, with chemistry amenable to evaporation of salts for SOP production, extractable from both low-cost trenches and deeper bores;

· Excellent evaporation conditions;

· Excellent access to transport, energy and other infrastructure in the Goldfields mining district;

· Clear opportunity to reduce transport costs by developing lakes closer to infrastructure and by capturing economies of scale; and

· Potential for multi-lake production offers optionality and significant scale potential, operational flexibility, cost advantages and risk mitigation from localised weather events.

The Company’s long term plan is to develop an integrated SOP operation, producing from a number (or all) of the lakes. Salt Lake Potash will progressively explore each of the lakes with a view to estimating resources for each Lake, and determining the development potential. Exploration of the lakes will be prioritised based on likely transport costs, scale, permitting pathway and brine chemistry.

LAKE WAY PROJECT

Lake Way is located in the Northern Goldfields Region of Western Australia, less than 15km south of Wiluna. The surface area of the Lake is over 270km².

Salt Lake Potash holds five Exploration Licences (one granted and four under application) covering most of Lake Way and select areas off-lake, including the paleochannel defined by previous exploration. The northern end of the Lake is largely covered by a number of Mining Leases, held by Blackham Resources Limited (Blackham), the owner of the Wiluna Gold Mine.

The Company’s Memorandum of Understanding with Blackham (see ASX Announcement dated 12 March 2018) allows for an expedited path to development at Lake Way.

Lake Way has a number of compelling advantages which make it an ideal site for Salt Lake Potash’s initial SOP operation, including:

Ø Utilisation of Blackham’s existing infrastructure (including camps, power and maintenance) to accelerate development.

Ø The Goldfields Gas Pipeline is adjacent to Salt Lake Potash’s tenements, running past the eastern side of the Lake.

Ø Access to Blackham’s existing Mining Leases provides advanced permitting pathway for early development activity, including the construction of the Williamson Ponds.

Ø The high grade brines at Lake Way will result in lower capital and operating costs due to lower extraction and evaporation requirements.

Ø The presence of clays in the upper levels of the lake which are amenable to low cost, on-lake evaporation pond construction.

The Company is concurrently progressing the imminent construction of the Williamson Ponds, whilst also rapidly advancing a ‘whole of lake’ scenario, including mineral resource estimates, permitting and approvals, pilot plant process testwork and assessment of infrastructure and logistical options.

A number of key appointments have been made during the Quarter that support the rapid development of the Lake Way Project, bringing diversified technical, construction, operations, process infrastructure experience to the Company, including:

· Peter Cardillo as Project Director – Processing and NPI

· Lloyd Edmunds as Project Director – Civil

· Stephen Cathcart as Project Director – Technical

Salt Lake Potash has also engaged industry leading consultants to work alongside the Company’s internal experts for works related to the larger ‘whole of lake’ development of the Lake Way Project, including:

· WOOD – technical studies for a full scale commercial project

· Pendragon – environmental consultant

· Ad-Infinitum – pond process design

· Knight Piesold – Williamson Pond detailed design

· Cardno – on playa trench hydraulics

· SRC – process testwork and pilot plant

· Global groundwater – bore test pumping

· Hydrogeoenviro – bore water licensing

Having completed a placement to raise $13.0 million during the quarter and built a team with capability and track record of successfully developing and constructing numerous resource projects, the Company is well placed to take advantage of the benefits of the Lake Way Project and its broader portfolio of nine salt lakes.

Discussions are also ongoing with a number of offtake partners and the testwork currently underway at SRC will provide high-grade SOP product samples for testing by these partners.

Native Title Land Access and Exploration Agreement

Approvals Advancing

The Company’s Mining Proposal and Project Management Plans for the Williamson Ponds were approved by Department of Mines, Industry Regulation and Safety (DMIRS) during the quarter, and a Works Approval licence was also submitted to the Department of Water and Environmental Regulation (DWER). These works include the construction of operational scale evaporation ponds and associated infrastructure including pond trenching to provide brine conditioning to manage the brine extracted from the Williamson Pit.

Salt Lake Potash has previously received environmental approval from the DMIRS to construct ponds totalling up to 133Ha (the Williamson Ponds), as well as ancillary infrastructure.

The Williamson Ponds will be the first operational scale SOP evaporation ponds built on a salt lake in Australia – an important part of the staged de-risking and development at Lake Way and across the Company’s portfolio of salt lakes in the Northern Goldfields Region.

A series of studies commenced during the quarter in support of the ongoing environmental approvals. These include flora and fauna surveys, climatology and hydrologic assessment, flood modelling and geotechnical investigations.

Mineral Resource Program

The Company has previously reported a Mineral Resource Estimate for Lake Way (Blackham tenements only). Work progressed during the quarter to enable the Company to estimate a ‘whole of lake’ Mineral Resource Estimate, including the remaining playa surface covered by Salt Lake Potash’s tenements and the paleochannel aquifer, which were not considered as part of the initial Mineral Resource estimate and provide significant short term upside to increase resources at Lake Way.

Estimation of a ‘whole of lake’ resources will enable the Company to consider larger production scenarios for Lake Way.

A program of 19 auger holes, test pits, trench testing, recovery testing, brine sampling and laboratory determination of hydraulic parameters has commenced and is expected to be completed in the current quarter. Results of these activities will provide inputs to the Mineral Resource Estimate for the playa surface.

Planning and initial works also commenced on defining the paleochannel resource under Lake Way.

By taking advantage of previous works in the area, the Company was able to identify and inspect three existing production bores drilled into the paleochannel. Each of the holes was inspected by downhole camera which showed that all three remain intact and, with some minor cleaning and redevelopment, are expected to be suitable for test pumping. Rehabilitation and test pumping is planned for the current quarter, and the results of this activity are expected to confirm the hydraulic parameters of the productive zone of the paleochannel and the brine grade. The data produced from the test pumping will be used as an input to the Mineral Resource Estimate for the paleochannel.

A gravity and passive seismic geophysical survey consisting of 22 lines and a total coverage of greater than 110 km was commissioned to define the location and form of the Lake Way paleochannel within the Salt Lake Potash and Blackham tenements. The work consists of a number of cross sections which are then combined to provide a 3D representation of the paleochannel. This work will be completed in the current quarter. When combined with the geological logs from previous work it is expected to be possible to define the extent of the brine hosting sediments and develop a volumetric understanding of the paleochannel, which in turn will inform the resource model.

Civil Construction – On-Lake Infrastructure

During the quarter, the Company progressed the first phase of on-lake development with completion of the detailed design of the Williamson Ponds to dewater the high grade Williamson Pit brine. This early works program will allow the fast-tracking of harvest salts in readiness for process plant commissioning.

Detailed engineering works during the quarter for the Williamson Ponds included further analysis of strength and permeability characteristics of lakebed sediments, and geotechnical parameters for final pond analysis and design. Other geotechnical design work undertaken included Cone Penetration Test (CPT) data analysis, trafficability assessment, access road analysis, seepage models, borrow pit assessments and development of the pond construction methodology. The geotechnical investigation and engineering works will expand in the current quarter for the larger ‘whole of lake’ scenario at Lake Way.

Surveying contractor, AAM Group set out the Williamson Pond design in readiness for construction commencement in the current quarter, and also commenced the Light Detection and Ranging (LiDAR) topographical survey flyover for the larger ‘whole of lake’ scenario.

Given the unique design and site conditions, the Company is now engaging with the specialist civil contracting market to select our contracting partners to build the on lake Williamson Ponds and dewater the Williamson Pit. In late December 2018, the Company mobilised initial construction equipment to Lake Way, with site preparation works being undertaken in preparation of the imminent construction of the Williamson Ponds.

Process Testwork

Comprehensive field evaporation trials at Lake Way are continuing to successfully produce substantial volumes of potassium Harvest Salts validating the modelled salt production process.

A major component of the feasibility study process for the Lake Way Project is to develop a brine evaporation and salt production model based on the brine chemistry of both Lake Way playa and Williamson Pit brines under local environmental (evaporation) conditions.

Initially, this model was based on a computer simulation generated by international brine processing experts Ad Infinitum, from known brine chemistry (from assays) and comprehensive public weather datasets. In this case the model was also informed by the Company’s unique database of more than 18 months of field evaporation trials at Lake Wells, reflecting similar chemistry and environmental inputs.

In the second stage of the model development the computer simulation was calibrated against and updated for the results of wind tunnel evaporation tests of Lake Way brines under laboratory conditions.

Thirdly, the model is now being further refined by establishing a site evaporation trial, where a scaled down version of an evaporation pond system is established on site and brine is evaporated under actual field conditions. Both brine chemistry and salt production are closely monitored.

The Lake Way Site Evaporation Trial (SET) was established in May/June 2018 and initial brine feed was gradually introduced from both the Williamson Pit (SOP resource grade 25kg/m³) and the Lake Way playa (SOP resource grade 14kg/m³) (refer to Note 1 for mineral resource estimate on Blackham tenements).

Over 100,000 litres of Williamson Pit and the Lake Way Playa brine has been fed into the SET pond system to date. Brine is sourced from a surface trench, for the Lake Way Playa brine, or direct from the Williamson Pit and introduced into a Halite Pond. As solar evaporation concentrates the brine, it progresses through a series of 5 ponds: two halite salt ponds, and then schoenite, kainite and carnallite salt ponds.

Harvested salt and brine samples are analysed at regular intervals through the evaporation process to gather data for model correlation. To date over 400 samples have been extracted and assayed at Bureau Veritas in Perth.

The results from the Lake Way SET to date demonstrate an excellent correlation to the salt production model.

This provides the Company with a very strong basis to continue development of the mass balance model and process flow sheet for the Lake Way Project.

It was found that halite salts begin to form almost immediately upon initial evaporation. This will shorten the overall salt production timeframe for the Williamson Pit brine. It may also offer the opportunity for faster construction of harvest pond infrastructure, utilising harvested halite salts for pavement.

The pilot plant will validate and refine the Lake Way process flowsheet and also produce high-grade SOP product samples for offtake partners.

LAKE BALLARD

The Lake Ballard Project is located about 15 km north of Menzies. The playa is a significant regional landform with a surface area of 698km². The geology of Lake Ballard is similar to that encountered at other lakes in the Company’s portfolio.

Surface Aquifer Exploration Program

Final elements of fieldwork undertaken to enable the estimation of a resource were completed at Lake Ballard during the quarter.

The Company commenced an auger drilling program in September 2018 to obtain insitu samples for geological logging, porosity measurement, specific yield testing and brine sampling. The holes were drilled using a track mounted auger rig, capable of drilling to between 15 – 20m depth depending on ground conditions.

Drilling was completed, with a total of 15 auger holes, from which 47 insitu samples from depths varying from 1m to 15m.

The core samples were collected and sent to Core Laboratories WA for analysis of hydraulic conductivity, total porosity and drainable porosity (Specific yield).

The Company also test pumped two trenches for 15 days and analysed data from the test pumping of 44 trial pits.

Results of the auger program and insitu sampling are in accordance with expectation and reported in full in Appendix 2.

The test pumping and trial pit data were analysed using known methodologies with the AQTESOLV analysis programme. This data will ultimately feed into a mineral resource estimate for the majority of the lake.

LAKE MINIGWAL

The Lake Minigwal Project is located in the Northern Goldfields Region of Western Australia approximately 80km south east of Laverton.

During the quarter extensive gravity geophysics was run over the various branches of Lake Minigwal as a preliminary investigation into the depth to basement and location of the paleochannel.

The purpose of the gravity survey was twofold, to identify the depth to basement across the lake and to identify the thalweg of the paleochannel as a precurser to the development of a drilling programme.

Whilst there is confidence that the main trunk drainage of the paleochannel passes beneath the Company’s tenements and that a large paleo-tributary that enters from the north and merges with the main trunk drainage beneath the eastern third of Lake Minigwal, the exact location is currently unknown.

The results are currently being processed, however preliminary analysis has identified the Thalweg of the paleochannel. Further modelling will be undertaken to refine the data response and to identify future areas for greater density of surveys.

SOP SAMPLE PRODUCTION

During the quarter, the Company completed confirmatory testwork at Fremantle Metallurgy’s mineral processing laboratory. The testwork, conducted by the Company’s process engineers, began the process of converting several tonnes of harvest salts collected from the Lake Wells SET into SOP samples. The process and equipment used was based upon the flowsheet previously tested by SRC.

The in-house work successfully tested some of the discrete unit operations in the flowsheet and generated a small amount of lake-derived SOP product for assessment of quality. The testwork has provided valuable inputs into the process flowsheet development and equipment selection for the Lake Way harvest salt testwork now underway at SRC. Importantly, the operation also provided the Company’s process team valuable hands-on experience in dealing with the subtle complexities in the operation of a saturated salt-brine process.

CORPORATE

During the quarter, the Company completed a placement to existing and new institutional and sophisticated investors in Australia and overseas for 31.0 million new ordinary shares of the Company, to raise gross proceeds of $13,000,000 (Placement). There was very strong demand for the Placement, an endorsement of the recent appointment of Tony Swiericzuk as CEO and also of the Company’s world class Sulphate of Potash project.

Proceeds from the Placement are being used to fund construction of the Williamson Ponds and dewatering of the Williamson Pit, as well as ongoing development of on-lake infrastructure, exploration and feasibility studies, and general working capital.

Having successfully raised the funds for project development at Lake Way, the Company significantly accelerated its activity and expenditure during the December quarter.

Note 1: Lake Way Mineral Resource Estimate (Blackham tenements only)

Sediment Hosted Brine – Indicated (94%)

Playa Area	Lakebed Sediment Volume	Brine Concentration			Mineral Tonnage Calculated from Total Porosity			Mineral Tonnage Calculated from Drainable Porosity
		K	Mg	SO₄	Total Porosity	Brine Volume	SOP Tonnage	Drainable Porosity	Brine Volume	SOP Tonnage
(km²)	(Mm³)	(kg/m³)	(kg/m³)	(Kg/m³)		(Mm³)	(kt)		(Mm³)	(kt)
55.4	290	6.9	7.6	28.3	0.43	125	1,900	0.11	31.9	490

Williamson Pit Brine – Measured (6%)

Brine Volume (Mm³)

Potassium Conc. (kg/m³)

Magnesium Conc. (kg/m³)

Sulphate Conc.

(kg/m³)

SOP Tonnage (kt)

1.26

11.4

14.47

Work is currently underway to enable the Company to report a Mineral Resource Estimate for the lake bed brine and the paleochannel aquifer for the ‘whole of lake’, which will enable the Company to examine larger production scenarios.

For further information please visit www.saltlakepotash.com.au or contact:

Tony Swiericzuk/Clint McGhie	Salt Lake Potash Limited	Tel: +61 8 9322 6322
Jo Battershill	Salt Lake Potash Limited	Tel: +44 (0) 20 7478 3900
Colin Aaronson/Richard Tonthat/Ben Roberts	Grant Thornton UK LLP (Nominated Adviser)	Tel: +44 (0) 20 7383 5100
Derrick Lee/Beth McKiernan	Cenkos Securities plc (Joint Broker)	Tel: +44 (0) 131 220 6939
Jerry Keen/Toby Gibbs	Shore Capital (Joint Broker)	Tel: +44 (0) 20 7468 7967

Competent Persons Statement

The information in this announcement that relates to Exploration Results for Lake Ballard is based on information compiled by Mr Ben Jeuken, who is a member Australian Institute of Mining and Metallurgy and a member of the International Association of Hydrogeologists. Mr Jeuken is employed by Groundwater Science Pty Ltd, an independent consulting company. Mr Jeuken has sufficient experience, which is relevant to the style of mineralisation and type of deposit under consideration and to the activity, which he is undertaking to qualify as a Competent Person as defined in the 2012 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Mr Jeuken consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.

Appendix 1 – Summary of Exploration and Mining Tenements

As at 31 December 2018, the Company holds interests in the following tenements:

Project	Status	Type of Change	License Number	Interest (%) 1-Oct-18	Interest (%) 31-Dec-18
Western Australia
Lake Way
Central	Granted	–	E53/1878	100%	100%
East	Application	Application	E53/2057	–	100%
South	Application	–	E53/1897	100%	100%
South	Application	Application	E53/2059	–	100%
South	Application	Application	E53/2060	–	100%
Lake Wells
Central	Granted	–	E38/2710	100%	100%
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%
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 East	Granted	–	E29/1020	100%	100%
South East	Granted	–	E29/1021	100%	100%
South East	Granted	–	E29/1022	100%	100%
Lake Irwin
West	Granted	–	E37/1233	100%	100%
Central	Granted	–	E39/1892	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%
Central	Granted	–	E39/1962	100%	100%
Central East	Granted	–	E39/1963	100%	100%
South	Granted	–	E39/1964	100%	100%
South West	Granted	–	E39/1965	100%	100%
Lake Marmion
North	Granted	–	E29/1000	100%	100%
Central	Granted	–	E29/1001	100%	100%
South	Granted	–	E29/1002	100%	100%
West	Granted	–	E29/1005	100%	100%
Lake Noondie
North	Granted	–	E57/1062	100%	100%
Central	Granted	–	E57/1063	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%
Central	Granted	–	E30/496	100%	100%
South	Granted	–	E77/2441	100%	100%
Lake Raeside
North	Granted	–	E37/1305	100%	100%
Lake Austin
North	Application	–	E21/205	100%	100%
West	Application	–	E21/206	100%	100%
East	Application	–	E58/529	100%	100%
South	Application	–	E58/530	100%	100%
South West	Application	–	E58/531	100%	100%
Lake Moore	Granted	Granted	E59/2344	–	100%
Northern Territory
Lake Lewis
South	Granted	–	EL 29787	100%	100%
North	Granted	–	EL 29903	100%	100%

Appendix 2 – Lake Ballard Auger and Test Pit Results

Table 1: Auger Hole and Shelby Tube Porosity and Effective Porosity Results

HoleID	Sample From	Sample To	Auger Core Total Porosity (% v/v)	Shelby Tube Total Porosity (% v/v)	Auger Core Drainable Porosity (% v/v)	Shelby Tube Drainable Porosity (% v/v)
LBAG001	1	2	44.2		10
LBAG001	3	4	49.8		12
LBAG001	6	7	44		9
LBAG001	11	12
LBAG002	1	2	46.6		8
LBAG002	2	3	49.7		11
LBAG002	5	6	57.4		15
LBAG002	7	8
LBAG002	9.5	10	35		8
LBAG003		1	52.6		12
LBAG003	2	3	53.4		14
LBAG003	4	5	51.8		11
LBAG003	8	9	37.8		8
LBAG003	11	12	52.4		13
LBAG003	12	13	42.2		11
LBAG004	1	2	48.6		14
LBAG004	4	5	51.4		11
LBAG004	7	8	47.7		12
LBAG004	9	10	43.4		10
LBAG004	12	13	48.3		11
LBAG005	2.2	2.5	64.5		17
LBAG005	4	5	43.1		11
LBAG005	7	8	49.3		9
LBAG005	9	10	48.2		9
LBAG005	12	13	51.2		11
LBAG006A	1	2	33.7		8
LBAG006A	3	4	26.7		12
LBAG006B	2	3	42.1		15
LBAG006B	8	9	41.9		8
LBAG007A	2	3	33.3		11
LBAG007B	2	3	59.1		17
LBAG007C	2	3	42.9		14
LBAG008	1	2	57.6		13
LBAG008	4	5	64.4		14
LBAG008	7	8	32.7		11
LBAG008	9	10	43.3		9
LBAG009A	2	3	26		13
LBAG009B	1	2	32.6		18
LBAG010	2	2.5	47.3		14
LBAG010	6	7	36		9
LBAG010	10	11	30		9
LBAG011	2	3	36.5		14
LBAG011	4	5	52.6		11
LBAG011	6	7	64.9		11
LBAG011	9	10	41.1		11
LBAG011	11	12	47.4		11
LBAG011	12	13	45.9		11

LBTT121	–	1		52.5		13
LBTT121	–	2		60.1		15
LBTT121	–	3		35.2		7
LBTT121	–	4		43.1		12
LBTT144	0.5	1		55.8		12
LBTT144	1.5	2		58.2		13
LBTT144	2.5	3		45.4		5
LBTT155	0.5	1		59.9		11
LBTT155	1.5	2		38.5		4
LBTT155	2.5	3		26.7		6
LBTT192	0.5	1		37.0		19
LBTT192	1	1.5		28.0		13
LBTT192	2	2.5		42.9		19
LBTT192	3	3.5		34.6		18
LBTT189	0	2		45.5		14

Table 2: Location Details for Auger Holes

Hole ID	Easting	Northing	Depth (m)
LBAG001	319177	6731097	12.7
LBAG002	318517	6731243	10.8
LBAG003	315539	6733652	13.0
LBAG004	311947	6733975	13.5
LBAG005	307467	6735256	14.5
LBAG006A	303547	6733253	5.0
LBAG006B	304066	6733890	9.0
LBAG007A	301092	6737570	4.5
LBAG007B	300749	6937786	4.0
LBAG007C	300443	6737940	3.0
LBAG008	303139	6739647	10.0
LBAG009A	299465	6741072	4.0
LBAG009A	299174	6741053	4.5
LBAG010	294859	6741331	11.0
LBAG011	290355	6741953	15.0

Note: All holes are vertical, with an RL of approximately 370m. Depth indicates end of hole.

Table 3: Location Details for Test Pits

HoleID	Easting	Northing	HoleID	Easting	Northing	HoleID	Easting	Northing
LBTT011	324848	6734075	LBTT075	318810	6731492	LBTT143	312850	6735049
LBTT014	324869	6734673	LBTT076	318936	6731596	LBTT144	312822	6734850
LBTT015	324875	6734875	LBTT077	319077	6731719	LBTT145	312797	6734660
LBTT016	324648	6734154	LBTT078	319224	6731844	LBTT149	313340	6733847
LBTT017	324447	6734155	LBTT079	319344	6731947	LBTT150	313323	6733652
LBTT018	324250	6734155	LBTT080	319491	6732075	LBTT156	313143	6732468
LBTT019	324047	6734155	LBTT081	319626	6732190	LBTT161	311165	6737839
LBTT020	323847	6734155	LBTT082	319787	6732309	LBTT162	311016	6735825
LBTT021	323650	6734155	LBTT083	319908	6732429	LBTT164	311995	6734079
LBTT022	323447	6734155	LBTT084	320056	6732555	LBTT165	308329	6738318
LBTT023	323249	6734154	LBTT087	320625	6733158	LBTT166	307463	6735246
LBTT024	323047	6734155	LBTT099	316105	6731412	LBTT169	307397	6731029
LBTT025	323838	6734261	LBTT100	316051	6731653	LBTT170	304632	6730314
LBTT026	323839	6734212	LBTT101	315997	6731866	LBTT171	300652	6730490
LBTT027	323845	6734107	LBTT103	315997	6731866	LBTT172	303546	6733252
LBTT028	323847	6734054	LBTT105	315815	6732626	LBTT173	306038	6733728
LBTT030	322735	6730202	LBTT106	315764	6732827	LBTT174	305593	6736408
LBTT031	322531	6730201	LBTT107	315704	6733021	LBTT175	306265	6737846
LBTT038	321137	6730178	LBTT109	315603	6733390	LBTT176	300602	6734536
LBTT043	320136	6730166	LBTT110	315538	6733588	LBTT177	298528	6738100
LBTT045	319738	6730151	LBTT112	315395	6733959	LBTT179	295300	6743180
LBTT046	320132	6730100	LBTT113	315314	6734154	LBTT180	290882	6743418
LBTT047	320136	6730206	LBTT114	315240	6734314	LBTT181	298362	6736492
LBTT050	318601	6728705	LBTT115	316375	6734039	LBTR004	318513	6731366
LBTT053	319201	6728663	LBTT116	316521	6734168	LBTR007	315240	6734314
LBTT054	319406	6728628	LBTT119	316962	6734577
LBTT055	319603	6728608	LBTT123	317399	6734975
LBTT056	319804	6728588	LBTT124	317694	6732520
LBTT057	320003	6728568	LBTT125	317839	6735385
LBTT058	320209	6728546	LBTT126	317986	6735519
LBTT059	320404	6728525	LBTT127	318137	6735660
LBTT060	320604	6728506	LBTT128	318282	6735794
LBTT061	320800	6728486	LBTT129	318428	6735928
LBTT063	321301	6728433	LBTT131	313153	6737408
LBTT064	321502	6728412	LBTT132	313132	6737224
LBTT065	321703	6728389	LBTT133	313105	6737027
LBTT068	319222	6730192	LBTT134	313082	6736829
LBTT071	318604	6730200	LBTT135	313051	6736634
LBTT072	318364	6731106	LBTT136	313029	6736432
LBTT073	318513	6731235	LBTT137	313004	6736240
LBTT074	318664	6731366	LBTT142	312874	6735244

APPENDIX 3 – JORC TABLE ONE

Section 1: Sampling Techniques and Data

Criteria	JORC Code explanation	Commentary
Sampling techniques	Nature and quality of sampling (eg cut channels, random chips, or specific specialised industry standard measurement tools appropriate to the minerals under investigation, such as down hole gamma sondes, or handheld XRF instruments, etc). These examples should not be taken as limiting the broad meaning of sampling. Include reference to measures taken to ensure sample representivity and the appropriate calibration of any measurement tools or systems used. Aspects of the determination of mineralisation that are Material to the Public Report. In cases where ‘industry standard’ work has been done this would be relatively simple (eg ‘reverse circulation drilling was used to obtain 1 m samples from which 3 kg was pulverised to produce a 30 g charge for fire assay’). In other cases more explanation may be required, such as where there is coarse gold that has inherent sampling problems. Unusual commodities or mineralisation types (eg submarine nodules) may warrant disclosure of detailed information.	Sampling involved the excavation of test pits over the tenement area to a depth of up to 6mbgl or weathered basement whichever was encountered first. Two trenches were also dug to 3.5m depth. A brine sample and duplicate were taken from each test pit and trench for analysis. Samples were taken manually by initially rinsing out the bottle with brine from the pit or trench and then placing the bottle in the test pit or trench and allowing it to fill. Samples were analysed for K, Mg, Ca, Na, Cl, SO₄, HCO₃, NO₃, pH, TDS and specific gravity. Each test pit was geologically logged and a sample taken each 1m depth. Test pumping entailed pumping from the trenches and test pits using a diesel driven submersible pump coupled to a level switch. Water levels in the piezometer, test pits and trenches were logged manually and by pressure transducer.
Drilling techniques	Drill type (eg core, reverse circulation, open-hole hammer, rotary air blast, auger, Bangka, sonic, etc) and details (eg core diameter, triple or standard tube, depth of diamond tails, face-sampling bit or other type, whether core is oriented and if so, by what method, etc).	Hollow-stem auger holes drilled to basement or refusal, up to 15m. Core was collected from surface, geologically logged, sampled and set for lab analysis for porosity. Once completed brine samples also taken from the open hole Test pits were dug with an excavator
Drill sample recovery	Method of recording and assessing core and chip sample recoveries and results assessed. Measures taken to maximise sample recovery and ensure representative nature of the samples. Whether a relationship exists between sample recovery and grade and whether sample bias may have occurred due to preferential loss/gain of fine/coarse material.	Samples from the test pits were logged each bucket and a representative sample bagged. 100% of excavated sample was available for sampling. The ability to see the bulk sample facilitated the selection of a representative sample. There is no relationship between sample recovery and grade and no loss of material as a result of excavation.
Logging	Whether core and chip samples have been geologically and geotechnically logged to a level of detail to support appropriate Mineral Resource estimation, mining studies and metallurgical studies. Whether logging is qualitative or quantitative in nature. Core (or costean, channel, etc) photography. The total length and percentage of the relevant intersections logged.	The geological logging is sufficient for the purposes of identifying variations in sand/ clay and silt fraction within the top 6m. For a brine abstraction project, the key parameters are the hydraulic conductivity and storativity of the host rock, which will be determined during test pumping of the trenches. The logging is qualitative. The entire pit depth was logged in every case.
Sub-sampling techniques and sample preparation	If core, whether cut or sawn and whether quarter, half or all core taken. If non-core, whether riffled, tube sampled, rotary split, etc and whether sampled wet or dry. For all sample types, the nature, quality and appropriateness of the sample preparation technique. Quality control procedures adopted for all sub-sampling stages to maximise representivity of samples. Measures taken to ensure that the sampling is representative of the in situ material collected, including for instance results for field duplicate/second-half sampling. Whether sample sizes are appropriate to the grain size of the material being sampled.	Whole core taken. Not applicable, core drilling. At all test pits brine samples were taken from the pit after 24hours or once the pit had filled with brine. The brine samples taken from the pits are bulk samples which is an appropriate approach given the long-term abstraction technique of using many kilometres of trenches to abstract brine. All the samples taken were incorporated into a QA / QC program in which Standards and Duplicates were taken. The samples were taken in sterile plastic bottles of 250ml capacity. Excavated lake bed samples were sealed in plastic bags. For all brine samples (original or check samples) the samples were labelled with the alphanumeric code B800001, B800002 … Lake bed samples were labelled with the test pit locator LBTT01, LBTT02 etc. and the depth from which they were taken.
Quality of assay data and laboratory tests	The nature, quality and appropriateness of the assaying and laboratory procedures used and whether the technique is considered partial or total. For geophysical tools, spectrometers, handheld XRF instruments, etc, the parameters used in determining the analysis including instrument make and model, reading times, calibrations factors applied and their derivation, etc. Nature of quality control procedures adopted (eg standards, blanks, duplicates, external laboratory checks) and whether acceptable levels of accuracy (ie lack of bias) and precision have been established.	The brine samples were sent to Bureau Veritas Laboratories in Perth, WA with the duplicates being held by Salt Lake Potash. Every 10th duplicate was sent to Intertek, an alternate laboratory for comparison purposes. No laboratory analysis was undertaken with geophysical tools. Soil samples and laboratory derived hydraulic conductivity, total porosity and drainable porosity samples were analysed by Core Laboratories in Perth WA. All laboratories used are NATA certified.
Verification of sampling and assaying	The verification of significant intersections by either independent or alternative company personnel. The use of twinned holes. Documentation of primary data, data entry procedures, data verification, data storage (physical and electronic) protocols. Discuss any adjustment to assay data.	Not applicable, no significant intersections, no verification required. No twin holes were drilled. All sampling and assaying is well documented and contained on Salt Lake Potash’s internal database No adjustments have been made to assay data
Location of data points	Accuracy and quality of surveys used to locate drill holes (collar and down-hole surveys), trenches, mine workings and other locations used in Mineral Resource estimation. Specification of the grid system used. Quality and adequacy of topographic control.	All coordinates were collected by handheld GPS. The grid system is the Australian National Grid Zone MGA 51 (GDA 94) The is no specific topographic control as the lake surface can essentially be considered flat.
Data spacing and distribution	Data spacing for reporting of Exploration Results. Whether the data spacing and distribution is sufficient to establish the degree of geological and grade continuity appropriate for the Mineral Resource and Ore Reserve estimation procedure(s) and classifications applied. Whether sample compositing has been applied.	The lake area contained within the Ballard tenements was calculated by digitising the lake surface and removing the area covered by the islands, the approximate area for the eastern portion of the lake is 359 km², 205 km² for the western portion. 181 test pits, 15 auger holes and 2 trenches were excavated over the eastern portion of the lake surface resulting in 1 excavation per 1.8 km² providing a high density of investigation over this portion of the tenement. However, western portion of the lake has had little to no work completed and is considered to have a low density of investigation suitable for determining an exploration target. Sample compositing not applicable.
Orientation of data in relation to geological structure	Whether the orientation of sampling achieves unbiased sampling of possible structures and the extent to which this is known, considering the deposit type. If the relationship between the drilling orientation and the orientation of key mineralised structures is considered to have introduced a sampling bias, this should be assessed and reported if material.	There are no structural or geological controls with respect to sampling the lake bed sediments. The variation in depth to basement does control the potential depth of future trench systems. Geological influence on the brine is limited to the aquifer parameters of the host rock, namely the hydraulic conductivity, and porosity.
Sample security	The measures taken to ensure sample security.	Salt Lake Potash’s field geologists were responsible for bagging and tagging samples prior to shipping to the BV lab in Perth and the Salt Lake Potash offices. The security measures for the material and type of sampling at hand was appropriate
Audits or reviews	The results of any audits or reviews of sampling techniques and data.	Data review included an assessment of the quality of assay data and laboratory tests and verification of sampling and assaying. No audits of sampling techniques and data have been undertaken.

Section 2: Reporting of Exploration Results

Criteria	JORC Code explanation	Commentary
Mineral tenement and land tenure status	Type, reference name/number, location and ownership including agreements or material issues with third parties such as joint ventures, partnerships, overriding royalties, native title interests, historical sites, wilderness or national park and environmental settings. The security of the tenure held at the time of reporting along with any known impediments to obtaining a licence to operate in the area.	The tenements covering Lake Ballard are all exploration licenses, held solely by Salt Lake Potash, are; E29/912, E29/913, E29/948, E29/958, E29/1011, E29/1021 and E29/1022
Exploration done by other parties	Acknowledgment and appraisal of exploration by other parties.	A large amount of historical exploration work has been undertaken surrounding Lake Ballard focusing on gold, nickel and uranium. There has been limited exploration on the lake surface with most exploration associated with uranium exploration in the upper 10 m. Soil sampling was undertaken on the lake, as well as a number of geophysical surveys and shallow drilling activities. The Company has reviewed multiple publicly available documents to provide an understanding of the geology and hydrogeology in the Lake Ballard paleodrainage.
Geology	Deposit type, geological setting and style of mineralisation.	The deposit is a salt-lake brine deposit. The lake setting is typical of a Western Australian palaeovalley environment. Ancient hydrological systems have incised palaeovalleys into Archaean basement rocks, which were then infilled by Tertiary-aged sediments typically comprising a coarse-grained fluvial basal sand overlaid by palaeovalley clay with some coarser grained interbeds. The clay is overlaid by recent Cainozoic material including lacustrine sediment, calcrete, evaporite and aeolian deposits.
Drill hole Information	A summary of all information material to the understanding of the exploration results including a tabulation of the following information for all Material drill holes: o easting and northing of the drill hole collar o elevation or RL (Reduced Level – elevation above sea level in metres) of the drill hole collar o dip and azimuth of the hole o down hole length and interception depth o hole length. If the exclusion of this information is justified on the basis that the information is not Material and this exclusion does not detract from the understanding of the report, the Competent Person should clearly explain why this is the case.	Hollow-stem auger holes were completed along with test pits and trenches were excavated on the lake surface. All test pit and trench details and locations of all data points are presented in the report.
Data aggregation methods	In reporting Exploration Results, weighting averaging techniques, maximum and/or minimum grade truncations (eg cutting of high grades) and cut-off grades are usually Material and should be stated. Where aggregate intercepts incorporate short lengths of high grade results and longer lengths of low grade results, the procedure used for such aggregation should be stated and some typical examples of such aggregations should be shown in detail. The assumptions used for any reporting of metal equivalent values should be clearly stated.	Within the salt-lake extent no low-grade cut-off or high-grade capping has been implemented due to the consistent nature of the brine assay data. Test pit and trench data aggregation comprised calculation of a hydraulic conductivity, transmissivity and drainable porosity for the whole sequence.
Relationship between mineralisation widths and intercept lengths	These relationships are particularly important in the reporting of Exploration Results. If the geometry of the mineralisation with respect to the drill hole angle is known, its nature should be reported. If it is not known and only the down hole lengths are reported, there should be a clear statement to this effect (eg ‘down hole length, true width not known’).	The chemical analysis from each of the test pits and auger holes has shown the that the brine resource is consistent and continuous through the full thickness of the Lake Playa sediments unit. The unit is flat lying all auger holes were excavated into the lake sediments to a depth of 15m or basement, the intersected depth is equivalent to the vertical depth and the thickness of mineralisation.
Diagrams	Appropriate maps and sections (with scales) and tabulations of intercepts should be included for any significant discovery being reported These should include, but not be limited to a plan view of drill hole collar locations and appropriate sectional views.	All location maps and sections are contained within the body of the ASX Announcement available at www.saltlakepotash.com.au.
Balanced reporting	Where comprehensive reporting of all Exploration Results is not practicable, representative reporting of both low and high grades and/or widths should be practiced to avoid misleading reporting of Exploration Results.	All results have been included in the body of the report.
Other substantive exploration data	Other exploration data, if meaningful and material, should be reported including (but not limited to): geological observations; geophysical survey results; geochemical survey results; bulk samples – size and method of treatment; metallurgical test results; bulk density, groundwater, geotechnical and rock characteristics; potential deleterious or contaminating substances.	All material exploration data has been reported.
Further work	The nature and scale of planned further work (eg tests for lateral extensions or depth extensions or large-scale step-out drilling). Diagrams clearly highlighting the areas of possible extensions, including the main geological interpretations and future drilling areas, provided this information is not commercially sensitive.	· Further work is planned at the western end of the lake bed in 2019 and a maiden mineral resource estimate will be prepared for Lake Ballard.

END

Mining exploration entity and oil and gas exploration entity quarterly report

Introduced 01/07/96 Origin Appendix 8 Amended 01/07/97, 01/07/98, 30/09/01, 01/06/10, 17/12/10, 01/05/13, 01/09/16

Name of entity
Salt Lake Potash Limited
ABN		Quarter ended (“current quarter”)
98 117 085 748		31 December 2018

Consolidated statement of cash flows			Current quarter $A’000	Year to date (6 months) $A’000
1.	Cash flows from operating activities
1.1	Receipts from customers
1.2	Payments for		(1,664)	(3,298)
	(a) exploration & evaluation		(1,664)	(3,298)
	(b) development		–	–
	(c) production		–	–
	(d) staff costs		(864)	(1,474)
	(e) administration and corporate costs		(280)	(461)
1.3	Dividends received (see note 3)		–	–
1.4	Interest received		19	53
1.5	Interest and other costs of finance paid		–	–
1.6	Income taxes paid		–	–
1.7	Research and development refunds		–	–
1.8	Other (provide details if material) – Business Development		(302)	(526)
1.9	Net cash from / (used in) operating activities		(3,091)	(5,706)

2.		Cash flows from investing activities	(138)	(260)
2.1		Payments to acquire:
		(a) property, plant and equipment
		(b) tenements (see item 10)	–	–
		(c) investments	–	–
		(d) other non-current assets	–	–
2.2		Proceeds from the disposal of:	–	–
		(a) property, plant and equipment	–	–
		(b) tenements (see item 10)	–	–
		(c) investments	–	–
		(d) other non-current assets	–	–
2.3		Cash flows from loans to other entities	–	–
2.4		Dividends received (see note 3)	–	–
2.5		Other (provide details if material)	–	–
2.6		Net cash from / (used in) investing activities	(138)	(260)

3.		Cash flows from financing activities	13,000	13,000
3.1		Proceeds from issues of shares	13,000	13,000
3.2		Proceeds from issue of convertible notes	–	–
3.3		Proceeds from exercise of share options	–	–
3.4		Transaction costs related to issues of shares, convertible notes or options	(715)	(715)
3.5		Proceeds from borrowings	–	–
3.6		Repayment of borrowings	–	–
3.7		Transaction costs related to loans and borrowings	–	–
3.8		Dividends paid	–	–
3.9		Other (provide details if material)	–	–
3.10		Net cash from / (used in) financing activities	12,285	12,285

4.		Net increase / (decrease) in cash and cash equivalents for the period	2,972	5,709
4.1		Cash and cash equivalents at beginning of period	2,972	5,709
4.2		Net cash from / (used in) operating activities (item 1.9 above)	(3,091)	(5,706)
4.3		Net cash from / (used in) investing activities (item 2.6 above)	(138)	(260)
4.4		Net cash from / (used in) financing activities (item 3.10 above)	12,285	12,285
4.5		Effect of movement in exchange rates on cash held	–	–
4.6		Cash and cash equivalents at end of period	12,028	12,028

5.	Reconciliation of cash and cash equivalents at the end of the quarter (as shown in the consolidated statement of cash flows) to the related items in the accounts	Current quarter $A’000	Previous quarter $A’000
5.1	Bank balances	2,901	1,259
5.2	Call deposits	9,127	1,713
5.3	Bank overdrafts	–	–
5.4	Other (provide details)	–	–
5.5	Cash and cash equivalents at end of quarter (should equal item 4.6 above)	12,028	2,972

6.	Payments to directors of the entity and their associates	Current quarter $A’000
6.1	Aggregate amount of payments to these parties included in item 1.2	(175)
6.2	Aggregate amount of cash flow from loans to these parties included in item 2.3	–
6.3	Include below any explanation necessary to understand the transactions included in items 6.1 and 6.2
Payments include salaries, director and consulting fees, superannuation and provision of corporate, administration services, and a fully serviced office.

7.	Payments to related entities of the entity and their associates	Current quarter $A’000
7.1	Aggregate amount of payments to these parties included in item 1.2	–
7.2	Aggregate amount of cash flow from loans to these parties included in item 2.3	–
7.3	Include below any explanation necessary to understand the transactions included in items 7.1 and 7.2
Not applicable.

8.	Financing facilities available Add notes as necessary for an understanding of the position	Total facility amount at quarter end $A’000	Amount drawn at quarter end $A’000
8.1	Loan facilities	–	–
8.2	Credit standby arrangements	–	–
8.3	Other (please specify)	–	–
8.4	Include below a description of each facility above, including the lender, interest rate and whether it is secured or unsecured. If any additional facilities have been entered into or are proposed to be entered into after quarter end, include details of those facilities as well.
Not applicable

9.	Estimated cash outflows for next quarter	$A’000
9.1	Exploration and evaluation	2,400
9.2	Development	1,500
9.3	Production	–
9.4	Staff costs	1,100
9.5	Administration and corporate costs	350
9.6	Other (provide details if material) – Business Development	100
9.7	Total estimated cash outflows	5,450

10.	Changes in tenements (items 2.1(b) and 2.2(b) above)	Tenement reference and location	Nature of interest	Interest at beginning of quarter	Interest at end of quarter
10.1	Interests in mining tenements and petroleum tenements lapsed, relinquished or reduced		Refer to Appendix 1
10.2	Interests in mining tenements and petroleum tenements acquired or increased

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.

Sign here: …………………………………………………… Date: 31 January 2019

(Director/Company secretary)

Print name: Clint McGhie

Notes

1. The quarterly report provides a basis for informing the market how the entity’s activities have been financed for the past quarter and the effect on its cash position. An entity that wishes to disclose additional information is encouraged to do so, in a note or notes included in or attached to this report.

2. If this quarterly 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 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.

END

Brand CEO Alan Green talks Brave Bison #BBSN, Salt Lake Potash #SO4 & Ananda Developments #ANA on Vox Markets podcast

29th January 2019 / Leave a comment

Alan Green – Vox Markets podcast

Brand Comms CEO Alan Green discusses Brave Bison #BBSN, Salt Lake Potash #SO4 & Ananda Developments #ANA with Justin Waite on the Vox Markets podcast.

Salt Lake Potash #SO4 – Field trials at Lake Way confirm Salt production process

29th January 2019 / Leave a comment

Salt Lake Potash #SO4 – Field trials at Lake Way confirm Salt production process

Highlights:

Comprehensive field evaporation trials at Lake Way are successfully producing substantial volumes of potassium Harvest Salts validating the modelled salt production process.
Field evaporation trials have to date produced over 2 tonnes of high grade Harvest Salts at Lake Way.
Over 100,000l of brine from both high grade Lake Way playa brine and the super high-grade Williamson Pit brine have been extracted for the field trial and evaporated separately. Both brines have rapidly produced quality harvest salts amenable for conversion to Sulphate of Potash (SOP).
Potassium Harvest Salts produced from the field trial will be processed at Saskatchewan Research Council (SRC), where a pilot plant will duplicate and refine the Lake Way process flow sheet, as well as producing further product samples for offtake partners.

Salt Lake Potash Limited (Salt Lake Potash or the Company) is pleased to announce successful progress from the Lake Way Site Evaporation Trials (Lake Way SET)

The Company is focused on rapidly progressing the development of the Lake Way Project to become the first Sulphate of Potash (SOP) production operation in Australia. Lake Way has the highest grade SOP brine resource in Australia and the best infrastructure solution of potential Australian brine SOP producers.

The Lake Way SET was established in May/June 2018 and initial brine feed was gradually introduced from both the Williamson Pit (SOP resource grade 25kg/m³) and the Lake Way playa (SOP resource grade 14kg/m³) (refer Note 1 for full mineral resource estimate).

Over 100,000 litres of Williamson Pit and the Lake Way Playa brine has been fed into the SET pond system to date.

Brine is sourced from a surface trench, for the Lake Way Playa brine, or direct from the Williamson Pit and introduced into a Halite Pond. As solar evaporation concentrates the brine, it progresses through a series of 5 ponds: two halite salt ponds, and then schoenite, kainite and carnallite salt ponds.

Refer to Figures 4 and 5 in the ASX version of this Announcement available on the Company’s website (www.saltlakepotash.com.au) which set out the results from the Lake Way SET to date, demonstrating an excellent correlation to the salt production model.

This provides the Company with a very strong basis to continue development of the mass balance model and process flow sheet for the Lake Way Project.

It was found that halite salts begin to form almost immediately upon initial evaporation of the Williamson Pit brine. This will shorten the overall salt production timeframe for the Williamson Pit brine. It may also offer the opportunity for faster construction of harvest pond infrastructure, utilising harvested halite salts for pavement.

Process Plant Flow Sheet Validation

The pilot plant will validate and refine the Lake Way process flowsheet and also produce high-grade SOP product samples for offtake partners.

Salt Lake Potash’s Chief Executive Officer, Mr Tony Swiericzuk said: “I am very pleased with the continued development progress the project team is achieving at Lake Way. The initial salt harvest from the Lake Way SET is a significant milestone. It validates our production model and allows us to refine the process parameters for plant design, as well as providing feed for the pilot plant. In parallel with the progress of plant design, rapid project development continues with site access construction underway and the whole of lake resource definition well advanced.”

For further information please visit www.saltlakepotash.com.au or contact:

Tony Swiericzuk/Clint McGhie	Salt Lake Potash Limited	Tel: +61 8 9322 6322
Jo Battershill	Salt Lake Potash Limited	Tel: +44 (0) 20 7478 3900
Colin Aaronson/Richard Tonthat/Ben Roberts	Grant Thornton UK LLP (Nominated Adviser)	Tel: +44 (0) 20 7383 5100
Derrick Lee/Beth McKiernan	Cenkos Securities plc (Joint Broker)	Tel: +44 (0) 131 220 6939
Jerry Keen/Toby Gibbs	Shore Capital (Joint broker)	Tel: +44 (0) 20 7468 7967

Note 1: Lake Way Mineral Resource Estimate (Blackham tenements only)

Sediment Hosted Brine – Indicated (94%)

Playa Area	Lakebed Sediment Volume	Brine Concentration			Mineral Tonnage Calculated from Total Porosity			Mineral Tonnage Calculated from Drainable Porosity
		K	Mg	SO₄	Total Porosity	Brine Volume	SOP Tonnage	Drainable Porosity	Brine Volume	SOP Tonnage
(km²)	(Mm³)	(kg/m³)	(kg/m³)	(Kg/m³)		(Mm³)	(kt)		(Mm³)	(kt)
55.4	290	6.9	7.6	28.3	0.43	125	1,900	0.11	31.9	490

Williamson Pit Brine – Measured (6%)

Brine Volume (Mm³)	Potassium Conc. (kg/m³)	Magnesium Conc. (kg/m³)	Sulphate Conc. (kg/m³)	SOP Tonnage (kt)
1.26	11.4	14.47	48	32

Competent Person Statement

The information in this report that relates to Process Testwork Results is based on, and fairly represents, information compiled by Mr Bryn Jones, BAppSc (Chem), MEng (Mining) who is a Fellow of the AusIMM. Mr Jones is a Director of Salt Potash Limited. Mr Jones has sufficient experience, which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking, to qualify as a Competent Person as defined in the 2012 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Mr Jones consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.

Appendix A: JORC Table One

Section 1: Sampling Techniques and Data

Criteria	JORC Code explanation	Commentary
Sampling techniques	· Nature and quality of sampling (e.g. cut channels, random chips, or specific specialised industry standard measurement tools appropriate to the minerals under investigation, such as downhole gamma sondes, or handheld XRF instruments, etc.). These examples should not be taken as limiting the broad meaning of sampling. · Include reference to measures taken to ensure sample presentively and the appropriate calibration of any measurement tools or systems used. · Aspects of the determination of mineralisation that are Material to the Public Report. · In cases where ‘industry standard’ work has been done, this would be relatively simple (e.g. ‘reverse circulation drilling was used to obtain 1 m samples from which 3 kg was pulverised to produce a 30 g charge for fire assay’). In other cases, more explanation may be required, such as where there is coarse gold that has inherent sampling problems. Unusual commodities or mineralisation types (e.g. submarine nodules) may warrant disclosure of detailed information.	Sampling involved extraction of small, representative samples of brine from solar ponds into 50ml or 250ml clean bottles. The solar ponds consist of re-purposed temporary above-ground swimming pools and HDPE aquaculture tubs. These solar ponds were filled with brine drawn from either the Williamson Pit directly or from Lake Way Playa Brine from a 4m deep test pit excavated next to the trial. Brine samples were taken from each solar evaporation pond regularly and routinely during the solar evaporation process. Brine samples were taken manually by initially rinsing out the sample bottle with brine from the source then filling the bottle. Samples were analysed for K, Mg, Ca, Na, Cl, SO4, TDS and specific gravity. The temperature and pressure in each pond were logged electronically with piezometers. Once the brine in a particular solar pond had concentrated to pre-determined point it was pumped to another solar pond downstream in the process. Salt was then extracted from the drained solar pond. Harvested salt is then crushed, either by hand or using a small jaw crusher to 100% passing 25mm, where the typical particle size is <5mm. The crushed salt was then coned and quartered multiple times until a 250g representative salt sample was obtained. Brine is a homogenous fluid below the surface, while salt samples are cone and quartered to provide a homogenous sample.
Drilling techniques	· Drill type (e.g. core, reverse circulation, open-hole hammer, rotary air blast, auger, Bangka, sonic, etc.) and details (e.g. core diameter, triple or standard tube, depth of diamond tails, face-sampling bit or other type, whether core is oriented and if so, by what method, etc.).	No drilling was undertaken during the site evaporation trial.
Drill sample recovery	· Method of recording and assessing core and chip sample recoveries and results assessed. · Measures taken to maximise sample recovery and ensure representative nature of the samples. · Whether a relationship exists between sample recovery and grade and whether sample bias may have occurred due to preferential loss/gain of fine/coarse material.	No core was recovered from the site evaporation trial. Brine samples taken from the ponds, were sampled from beneath the surface of the ponds, thus were representative of the entire pond as the ponds are small enough to act as a homogeneous liquid bodies. Salt samples were crushed, coned and quartered to ensure sample representativeness. The crushing and homogenisation lowers the risk of preferential loss/gain of one size fraction over another.
Logging	· Whether core and chip samples have been geologically and geotechnically logged to a level of detail to support appropriate Mineral Resource estimation, mining studies and metallurgical studies. · Whether logging is qualitative or quantitative in nature. Core (or costean, channel, etc.) photography. · The total length and percentage of the relevant intersections logged.	No logging was undertaken on the site evaporation trial
Sub-sampling techniques and sample preparation	· If core, whether cut or sawn and whether quarter, half or all core taken. · If non-core, whether riffled, tube sampled, rotary split, etc. and whether sampled wet or dry. · For all sample types, the nature, quality and appropriateness of the sample preparation technique. · Quality control procedures adopted for all sub-sampling stages to maximise representivity of samples. · Measures taken to ensure that the sampling is representative of the insitu material collected, including for instance results for field duplicate/second-half sampling. · Whether sample sizes are appropriate to the grain size of the material being sampled.	Not applicable, no drilling was undertaken during the site evaporation trial. Not applicable, no drilling was undertaken during the site evaporation trial. The samples were taken in sterile plastic bottles of 50ml or 250ml capacity. Brine is a homogenous fluid below the surface, while salt is cone and quartered to homogenise and sample. Brine was diluted (1:10 in de-ionised water) at the lab to ensure accurate determination by ICP. Salt was crushed to <25mm and homogenising to ensure that the 200-300g subsample taken is representative for the grain size. 50g of the wet homogenised sample is air dried at ambient temperature and sent for XRD. Following this the sample is crushed with a mortar and pestle to <120um. It is then packed into a pellet to undergo XRD analysis. 10g of the wet homogenised sample is air dried at ambient temperature. Residual moisture is determined by acetone-displacement wash followed by drying at a temperature of 60 degrees Celsius. Following this drying, the salt sample is dissolved in 100ml of de-ionised water, and is sent for ICP analysis.
Quality of assay data and laboratory tests	· The nature, quality and appropriateness of the assaying and laboratory procedures used and whether the technique is considered partial or total. · For geophysical tools, spectrometers, handheld XRF instruments, etc., the parameters used in determining the analysis including instrument make and model, reading times, calibrations factors applied and their derivation, etc. · Nature of quality control procedures adopted (e.g. standards, blanks, duplicates, external laboratory checks) and whether acceptable levels of accuracy (i.e. lack of bias) and precision have been established.	The brine and salt samples were sent to Bureau Veritas (BV) Laboratories in Perth, WA. ICP and XRD preparation undertaken at BV. ICP analysis to determine the chemical ion analysis, and wet chemistry titration to determine chloride content was performed by Bureau Veritas, Canning Vale, WA. Sub samples prepared at BV were sent for XRD analysis to determine the salt crystal mineralogy at Microanalysis in Perth, WA. No laboratory analysis was undertaken with geophysical tools. All BV laboratories work to documented procedures compliant with ISO 9001 Quality Management Systems. Rigorous quality control and quality assurance measures are applied throughout the entire process in their laboratories. Standard quality assurance procedures include: • Analysis of blanks within each batch. • The routine testing of suitable certified reference materials from national and international suppliers, in addition to in-house and client supplied standards. Standards will be selected based on the elements of interest, expected range of concentration, and the analytical method used. • Duplicate samples are included in each batch to ensure that reproducible results are being achieved. Duplicate samples may be solutions, pulps or coarse splits as requested. • Re-assay of anomalous results by our quality control staff using techniques considered appropriate for the level of analytes encountered. • All sample results are reported. All blanks and standards are reported on request. Microanalysis uses XRD, which is semi-quantitative, as it does not take into account preferred orientation, strain or crystallite size. The amorphous content is estimated using the background ratio rather than an internal spike. All procedures are internally validated. Microanalysis Australia has an established QA/QC system of procedures for receipt, preparation and analysis of samples. All instruments are calibrated monthly with a certified reference standard. They run a calibration check using a certified Panalytical silicon standard monthly and monitor source decay. Repeatability studies have been undertaken to verify subsampling procedures. Every tenth sample is repeated to verify repeatability and consistency of results.
Verification of sampling and assaying	· The verification of significant intersections by either independent or alternative company personnel. · The use of twinned holes. · Documentation of primary data, data entry procedures, data verification, data storage (physical and electronic) protocols. · Discuss any adjustment to assay data.	Not applicable, brine is a homogenous fluid below the surface. Not applicable, brine is a homogenous fluid below the surface. All sampling and assaying is well documented and contained on SLP’s internal databases. No adjustments have been made to assay data.
Location of data points	· Accuracy and quality of surveys used to locate drill holes (collar and down-hole surveys), trenches, mine workings and other locations used in Mineral Resource estimation. · Specification of the grid system used. · Quality and adequacy of topographic control.	Location data is not relevant for this process test and so was not taken.
Data spacing and distribution	· Data spacing for reporting of Exploration Results. · Whether the data spacing and distribution is sufficient to establish the degree of geological and grade continuity appropriate for the Mineral Resource and Ore Reserve estimation procedure(s) and classifications applied. · Whether sample compositing has been applied.	Brine samples were taken at appropriate time intervals, either weekly or biweekly, to gain sufficient resolution on the brines’ evaporation pathway. Salt samples were taken at pre-determined brine concentrations from prior modelling and so are indicative of the salts produced between the pre-determined harvest points. Sample compositing has not been applied.
Orientation of data in relation to geological structure	· Whether the orientation of sampling achieves unbiased sampling of possible structures and the extent to which this is known, considering the deposit type. · If the relationship between the drilling orientation and the orientation of key mineralised structures is considered to have introduced a sampling bias, this should be assessed and reported if material.	Not applicable as harvest salts were homogenised. Drilling orientation is Not applicable. The entire mass of salt produced by the solar pond was harvested, homogenised and sent for assay.
Sample security	· The measures taken to ensure sample security.	SLP field geologists and engineers were responsible for sampling and homogenising all brine and salt samples prior to shipping to the BV lab in Perth and the SLP lab/warehouse. The security measures for the material and type of sampling at hand was appropriate.
Audits or reviews	· The results of any audits or reviews of sampling techniques and data.	Data review is summarised in the report and included an assessment of the quality of assay data and laboratory tests and verification of sampling and assaying. No audits of sampling techniques and data have been undertaken.

Section 2: Reporting of Exploration Results

Criteria	JORC Code explanation	Commentary
Mineral tenement and land tenure status	· Type, reference name/number, location and ownership including agreements or material issues with third parties such as joint ventures, partnerships, overriding royalties, native title interests, historical sites, wilderness or national park and environmental settings. · The security of the tenure held at the time of reporting along with any known impediments to obtaining a licence to operate in the area.	On the 9^th March 2018 Salt Lake Potash Ltd and Blackham Resources Ltd signed a gold and brine minerals memorandum of understanding. Under this MOU Blackham has granted the brine rights on its Lake Way tenement free from encumbrances to SLP. The tenements referred to in the MOU are; Exploration licences E53/1288, E53/1862, E53/1905, E53/1952, Mining Licences, M53/121, M53/122, M53/123, M53/147, M53/253, M53/796, M53/797, M53/798, M53/910, and Prospecting Licences P53/1642, P53/1646, P53/1666, P53/1667, P53/1668. All tenure is granted to Blackham Resources Ltd.
Exploration done by other parties	· Acknowledgment and appraisal of exploration by other parties.	No prior process (solar evaporation) test work has been undertaken on the brine from Williamson Pit or Lake Way Playa. The Company has previously reported a brine resource over the Blackham tenements – refer ASX Announcement 31 July 2018. There is a database of approximately 6200 boreholes across Lake Way of which some 1000 are within the Blackham tenements. The primary source for the information is the publicly available Western Australian Mineral Exploration (WAMEX) report data base. Recent sterilisation drilling has also been undertaken by Blackham Resources. The data from previous exploration work by other parties has not been used in appraising the results of the process testwork included in this announcement.
Geology	· Deposit type, geological setting and style of mineralisation.	The deposit is a salt-lake brine deposit. The lake setting is typical of a Western Australian palaeovalley environment. Ancient hydrological systems have incised palaeovalleys into Archaean basement rocks, which were then infilled by Tertiary-aged sediments typically comprising a coarse-grained fluvial basal sand overlaid by palaeovalley clay with some coarser grained interbeds. The clay is overlaid by recent Cainozoic material including lacustrine sediment, calcrete, evaporite and aeolian deposits. The brine is concentrated in solar evaporation ponds and the salt is precipitated into the evaporation ponds as fine (0.5 – 5mm) crystals that form a single, homogeneous salt bed.
Drill hole Information	· A summary of all information material to the understanding of the exploration results including a tabulation of the following information for all Material drill holes: · easting and northing of the drill hole collar · elevation or RL (Reduced Level – elevation above sea level in metres) of the drill hole collar · dip and azimuth of the hole · downhole length and interception depth · hole length. · If the exclusion of this information is justified on the basis that the information is not Material and this exclusion does not detract from the understanding of the report, the Competent Person should clearly explain why this is the case.	No drilling was undertaken. Williamson pit brine was drawn from the bottom of the pit ramp. Lake brine is sourced from a pit next to the site evaporation trial with the following coordinates (26°46’25.55″S, 120°18’27.46″E)
Data aggregation methods	· In reporting Exploration Results, weighting averaging techniques, maximum and/or minimum grade truncations (e.g. cutting of high grades) and cut-off grades are usually Material and should be stated. · Where aggregate intercepts incorporate short lengths of high grade results and longer lengths of low grade results, the procedure used for such aggregation should be stated and some typical examples of such aggregations should be shown in detail. · The assumptions used for any reporting of metal equivalent values should be clearly stated.	Harvested salt from the solar evaporation ponds are homogenised, assayed weighed to provide the estimated grade. Average salt grade for each evaporation trial is determined by a weighted average, where the grade/mineralogy of each individual harvest is multiplied by the total wet mass of the harvest. The sum of these harvest grades is then divided by the total salt output from the pond.
Relationship between mineralisation widths and intercept lengths	· These relationships are particularly important in the reporting of Exploration Results. · If the geometry of the mineralisation with respect to the drill hole angle is known, its nature should be reported. · If it is not known and only the downhole lengths are reported, there should be a clear statement to this effect (e.g. ‘down hole length, true width not known’).	Not applicable to process testwork.
Diagrams	· Appropriate maps and sections (with scales) and tabulations of intercepts should be included for any significant discovery being reported These should include, but not be limited to a plan view of drill hole collar locations and appropriate sectional views.	Maps and sections not included for process testwork. Refer prior ASX Announcement dated 31 July 2018.
Balanced reporting	· Where comprehensive reporting of all Exploration Results is not practicable, representative reporting of both low and high grades and/or widths should be practiced to avoid misleading reporting of Exploration Results.	All results have been included in the body of the report.
Other substantive exploration data	· Other exploration data, if meaningful and material, should be reported including (but not limited to): geological observations; geophysical survey results; geochemical survey results; bulk samples – size and method of treatment; metallurgical test results; bulk density, groundwater, geotechnical and rock characteristics; potential deleterious or contaminating substances.	All material process data has been reported.
Further work	· The nature and scale of planned further work (e.g. tests for lateral extensions or depth extensions or large-scale step-out drilling). · Diagrams clearly highlighting the areas of possible extensions, including the main geological interpretations and future drilling areas, provided this information is not commercially sensitive.	Field evaporation trials are ongoing. Downstream metallurgical test work on harvested salts will be undertaken by a world leading potash research laboratory to confirm the harvest salts may be converted to potash product.

Salt Lake Potash #SO4 – Lombard Odier Asset Management holding in company

14th January 2019 / Leave a comment

Salt Lake Potash #SO4 Limited announces that it was notified on 11 January 2019 via the filing of a Form 604 – Notice of change of interests of substantial holder within the ASX, that Lombard Odier Asset Management (Europe) Limited’s relevant interest in the Company increased from 17,071,000 Ordinary Shares (9.75 per cent of the issued ordinary share capital of the Company as at 20 June 2018) to 18,025,501 Ordinary Shares (8.74 per cent of the issued ordinary share capital of the Company as at 9 January 2019).

For further information please visit www.saltlakepotash.com.au or contact:

Tony Swierizcuk/Clint McGhie	Salt Lake Potash Limited	Tel: +61 8 9322 6322
Jo Battershill	Salt Lake Potash Limited	Tel: +44 (0) 20 7478 3900
Colin Aaronson/Richard Tonthat/Ben Roberts	Grant Thornton UK LLP (Nominated Adviser)	Tel: +44 (0) 20 7383 5100
Derrick Lee/Beth McKiernan	Cenkos Securities plc (Joint Broker)	Tel: +44 (0) 131 220 6939
Jerry Keen/Toby Gibbs	Shore Capital (Joint broker)	Tel: +44 (0) 20 7468 7967

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