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Salt Lake Potash #SO4 & Blackham Resources Execute Binding Access Agreement

8th April 2019 / Leave a comment

Highlights:

· Salt Lake Potash has executed a binding Split Commodity and Access Agreement with Blackham Resources in relation to the Lake Way Project

· Under the Agreement, Salt Lake Potash will acquire the brine rights over Blackham’s tenure and Blackham will acquire gold rights over Salt Lake Potash’s tenure. Each company retains a royalty on their respective mineral resources

· The Agreement with Blackham facilitates an accelerated pathway to production through the utilisation of Blackham’s Mining Lease for early construction works and the de-watering and utilisation of the Williamson Pit brine

· The construction of the evaporation pond at Lake Way is progressing well with 24-hour operations at site now underway

Salt Lake Potash Limited (Salt Lake Potash or the Company) is pleased to announce that the Company has entered into a binding Split Commodity and Access Agreement (Agreement) with Blackham Resources Limited (Blackham) in relation to the development of the Lake Way Project on terms in line with the previously executed MOU announced on 12 March 2018.

Under the Agreement, Salt Lake Potash will acquire Blackham’s brine rights and Blackham will acquire gold rights to Salt Lake Potash’s Lake Way holdings, with each company retaining a royalty on their respective holdings.

Key Terms

The Agreement is binding on Salt Lake Potash and Blackham with the key terms including:

· Salt Lake Potash to acquire the Brine Rights over the Blackham tenements;

· Blackham to acquire the Gold Rights over the Salt Lake Potash tenements;

· Salt Lake Potash to receive a 2% royalty on all gold production from the Salt Lake Potash tenements;

· Blackham to receive a 4% royalty on all Brine production (including SOP) from the Blackham tenements;

· Salt Lake Potash to make a rehabilitation liability payment of $500,000 to Blackham by 30 June 2019. This amount is deductible from future brine royalties;

· Salt Lake Potash is required to achieve the following construction and production milestones:

o Completion of the de-watering of the Williamson Pit by 31 July 2019;

o Commence the construction of the SOP processing plant by 30 June 2020; and

o Achieve first commercial production of SOP by 31 December 2021

These dates may be extended by mutual agreement.

The following Conditions Precedent must be satisfied within 2 months of the date of the Agreement (or such later date as may be agreed by the parties):

· the Minister consenting (to the extent required):

o to Blackham granting the Brine Rights to Salt Lake Potash;

o to Salt Lake Potash granting the Gold Rights to Blackham.

· Blackham obtaining any approvals necessary to proceed with the Agreement, including the release of various encumbrances relating to the Brine Rights.

Lake Way Project

Salt Lake Potash is focussed on the rapid development of the Lake Way Project, being a high grade salt-lake brine Sulphate of Potash (SOP) operation. Lake Way’s location and logistical advantages make it the ideal Lake 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, the owner of the Wiluna Gold Mine. The Agreement with Blackham allows for an expedited pathway to development at Lake Way.

Construction Update

Salt Lake Potash commenced the construction of the first phase of the Lake Way Evaporation Ponds at the start of March 2019 (see announcement dated 6 March 2019). The first phase of evaporation ponds will enable the de-watering of the Williamson Pit.

Construction works for the Lake Way Evaporation ponds are progressing well with the Company moving into 24 hour operations and are on target for completion in Q2 2019.

The de-watering of the Williamson Pit will commence in Q2 2019 once the first phase of the evaporation ponds is complete. Onsite preparation works have commenced for de-watering activity including preparation and welding of pipeline.

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) 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

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.

Salt Lake Potash Ltd (SO4) – Significant High-Grade SOP Resource Delineated at Lake Way

18th March 2019 / Leave a comment

The version of this announcement including diagrams can be viewed at www.saltlakepotash.com.au/asx-announcements/

Highlights:

– Initial Mineral Resource Estimate for the whole of Lake Way contains 73 million tonnes of SOP, including:

Measured Resource – Lake Way Playa 6.9Mt @ 15.4kg/m³
Measured Resource – Williamson Pit 32Kt @ 25.5kg/m³
Indicated Resource – Paleochannel 3.7Mt @ 13.6kg/m³
Inferred Resource – Lake Way Playa & Paleovalley Sediment 62Mt @ 15.2kg/m³

– Lake Way confirmed as very high-grade with consistent brine chemistry both laterally and at depth, with an average grade of 14.5kg of SOP per cubic metre of brine across the Lake Way tenements (Measured and Indicated)

– The Company has successfully delineated a Paleochannel in excess of 30km in length along the eastern boundary of Lake Way, which supports the ability and optionality to produce brine from two separate sources (lake playa and paleochannel)

– Test pumping of historical bores at Lake Way has provided important data that supports efficient production by pumping from the paleochannel resource

– The Mineral Resource Estimate for the ‘whole of lake’ will enable the Company to finalise technical studies for a larger production scenario with an anticipated release date towards the end of Q2 2019

Salt Lake Potash Limited (the Company or Salt Lake Potash) (ASX/AIM:SO4) is pleased to advise of a significant extension of the Mineral Resource Estimate at Lake Way following completion of an exploration program across the ‘whole of the lake’. The estimated total Mineral Resource Estimate at Lake Way has increased to 73 million tonnes (Mt) of SOP calculated using Total Porosity and 8.2Mt of SOP calculated using Drainable Porosity. 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.

Table 1: Resource Table

Classification	Bulk Volume (Million m³)	Porosity (%)	Brine Volume (Million m³)	Average SOP (K₂SO₄) Concentration (kg/m³)	SOP Tonnage – Total Porosity (Mt)	SOP Tonnage – Drainable Porosity¹ (Mt)
Measured (Lake)	1,060	43	456	15.4	6.9	1.8
Measured (Williamson Pit)	1.26			25.5	0.03	0.03
Indicated (Paleochannel)	686	40	274	13.6	3.7	1.4
Inferred	10,216	40	4,096	15.2	62.2	5.0
Total	11,963		4,826		72.83	8.2

1. An average Drainable Porosity ranging from 3-15% has been applied

Salt Lake Potash’s Chief Executive Officer, Mr Tony Swiericzuk said:

“It is extremely pleasing to present the Lake Way Mineral Resource Estimate for the ‘whole of lake” that confirms the significant size and very high-grade resource at Lake Way.

It reinforces our current review process to consider a larger scale scenario at Lake Way and we anticipate releasing the technical results of the larger scale scenario towards the end of Q2 2019.”

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. 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.

Introduction

The maiden Mineral Resource Estimate reported in July 2018 was limited to the area within the Blackham Tenement boundary. Subsequent to this, the Company has undertaken an extensive exploration program covering the remaining areas of Lake Way including the delineation of the Paleochannel which runs along the eastern boundary of the Lake Way Project.

Salt Lake Potash has now finalised the exploration program that has supported a ‘whole of lake’ Mineral Resource Estimate, covering the playa surface and the Paleochannel aquifers of Lake Way.

The Mineral Resource Estimate for the ‘whole of lake’ will enable Salt Lake Potash to finalise technical studies for a larger production scenario with an anticipated release date towards the end of Q2 2019.

Mineral Resource Estimate

The Company engaged an independent hydrogeological consultant with substantial salt lake brine expertise, Groundwater Science Pty Ltd, to complete the Mineral Resource Estimate for the Lake Way Project.

The Lake Way Mineral Resource Estimate describes a brine hosted resource. The minerals are dissolved in brine, and the brine is contained within pore spaces of the host sediment. A small portion of the resource is contained in the Williamson Pit Lake.

The Mineral Resource Estimate of 73Mt is hosted within approximately 15 billion cubic metres of sediment ranging in thickness from a few metres to over 100m, beneath 189km² of Playa Lake surface including the paleochannel basal sand unit of 20m thickness and 30km length.

The Mineral Resource Estimate for Lake Way is divided into resource classifications that are controlled by the host geological units:

Lake Bed Sediment
Paleovalley Sediment
Paleochannel Basal Sands

The mineral resource estimate is summarised in the Tables below. An overview of each resource classification is provided in the subsequent paragraphs. Details of the estimation methodology are provided in the body of this report.

The estimated SOP tonnage represents the SOP within the in-situ contained brine with no recovery factor applied. The amount of contained brine which can be extracted depends on many factors including the permeability of the sediments, the drainable porosity, and the recharge dynamics of the aquifers.

Table 2: Measured Resource

	Total 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 Porosity¹	Brine Volume	SOP Tonnage
	(Mm³)	(kg/m³)	(kg/m³)	(Kg/m³)		(Mm³)	(Mt)		(Mm³)	(Mt)
North Lakebed (0.4-8.0 m)	1,060	6.8	8.0	27.6	0.42	445	6.8	0.11	117	1.8
Williamson Pit	1.26	11.4	14.7	48.0					1.26	0.03

Total							6.8			1.83

Table 3: Indicated Resource

	Total 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
	(Mm³)	(kg/m³)	(kg/m³)	(Kg/m³)		(Mm³)	(Mt)		(Mm³)	(Mt)
Basal Sands (Paleochannel)	686	6.1	8.2	25.0	0.40	274	3.7	15	103	1.4

Table 4: Inferred Resource

	Total 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
	(Mm³)	(kg/m³)	(kg/m³)	(Kg/m³)		(Mm³)	(Mt)		(Mm³)	(Mt)
South Lakebed (0.4-8.0 m)	316	6.8	8.0	27.6	0.42	133	2.0	0.11	35	0.5
Lakebed (8m to Base)	9,900	6.8	8.0	27.6	0.40	3,960	60.0	0.03	297	4.5

Total							62.0			5.0

1. The Drainable Porosity does not include the significant resource potentially available through the recharge cycle. Refer Appendix 1.

The northern section of Mineral Resource Estimate (including the Blackham tenements) has been classified into a Measured category for the upper 8m of lakebed sediments. The resources contained within the lakebed sediments below 8m, and the southern section of the lake at all depths, are all classified in the Inferred category. The Paleochannel running along the eastern boundary of the lake has been classified in the Indicated category.

The Company will continue the exploration program as it looks to increase the resource definition in the southern section of the lake and ultimately convert the Mineral Resource Estimate into Ore Reserves following further technical studies.

2018 Resource Estimate for Lake Way

In July 2018, the Company completed a scoping study for a 50,000tpa demonstration plant supported by an indicated resource for the 55.4km² area of the Blackham tenements on Lake Way totaling 1.9Mt of SOP with an excellent brine chemistry of 15.49Kg/m³ K₂SO₄ and a measured resource from the Williamson pit of 32kt with a highly concentrated chemistry of 25.5Kg/m³ K₂SO_4.

The Resource was calculated on the shallow (6m average depth) Playa Lake Sediment only. This resource has now been extended to 8m depth and to include 87km² of Salt Lake Potash’s tenement covering the open playa area of Lake Way and upgraded to measured. The Williamson Pit resource remains unchanged.

Williamson Pit – Measured Resource Estimate

The Measured Resource dissolved in the Williamson Pit Lake Comprises 32Kt SOP dissolved in 1.26Mm³ brine at an average grade of 24.4kg/m³ SOP.

Lakebed Sediment (North) – Measured Resource Estimate

The Measured Resource is hosted in the Lake Bed Sediments in the northern part of the lake where data density is sufficient to support the Measured Resource classification.

The resource comprises 6.9Mt SOP hosted in the total porosity of the sediment which includes 1.8Mt SOP within the drainable porosity of the sediment.

The resource is contained within the top 8m of sediment, which can reasonably be drained by pumping from trenches and occupies an area of 139.5km² of the Lake Way playa surface. Islands and a zone of dewatered sediment have been removed from the area used to calculate the resource.

Brine chemistry was defined by assay of brine samples taken from 9 hand dug pits, 13 Auger drillholes, and 49 excavated test pits. The average brine grade is 15.2kg/m³ SOP.

Total Porosity was defined by laboratory determination of 16 intact samples obtained by hollow core auger drilling and 24 Shelby Tubes advanced during excavation of test pits. Total porosity averages 42%.

Drainable porosity was defined by laboratory determination of 24 intact samples obtained by hollow core auger drilling and Shelby Tubes advanced during excavation of test pits. Extended duration pumping trials were undertaken to provide field estimates of drainable porosity to validate the laboratory determination. Drainable porosity by all methods averaged 11%.

Lakebed Sediment (South) – Inferred Resource Estimate

The Inferred Resource is hosted in the Lake Bed Sediments in the southern part of the lake where data density is insufficient to support a higher classification. In this area continuity of brine grade and sediment porosity is assumed which constrains the resource classification to Inferred.

The resource comprises 2.1Mt SOP hosted in the total porosity of the sediment which includes 0.5Mt SOP within the drainable porosity of the sediment.

The resource is contained within the top 8m of sediment, which can reasonably be drained by pumping from trenches and occupies the 41.6km² area of the Lake Way playa surface. Islands on the Playa surface have been removed from the area used to calculate the resource.

Brine chemistry and sediment porosity was assumed to be equivalent to the average of the northern part of the lake.

Paleochannel Basal Sand – Indicated Resource Estimate

The Indicated Resource is hosted in the Basal Sands that infill the deepest 20m of the paleochannel.

The resource comprises 3.7Mt SOP hosted in the total porosity of the sediment which includes 1.4Mt SOP hosted in the drainable porosity of the sediment.

The geometry and volume of the basal sand was defined by detailed gravity and passive seismic geophysical survey, validated against the extensive historical drilling data set. The total sediment volume is 686 million cubic meters.

Total porosity and drainable porosity were benchmarked against comparable paleochannel sands and a value of 40% total porosity and 15% drainable porosity was applied.

Brine chemistry was defined by assay of multiple brine samples taken from two historic test bores that were pumped for 24 hours. The average brine grade is 13.6kg/m³ SOP.

Paleovalley Sediment – Inferred Resource Estimate

The Inferred Resource is hosted in the predominately silt and clay sediments that infill the paleovalley from the base of the Lake Bed Sediments to basement or the Basal Sands.

The resource comprises 60Mt SOP hosted in the total porosity of the sediment which includes 4.5Mt SOP within the drainable porosity of the sediment. The proportion of the brine held in drainable porosity is much lower in this unit due to the fine-grained lithology.

The geometry and volume of the Paleovalley Sediment was defined by detailed gravity and passive seismic geophysical survey, validated against the extensive historical drilling data set. The total sediment volume is 9,900 million cubic meters.

Brine chemistry is assumed to be continuous from the surface of the playa to the base of the Paleovalley Sediment based on comparable assay results from the lake bed sediments and the paleochannel sands.

Porosity was estimated against comparable sediments, and 40% total porosity and 3% drainable porosity has been applied in the resource estimation.

Future Work

The Company will continue the exploration program at Lake Way as it looks to increase the resource definition in the southern section of the lake and ultimately convert the Mineral Resource Estimate into Ore Reserves following further technical studies.

Construction of the first phase of the Lake Way Evaporation Ponds is progressing well. The first phase will enable de-watering of the Williamson Pit. The utilisation of the Williamson Pit brine will accelerate Salt Lake Potash’s pathway to first production of SOP at Lake Way.

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) 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

Summary of Resource Estimate and Reporting Criteria

This ASX Announcement has been prepared in compliance with JORC Code 2012 Edition and the ASX Listing Rules. The following is a summary of the pertinent information used in the Mineral Resource Estimate with full details provided in the JORC Code Table 1 included as Appendix 4.

Geology and Geological Interpretation

The investigation area is in the Northern Goldfields Province on the Archaean Yilgarn Craton.

The province is characterised by granite-greenstone rocks that exhibit a prominent northwest tectonic trend and low to medium-grade metamorphism. The Archaean rocks are intruded by east-west dolerite dykes of Proterozoic age, and in the eastern area there are small, flat-lying outliers of Proterozoic and Permian sedimentary rocks. The basement rocks are generally poorly exposed owing to low relief, extensive superficial cover, and widespread deep weathering. A key characteristic of the goldfields is the occurrence of paleochannel aquifers. These palaeodrainages are incised into the Archean basement and in-filled with a mixed Tertiary and Quaternary sedimentary sequence.

The paleochannel sediments of Lake Way are characterised by a mixed sedimentary sequence including sand, silts and clays of lacustrine, aeolian, fluvial and colluvial depositional origins. These near-surface deposits also include chemically-derived sediments of calcrete, silcrete and ferricrete. Beneath eastern parts of the playa, there is a deep paleochannel that is infilled with Tertiary-aged palaeochannel clay and basal sands in the deepest portion.

The Sediments infilling the paleochannel are described below:

Lake Bed Sediment

Recent (Cainozoic), unconsolidated silt, sand and clay sediment containing variable abundance of evaporite minerals, particularly gypsum. The unit is ubiquitous across the salt lake surface. The thickness of the unit ranges from approximately 3 to 20m. This unit hosts the Measured and Inferred Resource.

The upper part of the unit comprises unconsolidated, gypsiferous sand and silt from surface to around 1.5m depth. The unit is widespread, homogeneous and continuous with the thickest parts in the centre and southern portion of the lake. This is underlain by well sorted, lacustrine silt and clay.

Palaeovalley Sediment

The Paleovalley sediment consists of Tertiary clay and silt that overlies basement or the Basal Sand.

Paleochannel Basal Sand

Tertiary, unconsolidated fine, medium to coarse grained sand interbedded with silt, clay and some lignite horizons.

Hydrological Setting

Surface Water

Lake Way receives episodic surface water inflow from West and East Creeks which lie to the north of the playa and other smaller creek lines to the west. The Playa is a terminal feature in the surface water system, i.e. there are no drainage lines that exit the playa.

Surface water recharge is a significant part of the water balance for salt-lake playa brine potash operations as described in Turk’s (1972) description of the Bonneville Salt Flats (now Wendover Potash Mine) and EPM’s (2013) proposed potash operation at Sevier Lake.

The morphology of the playa shape and surface is consistent with the classification system described by Bowler (1986). The northern part of the Playa exhibits morphology typical of significant surface water influence and periodic inundation (smooth playa edges, one island). The southern part of the playa exhibits morphology consistent with a groundwater dominated playa with rare inundation (irregular shoreline, numerous islands). The frequency of inundation across the lake may be influenced by prevailing south-easterly winds driving water to the north eastern end of the Lake.

The Lake Way catchment area is 3,767km². The catchment was defined using Geoscience Australia’s 1 second DEM and MapInfo Discover Hydrology Package.

A runoff model was developed for the Lake Way Catchment using the WaterCress software package (Groundwater Science 2018b). The model was constructed and calibrated to the adjacent and analogous Gascoyne River catchment, and then run using the catchment area defined for Lake Way and historic rainfall data from the Wiluna BOM station from 1907 to 2017.

The average annual rainfall for the Lake Way Catchment is 260mm/year. The run-off model estimates that on average 3.9% of rainfall runs off to the Lake. Most of the heavy rainfall occurs in December to March and as such 71% of significant runoff events (runoff depth >5mm) occur during this period. The average annual modelled run-off to the Playa is 38GL/year but this is highly variable and ranges from zero in years 1910 and 1936, up to a maximum of 314GL in 1936 and more recently 283GL in 1995.

Groundwater

The Lake is inferred to be a terminal groundwater sink on the basis of the large area of the lake and the shallow water table observed at all sites beneath the lake which will facilitate evaporative loss. Groundwater beneath the lake is hypersaline and comprises the brine potash resource.

The drilling undertaken at Lake Way has identified 2 aquifer units:

· Cainozoic Playa Lake Sediments exhibit variable lithology comprising sand, silt and clay. Permeability is higher in the surface gypsiferous sands from which brine flows freely. The lake sediments beneath the surface sands are higher in clay content and rely on flow from macro and micro remnant structures.

· Tertiary Palaeochannel basal sands comprising fine to coarse grained, well sorted sand. The extent of the paleochannel has been defined through the passive seismic geophysical survey and can be seen to be several hundred metres wide throughout.

Geological Interpretation

The geological model of the deposit was developed in Leapfrog by Zephyr Professional Ltd.

The basement topography model is based on interpretation of the passive seismic survey data tied to the historic drilling data set. The Basal Sand is then modelled to infill the channel to a depth of 20m above the channel thalweg.

The geological model provides the volumes that were then used to estimate dissolved mineral tonnage contained in the pore space of the host rock.

Drilling and Sampling Techniques

Auger Drilling

Thirteen auger holes were drilled to a maximum depth of 7m. The hollow stem auger method was applied, this enables a continuous core to be captured.

Drilling the top 1.5m was achieved with little difficulty however, as the hole got deeper the denser, stiffer clays made progress difficult leading to refusal at around 5m for most holes.

Once the holes were drilled the bores were completed with slotted PVC to just below the water table, gravel packed to 0.5mbgl and a bentonite seal to the surface. Before the installation of the Bentonite seal each piezometer was developed using a hand held Wattera development system.

Excavator Test Pits

Test pits were dug using an amphibious digger to a depth of approximately 4m or refusal.

Excavator Test Trenches

Test trenches were dug using an amphibious digger to a depth of approximately 4m or refusal. The trenches were nominally 100m long and the slopes were battered for stability.

Historic Production Bores

Two historic investigation bores were used to obtain brine samples and test the hydraulic parameters of the aquifer. These bores were installed by AGC Woodward Clyde in 1992 on behalf of WMC Engineering to identify a mine water supply.

Prior to testing, the integrity of the bores was checked by downhole camera survey of the bore holes.

Historic Drilling

An extensive historic drillhole dataset was obtained from WAMEX. Drill logs were re-interpreted to provide stratigraphic intersections to inform the geological model and provide control to the geophysical model described below.

Geophysics

A Horizontal to Vertical Spectral Ratio (HVSR) passive seismic survey was completed over 20 survey transects on the Salt Lake Potash tenements. The aim of the survey was to determine depth to bedrock, identify paleochannels and estimate their volumes.

The final HVSR passive seismic data has been processed and velocity analysis completed with amplitude-depth cross-sections generated for each survey transect. The data highlighted an interpreted fresh bedrock interface below Lake Way as an acoustic impedance contrast layer, as well as highlighting shallower layering within the unconsolidated sedimentary cover deposits (paleochannel sands). This is interpreted as the upper and lower extents of the paleochannel sands.

Brine samples

Brine samples were obtained from all test pits, test trenches, water bores and auger holes completed as piezometers. In all instances the brine sample represents a bulk average sample of the open interval of each drillhole and excavation.

Geological Samples

Geological samples were taken from each drilling and excavation method and geologically logged.

Porosity Samples

Porosity samples were obtained from test pit excavation by pushing Shelby Tubes into the sediment and nominally 1m depth intervals. These samples were sealed to prevent moisture loss and submitted to the laboratory for total and drainable porosity determination.

Hollow core auger samples were taken at nominally 1m depth intervals. These samples were sealed to prevent moisture loss and submitted to the laboratory for total and drainable porosity determination.

Hydraulic Testing

Trench Pumping Trials

Test Trenches were pumped for between 5 and 90 days. The brine drawdown around the trench was measured using piezometer areas extending 100m from the trench. This data was used to determine drainable porosity and aquifer hydraulic conductivity.

Brine samples were taken at regular intervals during pumping to assess the stability of brine composition over time.

Test Pit Recharge tests

The aquifer hydraulic conductivity at each test pit was tested by pumping brine out of the pits and then measuring the rate of water level recovery with a pressure transducer as the pits were refilled by brine inflow from the surrounding aquifer.

Auger Piezometer Slug Tests

Auger drillholes completed as piezometers were hydraulically tested by slug tests that comprise instantaneously introducing, then removing a slug (cylinder) of know volume from the piezometer. The rate of water level recovery following slug insertion and withdrawal is measured with a pressure transducer and the rate of recovery is analysed to determine hydraulic conductivity.

Historic Production Bores

Two historic investigation bores were test pumped to determine aquifer parameters. The bores were pumped by Global Groundwater Pty Ltd at a constant rate for 24 hours. Water level drawdown in the pumped bore, and in nearby observation bores was monitored manually and by data logger. The data was analysed to determine aquifer properties of transmissivity (Product of bulk average hydraulic conductivity and aquifer thickness), Storage coefficient and boundary conditions.

Sample Analysis Method

Brine Chemistry Determination

The Primary Laboratory was Bureau Veritas Minerals Laboratory in Perth. Duplicate samples were sent to the secondary laboratory; Intertek, Perth.

Porosity

Porosity determination was undertaken by Core Laboratories Australia Pty Ltd, Perth.

Total Porosity was determined gravimetrically by weighing before and after drying at 60 degrees to stable final weight.

Drainable Porosity was determined gravimetrically by re-saturating samples with formation brine and spinning in a centrifuge at 3,700 rpm until brine production stopped. The samples were weighed before and after re-saturation and centrifuge.

Verification and QA/QC

QA/QC of brine chemistry determination comprised

· Duplicate samples send to a secondary laboratory

· Ionic ratio checks to identify outliers

· Charge Balance Check

Resource Estimation Methodology

The resource is calculated as the tonnage of minerals dissolved in the liquid brine contained in pores within the hostrock. Tonnages are calculated as dissolved minerals in brine on a dry weight by volume basis e.g. kilograms potassium per cubic meter of brine. The potassium tonnage of the resource is then calculated as:

Rock volume x volumetric porosity = brine volume

Brine volume x concentration = tonnage.

Williamson Pit

The mineralisation contained within the Williamson Pit was previously reported in the Company’s ASX Announcement dated 31 July 2018. That estimate remains unchanged and comprises 0.032Mt SOP dissolved in 1.26Mm³ brine at an average grade of 24.4kg/m³ SOP.

Lake Bed Sediment

Area

The lateral extent of the resource is defined by the tenement boundaries and the playa boundary as defined in Geoscience Australia’s 1:250K topographic dataset.

The islands in the north and south of the playa have been removed from the resource.

The Williamson pit has resulted in a zone of dewatered material extending out some 500m from the mine pit. This area has been removed from the resource estimate.

The lake was then split into 2 areas, the north portion where almost all test work has been completed, and the south portion where little test work has been completed due to accessibility and the only very recent granting of the final Exploration lease on the lake. The North end of the lake is being reported here as a measured resource and the south as an inferred resource.

The total area of the North and South of the lake are 139.5 and 41.6km² respectively.

Thickness

The thickness of the resource estimate has been constrained to 8 m below ground surface on the basis that production trenches are unlikely to exceed that depth.

Porosity

Drainable porosity determined from field pumping trials averages 11% by volume. Drainable porosity determined from laboratory analysis of intact samples averages 10% by volume.

Total porosity determined from laboratory analysis of intact samples averages 42% by volume.

Table 5: Total Porosity and Drainable Porosity

Test Pit or Trench ID	Sample Depth (m)	Total Porosity (%)	Drainable Porosity (%)	Test Pit or Trench ID	Sample Depth (m)	Total Porosity (%)	Drainable Porosity (%)
LYAG01	2.0 – 3.0	45	10.3	LYTT010	0.5 – 4.0	38	3
LYAG01	3.0 – 4.0	35	8	LYTT014	0.3 – 0.8	52
LYAG01	5.0 – 6.0	39	7.4	LYTT014	0.3 – 0.6	46	11
LYAG02	1.0 – 2.0	29	9.3	LYTT015	1.5 – 2.0	41	5
LYAG02	4.0 – 5.0	53	11.1	LYTT017	0.6 – 1.1	50
LYAG06	1.0 – 2.0	45	14.6	LYTT019	0.6 – 1.1	48
LYAG06	2.0 – 3.0	42	10.4	LYTT019	0.3 – 0.6	26	16
LYAG06	3.0 – 4.0	42	11.5	LYTT019	1.5 – 2.0	47	13
LYAG06	5.0 – 6.0	42	10	LYTT019	3.0 – 4.0	35	8
LYAG07	1.0 – 2.0	43	14	LYTT020	0.5 – 1.0	54
LYAG07	3.0 – 4.0	41	8	LYTT020	3.0 – 4.0	50	6
LYAG08	1.0 – 2.0	35	9.4	LYTT021	0.6 – 1.1	50
LYAG08	2.0 – 3.0	32	10	LYTT024	0.5 – 0.9	50
LYAG08	3.0 – 4.0	26	8	LYTT026	0.3 – 0.6	39	10
LYAG15	2.0 – 3.0	33	7.4	LYTT026	3.0 – 4.0	47	24
LYAG15	4.0 – 5.0	36	8.8	LYTT029	4.0 – 5.0	38	5.2
LYTR01	0.5 – 1.5	48	14.2	LYTT029	1.0 – 4.0	47	3
LYTR01	1.0 – 1.2	37	26	LYTT032	0 – 0.5	38	13.8
LYTR01	1.5 – 3.0	48	1.5	LYTT035	3.0 – 3.5	43	5
LYTR01	3.0 – 4.0	36	5	LYTT035	0 – 0.5	39	12
				Average		42	10

Solute Concentration

Brine chemistry has been interpolated using Ordinary Kriging with a grid size of 100m x 100m, a search distance of 6,000m and 2 search passes. Average concentrations have been calculated from the grid for the Measured Resource (North portion of the lake), this average has been used to calculate the Resource for the southern, inferred resource.

Treatment of Islands

The islands have been removed from the Lake Bed Sediment Resource. Experience at other lakes has consistently shown that shallow brine beneath islands is diluted, likely by infiltrating rainfall. Furthermore, brine harvesting by trenches is unlikely to be practical through the sand dunes and elevated topography of the islands.

Paleovalley Sediment

Area

The lateral extent of the resource is defined by the tenement boundaries and the playa edge. The total area is 181.1km².

Volume

The volume of sediment infilling the paleovalley has been exported from the geological model. The Volume is 9,900Mm³. This yields an average sediment thickness of 54m for the sediment extending from 8m depth (base of lake bed sediment) to the top of basement or Paleochannel Basal Sand.

Porosity

The Total Porosity and Drainable Porosity has been estimated from lithology and benchmarking against other studies completed in comparable geological settings. Total porosity is applied as 40%. Drainable porosity is applied as a low value of 3% based on the fine-grained lithology of the host sediment which will retain much of the contained brine.

Solute Concentration

Solute concentration is inferred to be continuous from the Playa Surface to the base of the Paleovalley Sediment. The average value is 15.2kg/m³ SOP.

Paleochannel Basal Sand

Area

The extent and thickness of the Paleochannel Basal Sand Resource is defined by the geological model. The total volume of the unit is estimated to be 686Mm³.

Porosity

Solute Concentration

Solute concentration is derived as the average value of the two pumping test bores completed in the basal sand unit, LW5-7 and LW3-4. Multiple samples were taken from each bore during the 24 hour constant rate pumping test undertaken at each bore. The average SOP concentration is 13.6kg/m³ SOP. No spatial interpolation was undertaken.

Classification Criteria

Williamson pit

The estimated resource hosted in the Williamson Pit mine lake has a very high degree of confidence, since the geometry of the mine pit was accurately surveyed and the concentration of the brine was samples at numerous locations and depths and is quite consistent.

The resource is reported as a Measured Resource on the basis that the estimate is adequate to support a mine plan (in this case pumping infrastructure and pumping rate).

Lake Bed Sediments (North)

The estimated resource in the northern part of the lake has a high degree of confidence.

The resource estimate and associated hydrological data set are considered adequate to support a mine plan. In this case the mine plan comprises design of a production trench network and construction of a groundwater flow simulation model to estimate and plan brine production rates. The resource is reported as a Measured Resource.

The thickness of the geological unit is well defined, being simply 8m; the assumed limit of excavation. The area is well defined by the extent of the playa surface.

Brine concentration is defined by a high density or data points and is quite consistent spatially. There is a high degree of confidence that the brine concentration is accurately defined.

Aquifer total porosity and drainable porosity are well defined by a large number of samples at a range of depths, and drainable porosity values are validated by extended pumping field trials that comprise the drainage of very large volumes of sediment.

Aquifer properties of hydraulic conductivity are well defined by a well distributed data set of test pits and extended duration pumping trials.

The lake water balance due to rainfall and inundation is understood from a reasonably constrained catchment run-off model.

The Measured Resource estimate is based on 49 test pits, 5 trench tests and 13 auger holes. Data points are distributed on an approximate 500m by 500m grid in the northwest and on a 5km x 5km grid for the remainder of the lake. There is irregularity due to greater density of pits around the proposed pond locations, the causeway, the Williamson Pit dewatered zone and tenure access constraints to the immediate east of the playa.

Lake Bed Sediments (South)

The estimated resource in the southern part of the lake has a low degree of confidence.

The resource estimate is based on assumed continuity of grade and porosity and is not adequate to support a mine plan. The resource is reported as an Inferred Resource.

The thickness of the geological unit is well defined, being simply 8m; the assumed limit of excavation.

The area is well defined by the extent of the playa surface.

Brine grade is assumed to be continuous and consistent from the north to the south of the lake. This assumption is not yet confirmed by test work.

Total Porosity and Drainable Porosity are assumed to be continuous and consistent from the north to the south of the lake. This assumption is based on lithology logged in historic drilling but is not yet confirmed by test work.

Hydraulic properties are assumed to are assumed to be continuous and consistent from the north to the south of the lake. This assumption is based on lithology logged in historic drilling but is not yet confirmed by test work.

The Inferred Resource Estimate is based on a very limited number of drillholes. The geology is defined by 10 historic drillholes oriented on a transect across the southern end of the Lake, and the geophysical survey. Brine Grade is assumed to be continuous from the data in the northern part of the Lake.

Potash Brine projects typically exhibit low spatial variability in brine grade since the brine resource is generated in-situ by evaporation of a fairly consistent groundwater source which is subject to sporadic mixing and dilution due to infiltration of rainwater, and subsequent re-concentration by evaporation. Drill spacing in the range of 2.5km to 10km is typical (Houston et al 2011).

Paleovalley Sediment

The estimated resource in Paleovalley sediment has a low degree of confidence. The Resource estimate is based on assumed continuity of grade and porosity and is not adequate to support a mine plan. The resource is reported as an Inferred Resource.

The volume of the geological unit is well defined by a geological model based on detailed geophysical survey validated to an extensive drilling data set.

The area is well defined by the extent of the playa surface.

Brine grade is assumed to be continuous and consistent from the Playa surface to the base of the geological unit. This assumption is supported by only a limited number of data points where brine chemistry at surface and at depth are available.

Total Porosity and Drainable Porosity values are based on lithology logged in historic drilling and on benchmarking of comparable projects in Tertiary paleochannels in Western Australia. The values are not yet confirmed by test work.

Hydraulic properties of the units inferred from the lithology of the unit, and the response to pumping of two test bores.

For this unit a mine plan comprises design of a production bore array to depressurise the underlying basal sand and induce downward vertical leakage from the paleovalley sediment. A groundwater flow simulation model calibrated to long term pumping trials will be needed to estimate and plan the rate at which vertical leakage of brine can be induced.

The Inferred Resource Estimate is based on a limited number of drillholes. The 49 test pits, 5 trench tests and 13 auger holes terminate above the top of the unit, and continuity of brine grade with depth is assumed based on consistent experience at other salt lake playas, and data demonstrating continuous brine grade in the underlying Basal Sand unit. The geological model that defines the volume is based on 224 historic drillholes and the geophysical survey.

Paleochannel Basal Sand

The estimated resource in Paleochannel Basal Sand has a moderate degree of confidence.

The data is adequate to allow confident interpretation of the geological framework which is based on a good density of drilling and geophysical data. The continuity of brine concentration between very widely spaced samples is however assumed. The estimate is adequate to apply modifying factors in a Feasibility Study but is not adequate to support a detailed mine plan. The resource is reported as an Indicated Resource.

Hydraulic properties of the units inferred from the lithology of the unit, and the response to pumping of two test bores.

The Indicated Resource Estimate is based on two data points that inform brine grade and hydrogeological properties. The geological model is based on a larger number of drillholes (23 of 224 drillholes are within the paleochannel extent) and the geophysical survey.

Results

The results of the Mineral Resource Estimate are summarised in the tables below.

Table 6: Measured Resource

	Total 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
	(Mm³)	(kg/m³)	(kg/m³)	(Kg/m³)		(Mm³)	(Mt)		(Mm³)	(Mt)
North Lakebed (0.4-8.0m)	1,060	6.8	8.0	27.6	0.42	445	6.8	0.11	117	1.8
Williamson Pit	1.26	11.4	14.7	48.0					1.26	0.032

Total							6.8			1.832

Table 7: Indicated Resource

	Total 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
	(Mm³)	(kg/m³)	(kg/m³)	(Kg/m³)		(Mm³)	(Mt)		(Mt)	(Mm³)
Basal Sands	686	6.1	8.2	25.0	0.40	274	3.7	15	103	1.4

Table 8: Inferred Resource

	Total 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
	(Mm³)	(kg/m³)	(kg/m³)	(Kg/m³)		(Mm³)	(Mt)		(Mm³)	(Mt)
South Lakebed (0.4-8.0m)	316	6.8	8.0	27.6	0.42	133	2.0	0.11	35	0.5
Lakebed (8m to Base)	9,900	6.8	8.0	27.6	0.40	3,960	60.0	0.03	297	4.5
Total							62.0			5.0

Note: 1) Conversion factor of K to SOP (K₂SO₄ equivalent) is 2.23

2) Williamson Pit and Lakebed Sediment (North – Blackham tenements only) resource estimate reported previously as maiden resource 31 July 2018.

Cut-off Grades

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. No aggregate intercepts have been calculated.

Mining and Metallurgical Methods and Parameters

It is assumed that the Brine resource will be mined by gravity drainage to a network of trenches excavated into the Playa Surface and an array of production bores completed in the paleochannel basal sand.

Validation test work has been completed to confirm the process flowsheet to be used at the Lake Way Project to recovery SOP from the Lake Brine (refer ASX Announcement 31 October 2018).

Environmental impacts are expected to be; localized reduction in saline groundwater level, surface disturbance associated with trench, bore, and pond construction and accumulation of salt tails. The project is in a remote area and these impacts are not expected to prevent project development.

The project is located with the Goldfields Groundwater Proclamation Area. A license to take groundwater will be required under the Rights in Water and Irrigation Act 1914. This Act is administered by the Government of Western Australia Department of Water and Environmental Regulation.

Forward Looking Statements

This announcement may include forward-looking statements. These forward-looking statements are based on Salt Lake’s expectations and beliefs concerning future events. Forward looking statements are necessarily subject to risks, uncertainties and other factors, many of which are outside the control of Salt Lake, which could cause actual results to differ materially from such statements. Salt Lake makes no undertaking to subsequently update or revise the forward-looking statements made in this announcement, to reflect the circumstances or events after the date of that announcement.

Competent Person Statement

The information in this report that relates to Mineral Resources and Exploration Results for Lake Way 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.

Production Target

The Lake Way Demonstration Plant Production Target stated in this report is based on the Company’s Scoping Study as released to the ASX on 31 July 2018. The information in relation to the Production Target that the Company is required to include in a public report in accordance with ASX Listing Rule 5.16 and 5.17 was included in the Company’s ASX Announcement released on 31 July 2018. The Company confirms that the material assumptions underpinning the Production Target referenced in the 31 July 2018 release continue to apply and have not materially changed.

Appendix 1: Extraction Method and Implication for Resource Estimate

Overview

Mining methods employed for brines is different to those required for mining solid minerals. The typical mining method for brines is to pump the brine resource from trenches or bores that are installed in the geological unit that hosts the brine. The rate that the brine can be pumped is controlled by the hydraulic conductivity (permeability) of the host rock. For the Lake Way Project, the mining methods for each host geological unit are summarised in the table below.

Table 9: Mining Method

Host Unit	Mining Method	Controls on the mining rate and resource
Williamson Pit Lake	Pumping from Pit Lake	None
Lake Bed Sediment	Pumping from trenches	Hydraulic conductivity of lake sediment, Recharge via rainfall and inundation Total Porosity
Paleovalley Fill	Vertical drainage to Basal Sand	Vertical hydraulic conductivity Drainable porosity, and compressible storage.
Basal Sand	Pumping from bores	Hydraulic conductivity, Total porosity Aquifer Boundary conditions (vertical and lateral inflow under pumping)

Williamson Pit Lake

Brine from the Williamson Pit Lake will be pumped directly from the pit into the evaporation pond for processing. The mining rate is controlled only by the capacity of the pumping infrastructure.

Lake Bed Sediment

The shallow Lake Bed Sediments aquifer will be mined by pumping brine from a network of trenches excavated into the playa surface to a depth of nominally 6m, though trenches may be deepened over time.

The production of brine is cyclic as described below.

Stage 1 – Initial Resource

The initial brine resource comprises:

· Brine dissolved in water held in Drainable Porosity, (5% of the total aquifer volume).

· Brine dissolved in water held in Retained Porosity, (35% of total aquifer volume).

The remaining volume is occupied by solid material (sand, silt and clay grains comprising 60% of the aquifer volume).

The combined porosity (Total Porosity) then comprises the total SOP brine resource held in the Lake Bed Sediments aquifer.

Stage 2 – Production Cycle

During production the brine drains under gravity toward the trench and is subsequently removed by pumping. This creates a hydraulic gradient toward the trench and brine is drawn some distance through the aquifer toward the trench (typically hundreds of meters depending on aquifer permeability).

Over time the aquifer immediately surrounding the trench is partially dewatered. This means that the drainable brine has been removed from the sediment, but the retained brine is still held in place by surface tension.

Stage 3 – Recharge Cycle

Western Australian Salt Lake playas receive some water input from rainfall and run-off annually. Direct rainfall lands on the playa each year, and most years, heavy, cyclonic rain events cause run-off from the surrounding catchment onto the Playa. This water infiltrates the playa surface and re-fills the drainable pores in the aquifer. The larger rainfall events usually occur from January through to March.

Stage 4 – Mixing Cycle

The water that has infiltrated and refilled the drainable porosity then mixes (by physical diffusion) with the brine held in retained porosity.

Through repeated production cycles the total brine resource is mined. The concentration of brine pumped from the production trenches will decline over time as the total resource is depleted over repeated production cycles.

The pumping rate is controlled by the hydraulic conductivity of the host sediment. The concentration of produced brine will change over time and will be controlled by the tonnage contained in total porosity and the mechanism of mixing between repeated production cycles.

Paleovalley Sediment

The paleovalley sediment is predominately fine grain and exhibits low permeability. The brine held in these sediments cannot be drained directly to bores because the permeability is too low to allow useful bore yields.

A proportion of the brine held in these sediments can be removed by underdrainage to the underlying Basal Sand unit.

Brine is removed from the Basal Sand unit by pumping from bores. This depressurises the Basal Sand unit and induces downward brine leakage from the overlying sediment. The rate of leakage will be very low; however, the areal extent is very large and significant volumes can be abstracted in this way.

Only a relatively small fraction of the total porosity can be removed from a fine-grained unit by this method.

Paleochannel Basal Sand

The brine will be produced by pumping from bores constructed into the Paleochannel Basal Sand. Pumping from a deep, confined aquifer results in reduced pressure in the aquifer and this induces brine flow toward the bores. Brine flow is sourced via downward vertical leakage from the overlying fine-grained silts and clays, and by lateral flow from the adjacent basement aquifer that surrounds the channel.

It is important to understand that the aquifer is not dewatered. This means that the pore spaces are not drained under gravity to be filled with air. The aquifer is only depressurised, and this results in flow through fully saturated pores toward the pumped bore.

Appendix 2: Location Details for Drill Holes / Test Pits

HOLE_ID	EAST	NORTH	Hole Type
HA003	235863	7032512	Hand Auger
HA006	235652	7033571	Hand Auger
HA008	234918	7033057	Hand Auger
HA010	235063	7034408	Hand Auger
HA012	234299	7033837	Hand Auger
HA013	234890	7035481	Hand Auger
HA014	234458	7035223	Hand Auger
HA017	234302	7035685	Hand Auger
HA019	234752	7036712	Hand Auger
HA021	233742	7036709	Hand Auger
HA022	234734	7037719	Hand Auger
HA024	233715	7039225	Hand Auger
HA025	233868	7032968	Hand Auger
HA029	231655	7036814	Hand Auger
HA031	231874	7037525	Hand Auger
LYTR001	233590	7036757	Test Trench
LYTR002	235090	7035280	Test Trench
LYTR003	230650	7041000	Test Trench
LYTR004	232330	7035720	Test Trench
LYTR005	238875	7035948	Test Trench
LYTT002	229968	7036837	Test Pit
LYTT003	230702	7036399	Test Pit
LYTT004	231815	7035595	Test Pit
LYTT005	232341	7035793	Test Pit
LYTT006	232183	7035073	Test Pit
LYTT007	231817	7034412	Test Pit
LYTT012	233601	7037586	Test Pit
LYTT013	233600	7034800	Test Pit
LYTT014	233600	7034000	Test Pit
LYTT015	233600	7033200	Test Pit
LYTT016	234600	7032000	Test Pit
LYTT017	235300	7032400	Test Pit
LYTT018	235300	7033200	Test Pit
LYTT019	236300	7033200	Test Pit
LYTT020	234600	7033200	Test Pit
LYTT021	234600	7034000	Test Pit
LYTT022	235650	7034000	Test Pit
LYTT023	235300	7034800	Test Pit
LYTT024	234600	7034800	Test Pit
LYTT025	234600	7035600	Test Pit
LYTT026	234600	7036800	Test Pit
LYTT027	235511	7040910	Test Pit
LYTT028	237073	7040940	Test Pit
LYTT028	237073	7040940	Test Pit
LYTT030	230700	7041600	Test Pit
LYTT031	229531	7041686	Test Pit
LYTT032	229551	7040432	Test Pit
LYTT033	230700	7040400	Test Pit
LYTT034	230700	7039200	Test Pit
LYTT035	230700	7037600	Test Pit
LYTT036	231800	7037200	Test Pit
LYTT037	238858	7037915	Test Pit
LYTT039	240934	7032003	Test Pit
LYTT041	242068	7026888	Test Pit
LYTT042	244658	7026362	Test Pit
LYTT043	243355	7028717	Test Pit
LYTT045	241951	7033872	Test Pit
LYTT048	235845	7038688	Test Pit
LYTT049	236788	7034678	Test Pit
LYPIEZ01	236853	7032051	Auger
LYPIEZ03	238851	7037911	Auger
LYPIEZ04	239481	7030505	Auger
LYPIEZ06	238854	7035878	Auger
LYPIEZ07	238747	7034697	Auger
LYPIEZ08	235865	7038720	Auger
LYPIEZ09	240944	7031987	Auger
LYPIEZ11	243089	7032074	Auger
LYPIEZ13	238602	7039558	Auger
LW3-4	247448	7031876	Historic Pumped bore
LW5-7	242593	7034360	Historic Pumped bore

Note: All holes are vertical, with an RL of approximately 492m

Appendix 3: Brine Assay Results

Lake Bed Sediment

HOLE_ID	K mg/L	Cl mg/L	Na mg/L	Ca mg/L	Mg mg/L	SO4 mg/L	pH	SG
HA003	7210	131450	77200	499	7510	26200	6.87	1.16
HA006	6910	128050	78600	528	7000	25500	6.9	1.16
HA008	7280	121350	73900	537	6530	28200	6.91	1.16
HA010	6350	112150	68100	621	6180	23900	6.99	1.14
HA012	6550	115700	68600	574	6690	25300	6.95	1.14
HA013	6070	108500	65900	623	6070	24000	7	1.14
HA014	6050	104250	63900	666	5620	23700	7.03	1.13
HA017	3320	52500	33000	804	2790	14800	7.31	1.07
HA017	6090	101600	63100	664	5450	24200	7.04	1.13
HA019	6030	113600	67600	591	7010	25700	6.96	1.15
HA021	5960	110250	65000	610	6150	23300	7.03	1.14
HA022	6550	111400	68500	636	6050	23600	7.02	1.14
HA024	6100	130850	75000	536	8650	25300	6.89	1.17
HA025	6810	126800	76500	519	7160	26300	6.96	1.16
HA029	6730	131200	79500	447	8070	33000	6.94	1.17
HA031	5910	117600	70200	615	6940	23400	6.98	1.15
LYTR001	6300	125550	74000	534	7410	26300	6.19	1.17
LYTR002	6270	118300	73600	526	7280	27300	6.23	1.16
LYTR003	7060	130450	83900	476	7670	29700	6.57	1.18
LYTR004	7115	129675	83050	502	7660	28900	6.62	1.18
LYTR005	6620	144550	82500	411	9930	32400	6.54	1.19
LYTT002	7350	145050	90000	367	10900	38700	6.36	1.20
LYTT003	8160	151150	91400	305	12200	42600	6.5	1.21
LYTT004	6700	126350	76200	441	8090	29400	6.74	1.17
LYTT005	6760	122700	74500	553	7100	25100	6.79	1.16
LYTT006	6970	129000	78700	514	7500	26600	6.69	1.17
LYTT007	6600	130400	78100	484	8010	28900	6.53	1.17
LYTT012	6470	120100	74300	575	7240	25800	6.65	1.16
LYTT013	6510	117750	72500	562	7000	25400	6.92	1.15
LYTT014	6840	123700	76000	586	7020	26100	6.9	1.16
LYTT015	7150	128750	78900	517	7300	28000	6.88	1.17
LYTT016	6990	137650	86000	458	8290	29300	6.71	1.18
LYTT017	7150	129450	80300	498	7400	27200	6.88	1.17
LYTT018	7270	128050	78500	492	7340	28800	6.88	1.17
LYTT019	6800	121600	73500	532	7040	26600	6.88	1.16
LYTT020	6840	124050	74900	549	7020	26100	6.83	1.16
LYTT021	6390	117100	71600	571	6890	26000	6.86	1.16
LYTT022	6630	119150	74600	543	7010	26700	6.93	1.16
LYTT023	6510	123700	72000	556	6790	25100	6.85	1.16
LYTT024	6240	113400	70100	581	6850	26300	6.88	1.15
LYTT025	6330	115700	71500	559	6960	27300	6.85	1.16
LYTT026	7060	125450	77700	519	7030	26200	6.79	1.16
LYTT027	7080	133850	83300	390	9930	37800	6.89	1.18
LYTT028	6360	130350	80800	410	10200	36900	6.95	1.18
LYTT028	7210	145150	87000	358	11600	37800	6.83	1.20
LYTT030	7300	133500	81200	362	9150	33000	6.86	1.19
LYTT031	8760	147100	89700	347	11300	41100	6.82	1.21
LYTT032	7030	137850	81900	408	10400	29900	6.88	1.18
LYTT033	6930	131750	81300	444	10300	33600	6.79	1.13
LYTT034	7190	127750	78200	526	7630	26100	6.74	1.17
LYTT035	6740	134050	80600	418	11000	35400	6.75	1.19
LYTT036	6570	137350	81400	369	12700	38100	6.82	1.20
LYTT037	6780	150000	86100	371	10300	35400	6.7	1.20
LYTT039	7390	133450	78700	563	6670	23900	6.68	1.16
LYTT041	7660	135300	80700	577	6730	24400	6.79	1.17
LYTT042	7520	149250	86000	522	8340	23900	6.62	1.19
LYTT043	5980	110400	65200	726	5820	19700	6.59	1.14
LYTT045	7600	139300	79400	502	6740	24200	6.57	1.18
LYTT048	6910	131100	77300	501	7600	26500	6.55	1.17
LYTT049	7160	139850	82000	485	7850	27600	6.57	1.18
LYPIEZ01	6000	139715	82900	446	10100	26000	6.42	1.18
LYPIEZ03	4560	97584	63400	439	7580	24700	6.97	1.14
LYPIEZ04	6450	145100	82500	478	9340	26200	6.57	1.18
LYPIEZ06	6140	137254	82900	416	9810	31500	6.59	1.18
LYPIEZ07	6660	130087	82800	504	7710	27100	6.73	1.18
LYPIEZ08	7030	136000	77400	473	8040	27800	6.48	1.18
LYPIEZ09	6950	131300	75500	552	7420	24100	6.52	1.16
LYPIEZ11	6590	115300	68200	679	5350	19400	6.7	1.15
LYPIEZ13	7000	138485	85800	453	8800	31200	6.63	1.19

Paleochannel Basal Sand

HOLE_ID	K mg/L	Cl mg/L	Na mg/L	Ca mg/L	Mg mg/L	SO4 mg/L	pH	SG
LW3-4	6160	149053.85	83000	455	8290	25600	6.5	1.18
LW3-4	5880	145796.24	78300	435	7900	23400	6.54	1.18
LW5-7	6080	151515.16	78600	397	8360	26100	6.38	1.19
LW5-7	6270	150501.68	84400	402	8520	26600	6.41	1.18

Appendix 4: JORC Code, 2012 Edition – Table 1

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 the excavation of test pits over the tenement area to a depth of 4mbgl or weathered basement whichever was encountered first. Five trenches were also dug to 4m 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. Shelby Tubes were pushed into the sediment during test pit excavation to obtain intact samples for porosity determination. 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 with barometric pressure and brine density correction. Auger drilling comprised hollow core augers. Samples were taken from the recovered core.
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.).	Test pits and trenches were dug with an excavator. Drillholes were drilled by hollow core auger. Auger holes were cased with 50mm PVC slotted liner to allow hydraulic testing and repeated sampling.
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 4m. For a brine abstraction project, the key parameters are the hydraulic conductivity and storage of the host rock. 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 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.	Full core was used for porosity determination. 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 from the upper 4m. All the samples taken were incorporated into a rigorous 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 Y8001, Y80002 … Lake bed samples were labelled with the test pit locator LYTT01, LYTT02 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 (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 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 due to consistent brine concentration. No twin holes 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.	Data spacing is addressed in the body of the Announcement. Sample compositing not 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.	The orientation of sampling was suited to the geological structure. Geological influence on the brine is limited to the aquifer parameters of the host rock, namely the hydraulic conductivity, Total Porosity and drainable porosity.
Sample security	· The measures taken to ensure sample security.	Salt Lake Potash 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 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.	The Lake Way Project comprises tenements held by Salt Lake Potash and Blackham Resources Limited (Blackham). Salt Lake Potash holds tenements covering the south east of the lake, including granted Exploration licences E53/1878, E53/1897 and Exploration Licence Applications E53/2057, E53/2059 and E53/2060. On the 9th March 2018 Salt Lake Potash 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 Salt Lake Potash. Tenure granted to Blackham Resources Ltd. and its subsidiaries that is covered by the MOU includes: 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.
Exploration done by other parties	· Acknowledgment and appraisal of exploration by other parties.	There is a database of approximately 6200 boreholes across Lake Way, of which some 1000 are within the Blackham tenement area. 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 to the south and east of the Blackham tenement area. The majority of previous work has been concerned with investigating the bedrock and calcrete for gold and Uranium, it is of limited value in defining the stratigraphy of the lakebed sediments. The data has been shown to be useful in the determination of the depth to base of lakebed sediments and has been used to develop an overall estimate of the volume of lake bed sediments that has been applied to the mineral resource calculations.
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: · 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.	All drillhole test pit and trench details and locations of all data points are presented in Appendices 2 and 3. All holes and test pits are vertical.
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.	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. No aggregate intercepts have been calculated.
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’).	The chemical analysis from each of the test pits 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. 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 version of this Announcement.
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 Announcement.
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 (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 trials of brine harvesting will be undertaken. Additional drilling and testing will be undertaken to upgrade the Inferred and Indicated portions of the resource.

Section 3 Estimation and Reporting of Mineral Resources

(Criteria listed in section 1, and where relevant in section 2, also apply to this section.)

Criteria	JORC Code explanation	Commentary
Database integrity	· Measures taken to ensure that data has not been corrupted by, for example, transcription or keying errors, between its initial collection and its use for Mineral Resource estimation purposes. · Data validation procedures used.	Cross-check of laboratory assay reports and database. Extensive QA/QC as described in the report
Site visits	· Comment on any site visits undertaken by the Competent Person and the outcome of those visits. · If no site visits have been undertaken indicate why this is the case.	A site visit was undertaken by the Competent Person (CP) from 29th to 30th April 2018. The CP visit was documented in Letter Report Salt Lake Potash-18-1-L001 (Groundwater Science, 2018).
Geological interpretation	· Confidence in (or conversely, the uncertainty of ) the geological interpretation of the mineral deposit. · Nature of the data used and of any assumptions made. · The effect, if any, of alternative interpretations on Mineral Resource estimation. · The use of geology in guiding and controlling Mineral Resource estimation. · The factors affecting continuity both of grade and geology.	The shallow geological profile beneath the lake is relatively homogenous. The porosity of the material is consistent with depth; hence the geological interpretation has little impact on the resource except to define its thickness. The islands are is excluded from the shallow resource estimate as access is not permitted. Mining the Williamson Pit has resulted in an area of approximately 4km2 being dewatered, this area has also been excluded from the resource estimate. Confidence in the geological model and the assumptions are described in the Announcement.
Dimensions	· The extent and variability of the Mineral Resource expressed as length (along strike or otherwise), plan width, and depth below surface to the upper and lower limits of the Mineral Resource.	Addressed in the body of the Announcement.
Estimation and modelling techniques	· The nature and appropriateness of the estimation technique(s) applied and key assumptions, including treatment of extreme grade values, domaining, interpolation parameters and maximum distance of extrapolation from data points. If a computer assisted estimation method was chosen include a description of computer software and parameters used. · The availability of check estimates, previous estimates and/or mine production records and whether the Mineral Resource estimate takes appropriate account of such data. · The assumptions made regarding recovery of by-products. · Estimation of deleterious elements or other non-grade variables of economic significance (eg sulphur for acid mine drainage characterisation). · In the case of block model interpolation, the block size in relation to the average sample spacing and the search employed. · Any assumptions behind modelling of selective mining units. · Any assumptions about correlation between variables. · Description of how the geological interpretation was used to control the resource estimates. · Discussion of basis for using or not using grade cutting or capping. · The process of validation, the checking process used, the comparison of model data to drill hole data, and use of reconciliation data if available.	Addressed in the body of the Announcement. There are no production records for reconciliation. There are no assumptions made regarding recovery of by-products. Deleterious elements are Salt (NaCl) waste. NaCl tonnage has not been estimated.
Moisture	· Whether the tonnages are estimated on a dry basis or with natural moisture, and the method of determination of the moisture content.	Not applicable to brine resources. See discussion of moisture content under Bulk Density.
Cut-off parameters	· The basis of the adopted cut-off grade(s) or quality parameters applied.	No cut-off parameters were used.
Mining factors or assumptions	· Assumptions made regarding possible mining methods, minimum mining dimensions and internal (or, if applicable, external) mining dilution. It is always necessary as part of the process of determining reasonable prospects for eventual economic extraction to consider potential mining methods, but the assumptions made regarding mining methods and parameters when estimating Mineral Resources may not always be rigorous. Where this is the case, this should be reported with an explanation of the basis of the mining assumptions made.	The Brine resource will be mined by gravity drainage to a network of trenches excavated into the Playa Surface and an array bore bores completed in the paleochannel basal sand. Validation test work has been completed to confirm the process flowsheet to be used at the Lake Way Project to recovery SOP from the Lake Brine (refer ASX Announcement 31 October 2018).
Metallurgical factors or assumptions	· The basis for assumptions or predictions regarding metallurgical amenability. It is always necessary as part of the process of determining reasonable prospects for eventual economic extraction to consider potential metallurgical methods, but the assumptions regarding metallurgical treatment processes and parameters made when reporting Mineral Resources may not always be rigorous. Where this is the case, this should be reported with an explanation of the basis of the metallurgical assumptions made.	Validation test work has been completed to confirm the process flowsheet to be used at the Lake Way Project to recovery SOP from the Lake Brine (Refer ASX Announcement 31 October 2018).
Environmental factors or assumptions	· Assumptions made regarding possible waste and process residue disposal options. It is always necessary as part of the process of determining reasonable prospects for eventual economic extraction to consider the potential environmental impacts of the mining and processing operation. While at this stage the determination of potential environmental impacts, particularly for a greenfields project, may not always be well advanced, the status of early consideration of these potential environmental impacts should be reported. Where these aspects have not been considered this should be reported with an explanation of the environmental assumptions made.	Environmental impacts are expected to be; localized reduction in saline groundwater level, surface disturbance associated with trench, bore, and pond construction and accumulation of salt tails. The project is in a remote area and these impacts are not expected to prevent project development. The project is located with the Goldfields Groundwater Proclamation Area. A license to take groundwater will be required under the Rights in Water and Irrigation Act 1914. This Act is administered by the Government of Western Australia Department of Water and Environmental Regulation.
Bulk density	· Whether assumed or determined. If assumed, the basis for the assumptions. If determined, the method used, whether wet or dry, the frequency of the measurements, the nature, size and representativeness of the samples. · The bulk density for bulk material must have been measured by methods that adequately account for void spaces (vugs, porosity, etc), moisture and differences between rock and alteration zones within the deposit. · Discuss assumptions for bulk density estimates used in the evaluation process of the different materials.	Bulk density is not relevant to brine resource estimation. Volumetric moisture content or volumetric porosity was applied in the resource estimate as follows: Lake Bed Sediment: determined Paleovalley Sediment: Assumed Paleochannel Basal Sand: Assumed
Classification	· The basis for the classification of the Mineral Resources into varying confidence categories. · Whether appropriate account has been taken of all relevant factors (ie relative confidence in tonnage/grade estimations, reliability of input data, confidence in continuity of geology and metal values, quality, quantity and distribution of the data). · Whether the result appropriately reflects the Competent Person’s view of the deposit.	Classification of the mineral resources into varying confidence categories is described in detail in the report. The result reflects the view of the Competent Person.
Audits or reviews	· The results of any audits or reviews of Mineral Resource estimates.	No audit or reviews were undertaken.
Discussion of relative accuracy/ confidence	· Where appropriate a statement of the relative accuracy and confidence level in the Mineral Resource estimate using an approach or procedure deemed appropriate by the Competent Person. For example, the application of statistical or geostatistical procedures to quantify the relative accuracy of the resource within stated confidence limits, or, if such an approach is not deemed appropriate, a qualitative discussion of the factors that could affect the relative accuracy and confidence of the estimate. · The statement should specify whether it relates to global or local estimates, and, if local, state the relevant tonnages, which should be relevant to technical and economic evaluation. Documentation should include assumptions made and the procedures used. · These statements of relative accuracy and confidence of the estimate should be compared with production data, where available.	Relative accuracy and confidence of the estimate is described in detail in the body of the Announcement. The estimated tonnage represents the in-situ brine with no recovery factor applied. It will not be possible to extract all of the contained brine by pumping from trenches. The amount which can be extracted depends on many factors including the permeability of the sediments, the drainable porosity, and the recharge dynamics of the aquifers. No production data are available for comparison.

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

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 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 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.

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 – 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.

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 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.

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.

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.

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 trails.

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.

Process Plant Flow Sheet Validation

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.

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

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 options.

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.

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.

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 – Completion of Placement, Directors’ Holdings & Mobilisation of Equipment to Lake Way

9th January 2019 / Leave a comment

Salt Lake Potash Limited (“the Company”) is pleased to announce that it has now completed the placement of 31.0 million new ordinary shares of the Company, to raise gross proceeds of A$13.0 million (“Placement”), first announced on 9 November 2018.

The second tranche of the Placement has been completed following shareholder approval at a General Meeting held on 20 December 2018. The issue comprised 1,702,381 ordinary shares of no par value at a price of A$0.42 per share, including 952,381 shares subscribed for by the CEO, Mr Tony Swiericzuk, and 750,000 shares by the Company’s Chairman, Mr Ian Middlemas.

Proceeds from the Placement will be used to fund the 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.

Funds from the Placement have enabled the mobilisation of construction equipment to Lake Way, with preliminary site preparation works being undertaken in preparation for the imminent construction of the Williamson Ponds and dewatering of the Williamson Pit.

Application has been made to the AIM Market of the London Stock Exchange (“AIM”) for the admission of the 1,702,381 Ordinary Shares, which rank pari passu with the Company’s existing issued Ordinary Shares, to be admitted to trading. Dealings on AIM are expected to commence at 8:00am on or around 10 January 2019 (“Admission”).

An Appendix 3B and Section 708A Notice are attached as required under the listing rules of the ASX.

Total Voting Rights

For the purposes of the Financial Conduct Authority’s Disclosure Guidance and Transparency Rules (“DTRs”), following Admission, Salt Lake will have 206,270,581 Ordinary Shares in issue with voting rights attached. Salt Lake holds no shares in treasury. This figure of 206,270,581 may be used by shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in the Company, under the ASX Listing Rules or the DTRs.

Directors’ interests

Following the issue of these shares, the directors will have the following interests in shares:

	Number of shares	Percentage of issued share capital
Ian Middlemas	11,750,000	5.70%
Tony Swiericzuk	952,381	0.46%

Mr Swiericzuk also holds an indirect interest in 5 million incentive options and 7,266,258 performance rights.

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

Rule 2.7, 3.10.3, 3.10.4, 3.10.5

Appendix 3B

New issue announcement,

application for quotation of additional securities

and agreement

Information or documents not available now must be given to ASX as soon as available. Information and documents given to ASX become ASX’s property and may be made public.

Introduced 01/07/96 Origin: Appendix 5 Amended 01/07/98, 01/09/99, 01/07/00, 30/09/01, 11/03/02, 01/01/03, 24/10/05, 01/08/12, 04/03/13

Name of entity

SALT LAKE POTASH LIMITED

ABN

98 117 085 748

We (the entity) give ASX the following information.

Part 1 ‑ All issues

You must complete the relevant sections (attach sheets if there is not enough space).

1	+Class of +securities issued or to be issued		Ordinary Shares

2	Number of +securities issued or to be issued (if known) or maximum number which may be issued		1,702,381

3	Principal terms of the +securities (e.g. if options, exercise price and expiry date; if partly paid +securities, the amount outstanding and due dates for payment; if +convertible securities, the conversion price and dates for conversion)		Fully paid ordinary shares

4	Do the +securities rank equally in all respects from the +issue date with an existing +class of quoted +securities? If the additional +securities do not rank equally, please state: · the date from which they do · the extent to which they participate for the next dividend, (in the case of a trust, distribution) or interest payment · the extent to which they do not rank equally, other than in relation to the next dividend, distribution or interest payment		Yes

5	Issue price or consideration		$0.42

6	Purpose of the issue (If issued as consideration for the acquisition of assets, clearly identify those assets)		Proceeds from the issue will be 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.

6a	Is the entity an +eligible entity that has obtained security holder approval under rule 7.1A? If Yes, complete sections 6b – 6h in relation to the +securities the subject of this Appendix 3B, and comply with section 6i		Yes

6b	The date the security holder resolution under rule 7.1A was passed		30 November 2018

6c	Number of +securities issued without security holder approval under rule 7.1		Nil

6d	Number of +securities issued with security holder approval under rule 7.1A		Nil

6e	Number of +securities issued with security holder approval under rule 7.3, or another specific security holder approval (specify date of meeting)		1,702,381

6f	Number of +securities issued under an exception in rule 7.2		Nil

6g	If +securities issued under rule 7.1A, was issue price at least 75% of 15 day VWAP as calculated under rule 7.1A.3? Include the +issue date and both values. Include the source of the VWAP calculation.		Not Applicable

6h	If +securities were issued under rule 7.1A for non-cash consideration, state date on which valuation of consideration was released to ASX Market Announcements		Not Applicable

6i	Calculate the entity’s remaining issue capacity under rule 7.1 and rule 7.1A – complete Annexure 1 and release to ASX Market Announcements		7.1 – 27,935,268 7.1A – 20,578,769

7		+Issue dates Note: The issue date may be prescribed by ASX (refer to the definition of issue date in rule 19.12). For example, the issue date for a pro rata entitlement issue must comply with the applicable timetable in Appendix 7A. Cross reference: item 33 of Appendix 3B.	9 January 2019

			Number	+Class
8		Number and +class of all +securities quoted on ASX (including the +securities in section 2 if applicable)	206,270,581	Ordinary Shares
			Number	+Class
9		Number and +class of all +securities not quoted on ASX (including the +securities in section 2 if applicable)	7,500,000 10,000,000 750,000 750,000 1,000,000 250,000 500,000 750,000 400,000 1,700,000 2,750,000 3,000,000 21,095,016	Class B Performance Shares Class C Performance Shares Incentive Options exercise price $0.40, expiry date 29 April 2019 Incentive Options exercise price $0.50, expiry date 29 April 2020 Incentive Options exercise price $0.60, expiry date 29 April 2021 Incentive Options exercise price $0.40, expiry date 30 June 2021 Incentive Options exercise price $0.50, expiry date 30 June 2021 Incentive Options exercise price $0.60, expiry date 30 June 2021 Incentive Options exercise price $0.70, expiry date 30 June 2021 Incentive Options exercise price $0.60, expiry date 1 November 2023 Incentive Options exercise price $1.00, expiry date 1 November 2023 Incentive Options exercise price $1.20, expiry date 1 November 2023 Performance rights which are subject to various performance conditions to be satisfied prior to the relevant expiry dates between 31 December 2018 and 1 November 2023

10		Dividend policy (in the case of a trust, distribution policy) on the increased capital (interests)	Not Applicable

Part 2 ‑ Pro rata issue

11	Is security holder approval required?	Not Applicable

12	Is the issue renounceable or non-renounceable?	Not Applicable

13	Ratio in which the +securities will be offered	Not Applicable

14	+Class of +securities to which the offer relates	Not Applicable

15	+Record date to determine entitlements	Not Applicable

16	Will holdings on different registers (or subregisters) be aggregated for calculating entitlements?	Not Applicable

17	Policy for deciding entitlements in relation to fractions	Not Applicable

18	Names of countries in which the entity has security holders who will not be sent new offer documents Note: Security holders must be told how their entitlements are to be dealt with. Cross reference: rule 7.7.	Not Applicable

19	Closing date for receipt of acceptances or renunciations	Not Applicable

20	Names of any underwriters	Not Applicable

21	Amount of any underwriting fee or commission	Not Applicable

22	Names of any brokers to the issue	Not Applicable

23	Fee or commission payable to the broker to the issue	Not Applicable

24	Amount of any handling fee payable to brokers who lodge acceptances or renunciations on behalf of security holders	Not Applicable

25	If the issue is contingent on security holders’ approval, the date of the meeting	Not Applicable

26	Date entitlement and acceptance form and offer documents will be sent to persons entitled	Not Applicable

27	If the entity has issued options, and the terms entitle option holders to participate on exercise, the date on which notices will be sent to option holders	Not Applicable

28	Date rights trading will begin (if applicable)	Not Applicable

29	Date rights trading will end (if applicable)	Not Applicable

30	How do security holders sell their entitlements in full through a broker?	Not Applicable

31	How do security holders sell part of their entitlements through a broker and accept for the balance?	Not Applicable

32	How do security holders dispose of their entitlements (except by sale through a broker)?	Not Applicable

33	+Issue date	Not Applicable

Part 3 ‑ Quotation of securities

You need only complete this section if you are applying for quotation of securities

Type of +securities

(tick one)

(a)

+Securities described in Part 1

(b)

All other +securities

Example: restricted securities at the end of the escrowed period, partly paid securities that become fully paid, employee incentive share securities when restriction ends, securities issued on expiry or conversion of convertible securities

Entities that have ticked box 34(a)

Additional securities forming a new class of securities

Tick to indicate you are providing the information or documents

35		If the +securities are +equity securities, the names of the 20 largest holders of the additional +securities, and the number and percentage of additional +securities held by those holders

36		If the +securities are +equity securities, a distribution schedule of the additional +securities setting out the number of holders in the categories 1 – 1,000 1,001 – 5,000 5,001 – 10,000 10,001 – 100,000 100,001 and over

37		A copy of any trust deed for the additional +securities

Entities that have ticked box 34(b)

38	Number of +securities for which +quotation is sought	Not Applicable

39	+Class of +securities for which quotation is sought	Not Applicable

40	Do the +securities rank equally in all respects from the +issue date with an existing +class of quoted +securities? If the additional +securities do not rank equally, please state: · the date from which they do · the extent to which they participate for the next dividend, (in the case of a trust, distribution) or interest payment · the extent to which they do not rank equally, other than in relation to the next dividend, distribution or interest payment	Not Applicable

41	Reason for request for quotation now Example: In the case of restricted securities, end of restriction period (if issued upon conversion of another +security, clearly identify that other +security)	Not Applicable

		Number	+Class
42	Number and +class of all +securities quoted on ASX (including the +securities in clause 38)

Quotation agreement

1 +Quotation of our additional +securities is in ASX’s absolute discretion. ASX may quote the +securities on any conditions it decides.

2 We warrant the following to ASX.

· The issue of the +securities to be quoted complies with the law and is not for an illegal purpose.

· There is no reason why those +securities should not be granted +quotation.

· An offer of the ⁺securities for sale within 12 months after their issue will not require disclosure under section 707(3) or section 1012C(6) of the Corporations Act.

Note: An entity may need to obtain appropriate warranties from subscribers for the securities in order to be able to give this warranty

· Section 724 or section 1016E of the Corporations Act does not apply to any applications received by us in relation to any +securities to be quoted and that no-one has any right to return any +securities to be quoted under sections 737, 738 or 1016F of the Corporations Act at the time that we request that the +securities be quoted.

· If we are a trust, we warrant that no person has the right to return the +securities to be quoted under section 1019B of the Corporations Act at the time that we request that the +securities be quoted.

3 We will indemnify ASX to the fullest extent permitted by law in respect of any claim, action or expense arising from or connected with any breach of the warranties in this agreement.

4 We give ASX the information and documents required by this form. If any information or document is not available now, we will give it to ASX before +quotation of the +securities begins. We acknowledge that ASX is relying on the information and documents. We warrant that they are (will be) true and complete.

Sign here: ………………………………………………….. Date: 9 January 2019

(Director/Company secretary)

Print name: Clint McGhie

== == == == ==

Notice Under Section 708A

Salt Lake Potash Limited (the Company) has today issued 1,702,381 fully paid ordinary shares. The issued shares are part of a class of securities quoted on Australian Securities Exchange (“ASX”).

The Company hereby notifies ASX under paragraph 708A(5)(e) of the Corporations Act 2001 (Cwth) (the “Act”) that:

1. the Company issued the securities without disclosure to investors under Part 6D.2 of the Act;

2. as at the date of this notice, the Company has complied with the provisions of Chapter 2M of the Corporations Act as they apply to the Company, and section 674 of the Act; and

3. as at the date of this notice, there is no information that is “excluded information” within the meaning of sections 708A(7) and (8) of the Act.

Salt Lake Potash #SO4 – Native Title Land Access and Exploration Agreement Executed for Lake Way. Construction Activities Set to Commence.

10th December 2018 / Leave a comment

Highlights:

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 has been received for the on-lake construction of the pond system for the dewatering of the Williamson Pit at Lake Way (Williamson Ponds)
Work programs at Lake Way continue to accelerate with construction of the Williamson Ponds expected to commence shortly
A ‘whole of lake’ resource definition program is being undertaken to enable larger scale production scenarios to be considered

Salt Lake Potash Limited (Salt Lake Potash or the Company) is pleased to announce it has 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 have 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 have 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.

Salt Lake Potash’s Chief Executive Officer, Mr Tony Swiericzuk, said:

“It has been a pleasure working with TMPAC to develop an agreement which respects the significance of the area’s heritage and also enables us to progress the Lake Way Project. The signing of the Agreement is a key milestone for construction activities to commence and the Company’s goal of developing the first SOP project within Australia. We look forward to building on the strong working relationship with TMPAC as we progress our plans to develop the Lake Way Project.”

Having signed the Agreement, Salt Lake Potash is looking to accelerate works at Lake Way, including:

1. Construction of Williamson Ponds – Key contracts in respect of the construction of the Williamson Ponds are in the process of being finalised and construction equipment will be mobilising shortly in preparation for the imminent planned works to begin on the Williamson Ponds at Lake Way. The completion of this work program will result in the construction of Australia’s first commercial scale SOP evaporation ponds.

2. Resource Definition Program – A maiden Mineral Resource Estimate for Lake Way (Blackham tenements only) was reported in July 2018. 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 options.

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

Tony Swiericzuk	Salt Lake Potash Limited	Tel: +61 8 9322 6322
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

FORWARD LOOKING STATEMENTS

Salt Lake Potash #SO4 completes first tranche of placement & receives DMIRS approval for Lake Way pond system

20th November 2018 / Leave a comment

Salt Lake Potash Limited (the Company or Salt Lake) is pleased to announce that it has completed the first tranche of its placement to institutional and sophisticated investors of 31.0 million shares at an issue price of $0.42 per share, to raise gross proceeds of $13.0 million (Placement), announced 9 November 2018. The placement saw strong demand from institutional and sophisticated investors, an endorsement of the recent appointment of Tony Swiericzuk as CEO to lead the development of the Company’s world class Goldfields Salt Lakes Sulphate of Potash project.

The Company recently received approval from the Department of Mines, Industry Regulation and Safety for a pond system to dewater the Williamson Pit at Lake Way. With the placement complete the Company is now in a strong position to commence these on-lake activities at Lake Way in the coming weeks.

Proceeds from the Placement will be 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.

The first tranche of the Placement, comprising 29.3 million shares to Institutional and Sophisticated investors to raise gross proceeds of A$12.3 million, was completed today.

The second tranche of the Placement, comprising 1.7 million shares intended to be subscribed for by Directors, including 950,000 shares by the CEO, Mr Tony Swiericzuk, and 750,000 shares by the Company’s Chairman, Mr Ian Middlemas, will be issued subject to shareholder approval.

An Appendix 3B and Section 708A Notice is attached as required under the listing rules of the ASX.

As announced on 16 November 2018, application has been made for the admission to trading on AIM of the balance of the first tranche of the Placement, being 214,286 Salt Lake Potash Limited ordinary shares, with admission expected to take place on or around 22 November 2018

Shareholder Meeting

A General Meeting of the Company will be held at the Conference Room, Ground Floor, BGC Centre, 28 The Esplanade, Perth, Western Australia on Thursday 20 December 2018 at 10:00am (WST). The Meeting will consider the second tranche of the Placement as well as ratifying the first tranche of Placement shares and prior issue of options in order to refresh the Company’s placement capacity under ASX LR7.1 and LR7.1A.

The Notice of General Meeting was sent to shareholders today and is available for download on the Company’s website: www.saltlakepotash.com.au

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

Clint McGhie	Salt Lake Potash Limited	Tel: +61 8 9322 6322
Colin Aaronson/Richard Tonthat/Ben Roberts	Grant Thornton UK LLP (Nominated Adviser)

Salt Lake Potash #SO4 announces a A$13.0m Placement to Institutional & Sophisticated Investors to Fund Project Development

9th November 2018 / Leave a comment

Salt Lake Potash Limited (the Company or Salt Lake) is pleased to announce that it has received strong commitments from both existing and new institutional and sophisticated investors in Australia and overseas to subscribe for 31.0 million new ordinary shares of the Company (Ordinary Shares), 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.

The cornerstone investor for the Placement is a significant international investment fund. Directors and senior management intend to subscribe for a total of 2.4 million shares in the Placement, including 952,381 shares by the CEO, Mr Tony Swiericzuk, and 750,000 shares by the Company’s Chairman, Mr Ian Middlemas, which will be issued subject to shareholder approval.

Commenting on the Placement, SO4’s CEO, Tony Swiericzuk, said: “We are very pleased to have received such strong support from new and existing shareholders to fund the construction of the initial on-lake infrastructure at Lake Way. These activities are on the critical path to enabling SO4 to become the first Australian commercial producer of SOP in a global sector with outstanding potential. This strong support from investors endorses our view that the Goldfields Salt Lakes Project has enormous potential for value creation and we now look forward to rapidly delivering on this potential for all shareholders and stakeholders.”

Argonaut Securities Pty Limited and Canaccord Genuity (Australia) Limited acted as Joint Lead Manager to the Placement.

The issue price of A$0.42 represents a 13.4% discount to the last closing price of $0.485 on ASX.

The Placement will be completed in two tranches as follows:

(a) 29,250,000 shares will be issued on 16 November 2018 under Listing Rule 7.1 (11,745,041 shares) and Listing Rule 7.1A (17,504,959 shares). Following the issue of these shares the Company will have 7,612,398 remaining issue capacity under Listing Rule 7.1 and no remaining issue capacity under Listing Rule 7.1A.

(b) 1,702,381 shares intended to be subscribed for by Directors will be issued on or about Thursday 20 December 2018 subject to shareholder approval. A notice of general meeting will be sent to shareholders shortly.

Related Party transaction

The proposed participation in the Placement by Tony Swiericzuk, and Ian Middlemas constitutes a related party transaction under Rule 13 of the AIM Rules for Companies. The independent directors, having consulted the Company’s nominated adviser, Grant Thornton UK LLP, consider that the terms of the transaction are fair and reasonable insofar as the Company’s shareholders are concerned.

Settlement and dealings

Application will be made to the AIM Market of the London Stock Exchange (“AIM”) for 29,250,000 Ordinary Shares, pursuant to the Placement, which rank pari passu with the Company’s existing issued Ordinary Shares, to be admitted to trading. Dealings on AIM are expected to commence at 8:00am on or around 16 November 2018 (“Admission”).

Total Voting Rights

For the purposes of the Financial Conduct Authority’s Disclosure Guidance and Transparency Rules (“DTRs”), following Admission, Salt Lake will have 204,299,596 Ordinary Shares in issue with voting rights attached. Salt Lake holds no shares in treasury. This figure of 204,299,596 may be used by shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in the Company, under the ASX Listing Rules or the DTRs.

Information required under ASX Listing Rule 3.10.5A:

(a) Dilution to existing shareholders as a result of the issue under Listing Rule 7.1A is 9.1%, dilution to existing shareholders as a result of the issue under Listing Rule 7.1 is 6.3% and the total dilution to existing shareholders is 14.3%. Details regarding the participation of existing and new shareholders is not able to be determined yet and will be provided at completion;

(b) The Company will issue 17,504,959 shares under Listing Rule 7.1A because the Placement was considered to be a more efficient mechanism for raising funds. The Placement did not expose the Company to additional costs, a protracted process and market volatility that may have been experienced with a pro-rata issue or other type of issue in which existing ordinary shareholders would have been eligible to participate;

(d) A fee of up to 6% may be paid to the Brokers/Advisors in connection with the Placement under rule 7.1A.

The voluntary halt of trading of the Company’s shares on ASX was lifted prior to the opening of trade on 9 November 2018, following an announcement to the market regarding the above.

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

Forward Looking Statements

This announcement may include forward-looking statements. These forward-looking statements are based on Salt Lake Potash Limited’s expectations and beliefs concerning future events. Forward looking statements are necessarily subject to risks, uncertainties and other factors, many of which are outside the control of Salt Lake Potash Limited, which could cause actual results to differ materially from such statements. Salt Lake Potash Limited makes no undertaking to subsequently update or revise the forward-looking statements made in this announcement, to reflect the circumstances or events after the date of that announcement.

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Appendix 3B

New issue announcement,

application for quotation of additional securities

and agreement

Part 1 ‑ All issues

Part 2 ‑ Pro rata issue

Part 3 ‑ Quotation of securities

Entities that have ticked box 34(a)

Additional securities forming a new class of securities

Entities that have ticked box 34(b)

Quotation agreement

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