Highfield Resources (HFR) Investor Presentation summary

Leadership and strategic direction

• New CEO Carles Aleman brings over 30 years of international mining and chemical industry experience, including senior roles at BASF and ICL Iberia, and joined in 2023 to lead local operations and government engagement.

• Management strategy reset to focus on financing execution and strategic engagement, with a clear mandate to drive value realization for shareholders and noteholders.

Project overview and competitive advantages

• Muga is a two-phase potash project in Northern Spain, targeting 1 Mtpa of muriate of potash using conventional underground mining and flotation/crystallization processing.

• Strategic location in Southern Europe provides access to premium European markets, with proximity to ports and infrastructure, resulting in higher netbacks and lower delivery costs.

• The mine benefits from shallow mineralization, no shafts or aquifers, and is construction-ready with strong local and federal government support.

Project economics and market positioning

• Outstanding economics: €1.8 billion NPV, 23% IRR, €340 million annual EBITDA at full production, and a 30-year mine life.

• Low capex intensity and first quartile margin position, with estimated C1 cash costs of €108/t and phase 1 capex of €449 million.

• Europe trades at a potash price premium, and the mine is positioned as one of the highest margin potash projects globally.