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Kalium Lakes Limited

Kalium Lakes management achieved an exceptionally rapid project delivery schedule, including substantial project de‐risking through extensive pilot and trail testing. Shareholders should take significant comfort from the arrangement of the debt from German and Australian Governments, which would have entailed extensive due diligence. The cost of this debt for the 90Ktpa stage likely to be below 5%pa, with repayment stretching over 10‐15yrs, again substantially reducing the risk to equity holders. Once in production, the market is likely to seriously consider using the lower discount rate, which points to a share price some 4x the current price.

  • Kalium Lakes is likely to be the first commercial Sulphate of Potash producer in Australia, and will be one of the lowest cost producers in the world, close to the strongly growing Asian market.

  • Positive global theme of food supply

    • Emerging Market countries' middle class growing strongly
    • Limited agricultural land requires increasing fertilizer use
    • Potash is one of the three major nutrients required in bulk

  • Sulphate of Potash a better business than Muriate of Potash

    • Around 50% of SOP supply comes from MOP conversion
    • SOP price margin over MOP at US$233/t as a result
    • Brine based SOP producers have long run cost advantage
    • Chloride (ie MOP) intolerant crop area growing at 3.6% pa

  • Kalium Lakes has fundamental and financial advantages

    • Low cost debt from German and Australian Governments
    • Able to start small (90Ktpa) and grow to 180‐300ktpa
    • Has a critically important marketing deal with K+S
    • One of lowest cost to FOB globally
    • Estimated gross margin of ~50%
    • Location advantage servicing 70Ktpa Australian and 25Ktpa New Zealand markets
    • Management team has maintained unbroken momentum
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