Kalium Lakes : INVESTOR PRESENTATION

onlyuseAustralia's sole Sulphate of Potash

ersonalproducer

26 July 2022

Investor presentation

Disclaimer

NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES.

ACCEPTANCE

By attending an investor presentation or briefing, or accepting, accessing or reviewing this document you acknowledge and agree to the "Disclaimer" as set out below.

onlyNOT AN OFFER OF SECURITIES

This document has been independently prepared by Kalium Lakes Limited ("Kalium Lakes", "KLL" or "the Company").

This document is for informational purposes only. This document does not constitute an offer, invitation, solicitation or recommendation with respect to the purchase or sale of any security in Kalium Lakes. This document does not constitute an offer to sell, or a solicitation of an offer to buy, any securities in any jurisdiction, or a securities recommendation. This document is not a prospectus, product disclosure statement or other offering document under Australian law or any other law, and will not be lodged with the Australian Securities and Investments Commission.

The distribution of this document (including an electronic copy) outside Australia may be restricted by law. If you come into possession of this document, you should observe such restrictions. Any non-compliance with these restrictions may c ntravene applicable securities laws. By accepting this document you represent and warrant that you are entitled to receive such document in accordance with the restrictions and agree to be bound by the limitations contained herein.

In particular, this document may not be released to US wire services or distributed in the United States. This document does not constitute an offer to sell, or the solicitation of an offer to buy, any securities in the United States or any jurisdiction in which such an offer would be illegal.

useSUMMARY INFORMATION

This document contains a summary of information about Kalium Lakes and its activities that is current as at the date of this document. The information in this document is general in nature and does not purport to be complete or to contain all the information which a prospective investor or financier may require in evaluating a possible investment in Kalium Lakes or that would be required in a prospectus or a product disclosure statement prepared in accordance with the Corporations Act 2001 (Cth) ("Corporations Act").

NO LIABILITY ersonal

The information contained in this document has been prepared in good faith by Kalium Lakes, however no guarantee representation or warranty expressed or implied is or will be made by any person (including Kalium Lakes and its affiliates nd their directors, officers, employees, associates, advisers and agents) as to the accuracy, reliability, correctness, completeness or adequacy of any statements, estimates, options, conclusions or other information contained in this document.

To the maximum extent permitted by law, Kalium Lakes and its affiliates and their directors, officers employees, associates, advisers and agents each expressly disclaims any and all liability, including, without limitation, any liability arising out of fault or negligence, for any loss arising from the use of or reliance on information contained in this document including representations or warranties or in relation to the accuracy or completeness of the information, statements, opinions, forecasts, reports or other matters, express or implied, contained in, arising out of or derived from, or for omissions from, this document including, without limitation, any financial information, any estimates or projections and any other financial information derived therefrom.

Statements in this document are made only as of the date of this document unless otherwise stated and the information in this document remains subject to change without notice. No responsibility or liability is assumed by Kalium Lakes or any of its affiliates for updating any information in this document or to inform any recipient of any new or more accurate information or any errors or mis-descriptions of which Kalium Lakes and any of its affiliates or advisers may become aware.

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Investor presentation

Disclaimer

FORWARD LOOKING STATEMENTS

This document contains certain "forward-looking statements" and "forward-looking information". Often, but not always, forward-looking information can be identified by the use of words such as "plans", "expects", "is expected", "is expecting", "budget", 'outlook", "scheduled", "target", "estimates", "forecasts", "intends", "anticipates", or "believes", or variations (including negative variations) of such words and phrases, or state that certain actions, events or results "may", "could", "would", "might", or "will" be taken, occur or be achieved. Such information is based on assumptions and judgments of Kalium Lakes regarding future events and results. You are cautioned that forward-looking information involves known and unknown risks, uncertainties and other factors which may cause the actual results, targets, performance or achievements of Kalium Lakes to be materially different from any future results, targets, performance or achievements expressed or implied by

onlythe forward-looking information.

Accordingly Kalium Lakes and its affiliates and their directors, officers, employees and agents do not give any assurance or guarantee that the occurrence of these events referred to in the document will actually occur as contemplated. Statements contained in this document, including but not limited to those regarding the possible or assumed future costs, performance, dividends, returns, revenue, exchange rates, potential growth of Kalium Lakes, industry growth or other projections and any estimated company earnings are or may be forward looking statements. These statements relate to future events and expectations and as such involve known and unknown risks and significant uncertainties, many of which are outside the control of Kalium Lakes. Actual results, performance, actions and developments of Kalium Lakes may differ materially from those expressed or implied by the forward-looking statements in this document. Such forward-looking statements speak only as of the date of this document. There can be no assurance that actual outcomes will not differ materially from these statements. To the maximum extent permitted by law, Kalium Lakes and any of its affiliates and their directors, officers, employees, agents, associates and advisers:

▪ disclaim any obligations or undertaking to release any updates or revisions to the information to reflect any change in expectations or assumption;

▪ do not make any representation or warranty, express or implied, as to the accuracy, reliability or completeness of the information in this document, or likelihood of fulfilment of any forward-looking statement or any event or results expressed useor implied in any forward-looking statement; and

▪ disclaim all responsibility and liability for these forward-looking statements (including, without limitation, liability for negligence).

NOT FINANCIAL PRODUCT ADVICE

This document does not it constitute financial product advice or take into account your investment objectives, taxation situation, financial situation or needs. This document consists purely of factual information and does not involve or imply a recommendation of a statement of opinion in respect of whether to buy, sell or hold a financial product. An investment in Kalium Lakes is considered to be speculative in nature. Before making any investment decision in connection with any acquisition of securities, investors should consult their own legal, tax and/or financial advisers in relation to the information in, and action taken on the basis of, this document.

ersonalMINERAL RESOURCES AND ORE RESERVES

It is a requirement of the ASX Listing Rules that the reporting of ore reserves and mineral resources in Australia comply with the Joint Ore Reserves Committee's Australasian Code for Reporting of Mineral Resources and Ore Reserves ("JORC Code"). Investors outside Australia should note that while ore reserve and mineral resource estimates of the Company in this document comply with the JORC Code, they may not comply with the relevant guidelines in other countries and, in particular, do not comply with (i) National Instrument 43 101 (Standards of Disclosure for Mineral Projects) of the Canadian Securities Administrators (the "Canadian NI 43 101 Standards") or (ii) Industry Guide 7, which governs disclosure of mineral reserves in registration statements filed with the US Securities and Exchange Commission. Information contained in this document describing mineral deposits may not be comparable to similar information made public by companies subject to the reporting and disclosure requirements of Canadian or US securities laws. You should not assume that quantities reported as "resources" in this document will be converted to reserves under the JORC Code or any other reporting regime or that the Company will be able to legally and economically extract them.

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Investor presentation

Disclaimer

COMPETENT PERSON STATEMENTS

The information in this document that relates to the Exploration Results, Mineral Resource estimate, Ore Reserve estimate and Exploration Target is based upon information compiled by Mr Adam Lloyd, a competent person who is an employee of Kalium Lakes. Mr Lloyd is a Member of the Australian Institute of Geoscientists and has sufficient experience relevant to the style of mineralisation and type of deposit under consideration and the activity which is being undertaken to qualify as a Competent Person for reporting of Exploration Results, Mineral Resources, Ore Reserves and Exploration Targets as defined in the 2012 edition

onlyof the "Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves". Mr Lloyd consents to the inclusion in this document of the matters based upon his information in the form and context in which it appears.

The Company advises that, while the 120ktpa of SOP production target is predominantly based on Ore Reserves (53% of the production target is underpinned by the Probable category of Ore Reserve and 24% is

u derpinned by the Proved category) and Measured and Indicated Mineral Resources which fall outside of the Ore Reserves (13% of the production target), it is also partly based on Inferred Mineral Resources (10% of the production target) over the mine life. There is a low level of geological confidence associated with Inferred Mineral Resources and there is no certainty that further exploration work will result in the determination

f Indicated Mineral Resources or that the production target itself will be realised or that the Inferred Mineral Resources will add to the economics of the Beyondie SOP Mine. However, in preparation of the production target and associated financial forecasts derived from the production target, each of the modifying factors were considered. The Inferred Mineral Resource is not a determining factor in project viability and does not feature as a significant proportion early in the mine plan. None of the production target in years 0 to 11 of proposed production at the Beyondie SOP Mine is from the Inferred Mineral Resource category. The Company has concluded that it has reasonable grounds for disclosing a production target which includes an amount of Inferred Mineral Resource material. The estimated Ore Reserves and Mineral Resources

useunderpinning the production target have been prepared by a Competent Person in accordance with the requirements in the 2012 edition of the JORC Code. No Exploration Target material has been included in the production target or financial forecasts of the Beyondie SOP Mine.

The production targets and financial forecasts detailed in this document for the Beyondie SOP Mine are based on the material assumptions detailed in the ASX announcement titled "Feasibility Study Complete for New Base Case Production Increase to 120ktpa at Beyondie SOP Project" dated 18 August 2021 (Announcement) (as modified and supplemented by the information in this document and in Appendix 2). Kalium Lakes confirms that it is not aware of any new information or data that materially affects the production target in the Announcement and confirms that the revised operating cost input (detailed in this document and in Appendix 2) do not materially affect the production target in the Announcement . All material assumptions and technical parameters underpinning the estimates in the Announcement, other than the revised operating

cost input, continue to apply and have not materially changed. Given Kalium Lakes has commenced SOP production (and considering the increase in AISC), the financial forecasts previously disclosed by Kalium Lakes ersonal(including the NPV and EBITDA figures in the Announcement) are no longer relevant.

The financial forecasts and assumptions in this document are not recognised under International Financial Reporting Standards (IFRS). Kalium Lakes does not guarantee that these forecasts or assumptions will be ccurate or will be realised and notes that they should not be considered in isolation or as a substitute for measures of performance or cash flow prepared in accordance with IFRS. As these non-IFRS financial forecasts are not based on IFRS, they do not have standardised definitions and the way Kalium Lakes calculates these measures may not be comparable to similarly titled measures used by other companies. You should therefore not place undue reliance on these non-IFRS financial forecasts and assumptions.

The production targets and the financial forecast detailed in this document are subject to various risk factors, including risk factors as previously disclosed by Kalium Lakes. While Kalium Lakes considers all the material assumptions to be based on reasonable grounds, there is no certainty that they will prove to be correct or that the production targets or estimated financial forecasts will be achieved.

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Executive Summary

Australia's sole SOP producer

▪ SOP leader in Australia - 100% of SOP in Australia is currently imported

only	First commercial sales imminent
▪
▪ Long life, high margin project, with low carbon footprint
	•	50-year mine life with first 30 years based on 88% Ore Reserves with significant expansion
		potential
use	•	Low-cost producer with forecast steady state AISC of A$492/t, vs spot prices of >A$1,400/t
•	Brine operations benefit from significant solar evaporation, reducing carbon footprint

▪ Operations in final stages of commissioning, substantially de-risked
▪ ~A$300m invested to date in plant and infrastructure
▪ K+S offtake in place for 100% of initial target 120ktpa, with a strong domestic market focus
ersonal	Building operating expertise with assistance of significant SOP production experience out of US
▪
	operations

▪ Supportive financiers motivated to see Beyondie a long-life SOP producer. External funding requirement in Q3 CY2022, quantum to be announced during August 2022.

Investor presentation 5