Salt Lake Potash : Completed Placement to Accelerate the Goldfields Salt Lakes Project

ASX ANNOUNCEMENT‌

21 June 2017‌‌‌‌ COMPLETED PLACEMENT TO ACCELERATE THE GOLDFIELDS SALT LAKES PROJECT‌‌

Salt Lake Potash Limited (the Company or SO4) is pleased to announce that it has now completed the second and final tranche of its previously announced placement of 41 million shares raising gross proceeds of A$17.6 million (Placement) to UK and Australian investors.

The second tranche of the Placement, comprising 10.3 million shares, was completed today following shareholder approval at a General Meeting held on 13 June 2017. The first tranche of the Placement, comprising 30.7 million shares, was completed on 4 May 2017.

Proceeds from the Placement will fund ongoing resource investigation, process testwork, engineering and transport studies and other elements of the feasibility process for the Goldfields Salt Lakes Project, as well as working capital.

Cenkos Securities plc, the bookrunner in the UK, placed a total of 30,000,000 new ordinary shares in the Company at a price of 25 pence (equivalent to A$0.43) per Share. Argonaut Securities Pty Limited acted as Manager to most of the Placement in Australia, with a total of 11 million new ordinary shares in the Company at a price of $0.43 per Share.

The Company's CEO Mr Matt Syme, "We are very pleased with the depth and quality of investor support for the placement of shares via both our ASX and our AIM listings. This support means the Company is now very well funded, to continue to pursue our objective of salt lake SOP production in Australia".

An updated Appendix 3B and Section 708A Notice are attached.

Enquiries: Matthew Syme

Telephone: [phone]

Appendix 3B New issue announcement

Appendix 3B

Rule 2.7, 3.10.3, 3.10.4, 3.10.5

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 Performance rights
2	Number of +securities issued or to be issued (if known) or maximum number which may be issued	a) 10,300,000 b) 1,000,000
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 Performance rights which are subject to various performance conditions (including Pre-Feasibility Study, Definitive Feasibility Study, Construction and Production Milestones) to be satisfied prior to the relevant expiry dates between 30 June 2018 and 30 June 2021

+ See chapter 19 for defined terms.

04/03/2013 Appendix 3B Page 1

Appendix 3B

New issue announcement

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	a) $0.43 b) Nil
6	Purpose of the issue (If issued as consideration for the acquisition of assets, clearly identify those assets)	To provide funding for the Company's planned exploration and development activities for the Sulphate of Potash Projects and for general working capital. Issue of performance rights to a key employee of the Company pursuant to the Salt Lake Potash Limited Performance Rights Plan.
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 2016
6c	Number of +securities issued without security holder approval under rule 7.1	Nil

+ See chapter 19 for defined terms.

Appendix 3B Page 2 04/03/2013

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)	10,300,000 (13 June 2017)
6f	Number of +securities issued under an exception in rule 7.2	1,000,000 Performance rights
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 - 26,044,139 7.1A - 17,482,759
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.	21 June 2017
Number	+Class
8	Number and +class of all +securities quoted on ASX (including the +securities in section 2 if applicable)	175,007,596	Ordinary Shares

+ See chapter 19 for defined terms.

Appendix 3B New issue announcement

04/03/2013 Appendix 3B Page 3