Investment Case

Our investment rationale:

Autonomy in our operations

• Fully integrated mine to market operation at Diamond Creek

Generating positive impacts

• Producing a product that increases sustainable agricultural production

Compelling economics

• High margin, low capex, scalable operations, strong market fundamentals

Responsible mining

• Simple operations – open pit, low strip ratio with minimal processing requirements and a low carbon footprint

Focused on driving value and generating cashflow

• Optimising the PhosAgri product mix and ramping up sales

Pursue value-accretive opportunities through greenfields development and/or acquisition