New Risk • Mar 12
New major risk - Negative shareholders equity The company has negative equity. Total equity: -AU$100k This is considered a major risk. Being in negative equity means that the company's liabilities exceed its assets, meaning it owes more to creditors than it has in owned assets. While this doesn't mean the company is about to collapse, in the long-term, this is unsustainable. The company may have issues meeting financial obligations, is at risk of becoming insolvent and may have difficulty raising capital, especially more debt, if needed. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (21% average weekly change). Negative equity (-AU$100k). Shareholders have been substantially diluted in the past year (over 5x increase in shares outstanding). Revenue is less than US$1m. Market cap is less than US$10m (AU$9.54m market cap, or US$6.77m). Announcement • Jan 21
APC Minerals Limited has completed a Follow-on Equity Offering in the amount of AUD 0.264 million. APC Minerals Limited has completed a Follow-on Equity Offering in the amount of AUD 0.264 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 66,000,000
Price\Range: AUD 0.004
Discount Per Security: AUD 0.00024
Transaction Features: Subsequent Direct Listing Announcement • Jan 16
APC Minerals Limited has filed a Follow-on Equity Offering in the amount of AUD 0.264 million. APC Minerals Limited has filed a Follow-on Equity Offering in the amount of AUD 0.264 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 66,000,000
Price\Range: AUD 0.004
Discount Per Security: AUD 0.00024
Transaction Features: Subsequent Direct Listing Board Change • Jan 05
Less than half of directors are independent Following the recent departure of a director, there is only 1 independent director on the board. The company's board is composed of: 1 independent director. 2 non-independent directors. Independent Non-Executive Chairman Cathy Moises was the last independent director to join the board, commencing their role in 2020. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Announcement • Oct 14
APC Minerals Limited, Annual General Meeting, Nov 28, 2025 APC Minerals Limited, Annual General Meeting, Nov 28, 2025. New Risk • Oct 01
New major risk - Revenue and earnings growth Earnings have declined by 18% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-AU$2.2m free cash flow). Share price has been highly volatile over the past 3 months (21% average weekly change). Earnings have declined by 18% per year over the past 5 years. Shareholders have been substantially diluted in the past year (188% increase in shares outstanding). Revenue is less than US$1m (AU$161k revenue, or US$106k). Market cap is less than US$10m (AU$2.93m market cap, or US$1.93m). New Risk • Sep 29
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended December 2024. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (currently running at an operating cash loss). Share price has been highly volatile over the past 3 months (21% average weekly change). Negative equity (-AU$655k). Shareholders have been substantially diluted in the past year (188% increase in shares outstanding). Revenue is less than US$1m. Market cap is less than US$10m (AU$2.93m market cap, or US$1.93m). Minor Risk Latest financial reports are more than 6 months old (reported December 2024 fiscal period end). New Risk • Aug 07
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 188% This is considered a major risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (currently running at an operating cash loss). Share price has been highly volatile over the past 3 months (20% average weekly change). Negative equity (-AU$655k). Shareholders have been substantially diluted in the past year (188% increase in shares outstanding). Revenue is less than US$1m. Market cap is less than US$10m (AU$2.64m market cap, or US$1.71m). Announcement • Apr 04
APC Minerals Limited has completed a Follow-on Equity Offering in the amount of AUD 1.933363 million. APC Minerals Limited has completed a Follow-on Equity Offering in the amount of AUD 1.933363 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 175,760,277
Price\Range: AUD 0.011
Discount Per Security: AUD 0.00066
Security Features: Attached Options
Transaction Features: Rights Offering New Risk • Mar 14
New major risk - Financial position The company's debt is not well covered by operating cash flow. Currently running at an operating cash loss. This is considered a major risk. If the company's operating cash flows are too small relative to the size of their debt, it increases their balance sheet risk. The company has less cash from operations to cover its expenses from servicing large debt and it increases the risk of liquidity issues. It also extends the time it would take for the company to pay back the debt in full, meaning it may not be able to easily pay it all off in a distress scenario. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (currently running at an operating cash loss). Share price has been highly volatile over the past 3 months (33% average weekly change). Negative equity (-AU$655k). Shareholders have been substantially diluted in the past year (293% increase in shares outstanding). Revenue is less than US$1m. Market cap is less than US$10m (AU$1.23m market cap, or US$770.5k). Announcement • Feb 27
APC Minerals Limited has filed a Follow-on Equity Offering in the amount of AUD 1.933363 million. APC Minerals Limited has filed a Follow-on Equity Offering in the amount of AUD 1.933363 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 175,760,277
Price\Range: AUD 0.011
Security Features: Attached Options
Transaction Features: Rights Offering Announcement • Oct 04
Australian Potash Limited, Annual General Meeting, Nov 29, 2024 Australian Potash Limited, Annual General Meeting, Nov 29, 2024. New Risk • Oct 01
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended December 2023. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (50% average weekly change). Negative equity (-AU$4.0m). Earnings have declined by 74% per year over the past 5 years. Shareholders have been substantially diluted in the past year (292% increase in shares outstanding). Revenue is less than US$1m. Market cap is less than US$10m (AU$4.07m market cap, or US$2.82m). Minor Risk Latest financial reports are more than 6 months old (reported December 2023 fiscal period end). Announcement • Jul 24
Australian Potash Limited (ASX:APC) agreed to acquire Green Metals Group Pty Ltd for AUD Australian Potash Limited (ASX:APC) agreed to acquire Green Metals Group Pty Ltd for AUD on July 24, 2024. A cash consideration of AUD 0.05 million will be paid by Australian Potash Limited. Australian Potash Limited will pay an earnout payment of AUD 1.1 million cash. As part of consideration, 50 million shares of Australian Potash Limited will be given. The deal is expected to be completed on or before September 30, 2024. New Risk • May 07
New major risk - Negative shareholders equity The company has negative equity. Total equity: -AU$4.0m This is considered a major risk. Being in negative equity means that the company's liabilities exceed its assets, meaning it owes more to creditors than it has in owned assets. While this doesn't mean the company is about to collapse, in the long-term, this is unsustainable. The company may have issues meeting financial obligations, is at risk of becoming insolvent and may have difficulty raising capital, especially more debt, if needed. Currently, the following risks have been identified for the company: Major Risks Shares are highly illiquid. Negative equity (-AU$4.0m). Earnings have declined by 74% per year over the past 5 years. Shareholders have been substantially diluted in the past year (285% increase in shares outstanding). Revenue is less than US$1m. Market cap is less than US$10m (AU$4.00m market cap, or US$2.64m). Board Change • May 07
No independent directors Following the recent departure of a director, there are no independent directors on the board. The company's board is composed of: No independent directors. 3 non-independent directors. Non-Executive Director Jonathan Fisher was the last director to join the board, commencing their role in 2024. The company's lack of independent directors is a risk according to the Simply Wall St Risk Model. Announcement • May 06
Australian Potash Limited has completed a Follow-on Equity Offering in the amount of AUD 6 million. Australian Potash Limited has completed a Follow-on Equity Offering in the amount of AUD 6 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 2,750,000,000
Price\Range: AUD 0.001
Discount Per Security: AUD 0.00006
Security Features: Attached Options
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 3,250,000,000
Price\Range: AUD 0.001
Discount Per Security: AUD 0.00006
Security Features: Attached Options
Transaction Features: Subsequent Direct Listing Announcement • Mar 15
Australian Potash Limited has filed a Follow-on Equity Offering in the amount of AUD 6 million. Australian Potash Limited has filed a Follow-on Equity Offering in the amount of AUD 6 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 2,750,000,000
Price\Range: AUD 0.001
Discount Per Security: AUD 0.00006
Security Features: Attached Options
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 3,250,000,000
Price\Range: AUD 0.001
Discount Per Security: AUD 0.00006
Security Features: Attached Options
Transaction Features: Subsequent Direct Listing Announcement • Feb 28
Australian Potash Limited, Annual General Meeting, Mar 28, 2024 Australian Potash Limited, Annual General Meeting, Mar 28, 2024, at 12:00 W. Australia Standard Time. Location: Subiaco Meeting Rooms, Level 1, Suite 9, 110 Hay Street Subiaco Western Australia Australia Agenda: To receive and consider the Financial Report of the Company for the financial year ended 30 June 2023 consisting of the Financial Statements and Notes, the Director's Report, the Remuneration Report, the Directors' Declaration and the Independent Audit Report; to consider appointment of auditor; to consider approval of 10% placement capacity; to consider approval for conversion of loan; to consider approval for issue of options to lenders and to consider other matters. Announcement • Oct 14
Australian Potash Limited, Annual General Meeting, Nov 30, 2023 Australian Potash Limited, Annual General Meeting, Nov 30, 2023, at 14:00 W. Australia Standard Time. Agenda: To consider and approve the re-election of directors. New Risk • Oct 02
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended December 2022. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (23% average weekly change). Earnings have declined by 3.7% per year over the past 5 years. Revenue is less than US$1m (AU$70k revenue, or US$45k). Market cap is less than US$10m (AU$4.15m market cap, or US$2.67m). Minor Risks Latest financial reports are more than 6 months old (reported December 2022 fiscal period end). Shareholders have been diluted in the past year (13% increase in shares outstanding). Breakeven Date Change • Nov 16
Forecast breakeven date pushed back to 2025 The analyst covering Australian Potash previously expected the company to break even in 2024. New forecast suggests the company will make a profit of AU$4.12m in 2025. Average annual earnings growth of 74% is required to achieve expected profit on schedule. Announcement • Oct 10
Australian Potash Limited, Annual General Meeting, Nov 30, 2022 Australian Potash Limited, Annual General Meeting, Nov 30, 2022, at 15:30 W. Australia Standard Time. Buying Opportunity • Oct 06
Now 22% undervalued after recent price drop Over the last 90 days, the stock is down 28%. The fair value is estimated to be AU$0.046, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 39% over the last 3 years. Meanwhile, the company became loss making. Revenue is forecast to decline by 100% in 2 years. Earnings is forecast to decline by 83% in the next 2 years. Breakeven Date Change • Sep 30
Forecast breakeven date pushed back to 2025 The analyst covering Australian Potash previously expected the company to break even in 2024. New forecast suggests the company will make a profit of AU$4.12m in 2025. Average annual earnings growth of 74% is required to achieve expected profit on schedule. Price Target Changed • Sep 26
Price target decreased to AU$0.16 Down from AU$0.21, the current price target is provided by 1 analyst. New target price is 351% above last closing price of AU$0.035. Stock is down 62% over the past year. The company is forecast to post a net loss per share of AU$0.005 next year compared to a net loss per share of AU$0.007 last year. Announcement • Sep 12
Australian Potash Limited Appoints Patrick Leung as Chief Financial Officer Appoints Australian Potash Limited advised the appointment of Mr. Patrick Leung as Chief Financial Officer. Mr. Leung's 20 year career in banking has focused on the natural resources sector, with his most recent role as Director, Investments (Resources and WA) for the Northern Australia Infrastructure Facility (NAIF). He has held similar roles with Bankwest and Westpac, including six years as Director, Natural Resources with Westpac Institutional Bank. Mr. Leung has also held CFO and M&A roles within the private equity sector and GE Real Estate. Mr. Leung holds a Bachelor of Commerce from Curtin University, an MBA from the University of Western Australia, a post-graduate Diploma of Applied Finance (Corporate Finance) and is a Certified Practicing Accountant. Announcement • Jun 07
Australian Potash Limited Updates Flow Model Increases SOP Production Potential Australian Potash Limited updated flow modelling outlines the potential for increased production from brine at the Lake Wells Sulphate of Potash Project (LSOP). Updating the hydrogeological flow model with this data indicates the potential to increase the annual production of sulphate of potash (SOP) from the LSOP from 120,000 tonnes per annum (tpa) shown in the FEED study to 135,000tpa (an increase of 15,000tpa or 12.5%). Additional improvements realised in the recent modelling also indicate that 89 supply bores will be suitable for life-of-mine (LOM) operation, whereas the original FEED development model had 172 bores over the LOM, a 48% reduction in installed bores. In the Company's Definitive Feasibility Study (DFS) released in August 20191, SOP production from brine abstraction was projected to be 100,000tpa, resulting in a Probable Reserve of 3.6Mt# (utilising approx. 20% of thein-situ Measured Resource). An additional 50,000tpa was forecast in that DFS to be produced through the addition and conversion of Muriate of Potash (MOP) to SOP. The brine abstraction rate was optimised through the FEED study, leading to optimised SOP output of 120,000tpa. Through the DFS, external consultants AQ2 prepared a hydrogeological model for the proposed development of the LSOP. This model has been updated regularly with actual data generated in the field. Short term pump testing allows the reconciliation of the modelled early-time flow rate at each bore to the actual early-time flow rate likely to be recorded in operations. The inclusion of the data from the test pumping of the bores completed to date2 in the hydrogeological model, reconciles positively and indicates the potential to increase the annual SOP production from brine abstraction to 135,000tpa (+15,000tpa/12.5%). A further improvement derived from the updated flow model is seen in the reduction in the number of bores required to produce the necessary brine flow. Where the FEED model indicated a required 79 bores at startup, expanding to 172 bores over the life of the LSOP, the current model revises the required bores down to only 89 bores over the life of mine. The potential cost savings over the life of the mine from the reduction in bores required may be substantial. Along with the reduction in bore number, the updated flow model predicts higher grade and a longer production profile. The implications to the pond network, harvest ponds, and processing plant are being thoroughly considered in light of the improved flow model. Board Change • Apr 27
Less than half of directors are independent Following the recent departure of a director, there are only 2 independent directors on the board. The company's board is composed of: 2 independent directors. 3 non-independent directors. Independent Non-Executive Director Cathy Moises was the last independent director to join the board, commencing their role in 2020. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Announcement • Mar 04
Australian Potash Limited Provides Summary Comparison of Lake Wells Sulphate of Potash Project Australian Potash Limited (APC) provided a summary comparison of the Lake Wells Sulphate of Potash Project (LSOP), 160 kilometres north-east of Laverton in the north-eastern Goldfields of Western Australia. The early works program has focussed on progressively reducing development risk. Key aspects in this phase are: Lake Wells is a 100% borefield Sulphate of Potash project with zero kilometres of trench abstraction. Being developed without any recourse to a trenching system to abstract, or mine, the potassium rich brines makes the Lake Wells project unique amongst its peers. 20 bores of the 79 bores required in steady state operations have been drilled. Brine volume flow rates and grade in test-pumping in line with Hydrogeological (Reserve) model. The Lake Wells' evaporation network comprises on-lake pre-concentration ponds and off-lake, HDPE lined harvest ponds. 460 geotechnical test-sites sampled across the surface of the lake system have identified a consistent layer of clay preventing vertical seepage of brine. The pre-concentration pond construction methods were trialled and demonstrated the veracity of the LSOP pond construction design. Evaporation pond development does not rely on long transfer pipelines or trenches of pre-concentrated brine. The Lake Wells' processing design is based on the reliable and proven North American flow sheet with direct schoenite flotation and belt filters. LSOP flow sheet has been used successfully at the largest ex-China solar SOP producer for over 50 years. Several contemporary developments using similar flow sheet design have commissioned successfully and transitioned to profitable operations. The Lake Wells' processing plant will be contracted on an EPC basis providing process, time and cost guarantees from a successful Western Australian engineering head contractor. Preferred engineering contractor GR Engineering Services Limited (ASX: GNG) is a specialist EPC contracting firm with exposure and experience to the SOP sector. Lake Wells SOP Project is shovel ready. Progress: Prior to mobilisation of equipment for the first phase production bore drilling program, APC had developed several bores at Lake Wells. Three of these are considered suitable to take forward into operations. Through the first phase program a further 17 bores have been developed, bringing to 20 the number of brine production bores at Lake Wells that will be utilised during start up and continue through steady state operations. On a linear basis this represents the development of over 25% of the LSOP's borefield: but on a volume basis the bores developed to date account for approximately 35% of required brine flow for full scale production. Evaporation network: All of the potash projects being proposed in Western Australia are brine based `solar salt' projects. The critical step in these operations is allowing sufficient start up time to manage the evaporation and subsequent crystallisation of the various salt species present in the brines: the target salts are the potassium bearing ones. Failure to manage an appropriate brine flow has knock-on impacts to the evaporation network, as the only way to slow down the evaporation of the brine in the network is to add more brine: weather conditions cannot be changed. The Lake Wells' operating model includes a buffer pond at the start of the network, which will be fed year round from the borefield. The purpose of the buffer pond is to enable the storage of brine supply during the low evaporation periods (winter), that can then be discharged at a greater rate than is possible from the borefield directly, in the peak evaporation periods (summer) to better manage the pre-concentration ponds, to ensure they do not dry out and that the correct chemistry is maintained. The buffer pond fluctuates between 0.5m - 3.5m of brine depth and will hold, at peak capacity, up to 25% of the total annual LSOP brine demand. Progress: Thorough testwork across select aspects of the evaporation model is continuous and ongoing with the next sequence of work, currently underway in Australia and the US, comprising: Additional evaporation trials to map the ionic chemistry as the brine vaporates, which testwork is informed by additional data from the bores completed in the first phase program; Analysing and reviewing the expected solid salts composition from the harvest ponds; Translating harvest pond salt composition to the Veolia package to complete confirmatory testwork on the flow sheet, based on design values provided by Novopro; and Completing crushing testwork to size equipment. Processing Plant: In line with adopting a `risk-reduction' approach to the LSOP development, a strategic decision was made early in 2015 to pursue and adopt an accepted processing methodology with ample evidence of success. To that end, through consulting processing engineers Novopro, who are based in Quebec and who consult extensively across North America and the Middle-East, the LSOP will be developed using a tried and tested flow sheet similar to those currently in operation in the US at three potash operations, in Egypt, Jordan and Israel. In addition, as APC is not reliant on debt or equity funding through any other sovereign export financing body, but instead has credit approved facilities with Australian institutions, the LSOP is not beholden to purchasing either technology or equipment that does not suit its purposes completely and without compromise. Board Change • Dec 19
Less than half of directors are independent Following the recent departure of a director, there are only 2 independent directors on the board. The company's board is composed of: 2 independent directors. 3 non-independent directors. Independent Non-Executive Director Cathy Moises was the last independent director to join the board, commencing their role in 2020. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Announcement • Nov 24
Australian Potash Limited Provides Update on the Lake Wells SOP Project Australian Potash Limited provided the following update on the Lake Wells SOP Project (LSOP). Pump Test Program: The efficiency of a solar salt brine operation is a function of many variables, including primarily grade of contained mineral of interest, and flow rate of abstraction. A critical concentration of potassium is required to make a sulphate of potash (SOP) product, below which level the costs of abstraction render the operation unviable in most pricing environments. In a bore pumping operation, upon completion of the construction of each bore it is critical that the bore is pump tested to assess the efficiency, to determine the maximum flow rate from the bore, and provide critical input in the flow model that ultimately determines the long-term pumping rate. Initial pumping test analysis only provides a maximum rate that the bore can be pumped under prevailing conditions. The long-term maximum pumping rate will be lower due to drawdown interference from other pumped bores and boundary effects due to the size of the aquifer. The maximum flow rates are not used to determine pump sizes for permanent installation, rather the maximum rate provided by an initial test pumping analysis provides an upper limit on the size of the pump. Reconciliation to the hydro model: During the Front End Engineering Design (FEED) level of optimisation, external consultants AQ2 developed a hydrogeological model for the proposed development of the LSOP1. This model is constantly updated with additional data as that data is generated in the field. Short term pumping testing allows the reconciliation of the modelled early-time flow rate at each bore to the actual early-time flow rate likely to be recorded in operations. It is very encouraging to see evidence from short term testing consistent with the currently modelled flow rates. 3-Month Outlook: Commercial banks' credit approvals process finalisation; documentary close on syndicated debt facility; Bore drilling and development to continue with a target of between 30% and 50% of the borefield by volume developed through First Quarter 2022; Short term pumping testing to continue, with a transition to extended testing towards the end of Fourth Quarter 2021/beginning of First Quarter 2022; Processing test-work program to be accelerated to facilitate detailed vessel sizing and design; Capital estimates being optimised ahead of final investment decision. Price Target Changed • Nov 23
Price target decreased to AU$0.26 Down from AU$0.31, the current price target is provided by 1 analyst. New target price is 236% above last closing price of AU$0.076. Stock is down 44% over the past year. The company is forecast to post a net loss per share of AU$0.005 next year compared to a net loss per share of AU$0.007 last year. Announcement • Aug 05
Australian Potash Limited Announces the Final Assay Results for the Diamond Drilling Completed At the Lake Wells Gold Australian Potash Limited announced the final assay results for the diamond drilling (DD) completed at the Lake Wells Gold JV by joint venture partner St Barbara Limited (SBM). A follow-up drill program to further understand the geographical scale of mineralisation has been planned, with mobilisation of field crew and a diamond drill rig in late First Quarter FY22. The proposed follow up program comprises up to 16 diamond drill holes, for approximately 4,200m. Preliminary exploration work conducted by APC, and continued by SBM, has sought to understand the geology and mineralisation potential of the Yamarna area which hosts the fertile Yamarna Shear Zone. During FY21, a third phase of aircore (AC) drilling was completed for an additional 19,853m. A first phase of reverse circulation (RC) (18 holes, 2,328m) and diamond drilling (three holes for 1,034m) was also completed. APC has been advised that a work program of up to 16 diamond drill holes for 4,200m is planned for FY22. Along with the diamond drilling there will be the associated assay and geochemical analysis, structural logging, and lithological analysis all to be completed to understand the scale and significance of the mineralisation discovered in the FY21 exploration programs. Mobilisation for the diamond drilling program is anticipated to commence in late First Quarter with the drilling component of the program to be completed by end of Q2. Announcement • May 31
Australian Potash Limited Announces Multi Hole Diamond Drilling Program to Commence Australian Potash Limited announced that mobilisation has commenced for the diamond drilling program targeting massive nickel sulphide mineralisation at the Company's 100% owned Laverton Downs Project (LDP), 5 kilometres north of Laverton. As previously announced a limited program of Versatile Time Domain Electromagnetic (VTEMTM) surveying has returned several high priority target areas that are supported by detailed geochemistry at the Laverton Downs Project. Electromagnetic geophysics are an excellent discovery tool for massive sulphide metal deposits, including copper and nickel, and are routinely used in WA with success. Alongside the VTEMTM survey the Company has located and resampled 450 shallow, legacy drill holes. Nickel sulphide fertile komatiite rocks were interpreted from geochemistry as part of the CSA Global project evaluation. Additional sampling of legacy drilling bottom of hole spoils has expanded the geochemistry footprint and added to the existing interpretation. Recent results from the GSWA `Barcoding' project have further refined the interpretation of Archean komatiite rocks and provided an explanation for the high chrome values seen in some of these rocks. The Barcoding project has provided evidence for magma fractionation through the growth of chromite, and this can be seen in the known ultramafic rocks on site (Figure 1, Chromite UM). Fractionation of primary magmas may contribute to enhancing the metal content of a magma and assist in the formation of economic mineralisation. The VTEMTM survey reported identified six modelled conductive plates forming three separate high priority target areas. If drilling intersects massive sulphide mineralisation, then additional EM surveying and data processing will be warranted. The Program is approved for up to 15 holes to depths of 450 metres into the highly conductive sulphide targets previously announced in April.ii Stage 1 of the program comprises 3 - 4 holes with planned depths of 300 metres. Announcement • May 24
Australian Potash Limited announced that it expects to receive AUD 10 million in funding from Yandal Investments Pty Ltd Australian Potash Limited (ASX:APC) announced that it will issue 71,428,572 shares at AUD 0.14 per share for gross proceeds of AUD 10 million in a round of funding on May 24, 2021. The transaction will include participation from Yandal Investments Pty Ltd for AUD 800,000. The company will issue securities in two tranches and will be issued on the same terms as and rank equally with, the existing fully paid ordinary shares of the company. The first tranche will consist of ordinary fully paid shares 62,221,428 shares at AUD 0.14 per share and second tranche will consist of 9,207,144 ordinary fully paid shares at AUD 0.14. The first tranche will be issued on or about May 31, 2021 and the second tranche, being subject to shareholder approval at a general meeting of the company to be held in early July 2021 and will expected to held on July 12, 2021. Price Target Changed • Mar 19
Price target increased to AU$0.30 Up from AU$0.25, the current price target is provided by 1 analyst. New target price is 82% above last closing price of AU$0.17. Stock is up 154% over the past year. Announcement • Jan 22
Australian Potash Limited Provides Update on Activities and Operations at the Lake Wells Gold Project Australian Potash Limited provided an update on activities and operations at the Lake Wells Gold Project. Highlights: Drilling by Joint Venture partner St Barbara Limited (St Barbara) has continued to expand the footprint and tenor of gold mineralization; Mineralised corridor exceeding 9 kilometres in length delineated; Highest grade air-core (AC) assay results from regional scale drilling program returned: LWAC0900: 1m @ 3.88g/t Au from 47m; LWAC0979: 3m @ 2.03g/t Au from 62m including 1m @ 5.53g/t Au from 62m and 4m @ 0.33g/t Au from 71m; LWAC0824: 3m @ 0.99g/t Au from 53m including 1m @ 2.46g/t Au from 55m and 1m @ 0.111g/t Au from 58m; Diamond core drill program underway with two holes of a three-hole program completed and assays expected from March 2021; A 19 hole, 3,400 metre Reverse Circulation (RC) drill program underway with assays expected from March 2021. APC's earn-in joint venture (EIJV) partner at the Lake Wells Gold Project, St Barbara, has continued to expand the footprint and tenor of gold mineralisation at the Lake Wells Gold Project. Results reported confirm the strong potential for the project to host a significant gold deposit. Gold focused, regional scale, aircore (AC) exploration drilling under the EIJV commenced on 3 April 2019. A 338 hole, 19,853m AC drill program was completed in H1 FY21. To date, 1,119 AC holes have been completed for a total of 58,614 metres (Figure 2). All H1 FY21 AC samples have been submitted for assay, and results have been received. Selected 1m samples through zones of elevated gold mineralisation were also submitted for final assay, with these results reported here. Highlights of the recent work include: Confirmation of gold mineralised corridor exceeding 9km in length: High grade assay results up to 1m @ 5.53g/t Au from 62m for LWAC0979; 2020LWAC0824: 3m @ 991 ppb Au from 53m including 1m @ 2460 ppb Au from 55m and 1m @ 111 ppb Au from 58m; 2020LWAC0900: 1m @ 3880 ppb Au from 47m; 2020LWAC0929: 1m @ 264 ppb Au from 52m; 2020LWAC0979: 3m @ 2026 ppb Au from 62m including 1m @ 5530 ppb Au from 62m and 4m @ 333 ppb Au from 71m; 2020LWAC1032: 1m @ 742 ppb Au from 40m; 2020LWAC1075: 2m @ 643 ppb Au from 42m including 1m @ 949 ppb Au from 42m; Additional areas for first-pass testing have been identified. In order to test identified anomalies at depth and gain a better understanding of the host geology a limited program of diamond drilling (DD) and reverse circulation (RC) has been planned and implemented. Three DD holes have been planned, two in the SYAC area drilling beneath AC anomalies. The third DD hole is underway and aimed at a conceptual target near Lake Wells. RC drilling designed to broaden the base of exploration and test anomalies at depth is underway. Initially 19 holes have been planned to work toward the targeted zones with most of the RC drill holes being planned in pairs as `scissor' holes so that information on the geology, style and controls of observed mineralisation can be made. This information can be used to guide future exploration programs. The scale of the RC program is considered appropriate at this phase of exploration and results will be reported as they come to hand through the quarter, expected from March 2021. Announcement • Nov 23
Australian Potash Limited Signs Fifth Binding Term Sheet in the Offtake Program with Tier 1 Partner Helm AG Australian Potash Limited announced signing of the fifth binding term sheet in the Offtake Program with Tier 1 partner HELM AG for the supply of 20,000 tonnes per annum (tpa) of premium K-BriteTM sulphate of potash from the Lake Wells Sulphate of Potash Project (LSOP). Binding 10-year take-or-pay term sheet for 20,000 tpa of K-BriteTM Pricing on Net Realised Price basis incentivising HELM to achieve the highest sales price in the market jurisdictions covered by the Agreement Geographic rights for distribution through United States of America The parties' obligations under the binding term sheet are subject to and conditional on long form documentation being executed by 30 November 2020, and APC reaching a final investment decision to develop the LSOP by 31 March 2021. Total offtake under binding agreements including Redox i, Migao ii, Mitsui iii and HELM (European jurisdictionsiv and USA): 150,000 tpa Output under offtake agreements: 100% of DFS projected output of 150,000 tpa Pricing based on the market price minus traditional `net back' costs including a marketing fee and `flow through' shipping, storage and handling costs (Net Realised Price) Binding agreement to take-or-pay 20,000 tpa of K-BriteTM over an initial 10-year term K-BriteTM sales and distribution rights on an exclusive basis to the United States of America Subject to the finalisation of long-form documentation by 30 November 2020, and the board of APC making a final investment decision by 31 March 2021. 