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Salt Lake Potash Ltd

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Market:
AIM
Market Cap:
£185.97 m
Price
25.25 GBX
Change
0.00%
52 weeks high
34.17
52 weeks low
14.36

Goldfields Salt Lakes Project

Salt Lake Potash is developing a series of primary Sulphate of Potash (SOP) operations across the West Australian goldfields.

The Company plans to produce premium SOP from extracting hypersaline brine from salt lakes, transporting the brine in a series of solar evaporation ponds to produce potassium-rich harvest salts which can then be converted in SOP for the domestic and international markets.

SOP is the premium source of potassium favoured by high value, chloride intolerant crops.

Initial development efforts are focused on the Lake Way project which is now substantially progressed, with first sales expected in the first quarter of 2021. Over the long-term the company plans to develop an integrated SOP operation, producing from a number of lakes within the GSLP.

Lake Way Project

The Lake Way project is located in the Goldfields region of Western Australia, 15km south of Wiluna. The Wiluna region is a historic mining precinct dating back to the late 19th century and is serviced by well developed, high quality infrastructure (airport, gas pipeline, sealed road).

The Lake Way BFS released in October 2019 highlighted an operation that could produce 245kt of SOP for capital expenditure of $256m and with operating costs of A$302/t, placing it at the bottom of the 1st quartile of global SOP operations.

Construction of the Lake Way evaporation pond network and brine abstraction trenches commenced in Q1’2019 and the project is now substantially progressed with first revenues expected in the first quarter of 2020.

Lake Ballard and Lake Marmion

Lake Ballard and Lake Marmion sit at an intersection of the Goldfields Highway, the Menzies-Leonora railway line and the Goldfields gas pipeline.

Resource definition work is currently underway at both lakes. This process will form part of a strategic review to prioritise future developments.

Lake Wells

The Lake Wells Project is located in the Northern Goldfields of Western Australia approximately 200 km north of Laverton. The area is well served by existing infrastructure, including the Great Central Road, the Goldfields Highway, the Goldfields Gas Pipeline and the railway sidings at Malcolm and Leonora.

SO4 completed a Scoping Study at Lake Wells in 2016 which confirmed the potential of the Project to produce low cost SOP by solar evaporation of lake brines.

United Kingdom & Australia.

Ian Middlemas - Chairman

Mr Middlemas is a Chartered Accountant, a member of the Financial Services Institute of Australasia and holds a Bachelor of Commerce degree. He worked for a large international Chartered Accounting firm before joining the Normandy Mining Group where he was a senior group executive for approximately 10 years. He has had extensive corporate and management experience, and is currently a Director with a number of publicly listed companies in the resources sector.

Tony Swiericzuk - Chief-Executive Officer

Mr Swiericzuk is a Mining Engineer with outstanding credentials as a builder and operator of mining projects, having recently been General Manager of the Christmas Creek Mine from 2012 to 2017. He oversaw the construction, commissioning and ramp-up of this project from 15Mtpa to 60Mtpa in his initial 2 year period, then proceeded to optimise the operation and help drive FMG to become the world’s lowest cost iron ore producer.

In his initial years at FMG Mr Swiericzuk was General Manager Port Operations in Port Hedland and managed the ramp up from 20Mtpa to 60Mtpa from 2009 to 2011.

Mr Swiericzuk holds an Honours Degree in Mining Engineering from The University of Queensland, a Master of Business Administration from Deakin University, and is a Graduate of the Australian Institute of Company Directors.

Shaun Day - Chief Financial Officer

Shaun is a Chartered Accountant and experienced CFO with over 20 years of experience in executive and financial positions across mining and infrastructure, investment banking and international accounting firms. Shaun was Previously CFO of Northern Star Resources, overseeing company’s market cap expansion from A$700m to A$8bn.

Mark Pearce - Non-Executive Director

Mr Pearce is a Chartered Accountant and is currently a Director of several listed companies that operate in the resources sector. He has had considerable experience in the formation and development of listed resource companies and has worked for several large international Chartered Accounting firms. Mr Pearce is also a Fellow of the Governance Institute of Australia and a Fellow of the Financial Services Institute of Australasia.

Bryn Jones - Non-Executive Director

Mr Jones is a Chemical Engineer with over 20 years management experience in industrial processing in commercial and mining operations around the world, including potash and phosphate projects.

Matthew Bungey - Non-Executive Director

Mr Bungey is a Chemical Engineer with over 20 years’ experience in Natural Resources. He commenced his career as a Process Engineer with BHP at the Centre for Minerals Technology in the United States where he was responsible for process design and research into bacterial leaching of copper-sulphide ore. He then spent several years in the Marketing Division of BHP Billiton based in The Hague. He was most recently a Managing Director and Head of Mining and Metals with Barclays Investment Bank in London. Mr Bungey holds an MBA from INSEAD with Distinction (2005) and a B. Chem Eng (Hons) and B.Sci from the University of Melbourne.

Registered Office

Ground Floor
239 Adelaide Terrace
Perth WA 6000
Australia
Telephone: +61 8 6559 5800
Facsimile: +61 8 6559 5820

London Office

3C/38 Jermyn Street
London SW1Y 6DN
United Kingdom
Telephone: +44 207 478 3900
Facsimile: +44 207 434 4450
Email: info@saltlakepotash.com.au

AIM BROKER

Cenkos Securities
6.7.8 Tokenhouse
London ECR2R 7AS
Telephone: +44 (0) 131 220 6939

Grant Thornton UK LLP

30 Finsbury Square
London EC2P 2YU

This information was updated on 15 May 2020.

REGISTERED OFFICE

Ground Floor
239 Adelaide Terrace
Perth WA 6000
Australia
Telephone: +61 8 6559 5800
Facsimile: +61 8 6559 5820

LONDON OFFICE

C/38 Jermyn Street
London SW1Y 6DN
United Kingdom
Telephone: +44 207 478 3900
Facsimile: +44 207 434 4450

SECURITIES EXCHANGE LISTING

Australian Securities Exchange
ASX Code: SO4 – Ordinary Shares
London Stock Exchange (AIM)
AIM Code: SO4 – Ordinary Shares

NOMINATED ADVISER

Grant Thornton UK LLP
30 Finsbury Square
London EC2P 2YU

AIM BROKER

Cenkos Securities
6.7.8 Tokenhouse
London ECR2R 7AS
Telephone: +44 (0) 131 220 6939

SHARE REGISTRY

Australia
Link Market Services Limited
Level 12, 680 George Street
Sydney NSW 2000
Telephone: +61 1300 554 474
Facsimile: +61 2 9287 0303

United Kingdom
Computershare Investor Services Plc
PO Box 82
The Pavillions
Bridgwater Road
Bristol BS99 7NH
Telephone: +44 870 889 3105

SOLICITORS

DLA Piper
Level 31, Central Park
152-158 St Georges Terrace
Perth WA 6000

AUDITOR

Ernst & Young
11 Mounts Bay Road
PERTH WA 6000

BANKERS

Australia and New Zealand Banking Group Limited