Completion Of Retail Entitlement Offer

Not for release to US wire services or distribution in the United States

COMPLETION OF RETAIL ENTITLEMENT OFFER

Salt Lake Potash Limited (SO4 or the Company) is pleased to announce the successful completion of the retail component of the 1 for 3.2 pro rata accelerated non-renounceable entitlement offer (Retail Entitlement Offer). The Retail Entitlement Offer formed part of the fully underwritten A$98.5 million equity raising announced on 5 August 2020.

The Retail Entitlement Offer closed on 25 August 2020 with eligible retail shareholders and Depositary Interest (DI) holders applying for approximately A$11.0 million worth of new fully paid ordinary shares (New Shares) pursuant to their entitlements and additional New Shares under the Retail Shortfall Facility (representing a take up rate of approximately 40%).

The shortfall under the Retail Entitlement Offer will be allotted to the sub-underwriters of the Retail Entitlement Offer.

This follows the strong support for the institutional component of the Entitlement Offer and placement raising approximately A$71 million.

The 54,991,200 New Shares, which have been subscribed for at a price of A$0.50 per New Share  under the Retail Entitlement Offer, will be issued on Tuesday, 1 September 2020 and are expected to commence trading on ASX on Wednesday, 2 September 2020. The New Shares to be issued under the Retail Entitlement Offer will rank equally with existing ordinary shares of no par value (Ordinary Shares) on issue.

Euroz Securities Limited and Canaccord Genuity acted as joint lead managers, joint underwriters and bookrunners to the equity raising.

Settlement and Dealings

Application has been made to the AIM Market of London Stock Exchange Plc ("AIM") for the admission of the 54,991,200 New Shares being issued under the Retail Entitlement Offer, which rank pari passu with the Company's existing issued Ordinary Shares, to be admitted to trading. Dealings on AIM are expected to commence at 8:00am on or around 2 September 2020 (Admission).

Total Voting Rights

For the purposes of the Financial Conduct Authority's Disclosure Guidance and Transparency Rules (DTRs), following Admission, SO4 will have 561,471,476 Ordinary Shares in issue with voting rights attached. SO4 does not hold any shares in treasury. This figure of 561,471,476 may be used by shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in the Company, under the ASX Listing Rules or the DTRs.

Directors' subscription

The following directors have subscribed for shares under the Retail Enttlement Offer:

For further information please visit https://www.so4.com.au/asx-announcements/  or contact:

This announcement has been authorised for release by the Board of Directors.

The information contained within this announcement is deemed to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014. Upon the publication of this announcement, this inside information is now considered to be in the public domain.

Not for release to US wire services or distribution in the United States.

This announcement has been prepared for publication in Australia and may not be released to US wire services or distributed in the United States. This announcement does not constitute an offer to sell, or a solicitation of an offer to buy, securities in the United States or any other jurisdiction. Any securities described in this announcement have not been, and will not be, registered under the US Securities Act of 1933 and may not be offered or sold in the United States except in transactions exempt from, or not subject to, the registration requirements of the US Securities Act and applicable US state securities laws.

Forward Looking Statements

This announcement may include forward-looking statements. These forward-looking statements are based on Salt Lake Potash Limited's expectations and beliefs concerning future events. Forward looking statements are necessarily subject to risks, uncertainties and other factors, many of which are outside the control of Salt Lake Potash Limited, which could cause actual results to differ materially from such statements. Salt Lake Potash Limited makes no undertaking to subsequently update or revise the forward-looking statements made in this announcement, to reflect the circumstances or events after the date of that announcement.