SO4.L Regulatory News (SO4)

SO4 Successfully Completes Share Purchase Plan

Salt Lake Potash Limited (SO4 or the Company) advises that it has successfully completed its Share Purchase Plan (SPP) announced on 11 December 2020. Following strong demand from existing retail Shareholders the SPP was increased to raise A$8m.

The SPP, originally intended to raise A$5.0 million, was heavily oversubscribed with applications received for A$10.0 million at the issue price of A$0.40 (£0.226) per share. Given the strong support from existing Shareholders, the Board has exercised its discretion under the terms of the SPP to increase the size of the offer to A$8.0 million in recognition of the ongoing support of its retail investors.A total of 20 million new fully paid ordinary shares of no par value ("Ordinary Shares") will be issued under the SPP. In addition, following receipt of Shareholder approval the Company will be issuing 5,025,000 Ordinary Shares to SO4 Directors next month under Tranche 2 of the placement initially announced on 11 December. The shares being issued under the SPP will represent approximately 2.7% of SO4's ordinary shares on issue post completion of Tranche 2.

The strong demand from eligible shareholders in the SPP has necessitated a scale-back of valid applications. Applications will be scaled as a proportion of the total dollar value of valid applications. On a pro rata basis, all eligible shareholders who submitted valid applications have been allocated approximately 83% of their application amount.

Tony Swiericzuk Chief Executive Officer

"On behalf of the Company, I would like to thank all of our Shareholders for their ongoing support as evidenced by the strong demand for the SPP. The funds raised through the placement and SPP have enabled the Company to achieve financial close on the US$138m Taurus/CEFC debt facility and draw the initial tranche of US$105m and to finalise development of the Lake Way Project."

Settlement and dealings

Application has been made to the AIM Market of the London Stock Exchange ("AIM") for the 20,000,000 new Ordinary Shares, 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 Thursday, 4 February 2021 ("Admission").

Total Voting Rights

For the purposes of the Financial Conduct Authority's Disclosure Guidance and Transparency Rules ("DTRs"), following Admission, Salt Lake will have 731,002,885 Ordinary Shares in issue with voting rights attached. Salt Lake holds no shares in treasury. This figure of 731,002,885 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.

For further information please visit www.so4.com.au or contact:

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

Additional Disclosures

The information contained within this announcement is deemed to constitute inside information as stipulated under the UK Market Abuse Regulation. Upon the publication of this announcement, this inside information is now considered to be in the public domain.

Forward Looking Statements

This announcement includes forward-looking statements. These forward-looking statements are based on the Company'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 the Company, which could cause actual results to differ materially from such statements. Although the Company believes that its forward-looking statements have reasonable grounds, can give no assurance that they will be achieved. They may be affected by a variety of variables and changes in underlying assumptions that are subject to risk factors associated with the nature of the Company's business (including those described in pages 25 to 29 (inclusive) of the Presentation released to ASX on 11 December 2020), which cause actual results to differ materially from those expressed herein. The Company makes no undertaking to subsequently update or revise the forward-looking statements made in this announcement, save where required by law or regulation, to reflect the circumstances or events after the date of this announcement.