SdP Offers Organic Growth (By Pareto Securities)

Highfield Resources has delivered a Scoping Study for its Sierra del Perdon (SdP) project located within 50km of its flagship Muga Project. SdP is an attractive project in its own right. The Scoping Study was based on production of 520ktpa of Granular K60 Potashfor 20 years at a total operating cost of USD 178/t and capital costof USD 233m. The project adds organic, longer-term growthoptionality for the company which it will be able to fund out of cash flow generated by Muga.

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