Sierra del Perdón

Located southeast of Pamplona, the Sierra del Perdón tenement area (“SdP”) covers approximately 120km2 and comprises the three permits of Quiñones, Adiós and Ampliación de Adiós. SdP is a brownfield target which previously hosted two potash mines operating from the 1960s until the late 1990s, producing nearly 500,000 tonnes of potash per annum. The Company believes that there is potential for potash in new, unmined areas in the SdP area.

The Company was advised in the fourth quarter of 2018 that the second three-year extension
application for the Adiós and Quiñones permits had been rejected by the mining department of
the Government of Navarra. Highfield appealed this decision in 2019 and to date has not obtained
a resolution. In the fourth quarter of 2020, the second three-year extension application for the
Ampliación de Adiós permit had been rejected by the mining department of the Government of
Navarra, a decision that was appealed by the Company in the same quarter. Based on local Spanish legal advice, the continued lack of a resolution to these appeals does not represent a significant change with an adverse effect on the entity.

No drilling took place at SdP during 2021.