Highfield Resources Limited · ASX:HFR
Highfield Resources — Shareholder Meeting (May 2026)
22 slides from Highfield Resources's shareholder meeting presentation, May 27, 2026
Slide 1: AGM – Presentation
ASX ANNOUNCEMENT 27 May 2026 ASX:HFR AGM – Presentation Highfield Resources Limited (ASX: HFR) (Highfield or the Company) encloses a copy of a presentation to be delivered by Olivier Vadillo, Head of Corporate Strategy and Business Development, and Carles Aleman, Executive Director, at the Company’s
Slide 2: About Highfield Resources
ASX ANNOUNCEMENT About Highfield Resources Highfield Resources is an ASX listed potash company which is planning on commencing full scale construction of its flagship high margin, low capex Muga Project in Spain having finalised the initial site preparatory work and having received all permits and k
Slide 3: Highfield Resources Annual General Meeting
For personal use only Highfield Resources Annual General Meeting
Slide 4: Disclaimer
Disclaimer COMPETENT PERSONS STATEMENT FOR MUGA ORE RESERVES, MUGA MINERAL RESOURCES and EXPLORATION TARGET For personal use only This update was prepared by Mr. Carles Aleman Director of Highfield Resources. The information in this update that relates to the Ore Reserve reported as of 31 October 20
Slide 5: Highfield Resources
Highfield 7 Resources
Slide 6: Current Status and Strategic Priorities
Current Status and Strategic Priorities Advancing a globally strategic potash project while preserving financial flexibility For personal use only • Muga is a high-quality undeveloped potash project • Strategic rationale for the project remains unchanged • Core project permits and infrastructure rem
Slide 7: Potash Market Fundamentals Remain Supportive
Potash Market Fundamentals Remain Supportive European MOP prices remain resilient, supported by constrained supply and stable agricultural demand For personal use only 1150 MOP bulk fob Vancouver US$/t 1050 Potash Granular MOP bulk cfr northwest Europe • European MOP prices have remained 950 (EUR/t
Slide 8: Goyo Permitting Background
Goyo Permitting Background For personal use only Background • In 2024, the Superior Court ofJustice of Navarra identified a procedural issue relating to the structure of the Goyo, Muga and Fronterizo concessions • The ruling did not challenge the Project’s technical studies, environmental work, or m
Slide 9: Goyo Appeal Admitted by Supreme Court
Goyo Appeal Admitted by Supreme Court Judicial Pathway Underway For personal use only • Spanish Supreme Court has formally admitted the appeals from Highfield (Geoalcali) and the local, regional, and national Governments • The Court will rule on whether a single unified concession should have been i
Slide 10: Cutting Costs to Maintain Financial Flexibility
Cutting Costs to Maintain Financial Flexibility Cash preservation initiatives continue to extend cash runway and maintain project readiness For personal use only • Funding Support • Secured A$10M strategic funding package from existing investors • Continued support from EMR Capital and strategic sta
Slide 11: Next steps
Next steps The Company remains focused on positioning Muga for rapid advancement once permitting clarity is achieved For personal use only • Capital Discipline • Maintain the active cash preservation strategy, including the extended staff furlough program and deferred non-essential expenditures, to
Slide 12: Appendix
For personal use only APPENDIX
Slide 13: Why Highfield Resources?
Why Highfield Resources? For personal use only Targeting €340 Forecast to be Fully permitted Location is a major million per one of the and shovel strategic The Muga Potash annum EBITDA1 highest margin ready project in advantage. Shallow Potash operation potash mines Spain mineralization. Mine is se
Slide 14: Muga Project Overview
Muga Project Overview For personal use only A potash developer listed on Local Spanish head office and project office with the ASX (HFR) with projects the entire executive team based in Pamplona, near the Muga Project site in Northern Spain Muga Mine Muga is a two-phase project which will produce a
Slide 15: Team
Team Board overview Management overview For personal use only Paul Harris, Independent Non-Executive Chairman Carles Alemán, CEO and Director ▪ Joined Board March 2022. ▪ Over 25 years’ experience in financial markets and investment banking, including roles with Citibank, Bankers Trust and Merrill L
Slide 16: Potash Market Overview
Potash Market Overview Global food security will be a key theme in the future with population increasing and For personal use only arable land decreasing growing the need for more fertiliser use Potash prices are very strongly corelated to crop prices 2.5 10.0 Crop prices are expected to recover wit
Slide 17: Location is a Key Competitive Advantage
Location is a Key Competitive Advantage Access to Customer Markets For personal use only • Strategically located in the middle of the European market • Potash price premium in Europe ~1,750km from mine to port ~1,700km from mine to port ~6,800 nautical miles Primary Market – U.S. Muga ~8,700 nautica
Slide 18: Other Key Competitive Advantages
Other Key Competitive Advantages For personal use only • Excellent infrastructure in place with immediate access to ports, transport and renewable grid power • Straightforward access to the mine with National Electricity Grid Substation in Sangüesa two ramps, no shafts, no aquifers and shallow miner
Slide 19: Top Quartile Margins
Top Quartile Margins For personal use only Margin curve forecast for 2026 (real US$) 290.0 Rest of world Highfield 240.0 190.0 140.0 USD/ t 90.0 40.0 -10.0 0 10 20 30 40 50 60 70 -60.0 Millions of tonnes MOP Low costs and higher netbacks at mine gate position the mine as potentially one of the highe
Slide 20: Low Initial Investment
Low Initial Investment For personal use only MUGA has half the capex intensity compared to other global development projects (US$ Per Tonne Of Potash) 2,500 Capex intensity US$/t 2,000 1,500 Average capex (US$/t) 1,000 500 - Milestone Phase Bamnet Narong Southey Jansen Phase 1 Woodsmith Colluli Kola
Slide 21: Outstanding Project Economics
Outstanding Project Economics For personal use only ECONOMICS OPERATIONAL 2 phase planned Excellent logistics with €340 million pa Strategically located NPV8 of €1.82 billion First quartile margin production up to access to renewable EBITDA in full with low cost access 23% IRR (post-tax) position 1M
Slide 22: For personal use only
For personal use only ASX:HFR REGISTERED OFFICE 169 Fullarton Road Dulwich SA 5065 Australia SPAIN HEAD OFFICE Avenida Carlos III, 13-15, 1B, 31002 Pamplona, Spain T: +34 948 050 577 | F: +34 948 050 578 FURTHER INFORMATION Carles Aleman CEO T: +34 948 050 577 Olivier Vadillo T: +34 609 811 257