Highfield Resources Limited · ASX:HFR
Highfield Resources — Investor Presentation (October 2025)
18 slides from Highfield Resources's investor presentation, October 2025
Slide 1: Muga Potash Mine Market Update Presentation
ASX:HFR Muga Potash Mine Market Update Presentation October 2025
Slide 2: Disclaimer
Disclaimer COMPETENT PERSONS STATEMENT FOR MUGA ORE RESERVES, MUGA MINERAL RESOURCES and EXPLORATION TARGET The Review of Operations contained within this presentation was prepared by Highfield Resources. The information in this report that relates to the Muga Ore Reserve reported with an effective
Slide 3: Leadership Change With New Strategic Outlook
Leadership Change With New Strategic Outlook Carles Aleman – Geoalcali CEO (Gerente General) • Career Highlights • Well respected industry professional • Over 30 years of international leadership in chemical and mining industries. • Held senior positions at BASF, CIBA-GEIGY, and Pymag-Curtin (as Man
Slide 4: Muga Project Overview
Muga Project Overview A potash developer listed on the ASX Local Spanish head office and project office with the entire executive team based in (HFR) with projects in Northern Spain Pamplona, near the Muga Project site Muga is a two-phase project which will produce a total of 1 Mtpa of muriate of po
Slide 5: Muga's Strategic Rationale Remains Strong
Muga’s Strategic Rationale Remains Strong Muga mine Competitive Advantage EU Facing Growing Difficulties in Sourcing MOP Higher netback with local market within trucking distance 47% EU imports from Belarus and Russia National electrical grid substation in closed proximity to mine site 26% Belarus e
Slide 6: Location is a Key Competitive Advantage
Location is a Key Competitive Advantage Access to Customer Markets • 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 nautical miles Primary Market
Slide 7: Other Key Competitive Advantages
Other Key Competitive Advantages • 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 mineralization • Low techni
Slide 8: Outstanding Project Economics
Outstanding Project Economics 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 1Mtpa of Muriate of grid
Slide 9: Top Quartile Margins
Top Quartile Margins Europe trades at a premium to other markets Margin curve forecast for 2028 (real US$) 1,150.0 200 Potash sMOP bulk fob Vancouver 1,050.0 Rest of world 950.0 Potash gMOP bulk cfr northwest Europe Highfield 150 850.0 750.0 100 USD/t 650.0 USD/t 550.0 50 450.0 350.0 250.0 0 0 4 8
Slide 10: Low Initial Investment
Low Initial Investment MUGA has half the capex intensity compared to other global development projects (US$ Per Tonne Of Potash) 2,500 Capex intensity US$/t 2,000 1,500 Averagecapex Average Capex(US$/t) Intensity (US$/t) 1,000 500 - Milestone Phase Bamnet Narong Southey Jansen Phase 1 Woodsmith Coll
Slide 11: Potash Market Overview
Potash Market Overview Global food security will be a key theme in the future with population increasing and 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 with potash prices expect
Slide 12: Current Status
Current Status Highfield is well-positioned to commence construction — pending permitting clarity and implementation of a revised financing strategy. • All major licences and approvals granted — only the Goyo administrative process remains to be resolved. • Several meetings had with Navarra and Fede
Slide 13: Financial Runway and Next Steps
Financial Runway and Next Steps • Runway Secured: • A$4.0 million cash at bank at 30 September 2025. • Minimum drawdown of A$5.15m provides funding through October 2026. • Full A$10m drawdown (subject to lender consent post-Goyo appeal) extends runway through Q1 2027. • Use of Funds: • Legal, techni
Slide 14: New Financial Support
New Financial Support • New issuance replacing and extending prior series. • Bridge funding for operations during permitting resolution. • Strengthens balance-sheet flexibility and optionality. • Extends the maturity of the existing convertible notes Convert note Information Principle Minimum drawdo
Slide 15: Next Steps on Permitting
Next Steps on Permitting Goyo procedural flaw next steps Background Key points as to why Highfield believes it has have a strong case • As previously disclosed*, the Superior Court of Justice of Navarra (TSJN) identified a procedural flaw in the administrative coordination process relating to the gr
Slide 16: Strategic Financing Outlook
Strategic Financing Outlook A plan to value realisation for shareholders and noteholders. Reassessing investment approach by, exploring new geographies, alternative investors and alternative investment options. A clear path to Goyo resolution will allow Highfield to re-engage with strategic partners
Slide 17: Summary
Summary A plan to value realisation for shareholders and noteholders Convertible notes provide financial stability and operational runway ✓ Financing will give runway until first quarter 2027 ✓ Clear pathway identified to solve Goyo permitting issue ✓ ✓ Strategic rationale of Muga Potash Mine has in
Slide 18: ASX:HFR
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 Olivier Vadillo, Investor Relations T: +34 609 811 257 Elvis Jurcevic, Australia Investor Relation
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