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South Harz Potash raises AUS$5.3 million through placement

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World Fertilizer,

South Harz Potash has raised AUS$5.3 million via a placement of new ordinary shares.

The equity raising ensures the company is well-funded to complete the two-hole drilling programme, targeted Mineral Resource estimate upgrade and Scoping Study finalisation at its Ohmgebirge development in Germany.

Drilling and assay of the two confirmatory drillholes, expected to commence in the coming weeks, is targeted to allow South Harz to upgrade a substantial proportion of the current Ohmgebirge JORC (2012) Inferred Mineral Resource estimate (325 Mt at 13.1% K2O) to the Indicated category. Subject to concurrent and satisfactory advancement of all modifying factors, this is expected to allow the release of a comprehensive Scoping Study (a preliminary technical and economic assessment) for Ohmgebirge, which is scheduled for completion by end 1Q22.

The new funding also delivers South Harz the ability to rapidly transition into planned Feasibility Study workstreams on Ohmgebirge during 2Q22, through providing the flexibility to secure key consultants and book testwork programs in advance. Finally, the additional funds will allow the company to drive organisational capability and bolster general working capital, including the recruitment of further specialists in Germany to support the planned development of Ohmgebirge and the broader South Harz potash project.

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