Initiation of Coverage of Trigg Mining (ASX: TMG)

July 17, 2022

Trigg Mining is developing a Sulphate of Potash (SOP) production hub at Lake Throssell,
Lake Yeo, and Lake Rason, 170km east of Laverton in Western Australia. SOP is a source of
potassium fertilizer essential to global agriculture. The proposed project will produce SOP from
solar concentrated brine at a significant cost advantage to conventional Mannheim process,
and with strong environmental credentials.

Trigg has a 4.2Mt indicated Resource, 10.2Mt Inferred Resource, and an Exploration Target of an additional 2.6-9.4Mt at its flagship deposit at Lake Throssell, and further potential at the close by Lake Yeo. The company is at that point of development where it is able to materially add to or upgrade its Resource base.

A Preliminary Feasibility Study to de-risk the Lake Throssell project is timed for 2023. The PFS process will examine the project very broadly, and will investigate the production of by-products or co-products such as magnesium based compounds. Because of its broad scope, the PFS study has the potential to add significant value to the project and also differentiate this project from the other Australian brine potash project developers. The release of the PFS should derisk the project, and also provide a basis for valuing the company. Pilot plant testing is also planned to deliver additional results by June 2024 which will further de-risk the project.