Natural Soda overview

February 2020

• World-Class Deposit in ideal jurisdiction – Colorado USA

• Environmentally friendly operation

• Strong customer relationships

• Leader in quality standards

• Production and market expansion opportunities

Natural Soda

Natural Soda Overview

Asset Highlights

World-Class Deposit in Ideal

Jurisdiction

World-class sodium bicarbonate deposit located only ~2,000 feet below surface

Current solution mining technology can be leveraged for ~32 million tons probable nahcolite

reserves

Pure and Natural Sodium

Bicarbonate

Natural Soda’s solution mining technology produces a natural form of Sodium Bicarbonate to

one of the highest purity standards (USP) of product produced in North America.

Environmentally-Friendly, Zero-

Discharge Production

With its closed-system solution recovery method, Natural Soda has a low environmental

footprint and produces pure, natural product

Near-Term Opportunities for

Capacity and Margin Expansion

Near-term opportunities for expansion include capacity expansion to 500ktpa and entrance

into the hemodialysis and active pharmaceutical ingredient markets (where sodium

bicarbonate is used as a critical input)

Existing Abundant Water

AccessRequired water demands satisfied easily by currently held water rights

Strong Customer Relationships Long-term relationships with loyal customer base

Key Business Improvements

During Rincon Ownership

Highly experienced management team has driven improvement in key operational drivers

including brine flow, on-stream time and yield

Additional Long-Term

Opportunities

Further capacity expansion and international expansion opportunities and multiple other

resources, including water and soda ash.

64

139

139

13

64

13

108030” 108000”

T.2.N.

T.1.N.

T.1.S.

T.2.S.

T.3.S.

T.4.S.

T.5.S.

T.6.S.

T.7.S.

T.8.S.

R 102W. R 101W. R 100W. R 99W. R 98W. R 97W. R 96W. R 95W. R 94W.

40000”

39030”

Rangely

RIO BLANCO

GARFIELD

Rio Blanco

Rifle

Parachute

DeBequeMesa

T99W T98W T97W T96W T95W

70

Piceance Basin

• Located in western Colorado, Natural Soda is the

second largest producer of sodium bicarbonate in North

America

– Produces pure, natural sodium bicarbonate from

extensive nahcolite leases

• Location: Piceance Creek Basin, Colorado

– Long-life, pure nahcolite resource

– Sits atop the nahcolite-rich Boies Bed

• Property/Leases: ~9,700 acres of sodium leases

– Long life deposit with over 3 million tons of sodium bicarbonate

produced from leases since inception

• Extraction: Solution mining method

– Unique closed-circuit solution mining technology, with no chemical

alteration to the product and a low environmental footprint

• Key Developments:

– Completed an expansion to 240ktpa in 2014

– Opportunity to expand to permitted 500 ktpa

• Key Customers: wholesale distributors, grain & commodity businesses, animal

feed producers, consumer product producers and agricultural product producers

1

Note: All tons mentioned throughout this document refer to “short tons” unless otherwise noted.

Natural Soda

Natural Soda’s Competitive Landscape

Overview of Lease and Permits

• Natural Soda sustains a competitive advantage relative to domestic producers

• All of Natural Soda’s domestic competitors utilize soda ash in their production, which has tightened

supply in the sodium bicarbonate market

• Soda ash to sodium bicarbonate conversion process demands extra time and cost

– Requires carbon dioxide (CO2)

– Adds significant production cost

– Entails a carrying opportunity cost when soda ash commands a higher market price than sodium

bicarbonate

Natural Soda Facilities & Mineral Resources

• ~31,000 square foot plant and ~22,000

square-foot leased warehouse in Rifle,

Colorado

• Piceance Basin: estimated in-place resource

of 43 billion tons of nahcolite, based on USGS

Oil Shale Assessment

• Boies Bed: nahcolite-rich area in the

Piceance Basin with high quality deposits

within ~2,000 feet of the surface

• Federal sodium leases comprise ~9,700 acres

• Halite deposits exist on-site and offer

additional potential source of value

2

18 17 16 15 14 13 18

19 20 21 23 24 25

30

31363534333231

30 2928

2726 25

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NS COC-37474 NS COC-0118326

COC-0119985

NS COC-0119986

NS COC-0118327

NS Plant

R98

WR

97WT1S

T2S

0118326

22BLM

64

139

139

13

64

13

108030” 108000”

T.2.N.

T.1.N.

T.1.S.

T.2.S.

T.3.S.

T.4.S.

T.5.S.

T.6.S.

T.7.S.

T.8.S.

R 102W.R 101W.R 100W.R 99W.R 98W.R 97W.R 96W.R 95W.R 94W.

40000”

39030”

Rangely

RIO BLANCOGARFIELD

Rio

Blanco

Rifle

Parachute

DeBequeMesa

T99W T98W T97W T96W T95W

70

Piceance Basin & Natural Soda Location

Note: All tons mentioned throughout this document refer to “short tons” unless otherwise noted.

Unique Closed-Circuit Solution Recovery Method

• Pregnant Liquor Storage: Pregnant liquor is delivered from the

Natural Soda mine to two 40,000 gallon storage tanks at the plant site

• Crystallization: Sodium bicarbonate is re-crystallized by cooling the

pregnant liquor

• Dewatering: The total sodium bicarbonate production from the

crystallizers is pumped as a slurry to a set of thickening hydrocyclones

• Centrifuge: Underflow from hydro cyclones is fed to the centrifuge to

dewater before drying

• Drying: Wet cake from the dewatering operation is dried in natural

gas-fueled, direct-fired flash dryers

• Storage: Product from the dryers is transferred to the dome storage

building or screening operation

• Bagging Facility: The bagging facility has 2 packaging machines, with

a total of 5 packers

• Loading: Bulk and packaged product loaded out

Dewatering

Centrifuge

Cooling

WaterSteam

Injection

Well

Pregnant Liquor

Crystallizers

Barren Liquor

Packaging

Bulk Truck Loads

Silo Silo Screening Dryers

Recovery Well

1

3

4

2

7

66

5

8

1

2

5

6

8

7

3

4

Boies Bed

Lower Salt

Love Bed

Greeno BedTI Bed

A-GrooveB-Groove

1,000-1,200 ft.Green

River

Formation

Uinta

Formation

Nahcolitic

Oil Shale

NahcoliteSaline Zone

Saline Zone

Oil Shale

Sandstone & Siltstone

Dissolution Surface

Natural SodaSales & Product Breakdown

Natural Soda’s Strong

Customer Relationships

Tons Sold

• Repeat and loyal partner customers that have

verified the purity and specifications of Natural Soda

product

• Top 15 Customers have a 15+ year relationship with

Natural Soda

• Extensive network of distributors

• Well recognized end use customers including

national brand names

• Multiple package size options

• Customization packaging available

• Sales chain available in 24 countries globally

• Customer friendly ordering system

• Point of Sale and Sales Material available

3Note: All tons mentioned throughout this document refer to “short tons” unless otherwise noted.

• Extensive testing and quality assurance

– Every lot undergoes testing and has a

“Certificate of Analysis”, including feed &

industrial product

• Approvals and Certifications , Natural Soda is

the industry leader due to its natural production

process leaders in approvals and certifications

– ISO 9001

– Non- GMO Project

– FSSC 22000 Certificate

– FDA– Bioterrorism Act

– Annual Customer Audits

Natural Soda’s

Quality and Certifications

Tons Sold Differentiated Grade

Feed & Industrial Grade

• Represents ~1/4 of total 2018 volume

• Commands higher prices than sodium bicarbonate grades used

for general industrial uses or animal feed

• Evaluating entry into new differentiated markets (active

pharmaceutical ingredient and hemodialysis markets)

Food & Baking Personal

Care

Animal Nutrition Chemical Pool & Water Treatment

Selected End Markets

Selected End Markets

Home

Care

Pharma(1)

• Represents ~3/4 of total 2018 volume

Natural Soda LLC

Kirk Daehling, President

kdaehling@Naturalsoda.com

Jackie Deiter, Vice President, Global Sales and Marketing

jdeiter@Naturalsoda.com

Rincon Ltd

Tim Goldsmith, Chief Executive Officer

T.Goldsmith@rinconltd.com

Ben McCormick, Chief Financial Officer

B.McCormick@rinconltd.com

Natural Soda LLC

3200 RBC County

Road 31

Rifle, CO 81650

United States

+1 970 456 1268

Rincon Ltd.

Level 2

15- 19 Claremont street

South Yarra

Melbourne 3141

Australia

www. naturalsoda.com

Natural Soda LLC is an indirect wholly-owned subsidiary of Rincon Ltd.

Contact us

Disclaimer

This summary (“Summary”) has been prepared by Natural Soda LLC (“Natural Soda”) for informational purposes only. This Summary does not

constitute an offer or invitation for the sale or purchase of the securities, assets or business described herein. The reader uses this Summary at

their own risk. No representation or warranty, express or implied, is or will be given by Natural Soda or its affiliates or their respective directors,

officers, partners, employees or advisers or any other person as to the accuracy, completeness or fairness of this Summary, and no responsibility

or liability whatsoever is accepted for the accuracy or sufficiency thereof or for any errors, omissions or misstatements, negligent or otherwise,

relating thereto. Further, information contained herein may be based on or derived from third party information or reports (“Third Party Reports”).

Neither Natural Soda nor its affiliates accept any responsibility or liability whatsoever with respect to the accuracy, completeness or fairness of

such Third Party Reports or any information derived therefrom.

This Summary includes forward-looking statements with respect to estimated future performance, sales and product offerings. Such statements

and estimates are based on Natural Soda’s management assumptions and judgements regarding anticipated results. These assumptions and

judgments may or may not prove to be correct and there can be no assurance that any statements and estimates, targets or projections of Natural

Soda’s results are attainable or will be realized. Accordingly, neither Natural Soda nor its affiliates nor any of their respective directors, officers,

partners, employees or advisers, nor any other person, shall be liable for any loss or damages of any kind or nature suffered by any person as a

result of relying on any statement in or omission from this Summary and any such liability is expressly disclaimed. Information has been

presented as of the date hereof and Natural Soda disclaims any obligation to update any of the information contained herein or to correct any

inaccuracies which may arise or become apparent.4