<SEC-DOCUMENT>0000909037-23-000074.txt : 20231219
<SEC-HEADER>0000909037-23-000074.hdr.sgml : 20231219
<ACCEPTANCE-DATETIME>20231218173757
ACCESSION NUMBER:		0000909037-23-000074
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20231218
FILED AS OF DATE:		20231219
DATE AS OF CHANGE:		20231218

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			CHEMICAL & MINING CO OF CHILE INC
		CENTRAL INDEX KEY:			0000909037
		STANDARD INDUSTRIAL CLASSIFICATION:	MINING, QUARRYING OF NONMETALLIC MINERALS (NO FUELS) [1400]
		ORGANIZATION NAME:           	01 Energy & Transportation
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			F3
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	033-65728
		FILM NUMBER:		231494914

	BUSINESS ADDRESS:	
		STREET 1:		EL TROVADOR 4285
		STREET 2:		LAS CONDES
		CITY:			SANTIAGO CHILE
		STATE:			F3
		ZIP:			00000
		BUSINESS PHONE:		56224252280

	MAIL ADDRESS:	
		STREET 1:		EL TROVADOR 4285
		STREET 2:		LAS CONDES
		CITY:			SANTIAGO
		STATE:			F3
		ZIP:			7550079
</SEC-HEADER>
<DOCUMENT>
<TYPE>6-K
<SEQUENCE>1
<FILENAME>a6_kxazurejointbidx18dec20.htm
<DESCRIPTION>6-K
<TEXT>
<html><head>
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<title>Document</title></head><body><div id="i05cadd786f9d4c28aac1b1b6124e1c7d_1"></div><div style="min-height:63.36pt;width:100%"><div><font><br></font></div></div><div><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:98.900%"></td><td style="width:0.1%"></td></tr><tr style="height:12pt"><td colspan="3" style="border-bottom:0.5pt solid #000000;border-top:3pt solid #000000;padding:0 1pt"></td></tr></table></div><div style="padding-left:0.52pt;padding-right:0.52pt;text-align:center"><font><br></font></div><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">UNITED STATES</font></div><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">SECURITIES AND EXCHANGE COMMISSION</font></div><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">Washington, D.C. 20549</font></div><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">Form&#160;6-K</font></div><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE&#160;13a-16 OR 15d-16 UNDER THE</font></div><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">SECURITIES EXCHANGE ACT OF 1934</font></div><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">For the&#160;month of December&#160;2023.</font></div><div style="margin-bottom:10pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">Commission File Number 33-65728</font></div><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">CHEMICAL AND MINING COMPANY OF CHILE&#160;INC.</font></div><div style="margin-bottom:10pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(Translation of registrant&#8217;s name into English)</font></div><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">El Trovador 4285, Santiago, Chile (562) 2425-2000</font></div><div style="margin-bottom:10pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(Address of principal executive office)</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Indicate by check mark whether the registrant files or will file annual reports under cover of Form&#160;20-F or Form&#160;40-F.</font></div><div style="margin-bottom:11pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Form&#160;20-F&#58;_</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline">X</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">_  Form&#160;40-F</font></div><div style="padding-left:0.52pt;padding-right:0.52pt;text-align:center"><font><br></font></div><div style="text-align:justify"><font><br></font></div><div><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:98.900%"></td><td style="width:0.1%"></td></tr><tr style="height:12pt"><td colspan="3" style="border-bottom:3pt solid #000000;border-top:0.5pt solid #000000;padding:0 1pt"></td></tr></table></div><div style="text-align:justify"><font><br></font></div><div style="height:63.36pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div><font><br></font></div></div></div><div id="i05cadd786f9d4c28aac1b1b6124e1c7d_4"></div><hr style="page-break-after:always"><div style="min-height:72pt;width:100%"><div style="text-align:center"><font><br></font></div><div style="text-align:center"><font><br></font></div><div style="text-align:center"><font><br></font></div><div><font><br></font></div></div><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:112%">SQM AND HANCOCK ENTER INTO </font></div><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:112%">IMPLEMENTATION DEED WITH AZURE MINERALS</font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:107%">Santiago, Chile. December 18, 2023</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:107%"> &#8211; Sociedad Qu&#237;mica y Minera de Chile S.A. (SQM) (NYSE&#58; SQM&#59; Santiago Stock Exchange&#58; SQM-A, SQM-B) informs that today SQM and Hancock Prospecting Pty Ltd (Hancock), together &#8220;the Joint Bidders&#8221;, have entered into a transaction implementation deed (Implementation Deed) with Azure Minerals Limited (Azure) (ASX&#58; AZS) under which it is proposed that the Joint Bidders (via SH Mining Pty Ltd (BidCo)) will acquire all of the Azure shares they do not already own by way of a joint scheme of arrangement for a cash price of  A$3.70</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7.8pt;font-weight:400;line-height:107%;position:relative;top:-4.2pt;vertical-align:baseline">1</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:107%"> per Azure share (Scheme), and a simultaneous conditional joint off-market takeover bid for a cash price of A$3.65</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7.8pt;font-weight:400;line-height:107%;position:relative;top:-4.2pt;vertical-align:baseline">2</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:107%"> per Azure share (Takeover Bid), together &#8220;the Transaction&#8221;.</font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:107%">Highlights</font></div><div style="text-align:justify"><font><br></font></div><div style="padding-left:36pt;text-align:justify;text-indent:-18pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:107%">&#8226;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:107%;padding-left:14.15pt">The Joint Bidders&#8217; offer to acquire all of the Azure shares they do not already own for cash consideration of A$3.70 per share pursuant to the Scheme represents a substantial premium of 58.1% to the undisturbed closing price of Azure shares on August 11, 2023 of A$2.34 per share&#59;</font></div><div style="padding-left:36pt;text-align:justify;text-indent:-18pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:107%">&#8226;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:107%;padding-left:13.8pt">The Azure Board has unanimously recommended the Transaction in the absence of a superior proposal and subject to an independent expert concluding, and continuing to conclude, that the Scheme is in the best interests of Azure shareholders and that the Takeover Bid is fair and reasonable</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7.8pt;font-weight:400;line-height:107%;position:relative;top:-4.2pt;vertical-align:baseline">3</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:107%">&#59;</font></div><div style="padding-left:36pt;text-align:justify;text-indent:-18pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:107%">&#8226;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:107%;padding-left:13.8pt">The Transaction is subject to limited conditions and is not subject to financing or due diligence conditions&#59; and</font></div><div style="padding-left:36pt;text-align:justify;text-indent:-18pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:107%">&#8226;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:107%;padding-left:13.8pt">Azure has received statements of support from the Delphi Group and Creasy Group, both major shareholders in Azure owning approximately 10.15% and 12.84% respectively, of the shares on issue in Azure, that they each intend to support the Transaction, subject to no superior proposal to acquire 100% of the issued capital of Azure emerging.</font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:107%">Azure Board and shareholder support</font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:107%">The Azure Board unanimously recommends that Azure shareholders vote in favour of the resolutions to approve the joint bidding arrangements and the Scheme and to accept the Takeover Bid if the Scheme is not successful, in the absence of a superior proposal and subject to an independent expert concluding, and continuing to conclude, that the Scheme is in the best interests of Azure shareholders and that the Takeover Bid is fair and reasonable.</font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:107%">Subject to those same qualifications, each member of the Azure Board intends to vote all Azure shares held or controlled by them in favour of the resolutions to approve the joint bidding arrangements and the Scheme and, in the event that the Scheme is not successful, accept those Azure shares into the Takeover Bid.</font></div><div><font><br></font></div><div style="text-align:justify"><font><br></font></div><div style="border-bottom:1pt solid black;margin-bottom:5pt;margin-top:10pt;width:150pt"></div><div style="text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:5.85pt;font-weight:400;line-height:107%;position:relative;top:-3.15pt;vertical-align:baseline">1</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:107%">Implies a fully diluted equity value of A$1.70 billion based on the Scheme consideration of A$3.70 per Azure share multiplied by the sum of the 458,679,575 Azure shares on issue and 1,500,000 in-the-money options.</font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:5.85pt;font-weight:400;line-height:107%;position:relative;top:-3.15pt;vertical-align:baseline">2</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:107%"> Implies a fully diluted equity value of A$1.68 billion based on the Takeover Bid consideration of A$3.65 per Azure share and the assumptions above.</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:5.85pt;font-weight:400;line-height:107%;position:relative;top:-3.15pt;vertical-align:baseline">3</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:107%"> The Azure Board unanimously recommend that Azure shareholders vote in favour of the Scheme and accept the Takeover Bid but only if the Scheme is not successful or is terminated in certain circumstances</font><font style="color:#000000;font-family:'Museo Sans 100',sans-serif;font-size:9pt;font-weight:400;line-height:107%">.</font></div><div style="height:66.24pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div><font><br></font></div><div style="text-align:right"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">1</font></div><div><font><br></font></div><div style="text-align:right"><font><br></font></div></div></div><hr style="page-break-after:always"><div style="min-height:72pt;width:100%"><div><font><br></font></div></div><div style="text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:107%">Azure has publicly announced that Yandal Investments Pty Ltd (Creasy Group), which currently holds, and&#47; or can control the votes in relation to, 58,883,978 Azure shares (representing approximately 12.84% of the total number of Azure shares on issue), and the Delphi Group, which currently holds, and&#47; or can control the votes in relation to, 46,557,924 Azure shares (representing approximately 10.15% of the total number of Azure shares on issue), have each confirmed to the Directors of Azure that they intend to vote those shares (and any shares they acquire in the future) in favour of any resolution proposed in connection with the Transaction seeking approval of the joint bid arrangements between SQM and Hancock for the purposes of section 611 item 7 of the Corporations Act, and in favour of the Scheme, subject to no superior proposal to acquire 100% of the issued capital of Azure emerging beforehand. Each of those shareholders have also confirmed that if the Scheme is unsuccessful, they intend to accept the Takeover Bid upon it becoming unconditional and subject to no superior proposal to acquire 100% of the issued capital of Azure emerging beforehand.</font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:107%">Benefits of the Transaction</font></div><div style="text-align:justify"><font><br></font></div><div style="padding-left:18pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:112%">(i)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:112%"> Highly attractive premium&#58; </font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:112%">As of October 20, 2023 (the last trading day prior to the announcement of the Previous Transaction (defined further below)), the Scheme price of A$3.70 per Azure share represents a highly attractive premium of  </font></div><div style="padding-left:36pt;text-align:justify;text-indent:-18pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:107%">&#8226;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:107%;padding-left:14.15pt">51.6% premium to last closing share price before announcement of the Previous Transaction of A$2.44 per share&#59;  </font></div><div style="padding-left:36pt;text-align:justify;text-indent:-18pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:107%">&#8226;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:107%;padding-left:14.15pt">63.9% premium to the 10-day VWAP before announcement of the Previous Transaction of A$2.26 per share&#59;</font></div><div style="padding-left:36pt;text-align:justify;text-indent:-18pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:107%">&#8226;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:107%;padding-left:14.15pt">5.1% premium to the Previous Transaction scheme offer price of A$3.52 per share&#59;</font></div><div style="padding-left:36pt;text-align:justify;text-indent:-18pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:107%">&#8226;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:107%;padding-left:14.15pt">54.2% premium to the A$120m equity placement at A$2.40 per share&#59; and</font></div><div style="padding-left:36pt;text-align:justify;text-indent:-18pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:107%">&#8226;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:107%;padding-left:14.15pt">58.1% premium to the undisturbed Azure share price on 11 August 2023 of A$2.34, being the last trading day prior to SQM&#8217;s initial proposal becoming public.</font></div><div style="text-align:justify"><font><br></font></div><div style="padding-left:18pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:112%">(ii) </font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:112%">Increased cash consideration&#58;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:112%"> The Transaction provides Azure shareholders with substantially increased cash consideration to the Previous Transaction offer of A$3.52 per share and is particularly compelling in the context of the Andover project being in its exploration phase and given falling lithium prices and market risks. </font></div><div style="padding-left:18pt;text-align:justify"><font><br></font></div><div style="padding-left:18pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:112%">(iii)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:112%"> Cash certainty&#58; </font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:112%">The offer provides Azure shareholders with the certainty of a cash offer at a premium to the Previous Transaction and in doing so delivers materially increased value to Azure shareholders. </font></div><div style="padding-left:18pt;text-align:justify"><font><br></font></div><div style="padding-left:18pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:112%">(iv)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:112%"> Execution certainty&#58;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:112%"> The Transaction is firm from a value perspective and offers a higher execution certainty due to the combination of SQM and Hancock (who are also Azure&#8217;s two largest shareholders).</font></div><div style="padding-left:18pt;text-align:justify"><font><br></font></div><div style="padding-left:18pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:112%">(v)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:112%"> Funding certainty</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:112%">&#58; The Transaction is not subject to financing risk and the Implementation Deed does not include a financing condition.</font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:107%">SQM CEO, Ricardo Ramos, said&#58;</font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:107%">&#34;SQM is delighted to partner with Hancock to present this highly attractive revised offer for Azure shareholders, providing a compelling cash value in a time of broader market volatility. We are pleased to have received the unanimous support from the Azure Board and support from substantial shareholders Delphi Group and Creasy Group for the Transaction. </font></div><div style="height:66.24pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:right"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">2</font><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.826%"><tr><td style="width:1.0%"></td><td style="width:32.233%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:32.233%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:32.234%"></td><td style="width:0.1%"></td></tr><tr style="height:15pt"><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td></tr></table></div></div></div><hr style="page-break-after:always"><div style="min-height:72pt;width:100%"><div><font><br></font></div></div><div style="text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:107%">As Azure&#8217;s 19.4% shareholder, SQM is pleased with the progress Azure&#8217;s management team have made in understanding the potential of Andover through exploration drilling. Moving forward, SQM will look to deploy its lithium expertise alongside Hancock&#8217;s significant local mining knowledge and track record of project development to manage the elevated risk profile associated with early-stage exploration projects.&#34;</font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:107%">Hancock CEO, Garry Korte, said&#58;</font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:107%">&#34;Under the leadership of our Executive Chairman Mrs Gina Rinehart AO, Hancock is delighted to team up with SQM to pursue an acquisition of joint control of Azure. The partnership brings together Hancock, Australia&#8217;s most successful private resource company and SQM, one of the world&#8217;s leading lithium producers. This powerful partnership brings together the complementary skills of our respective companies across West Australian mining exploration, development, operation and processing for the long term. We are pleased to provide Azure shareholders with this compelling offer to receive substantial cash value for their shares despite weakening market conditions.&#34;</font></div><div><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:107%">Overview of the Scheme </font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:107%">The Joint Bidders&#8217; offer to acquire all of the Azure shares they do not already own for cash consideration of A$3.70 per share by scheme of arrangement represents a compelling value proposition for Azure shareholders.</font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:107%">The Scheme is subject to limited conditions being satisfied or waived including&#58;</font></div><div style="text-align:justify"><font><br></font></div><div style="padding-left:36pt;text-align:justify;text-indent:-18pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:107%">&#8226;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:107%;padding-left:13.8pt">Azure shareholder approval for the Scheme&#59;</font></div><div style="padding-left:36pt;text-align:justify;text-indent:-18pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:107%">&#8226;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:107%;padding-left:13.8pt">Azure shareholder approval for the joint bidding arrangements&#59;</font></div><div style="padding-left:36pt;text-align:justify;text-indent:-18pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:107%">&#8226;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:107%;padding-left:13.8pt">Australian Court approval&#59;</font></div><div style="padding-left:36pt;text-align:justify;text-indent:-18pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:107%">&#8226;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:107%;padding-left:13.8pt">BidCo obtaining approval from Australia&#8217;s Foreign Investment Review Board (FIRB)&#59;</font></div><div style="padding-left:36pt;text-align:justify;text-indent:-18pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:107%">&#8226;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:107%;padding-left:13.8pt">BidCo obtaining specific competition law approvals&#59;</font></div><div style="padding-left:36pt;text-align:justify;text-indent:-18pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:107%">&#8226;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:107%;padding-left:13.8pt">customary conditions including no material adverse change of Azure and no prescribed occurrences&#59; and</font></div><div style="padding-left:36pt;text-align:justify;text-indent:-18pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:107%">&#8226;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:107%;padding-left:13.8pt">the independent expert concluding (and continuing to conclude) that the Scheme is in the best interests of Azure shareholders.</font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:107%">The Scheme is not subject to a financing condition. </font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:107%">Full details of the conditions of the Scheme and other agreed terms are set out in the Implementation Deed, a copy of which was released to the ASX by Azure today.</font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:107%">Overview of the Takeover Bid</font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:107%">Pursuant to the terms of the Takeover Bid, accepting Azure shareholders will be entitled to receive cash consideration of A$3.65 per share, reflecting a discount to the Scheme cash consideration, and subject to the Takeover Bid being declared or becoming unconditional.</font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:107%">The Takeover Bid is conditional upon (among limited other conditions)&#58;</font></div><div style="text-align:justify"><font><br></font></div><div style="padding-left:36pt;text-align:justify;text-indent:-18pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:107%">&#8226;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:107%;padding-left:13.8pt">the Scheme not being successful or being terminated in certain circumstances&#59;</font></div><div style="padding-left:36pt;text-align:justify;text-indent:-18pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:107%">&#8226;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:107%;padding-left:13.8pt">Azure shareholder approval for the joint bidding arrangements&#59;</font></div><div style="padding-left:36pt;text-align:justify;text-indent:-18pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:107%">&#8226;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:107%;padding-left:13.8pt">BidCo obtaining FIRB approval&#59;</font></div><div style="padding-left:36pt;text-align:justify;text-indent:-18pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:107%">&#8226;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:107%;padding-left:13.8pt">BidCo obtaining specific competition law approvals&#59; and</font></div><div style="height:66.24pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:right"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">3</font><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.826%"><tr><td style="width:1.0%"></td><td style="width:32.233%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:32.233%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:32.234%"></td><td style="width:0.1%"></td></tr><tr style="height:15pt"><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td></tr></table></div></div></div><hr style="page-break-after:always"><div style="min-height:72pt;width:100%"><div><font><br></font></div></div><div style="padding-left:36pt;text-align:justify;text-indent:-18pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:107%">&#8226;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:107%;padding-left:13.8pt">customary conditions including no material adverse change of Azure and no prescribed occurrences.</font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:107%">The Takeover Bid is not subject to any financing or due diligence conditions and does not have a minimum acceptance condition thereby providing a liquidity opportunity in the event the Scheme is unsuccessful or is terminated in certain circumstances.</font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:107%">The Takeover Bid will remain open for a period of at least 20 business days after the date of the Azure shareholder meeting to vote on the Scheme. This will allow Azure shareholders the opportunity to consider the Takeover Bid after they have voted on the Scheme and the outcome of that vote is known.</font><font style="color:#000000;font-family:'Museo Sans 100',sans-serif;font-size:12pt;font-weight:400;line-height:107%"> </font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:107%">Other Key Details of the Implementation Deed</font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:107%">The Implementation Deed contains customary exclusivity provisions including &#8216;no shop&#8217; and &#8216;no talk&#8217; restrictions (subject to customary fiduciary out exceptions), notification obligations, and a matching right in favour of the Joint Bidders in respect of competing proposals. The Implementation Deed also details the circumstances under which a break fee of A$16.9 million may be payable to the Joint Bidders by Azure.</font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:107%">Joint Bidding Deed</font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:107%">To facilitate the Transaction, SQM and Hancock have entered into a Joint Bidding Deed. Since SQM and Hancock together hold more than 20% of Azure shares, in accordance with the requirements of the Australian Corporations Act 2001 (Cth) (Corporations Act), Azure shareholders (other than SQM and Hancock and their respective associates) will need to approve the joint bid arrangements before the Transaction can proceed. A shareholder vote to obtain this approval is expected to be held immediately prior to the Azure shareholders meeting to vote on the Scheme.</font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:107%">To ensure the Joint Bidding Deed complies with Australian Securities and Investments Commission (ASIC) policy, the Joint Bidding Deed contains provisions designed to replicate the conditions imposed in ASIC&#8217;s customary joint bid relief including that the Joint Bidders must match or accept a higher rival bid, and immediately terminate the Joint Bidding Deed if the Scheme has not, or will not, become Effective (as defined in the Implementation Deed) on or before the End Date (as defined in the Implementation Deed) and the Takeover Bid is withdrawn or lapses for any reason.</font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:107%">ASIC Relief</font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:107%">SQM has obtained ASIC relief that allows the Implementation Deed to replace the binding transaction implementation deed previously agreed between SQM and Azure on October 26, 2023 (Previous Transaction). Under the terms of the ASIC relief, SQM is required to proceed with the takeover bid under the Previous Transaction if the Transaction is terminated for any reason or the Joint Bidders seek to make an unauthorised material variation to the terms of the Joint Bidding Deed or the Implementation Deed without ASIC&#8217;s consent and the Takeover Bid is withdrawn or lapses, and Azure has agreed to enter into a new implementation agreement in the same or substantially the same form as entered into with SQM at the time of announcement of the Previous Transaction. Therefore, Azure shareholders retain the benefit of the Previous Transaction as a &#8216;fallback&#8217; option should the Transaction be unsuccessful.</font></div><div style="text-align:justify"><font><br></font></div><div style="height:66.24pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:right"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">4</font><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.826%"><tr><td style="width:1.0%"></td><td style="width:32.233%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:32.233%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:32.234%"></td><td style="width:0.1%"></td></tr><tr style="height:15pt"><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td></tr></table></div></div></div><hr style="page-break-after:always"><div style="min-height:72pt;width:100%"><div><font><br></font></div></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:107%">Indicative Timetable</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7.8pt;font-weight:700;line-height:107%;position:relative;top:-4.2pt;vertical-align:baseline">4</font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:107%">Azure intends to send an explanatory booklet containing further information in relation to the Transaction to Azure shareholders in mid February 2024. </font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:107%">Meetings for Azure shareholders to vote on the joint bid arrangements between SQM and Hancock and the Scheme are expected to be held in mid March 2024 and, if approved by Azure shareholders and the Court, the Scheme will be implemented shortly thereafter. </font></div><div style="border-bottom:1pt solid black;margin-bottom:5pt;margin-top:10pt;width:150pt"></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7.8pt;font-weight:400;line-height:100%;position:relative;top:-4.2pt;vertical-align:baseline">4</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%"> </font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Dates are indicative only and subject to change.</font></div><div style="height:66.24pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:right"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">5</font><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.826%"><tr><td style="width:1.0%"></td><td style="width:32.233%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:32.233%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:32.234%"></td><td style="width:0.1%"></td></tr><tr style="height:15pt"><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td></tr></table></div></div></div><div id="i05cadd786f9d4c28aac1b1b6124e1c7d_7"></div><hr style="page-break-after:always"><div style="min-height:72pt;width:100%"><div><font><br></font></div></div><div style="margin-bottom:12pt;padding-right:10.95pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:100%;text-decoration:underline">About SQM</font></div><div style="padding-right:10.95pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:100%"> </font></div><div style="padding-right:10.95pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:100%">SQM is a global company that is listed on the New York Stock Exchange and the Santiago Stock Exchange (NYSE&#58; SQM&#59; Santiago Stock Exchange&#58; SQM-B, SQM-A). SQM develops and produces diverse products for several industries essential for human progress, such as health, nutrition, renewable energy and technology through innovation and technological development. We aim to maintain our leading world position in the lithium, potassium nitrate, iodine and thermo-solar salts markets.</font></div><div style="padding-right:10.95pt;text-align:justify"><font><br></font></div><div style="padding-right:10.95pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:100%">For further information, contact&#58; </font></div><div style="padding-right:10.95pt;text-align:justify"><font><br></font></div><div style="padding-right:10.95pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Gerardo Illanes 56-2-24252022 &#47; </font><font style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:100%;text-decoration:underline">gerardo.illanes&#64;sqm.com</font></div><div style="padding-right:10.95pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Irina Axenova 56-2-24252280 &#47; </font><font style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:100%;text-decoration:underline">irina.axenova&#64;sqm.com</font></div><div style="padding-right:10.95pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Isabel Bendeck 56-2-24252274 &#47; </font><font style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:100%;text-decoration:underline">isabel.bendeck&#64;sqm.com</font></div><div style="padding-right:10.95pt;text-align:justify"><font><br></font></div><div style="padding-right:10.95pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:100%">For media inquiries, contact&#58; </font></div><div style="padding-right:10.95pt;text-align:justify"><font><br></font></div><div style="padding-right:10.95pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Maria Ignacia Lopez &#47; 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December 18, 2023</font></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#47;s&#47; Gerardo Illanes</font></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">By&#58; Gerardo Illanes</font></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">CFO</font></td></tr></table></div><div><font><br></font></div><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Persons who are to respond to the collection of information contained SEC 1815 (04-09) in this form are not required to respond unless the form displays currently valid OMB control number.</font></div><div style="height:63.36pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div><font><br></font></div></div></div></body></html>
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