<SEC-DOCUMENT>0001178913-24-003972.txt : 20250130
<SEC-HEADER>0001178913-24-003972.hdr.sgml : 20250130
<ACCEPTANCE-DATETIME>20241211113208
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001178913-24-003972
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20241211

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ICL Group Ltd.
		CENTRAL INDEX KEY:			0000941221
		STANDARD INDUSTRIAL CLASSIFICATION:	AGRICULTURE CHEMICALS [2870]
		ORGANIZATION NAME:           	08 Industrial Applications and Services
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			L3
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		MILLENNIUM TOWER
		STREET 2:		23 ARANHA STREET, P.O. BOX 20245
		CITY:			TEL AVIV
		STATE:			L3
		ZIP:			61202
		BUSINESS PHONE:		(972-3) 684-4400

	MAIL ADDRESS:	
		STREET 1:		MILLENNIUM TOWER
		STREET 2:		23 ARANHA STREET, P.O. BOX 20245
		CITY:			TEL AVIV
		STATE:			L3
		ZIP:			61202

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	ISRAEL CHEMICALS LTD
		DATE OF NAME CHANGE:	19950314
</SEC-HEADER>
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              <div style="line-height: 1.25;">December 11, 2024</div>
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              <div style="line-height: 1.25;">Re:</div>
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              <div style="margin-left: 18pt; line-height: 1.25; font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">ICL Group Ltd.<br>
                Form 20-F for the Fiscal year Ended December 31, 2023</div>
              <div style="margin-left: 18pt; line-height: 1.25; font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">Filed March 14, 2024<br>
                File No. 001-13742</div>
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      <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">United States Securities and Exchange Commission<br>
        Division of Corporation Finance<br>
        Office of Industrial Applications and Services<br>
        100 F Street, N.E.<br>
        Washington, D.C. 20549</div>
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                <div style="text-align: left; line-height: 1.25;">Attn:</div>
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                <div style="line-height: 1.25;">Mr. John Coleman</div>
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              <td style="text-align: left; vertical-align: top; width: auto; font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">
                <div style="line-height: 1.25;">Mr. Craig Arakawa</div>
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      <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">&#160;</div>
      <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">Dear Mr. Coleman and Mr. Arakawa:</div>
      <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">&#160;</div>
      <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">This letter sets forth the responses of ICL Group Ltd. (the &#8220;<font style="font-weight: bold;">Company</font>&#8221;)
        to the comment letter of the Staff (the &#8220;<font style="font-weight: bold;">Staff</font>&#8221;) of the Securities and Exchange Commission, dated December 3, 2024, relating to the Company&#8217;s Annual Report on Form 20-F for the fiscal year ended December 31,
        2023, filed on March 14, 2024 (the &#8220;<font style="font-weight: bold;">2023 Form 20-F</font>&#8221;).</div>
      <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">&#160;</div>
      <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">For your convenience, we have reproduced the Staff&#8217;s comments preceding our responses below. Please let me
        know if you have any questions or if we can provide additional information or otherwise be of assistance in expediting the review process.</div>
      <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">&#160;</div>
      <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(0, 0, 0);"><u>Form 20-F for the Fiscal year Ended December 31, 2021</u></div>
      <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">&#160;</div>
      <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(0, 0, 0);"><u>D. Property, Plant and Equipment, page 136</u></div>
      <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">&#160;</div>
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            <td style="width: 21.3pt; vertical-align: top; font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">1.</td>
            <td style="width: auto; vertical-align: top; font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">
              <div style="font-style: italic;">We note your disclosure for YPH China includes the point of reference for mineral resources on an in-situ basis, and the point of reference for mineral reserves as materials delivered to the processing plant
                primary crusher. Please revise subsequent filings to include the point of reference for mineral resources and mineral reserves for your other properties, as required by Item 1303(b)(3)(iv) and Item 1304(d)(1) of Regulation S-K. Please
                confirm this disclosure will be included with your summary resource and reserve tables and under your individual property resource and reserve tables.</div>
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      <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);"><br style="line-height: 1.25;">
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      <div style="line-height: 1.25; font-family: Arial, sans-serif; font-size: 10.5pt;"><font style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; font-weight: bold; color: rgb(0, 0, 0);"><u>Response</u></font><font style="font-size: 10pt; font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">:</font></div>
      <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">&#160;</div>
      <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">The Company acknowledges the Staff&#8217;s comment and confirms that in subsequent filings, we will include the
        point of reference for mineral resources and mineral reserves for each of the Company&#8217;s properties. The Company confirms that in its future filings such disclosure will be included in the summary resource and reserve tables and in individual
        property resource and reserve tables.</div>
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            <td style="width: 21.3pt; vertical-align: top; font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">2.</td>
            <td style="width: auto; vertical-align: top; font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">
              <div style="font-style: italic;">It appears that the resource and reserve disclosure for YPH China is presented on a 100% basis, however we note from page 33 of your consolidated financial statements that you have a 50% interest in this
                property. Please revise subsequent filings to present resource and reserve quantities based on your attributable interest in the property, as required by Item 1303(b)(3)(iii) of Regulation S-K.</div>
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      <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);"><br style="line-height: 1.25;">
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      <div style="line-height: 1.25; font-family: Arial, sans-serif; font-size: 10.5pt;"><font style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; font-weight: bold; color: rgb(0, 0, 0);"><u>Response</u></font><font style="font-size: 10pt; font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">:</font></div>
      <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">&#160;</div>
      <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">The Company respectfully advises the Staff that while the YPH subsidiary is a 50% owned joint venture, we
        have determined that we have effective control of YPH and therefore consolidate YPH&#8217;s results in the Company&#8217;s financial statements. The Company therefore believes that it is appropriate to provide disclosure on the total resources and reserves of
        YPH inasmuch as YPH is a consolidated subsidiary of the Company and all of its results and assets are included in the Company&#8217;s financial statements and therefore attributed to the Company.&#160; In the resources discussion in the Form 20-F for 2023,
        the Company included disclosure to the effect that, while YPH is a controlled subsidiary, the Company only has a 50% ownership interest (see page 173), and confirms that in its subsequent filings it will include additional disclosure in the
        footnotes to the summary resource and reserve tables for YPH, respectively, to the following effect:</div>
      <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">&#160;</div>
      <div style="line-height: 1.25; font-family: Arial,sans-serif; font-size: 10.5pt;"><font style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; color: rgb(0, 0, 0);"><u>To be added to summary resources table</u>:</font></div>
      <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">&#160;</div>
      <table cellspacing="0" cellpadding="0" id="zf11d89e4de18406b9e54c864cec07d0d" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

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            <td style="width: 21.3pt; vertical-align: top; font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(5)</td>
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              <div>YPH is a consolidated subsidiary of the Company and accordingly, this section and all resource and reserve data for YPH reflects 100% of its resources and reserves.&#160; While YPH is consolidated into our financial statements, YYTH owns a
                50% minority interest in YPH.</div>
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      <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">&#160;</div>
      <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);"><u>To be added to summary reserves table:</u></div>
      <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">&#160;</div>
      <table cellspacing="0" cellpadding="0" id="z559d6179fa52476e88dca9b80280a7eb" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

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            <td style="width: 21.3pt; vertical-align: top; font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(4)</td>
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              <div>YPH is a consolidated subsidiary of the Company and accordingly, this section and all resource and reserve data for YPH reflects 100% of its resources and reserves.&#160; While YPH is consolidated into our financial statements, YYTH owns a
                50% minority interest in YPH.</div>
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      <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">&#160;</div>
      <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(0, 0, 0);"><u>Item 19. Exhibits, page 278</u></div>
      <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">&#160;</div>
      <table cellspacing="0" cellpadding="0" id="zd8b155572edb4efdb16df2db587642c7" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

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            <td style="width: 21.3pt; vertical-align: top; font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">3.</td>
            <td style="width: auto; vertical-align: top; font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">
              <div style="font-style: italic;">We note that you have filed one technical report summary that includes the information concerning resources and reserves on five unrelated properties. A technical report summary is required to be filed for
                each material property as required by Item 1302(b) of Regulation S-K. Please file a technical report summary for each material property in which you disclose resources and reserves.</div>
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      <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);"><br style="line-height: 1.25;">
      </div>
      <div style="margin-left: 21.3pt; line-height: 1.25; font-family: 'Times New Roman',Times,serif; font-style: italic; color: rgb(0, 0, 0);">Please consult with your qualified person to ensure the information
        required under Item 601(b)(96)(iii)(B)(18) and (19) is included in each technical report summary that is prepared in support of mineral reserve disclosure. This disclosure should include the entire cash flow analysis that is based on a life-of-mine
        annual production schedule, which should also be disclosed. Please see Item 601(b)(96)(iii)(A) for information regarding the required paragraphs in the technical report summary.</div>
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      </div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
        <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" class="BRPFPageNumber">2</font></div>
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      <div style="line-height: 1.25; font-family: Arial, sans-serif; font-size: 10.5pt;"><font style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; font-weight: bold; color: rgb(0, 0, 0);"><u>Response</u></font><font style="font-size: 10pt; font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">:</font></div>
      <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">&#160;</div>
      <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">The Company acknowledges the Staff&#8217;s comment regarding the filing of a separate technical report summary for
        each property.&#160; We respectfully note that we provided a consolidated technical report summary that identifies and summarizes the information reviewed and conclusions reached by the qualified person about the Company&#8217;s mineral resources or mineral
        reserves determined to be on each material property, as we believed that this was in compliance with the requirements of Item 1302(b) of Regulation S-K (which does not by its terms suggest that each property needs a separate technical report
        summary).&#160; Nonetheless, in light of the Staff&#8217;s comment, the Company will file a separate technical report summary for each property in connection with its Form 20-F for the fiscal year ended December 31, 2024.</div>
      <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">&#160;</div>
      <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">The Company acknowledges the Staff&#8217;s comment regarding the information required under Item
        601(b)(96)(iii)(B)(18) and (19). The Company respectfully advises the Staff that it included disclosure in its technical report summary with respect to its capital and operating costs and that, as disclosed in the technical report summary, the
        Company forecasted capital and operating costs based upon a three-year average of historical costs, all of which is readily available in the Form 20-F, which reported three years of financial results. In each technical report summary to be filed in
        connection with the filing of the Company&#8217;s Form 20-F for fiscal year ended December 31, 2024, the Company will provide a specific table setting out the estimates of its future capital and operating costs.&#160; As an example, the Company provided below
        a template disclosure for its Cabanasses property and would include similar disclosure for each property:</div>
      <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">&#160;</div>
      <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">18 Capital and Operating Costs</div>
      <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);"><br style="line-height: 1.25;">
      </div>
      <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">Capital and operating costs are based on operating experience and are applied to the life of mine (LOM)
        schedule. The qualified persons (QPs) consider the accuracy of the components of the capital and operating cost estimates to be appropriate because it&#8217;s an established operating mine. All values are presented in United States Dollars ($) unless
        otherwise stated.</div>
      <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);"><br style="line-height: 1.25;">
      </div>
      <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">18.1 Capital Costs</div>
      <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);"><br style="line-height: 1.25;">
      </div>
      <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">A summary of the capital costs for the Cabanasses LOM is provided in Table 1.1. The forecasted capital costs
        are considered by the QPs to be equivalent or better than AACE Class 1 with an expected accuracy range of -3% to -10% on the low side and +3% to +15% on the high side.</div>
      <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);"><br style="line-height: 1.25;">
      </div>
      <table cellspacing="0" cellpadding="3" border="0" align="left" id="zecf8fc4ec0f54404a5e8803fb98288bb" style="width: 70%; color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">

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            <td style="width: 100%; vertical-align: top; font-family: 'Times New Roman',Times,serif; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); color: rgb(0, 0, 0);" colspan="3">
              <div style="text-align: center; line-height: 1.25;">Table 1.1: Cabanasses Life of Mine Capital Costs</div>
            </td>
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          <tr>
            <td style="width: 31.26%; vertical-align: top; font-family: 'Times New Roman',Times,serif; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); color: rgb(0, 0, 0);">&#160;</td>
            <td style="width: 9.94%; vertical-align: top; font-family: 'Times New Roman',Times,serif; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); color: rgb(0, 0, 0);">
              <div style="text-align: center; line-height: 1.25;">Unit</div>
            </td>
            <td style="width: 58.79%; vertical-align: top; font-family: 'Times New Roman',Times,serif; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); color: rgb(0, 0, 0);">
              <div style="text-align: center; line-height: 1.25;">Total</div>
            </td>
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            <td style="width: 31.26%; vertical-align: top; font-family: 'Times New Roman',Times,serif; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); color: rgb(0, 0, 0);">
              <div style="line-height: 1.25;">Mining</div>
            </td>
            <td style="width: 9.94%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
              <div style="text-align: center; line-height: 1.25; font-family: Arial, sans-serif; font-size: 9pt;"><font style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; color: rgb(0, 0, 0);">&#8364;M</font></div>
            </td>
            <td style="width: 58.79%; vertical-align: top; font-family: 'Times New Roman',Times,serif; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); color: rgb(0, 0, 0);">
              <div style="text-align: center; line-height: 1.25;">333.0</div>
            </td>
          </tr>
          <tr>
            <td style="width: 31.26%; vertical-align: top; font-family: 'Times New Roman',Times,serif; border-left: 2px solid rgb(0, 0, 0); color: rgb(0, 0, 0);">
              <div style="line-height: 1.25;">Processing</div>
            </td>
            <td style="width: 9.94%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0);">
              <div style="text-align: center; line-height: 1.25; font-family: Arial, sans-serif; font-size: 9pt;"><font style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; color: rgb(0, 0, 0);">&#8364;M</font></div>
            </td>
            <td style="width: 58.79%; vertical-align: top; font-family: 'Times New Roman',Times,serif; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); color: rgb(0, 0, 0);">
              <div style="text-align: center; line-height: 1.25;">133.9</div>
            </td>
          </tr>
          <tr>
            <td style="width: 31.26%; vertical-align: top; font-family: 'Times New Roman',Times,serif; border-left: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); color: rgb(0, 0, 0);">
              <div style="line-height: 1.25;">Total Capital Costs</div>
            </td>
            <td style="width: 9.94%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: center; line-height: 1.25; font-family: Arial, sans-serif; font-size: 9pt;"><font style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; color: rgb(0, 0, 0);">&#8364;M</font></div>
            </td>
            <td style="width: 58.79%; vertical-align: top; font-family: 'Times New Roman',Times,serif; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); color: rgb(0, 0, 0);">
              <div style="text-align: center; line-height: 1.25;">466.9</div>
            </td>
          </tr>

      </table>
      <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif; clear: both; color: rgb(0, 0, 0);"><br style="line-height: 1.25;">
      </div>
      <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">Closure costs are estimated at &#8364;10.2M and includes the Suria and Sallent sites.</div>
      <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);"><br style="line-height: 1.25;">
      </div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
        <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" class="BRPFPageNumber">3</font></div>
        <div style="page-break-after: always;" class="BRPFPageBreak">
          <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
      </div>
      <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">18.2 Operating Costs</div>
      <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);"><br style="line-height: 1.25;">
      </div>
      <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">A summary of the operating costs for the Cabanasses LOM is provided in Table 1.2. The operating costs are
        considered by the QPs to represent an accuracy range of -10% to +15%.</div>
      <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);"><br style="line-height: 1.25;">
      </div>
      <table cellspacing="0" cellpadding="3" border="0" align="left" id="z9a7fc40cc4e74b26ba1c14541daa2172" style="width: 70%; color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">

          <tr>
            <td style="width: 100%; vertical-align: top; font-family: 'Times New Roman',Times,serif; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); color: rgb(0, 0, 0);" colspan="3">
              <div style="text-align: center; line-height: 1.25;">Table 1.2: Cabanasses Life of Mine Operating Costs</div>
            </td>
          </tr>
          <tr>
            <td style="width: 31.26%; vertical-align: top; font-family: 'Times New Roman',Times,serif; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); color: rgb(0, 0, 0);">&#160;</td>
            <td style="width: 14.35%; vertical-align: top; font-family: 'Times New Roman',Times,serif; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); color: rgb(0, 0, 0);">
              <div style="text-align: center; line-height: 1.25;">Unit</div>
            </td>
            <td style="width: 54.39%; vertical-align: top; font-family: 'Times New Roman',Times,serif; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); color: rgb(0, 0, 0);">
              <div style="text-align: center; line-height: 1.25;">Total</div>
            </td>
          </tr>
          <tr>
            <td style="width: 31.26%; vertical-align: top; font-family: 'Times New Roman',Times,serif; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); color: rgb(0, 0, 0);">
              <div style="line-height: 1.25;">Mining</div>
            </td>
            <td style="width: 14.35%; vertical-align: top; font-family: 'Times New Roman',Times,serif; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); color: rgb(0, 0, 0);">
              <div style="text-align: center; line-height: 1.25;">&#8364;M</div>
            </td>
            <td style="width: 54.39%; vertical-align: top; font-family: 'Times New Roman',Times,serif; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); color: rgb(0, 0, 0);">
              <div style="text-align: center; line-height: 1.25;">1,316.6</div>
            </td>
          </tr>
          <tr>
            <td style="width: 31.26%; vertical-align: top; font-family: 'Times New Roman',Times,serif; border-left: 2px solid rgb(0, 0, 0); color: rgb(0, 0, 0);">
              <div style="line-height: 1.25;">Processing</div>
            </td>
            <td style="width: 14.35%; vertical-align: top; font-family: 'Times New Roman',Times,serif; border-left: 2px solid rgb(0, 0, 0); color: rgb(0, 0, 0);">
              <div style="text-align: center; line-height: 1.25;">&#8364;M</div>
            </td>
            <td style="width: 54.39%; vertical-align: top; font-family: 'Times New Roman',Times,serif; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); color: rgb(0, 0, 0);">
              <div style="text-align: center; line-height: 1.25;">475.0</div>
            </td>
          </tr>
          <tr>
            <td style="width: 31.26%; vertical-align: top; font-family: 'Times New Roman',Times,serif; border-left: 2px solid rgb(0, 0, 0); color: rgb(0, 0, 0);">
              <div style="line-height: 1.25;">G&amp;A</div>
            </td>
            <td style="width: 14.35%; vertical-align: top; font-family: 'Times New Roman',Times,serif; border-left: 2px solid rgb(0, 0, 0); color: rgb(0, 0, 0);">
              <div style="text-align: center; line-height: 1.25;">&#8364;M</div>
            </td>
            <td style="width: 54.39%; vertical-align: top; font-family: 'Times New Roman',Times,serif; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); color: rgb(0, 0, 0);">
              <div style="text-align: center; line-height: 1.25;">34.2</div>
            </td>
          </tr>
          <tr>
            <td style="width: 31.26%; vertical-align: top; font-family: 'Times New Roman',Times,serif; border-left: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); color: rgb(0, 0, 0);">
              <div style="line-height: 1.25;">Total Operating Costs</div>
            </td>
            <td style="width: 14.35%; vertical-align: top; font-family: 'Times New Roman',Times,serif; border-left: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); color: rgb(0, 0, 0);">
              <div style="text-align: center; line-height: 1.25;">&#8364;M</div>
            </td>
            <td style="width: 54.39%; vertical-align: top; font-family: 'Times New Roman',Times,serif; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); color: rgb(0, 0, 0);">
              <div style="text-align: center; line-height: 1.25;">1,825.8</div>
            </td>
          </tr>

      </table>
      <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif; clear: both; color: rgb(0, 0, 0);"><br style="line-height: 1.25;">
      </div>
      <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">Similarly, with respect to the Staff&#8217;s comment about the entire cash flow analysis, the Company indicated in
        its technical report summary that it carried out an economic analysis of the properties and confirmed that the outcome was a positive cash flow that supports the statement of mineral reserves (see page 446).&#160; In light of the Staff&#8217;s comment, the
        Company will provide an expanded economic analysis in each technical report summary to be filed in connection with the filing of the Company&#8217;s Form 20-F for fiscal year ended December 31, 2024.&#160; This disclosure will also include the entire cash
        flow analysis that is based on a life-of-mine annual production schedule.&#160; As an example, the Company provided below a template disclosure for its Cabanasses property and would include similar disclosure for each property:</div>
      <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">&#160;</div>
      <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">19 Economic Analysis</div>
      <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">&#160;</div>
      <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">The economic analysis presented in this section is based on Proven and Probable Mineral Reserves only,
        economic assumptions, and capital and operating costs in the LOM schedule. Unless otherwise stated, all costs will be expressed in US dollars and all measurements will be in metric values. The assumptions used in the analysis are current as of
        December 31, 2024. The aim of this section is to demonstrate the economic viability of the mineral project and therefore this section contains forward-looking information which can differ from other information that is publicly available and should
        not be considered as guidance.</div>
      <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);"><br style="line-height: 1.25;">
      </div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
        <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" class="BRPFPageNumber">4</font></div>
        <div style="page-break-after: always;" class="BRPFPageBreak">
          <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
      </div>
      <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">19.1 Economic Criteria</div>
      <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);"><br style="line-height: 1.25;">
      </div>
      <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">A summary of the economic assumptions and parameters for Cabanasses is provided in Table 1.3.</div>
      <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);"><br style="line-height: 1.25;">
      </div>
      <table cellspacing="0" cellpadding="3" border="0" align="left" id="z4a21276f61f948eb85647fd2c91d9b27" style="width: 70%; color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">

          <tr>
            <td style="width: 100%; vertical-align: top; font-family: 'Times New Roman',Times,serif; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); color: rgb(0, 0, 0);" colspan="3">
              <div style="text-align: center; line-height: 1.25;">Table 1.3: Economic Assumptions and Parameters for Cabanasses</div>
            </td>
          </tr>
          <tr>
            <td style="width: 41.79%; vertical-align: top; font-family: 'Times New Roman',Times,serif; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); color: rgb(0, 0, 0);">
              <div style="line-height: 1.25;">Parameter</div>
            </td>
            <td style="width: 18.19%; vertical-align: top; font-family: 'Times New Roman',Times,serif; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); color: rgb(0, 0, 0);">
              <div style="line-height: 1.25;">Unit</div>
            </td>
            <td style="width: 40.03%; vertical-align: top; font-family: 'Times New Roman',Times,serif; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); color: rgb(0, 0, 0);">
              <div style="line-height: 1.25;">Value</div>
            </td>
          </tr>
          <tr>
            <td style="width: 41.79%; vertical-align: top; font-family: 'Times New Roman',Times,serif; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); color: rgb(0, 0, 0);">
              <div style="line-height: 1.25;">Mining</div>
            </td>
            <td style="width: 18.19%; vertical-align: top; font-family: 'Times New Roman',Times,serif; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); color: rgb(0, 0, 0);">&#160;</td>
            <td style="width: 40.03%; vertical-align: top; font-family: 'Times New Roman',Times,serif; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); color: rgb(0, 0, 0);">&#160;</td>
          </tr>
          <tr>
            <td style="width: 41.79%; vertical-align: top; font-family: 'Times New Roman',Times,serif; border-left: 2px solid rgb(0, 0, 0); color: rgb(0, 0, 0);">
              <div style="line-height: 1.25;">&#160;&#160;Mine Life</div>
            </td>
            <td style="width: 18.19%; vertical-align: top; font-family: 'Times New Roman',Times,serif; border-left: 2px solid rgb(0, 0, 0); color: rgb(0, 0, 0);">
              <div style="line-height: 1.25;">Years</div>
            </td>
            <td style="width: 40.03%; vertical-align: top; font-family: 'Times New Roman',Times,serif; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); color: rgb(0, 0, 0);">
              <div style="line-height: 1.25;">19</div>
            </td>
          </tr>
          <tr>
            <td style="width: 41.79%; vertical-align: top; font-family: 'Times New Roman',Times,serif; border-left: 2px solid rgb(0, 0, 0); color: rgb(0, 0, 0);">
              <div style="line-height: 1.25;">&#160;&#160;Total Ore Tonnes Mined</div>
            </td>
            <td style="width: 18.19%; vertical-align: top; font-family: 'Times New Roman',Times,serif; border-left: 2px solid rgb(0, 0, 0); color: rgb(0, 0, 0);">
              <div style="line-height: 1.25;">Mt</div>
            </td>
            <td style="width: 40.03%; vertical-align: top; font-family: 'Times New Roman',Times,serif; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); color: rgb(0, 0, 0);">
              <div style="line-height: 1.25;">90.6</div>
            </td>
          </tr>
          <tr>
            <td style="width: 41.79%; vertical-align: top; font-family: 'Times New Roman',Times,serif; border-left: 2px solid rgb(0, 0, 0); color: rgb(0, 0, 0);">
              <div style="line-height: 1.25;">&#160;&#160;Waste Tonnes</div>
            </td>
            <td style="width: 18.19%; vertical-align: top; font-family: 'Times New Roman',Times,serif; border-left: 2px solid rgb(0, 0, 0); color: rgb(0, 0, 0);">
              <div style="line-height: 1.25;">Mt</div>
            </td>
            <td style="width: 40.03%; vertical-align: top; font-family: 'Times New Roman',Times,serif; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); color: rgb(0, 0, 0);">
              <div style="line-height: 1.25;">22.6</div>
            </td>
          </tr>
          <tr>
            <td style="width: 41.79%; vertical-align: top; font-family: 'Times New Roman',Times,serif; border-left: 2px solid rgb(0, 0, 0); color: rgb(0, 0, 0);">
              <div style="line-height: 1.25;">&#160;&#160;Mining Rate (Ore and Waste)</div>
            </td>
            <td style="width: 18.19%; vertical-align: top; font-family: 'Times New Roman',Times,serif; border-left: 2px solid rgb(0, 0, 0); color: rgb(0, 0, 0);">
              <div style="line-height: 1.25;">Mtpa</div>
            </td>
            <td style="width: 40.03%; vertical-align: top; font-family: 'Times New Roman',Times,serif; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); color: rgb(0, 0, 0);">
              <div style="line-height: 1.25;">6.2</div>
            </td>
          </tr>
          <tr>
            <td style="width: 41.79%; vertical-align: top; font-family: 'Times New Roman',Times,serif; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); color: rgb(0, 0, 0);">
              <div style="line-height: 1.25;">Processing</div>
            </td>
            <td style="width: 18.19%; vertical-align: top; font-family: 'Times New Roman',Times,serif; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); color: rgb(0, 0, 0);">&#160;</td>
            <td style="width: 40.03%; vertical-align: top; font-family: 'Times New Roman',Times,serif; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); color: rgb(0, 0, 0);">&#160;</td>
          </tr>
          <tr>
            <td style="width: 41.79%; vertical-align: top; font-family: 'Times New Roman',Times,serif; border-left: 2px solid rgb(0, 0, 0); color: rgb(0, 0, 0);">
              <div style="line-height: 1.25;">&#160;&#160;Total Ore Feed to Plant</div>
            </td>
            <td style="width: 18.19%; vertical-align: top; font-family: 'Times New Roman',Times,serif; border-left: 2px solid rgb(0, 0, 0); color: rgb(0, 0, 0);">
              <div style="line-height: 1.25;">Mt</div>
            </td>
            <td style="width: 40.03%; vertical-align: top; font-family: 'Times New Roman',Times,serif; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); color: rgb(0, 0, 0);">
              <div style="line-height: 1.25;">90.6</div>
            </td>
          </tr>
          <tr>
            <td style="width: 41.79%; vertical-align: top; font-family: 'Times New Roman',Times,serif; border-left: 2px solid rgb(0, 0, 0); color: rgb(0, 0, 0);">
              <div style="line-height: 1.25;">&#160;&#160;Grade KCl</div>
            </td>
            <td style="width: 18.19%; vertical-align: top; font-family: 'Times New Roman',Times,serif; border-left: 2px solid rgb(0, 0, 0); color: rgb(0, 0, 0);">
              <div style="line-height: 1.25;">%</div>
            </td>
            <td style="width: 40.03%; vertical-align: top; font-family: 'Times New Roman',Times,serif; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); color: rgb(0, 0, 0);">
              <div style="line-height: 1.25;">26.3</div>
            </td>
          </tr>
          <tr>
            <td style="width: 41.79%; vertical-align: top; font-family: 'Times New Roman',Times,serif; border-left: 2px solid rgb(0, 0, 0); color: rgb(0, 0, 0);">
              <div style="line-height: 1.25;">&#160;&#160;Processing Rate</div>
            </td>
            <td style="width: 18.19%; vertical-align: top; font-family: 'Times New Roman',Times,serif; border-left: 2px solid rgb(0, 0, 0); color: rgb(0, 0, 0);">
              <div style="line-height: 1.25;">Mtpa</div>
            </td>
            <td style="width: 40.03%; vertical-align: top; font-family: 'Times New Roman',Times,serif; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); color: rgb(0, 0, 0);">
              <div style="line-height: 1.25;">4.8</div>
            </td>
          </tr>
          <tr>
            <td style="width: 41.79%; vertical-align: top; font-family: 'Times New Roman',Times,serif; border-left: 2px solid rgb(0, 0, 0); color: rgb(0, 0, 0);">
              <div style="line-height: 1.25;">&#160;&#160;Plant Recovery</div>
            </td>
            <td style="width: 18.19%; vertical-align: top; font-family: 'Times New Roman',Times,serif; border-left: 2px solid rgb(0, 0, 0); color: rgb(0, 0, 0);">
              <div style="line-height: 1.25;">%</div>
            </td>
            <td style="width: 40.03%; vertical-align: top; font-family: 'Times New Roman',Times,serif; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); color: rgb(0, 0, 0);">
              <div style="line-height: 1.25;">85.5</div>
            </td>
          </tr>
          <tr>
            <td style="width: 41.79%; vertical-align: top; font-family: 'Times New Roman',Times,serif; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); color: rgb(0, 0, 0);">
              <div style="line-height: 1.25;">Discount Rate</div>
            </td>
            <td style="width: 18.19%; vertical-align: top; font-family: 'Times New Roman',Times,serif; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); color: rgb(0, 0, 0);">
              <div style="line-height: 1.25;">%</div>
            </td>
            <td style="width: 40.03%; vertical-align: top; font-family: 'Times New Roman',Times,serif; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); color: rgb(0, 0, 0);">
              <div style="line-height: 1.25;">8</div>
            </td>
          </tr>
          <tr>
            <td style="width: 41.79%; vertical-align: top; font-family: 'Times New Roman',Times,serif; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); color: rgb(0, 0, 0);">
              <div style="line-height: 1.25;">Exchange Rate</div>
            </td>
            <td style="width: 18.19%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
              <div style="line-height: 1.25; font-family: Arial, sans-serif; font-size: 9pt;"><font style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; color: rgb(0, 0, 0);">&#8364; to $</font></div>
            </td>
            <td style="width: 40.03%; vertical-align: top; font-family: 'Times New Roman',Times,serif; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); color: rgb(0, 0, 0);">
              <div style="line-height: 1.25;">0.85</div>
            </td>
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          <tr>
            <td style="width: 41.79%; vertical-align: top; font-family: 'Times New Roman',Times,serif; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); color: rgb(0, 0, 0);">
              <div style="line-height: 1.25;">Commodity Price</div>
            </td>
            <td style="width: 18.19%; vertical-align: top; font-family: 'Times New Roman',Times,serif; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); color: rgb(0, 0, 0);">
              <div style="line-height: 1.25;">$</div>
            </td>
            <td style="width: 40.03%; vertical-align: top; font-family: 'Times New Roman',Times,serif; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); color: rgb(0, 0, 0);">
              <div style="line-height: 1.25;">291</div>
            </td>
          </tr>
          <tr>
            <td style="width: 41.79%; vertical-align: top; font-family: 'Times New Roman',Times,serif; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); color: rgb(0, 0, 0);">
              <div style="line-height: 1.25;">Taxes</div>
            </td>
            <td style="width: 18.19%; vertical-align: top; font-family: 'Times New Roman',Times,serif; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); color: rgb(0, 0, 0);">
              <div style="line-height: 1.25;">%</div>
            </td>
            <td style="width: 40.03%; vertical-align: top; font-family: 'Times New Roman',Times,serif; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); color: rgb(0, 0, 0);">
              <div style="line-height: 1.25;">25</div>
            </td>
          </tr>
          <tr>
            <td style="width: 41.79%; vertical-align: top; font-family: 'Times New Roman',Times,serif; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); color: rgb(0, 0, 0);">
              <div style="line-height: 1.25;">Royalties</div>
            </td>
            <td style="width: 18.19%; vertical-align: top; font-family: 'Times New Roman',Times,serif; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); color: rgb(0, 0, 0);">
              <div style="line-height: 1.25;">&#8364;M</div>
            </td>
            <td style="width: 40.03%; vertical-align: top; font-family: 'Times New Roman',Times,serif; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); color: rgb(0, 0, 0);">
              <div style="line-height: 1.25;">2.4</div>
            </td>
          </tr>
          <tr>
            <td style="width: 41.79%; vertical-align: top; font-family: 'Times New Roman',Times,serif; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); color: rgb(0, 0, 0);">
              <div style="line-height: 1.25;">Other Government Payments</div>
            </td>
            <td style="width: 18.19%; vertical-align: top; font-family: 'Times New Roman',Times,serif; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); color: rgb(0, 0, 0);">
              <div style="line-height: 1.25;">&#8364;M</div>
            </td>
            <td style="width: 40.03%; vertical-align: top; font-family: 'Times New Roman',Times,serif; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); color: rgb(0, 0, 0);">
              <div style="line-height: 1.25;">10.0</div>
            </td>
          </tr>
          <tr>
            <td style="width: 41.79%; vertical-align: top; font-family: 'Times New Roman',Times,serif; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); color: rgb(0, 0, 0);">
              <div style="line-height: 1.25;">Revenues</div>
            </td>
            <td style="width: 18.19%; vertical-align: top; font-family: 'Times New Roman',Times,serif; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); color: rgb(0, 0, 0);">
              <div style="line-height: 1.25;">&#8364;M</div>
            </td>
            <td style="width: 40.03%; vertical-align: top; font-family: 'Times New Roman',Times,serif; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); color: rgb(0, 0, 0);">
              <div style="line-height: 1.25;">5,167.3</div>
            </td>
          </tr>
          <tr>
            <td style="width: 41.79%; vertical-align: top; font-family: 'Times New Roman',Times,serif; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); color: rgb(0, 0, 0);">
              <div style="line-height: 1.25;">Capital Costs</div>
            </td>
            <td style="width: 18.19%; vertical-align: top; font-family: 'Times New Roman',Times,serif; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); color: rgb(0, 0, 0);">
              <div style="line-height: 1.25;">&#8364;M</div>
            </td>
            <td style="width: 40.03%; vertical-align: top; font-family: 'Times New Roman',Times,serif; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); color: rgb(0, 0, 0);">
              <div style="line-height: 1.25;">466.9</div>
            </td>
          </tr>
          <tr>
            <td style="width: 41.79%; vertical-align: top; font-family: 'Times New Roman',Times,serif; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); color: rgb(0, 0, 0);">
              <div style="line-height: 1.25;">Operating Costs</div>
            </td>
            <td style="width: 18.19%; vertical-align: top; font-family: 'Times New Roman',Times,serif; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); color: rgb(0, 0, 0);">
              <div style="line-height: 1.25;">&#8364;M</div>
            </td>
            <td style="width: 40.03%; vertical-align: top; font-family: 'Times New Roman',Times,serif; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); color: rgb(0, 0, 0);">
              <div style="line-height: 1.25;">1,825.8</div>
            </td>
          </tr>

      </table>
      <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif; clear: both; color: rgb(0, 0, 0);"><br style="line-height: 1.25;">
      </div>
      <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">19.2 Cash Flow Analysis</div>
      <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">&#160;</div>
      <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">An annual Discounted Cash Flow (DCF) model will be provided for each property, including annual cash flow
        forecasts based on an annual production schedule for the LOM and will measure economic viability such as net present value (NPV), internal rate of return (IRR) and the payback period of capital.</div>
      <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">&#160;</div>
      <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">19.3 Sensitivity Analysis</div>
      <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">&#160;</div>
      <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">A sensitivity analysis for each property will be provided and will show cash flow sensitivity on after-tax
        NPV due to &#177;10% and &#177;20% changes in commodity price, head grade, metallurgical recovery, capital costs, operating costs and foreign exchange where applicable.</div>
      <div style="text-align: center; line-height: 1.25; font-family: 'Times New Roman',Times,serif;"> <font style="color: rgb(0, 0, 0);"><br>
        </font></div>
      <div style="text-align: center; line-height: 1.25; font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">&#160;*&#160; &#160; &#160; &#160; &#160; *&#160; &#160; &#160; &#160; &#160; *</div>
      <div style="text-align: center; line-height: 1.25; font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);"> <br>
      </div>
      <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">Please do not hesitate to contact me at +972-54-4268416 or <u>Aviram.Lahav@icl-group.com</u> if you have
        any questions regarding the foregoing or if we can provide any additional information.</div>
      <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">&#160;</div>
      <div style="text-align: justify; line-height: 1.25; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">Very truly yours,</div>
      <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">&#160;</div>
      <table cellspacing="0" cellpadding="0" border="0" id="z3fed43a683ea4646ad06797058f516a0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 3%; vertical-align: top; font-family: 'Times New Roman',Times,serif; padding-bottom: 2px; color: rgb(0, 0, 0);">
              <div style="text-align: justify; line-height: 1.25;">By:</div>
            </td>
            <td style="width: 22%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">
              <div style="text-align: justify; line-height: 1.25;">/s/ Aviram Lahav</div>
            </td>
            <td style="width: 75%; vertical-align: top; font-family: 'Times New Roman',Times,serif; padding-bottom: 2px; color: rgb(0, 0, 0);" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td style="width: 3%; vertical-align: top; font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);" rowspan="1">&#160;</td>
            <td style="width: 22%; vertical-align: top; font-family: 'Times New Roman',Times,serif;" rowspan="1">
              <div style="text-align: justify; line-height: 1.25; color: rgb(0, 0, 0);">Aviram Lahav</div>
              <div style="text-align: justify; line-height: 1.25; color: rgb(0, 0, 0);">Chief Financial Officer</div>
              <div style="text-align: justify; line-height: 1.25; color: rgb(0, 0, 0);">ICL Group Ltd.</div>
            </td>
            <td style="width: 75%; vertical-align: top; font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);" rowspan="1" colspan="1">&#160;</td>
          </tr>

      </table>
      <div> <font style="color: rgb(0, 0, 0);"><br>
        </font></div>
      <div style="text-align: center;"><font class="BRPFPageNumber" style="color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; font-weight: normal; font-style: normal;">5</font></div>
      <div class="BRPFPageFooter">
        <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">
          <hr align="center" style="border: none; border-bottom: 4px solid black; border-top: 1px solid black; height: 10px; color: #ffffff; background-color: #ffffff; text-align: center; margin-left: auto; margin-right: auto;"></div>
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