Highlights
•	Credit Transaction with Western Potash, comprising:
o	Six-year term loan facility of up to of C$85,000,000
o	1.5% royalty on the gross revenue of Western Potash’s Milestone Phase I
        Project
o	Warrants for Appian to acquire up to 9.9% of shares in Western Potash’s 
        parent company, Western Resources
•	Strong fit with Appian’s investment mandate, providing attractive
        risk-adjusted returns and alignment with Western Resources through 
        royalty and warrant upside, while maintaining downside protection 
        through a senior secured position
•	Underpinned by a robust project with near-term production and a 40 year 
        mine life
•	Provides Appian with exposure to a strengthening potash market, 
        supported by stable global demand growth and constrained short and 
        medium term supply 
•	Demonstrates continued success of Appian’s dedicated credit and royalty 
        offerings

Appian Capital Advisory LLP ("Appian" or the "Company"), the investment advisor 
to long-term value-focused private equity funds that invest solely in mining 
and mining-related companies, today announces that it has entered into a 
C$85,000,000 term loan facility financing transaction (the “Credit 
Transaction”) with Western Potash Corp. ("Western Potash"), the wholly owned 
subsidiary of Western Resources Corp. ("Western Resources"). Proceeds of the 
Credit Transaction will enable Western Potash to complete the remaining 
construction and development of the Milestone Phase I Project (the "Project"), 
Western Potash’s MOP potash project located in Saskatchewan, Canada.

The Credit Transaction is comprised of the following, with funding subject to 
customary terms and conditions:
1. A six-year term loan facility of up to USD equivalent of C$85,000,000, at an
   interest rate of 12.5% per annum;
2. The grant of a 1.5% royalty based on the gross revenue of the Project to 
   Appian; and
3. Issuance to Appian by Western Resources of 20,774,030 warrants, allowing 
   Appian, after exercise, to acquire up to 9.9% of Western Resources’ issued
   and outstanding common shares. The exercise price is at a 25% discount to the
   5-day VWAP on April 28, 2022, the execution date of the Facility Agreement.

The Credit Transaction is a strong fit within Appian’s investment mandate, 
providing attractive risk-adjusted returns and alignment with Western Resources 
through royalty and warrant upside, while maintaining downside protection 
through a senior secured position. It provides Appian with upside exposure to 
the potash commodity market through the royalty and any future production 
expansions through the warrants package. 
The Project has strong fundamentals including:
• Located in a tier-1 jurisdiction, the Project has near-term production 
  potential expected to begin in Q2 2023 and achieve run-rate production
  approximately 1 year later, allowing it to take advantage of favorable Potash
  market dynamics
• Phase I run-rate production of 146,000 tonnes per annum MOP and a 40 year mine
  life. Potential to expand to a larger Phase II of 1.4 million tonnes per annum
  after successful completion of Phase I
• Environmentally friendly solution mining method leaves no salt tailings on the
  surface
• Efficient operating costs in the middle of the cost curve (on a US Midwest 
  delivered basis)
• Long-term off-take agreement with Archer Daniels Midland (NYSE: ADM) for 100%
  of the potash production from the Project

Michael W. Scherb, Founder and CEO of Appian, commented: "Appian is delighted 
to be supporting Western Resources to develop the Milestone Phase I Project. 
This transaction demonstrates the continued success of our dedicated credit and 
royalties offering, highlighting our ability to invest through the capital 
structure and provide non-dilutive financing for mining companies. The value 
that our market-leading technical team brings is also a key differentiator, 
with our expertise helping project owners to maximise potential and returns. 
This is a strong fit with Appian’s investment mandate, providing attractive 
risk-adjusted returns and potential upside, supported by a robust potash asset 
with exposure to growing global demand for agricultural commodities."

For further information:
Finsbury Glover Hering +44-(0)20-7251-3801 / AppianCapital-LON@finsbury.com  
Charles O'Brien, Richard Crowley, Theo Davies-Lewis
Appian Capital Advisory +44 (0)20 7004 0951 / info@appiancapitaladvisory.com
Michael W. Scherb

About Appian Capital Advisory LLP
Appian Capital Advisory LLP is the investment advisor to long-term 
value-focused private equity funds that invest solely in mining and 
mining-related companies.
Appian is a leading investment advisor in the metals and mining industry, with 
global experience across South America, North America, Australia and Africa. It 
has a successful track record of supporting companies to achieve their 
development targets, assisting 7 projects to reach production in the last 4 
years, with a global operating portfolio overseeing nearly 5,000 employees.
Appian has a global team of 54 experienced professionals with presences in 
London, Toronto, Vancouver, Lima, Belo Horizonte, Montreal and Sydney.
For more information please visit: www.appiancapitaladvisory.com, or find us on 
LinkedIn or Instagram.

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Source: Appian Capital