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ASX Release

27 November 2013

HIGHFIELD RESOURCES

LIMITED ACN 153 918 257

ASX Code

HFR

Registered Office

Level 1 330 Churchill Avenue

Subiaco WA 6008 Australia

Tel: +61 8 9200 4426 Fax: +61 8 9200 4469

Head Office

Calle Navas de Tolosa, 5 - 1°B, 31002

Pamplona, Spain

Tel: +34 948 050 577 Fax: +34 948 050 578

Contact

Anthony Hall Managing Director

Directors

Derek Carter

Richard Crookes

Scott Funston Anthony Hall

Owen Hegarty

Pedro Rodriguez

Company Secretary

Aaron Bertolatti

Issued Capital

135.5 million shares 103 million

performance shares 20.5 million options

SIERRA DEL PERDON POTASH PROJECT UPDATE

HIGHLIGHTS

Five confirmatory drill holes completed

SDP004 intersected a 4.80m sylvinite seam of 15.9% K2O

(25.2% KCl)

SDP005 intersected a 1.80m sylvinite seam of 15.5% K2O

(24.5% KCl)

SDP006 intersected a 1.90m carnallite seam of 13.5% K2O

(21.4% KCl)

Work commenced on JORC code Mineral Resource estimate

Development strategy to be confirmed and released in January

2014

Spanish potash developer Highfield Resources is pleased to provide an update on its 100% owned Sierra del Perdón potash project located in Northern Spain. The project covers an area of over 100km2 and contains two former operating mines that produced close to 10 million tonnes of potash between 1972 and 1997.1

CONFIRMATORY DRILLING CAMPAIGN RESULTS

Highfield has completed five drill holes as part of its confirmatory drilling campaign (SDP004, SDP005, SDP006, SDP009 and SDP013). Each drill hole was designed to test an element of the project including the extent of potash mineralisation, thickness of sylvinite and carnallite seams and potassium grades. The SDP002 drill hole was not completed when circulation was lost after intersecting a 6.0m potash seam. It was replaced by SDP006.

Holes SDP004, SDP005, SDP006 and SDP013 each intersected a thick carnallite seam confirming historical information with respect to the thickness of carnallite above some halite interbedding with sylvinite. The assay results of SDP004 showed a potash intersect containing an upper interbedded carnallite seam of around 9.0m and lower interbedded sylvinite seam of 5.0m (Table 1). The drill hole intersected 7.5m of continuous mineralisation at 14.9% K2O (23.6% KCl) comprising the lower carnallite seam and underlying sylvinite seam.

Drill hole SDP009 was aimed at testing the extent of potassium within the evaporite. The hole was drilled down to a depth of 94.5m at which time it was determined potassium mineralisation did not extend into the shallow Eastern section of the evaporite.

1 Source: Annual Minestrio de Industria lodgements by Mina de Potasas de Navarra and Subiza

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Assay results for SDP005 show a potash intersect commencing at a depth to surface of 415m and finishing at 435m (Table 2). Within this intersect is a 5.1m a lower carnallite seam at an average grade of 11.0% K2O (17.4% KCl) and a 1.8m sylvinite seam of 15.5% K2O (24.5% KCl). Above this sylvinite seam was a void of 2.7m. Historical mine records suggest this area was mined for its sylvinite content.

Assay results for SDP006 show a potash intersect commencing at a depth to surface of 201m and finishing at 207.5m (Table 3). Within this intersect is a 1.9m lower carnallite seam at an average grade of 13.5% K2O (21.4% KCl). Historical mining records indicate the sylvinite seam was fully mined.

Drill hole SDP013 has recently been completed. A 10m potash seam was intersected at a depth from surface of 510m. Samples have been prepared and sent for chemical testing.

Figure 1: Location of Highfield’s initial drill holes at Sierra del Perdón

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Figure 2: Potash mineralisation intersected in drill hole SDP013

STRATEGY The Company is awaiting the assay results from drill hole SdP013 before confirming its development strategy for the Sierra del Perdón project. This information is expected to be received and in turn released in the January Quarter of 2014 at which time the Company expects to release a JORC code Mineral Resource estimate. CORPORATE The Company´s focus remains on developing its 100% owned Spanish potash projects. The Company is presently developing both its Javier and Sierra del Perdón potash projects where significant in place infrastructure and shallow sylvinite mineralisation appear ideal for mineral extraction via declines. These advantages are likely to support relatively low capex initial mines.

For more information: Anthony Hall Simon Hinsley Managing Director Investor Relations Ph: +61 (0) 417 466 039 Ph: +61 (0) 401 809 653

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Competent Persons’ Statement

This ASX release was prepared by Mr. Anthony Hall, Managing Director of Highfield Resources. The Competent Person under JORC Code standards and reviewer for this release pertaining to the resource information is Mr Leo Gilbride, P.Eng and Ms Vanessa Santos, P.Geo. of Agapito Associates of Colorado, USA. Mr Gilbride is a licensed professional engineer in the State of Colorado, USA and is a registered member of the Society of Mining, Metallurgy and Exploration Inc. Ms Santos is a licensed professional geologist in South Carolina and Georgia, USA, and is a registered member of the Society of Mining, Metallurgy and Exploration Inc. The Society of Mining, Metallurgy and Exploration Inc is a JORC Code ‘Recognized Professional Organization’ (RPO). An RPO is an accredited organization of which the Competent Person under JORC Code Reporting Standards must belong in order to report Exploration Results, Mineral Resources, or Ore Reserves through the ASX. Mr Gilbride is the Vice President of Engineering and Field Services and Ms Santos is the Chief Geologist with Agapito Associates and both have sufficient experience to qualify as a Competent Person for the relevant style and type of mineralisation and deposit under consideration of this release. Mr Gilbride and Ms Santos consent to the inclusion in the report of the matters based on information in the form and context in which it appears.

Table 1: Summary of ICP Analysis for DDH SDP004

Table 2: Summary of ICP Analysis for DDH SDP005

K2O(%) MgO(%) Na2O(%) Cl(%) SO3(%) CaO(%)

Water

Insolubles

Potash Interval Average 11.47 5.70 23.43 43.86 2.96 4.27 14.53

from 395.8 to 409.9 max. Value 31.30 12.85 49.90 64.60 7.16 9.99 47.74

Wide: 14.1 min. Value 0.31 0.41 6.26 24.00 0.86 0.85 0.98

Carnallite Seam Average 8.49 7.58 20.14 39.01 2.38 4.70 18.53

from 395.8 to 405.1 max. Value 15.65 12.85 42.70 58.80 4.12 9.99 47.74

Wide: 9.3 min. Value 0.66 1.60 6.26 24.00 0.86 1.08 2.50

Upper Carnallite Seam Average 9.87 9.21 15.83 34.11 1.83 4.15 14.15

from 397.7 to 400 max. Value 14.55 12.85 25.10 44.70 2.70 7.19 28.62

Wide: 2.1 min. Value 6.37 6.27 7.67 24.00 0.86 1.08 2.50

Lower Carnallite Seam Average 13.03 10.48 13.58 40.70 2.24 2.57 9.26

from 402.4 to 405.1 max. Value 15.65 12.70 21.50 45.10 3.91 4.84 14.92

Wide: 2.7 min. Value 9.26 6.94 6.26 35.00 1.44 1.78 3.00

Sylvinite Seam Average 15.94 1.85 29.98 51.66 4.03 4.24 11.55

from 405.1 to 409.9 max. Value 31.30 3.49 38.00 59.70 7.16 7.62 26.14

Wide: 4.8 min. Value 0.31 0.41 41.20 58.70 1.87 0.85 0.98

DDH SDP-004 POTASH GRADES (ICP analysis)

K2O(%) MgO(%) Na2O(%) Cl(%) SO4(%) CaO(%)

Water

Insolubles

Average 8.31 4.68 22.17 43.98 4.17 2.54 16.27

max. Value 26.50 10.51 55.00 10.28 4.60 50.37

Wide: 20.6 min. Value 0.45 0.27 10.88 24.40 1.14 0.74 1.75

(Including 2 voids of 3.0m and 2.7m wide)

Average 7.39 5.19 21.08 43.15 3.70 2.43 17.52

max. Value 13.07 10.51 37.47 55.00 6.44 3.95 50.37

Wide: 16.1 min. Value 0.45 0.27 10.88 24.40 1.14 0.74 3.53

(Including a 3.0m void)

Average 8.73 6.88 18.88 45.86 2.54 1.70 14.19

max. Value 13.07 10.51 32.76 55.00 4.43 3.23 35.75

Wide: 3.3 min. Value 3.55 1.86 10.88 36.70 1.14 0.74 5.74

Average 11.01 7.27 17.55 44.61 4.13 2.50 7.78

max. Value 12.89 10.00 29.79 54.40 6.44 3.95 25.83

Wide: 5.1 min. Value 6.08 3.47 12.50 37.50 2.55 1.54 3.62

Average 15.50 0.74 30.75 50.52 7.86 3.41 6.44

max. Value 26.50 1.39 37.07 54.30 10.28 4.60 10.62

Wide: 1.8 min. Value 4.46 0.43 23.39 46.60 6.05 2.22 1.75

from 434.0 to 435.8

Sylvinite Seam

DDH SDP-005 POTASH GRADES (ICP analysis)

Potash Interval

Carnallite Seam

Upper Carnallite Seam

Lower Carnallite Seam

from 415.2 to 435.8

from 415.2 to 431.3

from 418.5 to 421.8

from 426.2 to 431.1

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Table 3: Summary of ICP Analysis for DDH SDP006

ABOUT HIGHFIELD RESOURCES

Highfield Resources is an ASX-Listed potash company with three 100% owned projects located in Spain.

Highfield’s Javier, Pintano and Sierra del Perdón potash projects are located in the Ebro potash producing basin in Northern Spain covering a project area of around 300km2. The Sierra del Perdón project includes two former operating mines. The Company has recently raised significant funds to progress feasibility studies at both the Sierra del Perdón and Javier Projects.

Figure 3: Location of Highfield’s Javier, Pintano and Sierra del Perdón Projects in Northern Spain

K2O(%) MgO(%) Na2O(%) Cl(%) SO4(%) CaO(%)

Water

Insolubles

Average 7.74 3.33 26.16 47.89 3.96 2.33 14.56

max. Value 23.91 11.17 40.44 55.30 8.27 4.81 25.08

Wide: 6.4 min. Value 0.47 0.30 9.19 39.70 1.14 0.67 2.02

Average 10.60 7.56 16.32 45.60 2.51 1.50 8.91

max. Value 14.09 11.17 24.67 49.60 3.54 2.11 15.50

Wide: 0.9 min. Value 7.41 4.29 9.19 39.70 1.14 0.67 2.02

Average 13.53 2.84 23.98 48.13 5.34 2.99 11.91

max. Value 23.91 7.73 31.95 53.10 8.27 4.81 20.88

Wide: 1.9 min. Value 4.99 0.30 16.58 44.50 3.90 2.06 6.26

Notes

1 Chemical analysis conducted by ALS Global (Galway, Ireland)

2 ICP (inductively coupled plasma) quantitative method

3 Intervals are cored intervals (versus true thickness intervals), conversion to true thickness pending updated structural model

4 Composite grades calculated as length-weighted averages

from 205.6 to 207.5

DDH SDP-006 POTASH GRADES (ICP analysis)

Carnallite Seam

Upper Carnallite Seam

Lower Carnallite Seam

from 201.1 to 207.5

from 203.8 to 204.7