Australian Potash (ASX:APC) announced financial results for the quarter ended 30 September 2022.

Average annual sulphate of potash (SOP) production increased by over 21% from 170,000 tonnes per annum (tpa) to 205,000 tpa.

Higher global SOP pricing captured for forecast premium K-Brite product mix.

Contemporary pricing environment, optimised operating costs and upsized production capacity reinforcing the strong economics of the ?shovel ready? Lake Wells SOP (LSOP) development.

Higher production, higher net present value, confidence in updated CAPEX and OPEX estimates, Board considering funding strategies to more towards final investment decision (FID).

Closure of entitlements offer to shareholders raised $4.36m representing a 57% take up of rights.

Key Management Personnel appointment ? Patrick Leung joined the APC team as Chief Financial Officer.

Release of inaugural Sustainability Report mirroring the strong ESG credentials of the LSOP project.

Strategic tenement application package has potential to expand Lake Wells area by 175% to 1,905 sqkm making the LSOP a truly global-scale solar SOP development.

Certificate ceremony at the Laverton Training Centre, attended by the Minister for Regional Development, the Hon. Alannah MacTiernan MLC, marking the highly successful delivery of 145 units in the federally accredited Certificate II training program.

Following the announcement the company?s share price rose 3.703%.