The Company was incorporated on 21 August 2001, under the name South Boulder Mines Ltd, with a primary focus on the exploration and development of mineral resources in Australia and East Africa. Initially, the Company concentrated on exploring nickel, gold, and base metals in Western Australia.

During its early years, the Company achieved various exploration successes which led to the strategic unbundling of projects into new ASX-listed entities or exiting projects at opportune moments.

A pivotal moment in the Company’s history came when it shifted its focus to the Colluli Potash Project in Eritrea, East Africa (the “Colluli Project”). This project, known for its vast and high-grade potash deposit, quickly became the Company’s flagship asset. The Colluli deposit is particularly notable for its potential to produce a diverse range of potassium-bearing products, including Sulphate of Potash (“SOP”), a premium fertiliser.

In May 2015, the Company changed its name to Danakali Ltd to underscore its strategic commitment to the Colluli Project and to reflect its evolution from a multi-commodity exploration company to one singularly focused on potash production.

Under the new name Danakali Ltd, the Company advanced the Colluli Project through various development stages, achieving key milestones such as completing a definitive feasibility study, securing mining licenses, and obtaining environmental approvals. Additionally, the Company successfully secured offtake agreements and raised US$200 million in debt funding necessary for the project’s development.

In 2021, recognising an opportunity to maximise Shareholder value, Danakali decided to exit the Colluli Project. The Company sold its interest in the project for approximately A$240 million in March 2023 and subsequently returned approximately A$162 million to shareholders (after taxes).