Will this make good fertilizer/mulch?

I have mixed composted sheep manure and malt combings in equal parts along with 1% Sulfate of Potash and 5% kaolin as a binder and extruded it into 10mm pellets. Will this retain moisture and add nutrients to my sandy soil? I used these ingredients as they are all available to me at little or no cost and I had the extruder left over from a past project. Soil in my area is known to be deficient in Potium.