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GQ FERTILIZER

TSX-V AFRICA

BUILDING FOR GROWTH WHERE T H E W O R L D I S G R O W I N G

Disclaimer This presentation contains forward-looking statements or forward-looking information within the meaning of applicable securities legislation (hereinafter collectively referred to as "forward-looking statements") concerning the Company's plans for its properties, projects, operations, subsidiaries and other matters. These statements relate to analyses and other information that are based on forecasts of future results, estimates of amounts not yet determinable and assumptions of management regarding operations of the Company which are subject to a variety of business and market risks, including political and regulatory risks associated with mining and exploration in Mali. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not always, using words or phrases such as "expects" or "does not expect", "is expected", "anticipates" or "does not anticipate", "plans", "estimates" or "intends", or stating that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved) are not statements of historical fact and may be forward-looking statements. These forward-looking statements are based on certain assumptions which the Company believes are reasonable, however, forward-looking statements are subject to a variety of business and political risks and uncertainties. Some of the important risks and uncertainties that could affect forward-looking statements are also described in the Company's continuous disclosure filings made with Canadian securities regulatory authorities, which are available at the SEDAR website and on the Company’s website. Should one or more of these risks and uncertainties materialize, or should underlying assumptions prove incorrect, they may adversely affect the Company’s business and prospects and actual results may vary materially from those described in forward-looking statements. Forward-looking statements are made based on management's beliefs, estimates and opinions on the date the statements are made and the Company undertakes no obligation to update forward-looking statements if these beliefs, estimates and opinions or other circumstances should change, other than as required by applicable laws. Investors are therefore cautioned against placing undue reliance on forward-looking statements. The Company cautions that the PEA is preliminary in nature, as it includes “Inferred Mineral Resources” which are considered too speculative geologically, to have the economic considerations applied to them that would enable them to be categorized as "Mineral Reserves". There is no certainty that the PEA will be realized, as Mineral Resources do not demonstrate economic viability. The technical information in this presentation has been reviewed by Jed Diner, MSc. P.Geol., a qualified person as defined by National Instrument 43-101.

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Stock  Informa-on  

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As  of  March  6,  2014  

STOCK  INFORMATION    TSX-­‐V:  GQ  

SHARES  OUTSTANDING   48,817,941  

-­‐OPTIONS   3,815,000  

-­‐WARRANTS   2,114,813  

FULLY  DILUTED   54,747,754  

52-­‐WEEK  LOW/HIGH   $0.45/$2.54  

3-­‐MONTH  AVG.  VOL.   77,780  

MARKET  CAP.   $91.8M  

Le  Main  de  Fa7ma  –  Northern  Mali  

Our Goal

•  Building a Pan African Fertilizer Manufacturer –  Developing agricultural mineral projects

for local production of field ready fertilizers

–  For regional delivery

•  Targeting –  Phosphate Direct Application and SSP,

At Surface Potash Brines, Sulfur and Lime Projects

–  Establishing centers in areas of rapid agricultural growth West, East and Southern Africa

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IER  Sotuba  Test  Plot  (CoGon)  

Our Strategy

Follow strict development criteria •  Must reach field ready product with compelling investment returns on

capital expenditure of less than $200MM •  Existing market sufficient to absorb planned production within cost

effective transport radius –  Does not include growth potential –  Does not include out of Africa export potential

Africa’s history as exclusively an exporter of resources means many projects that fit our criteria have been ignored for logistical reasons This strategy also insulates our proposed business from the ups and downs of the world fertilizer market, hinging its success to the revolution in African Agriculture already underway and growth in global food demand

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Source:  EBG  Capital  

60% OF THE WORLD’S ARABLE LAND IS IN AFRICA

According   to   Zürich-­‐based  advisory   firm,   EBG   Capital,  sub-­‐Saharan   Africa   offers  590m   hectares   of   available  cropland,   while   the   rest   of  the   world   offers   just   380m  hectares.  •  Only   23-­‐30%   of   arable  

land   in   W.   Africa   is  currently  culUvated  

•  Low  ferUlizer  usage  (9kg/ha   vs.   101kg/ha   in   the  rest  of  the  world)  

Why  Africa  

7 Source:  GRAIN,  AGRA  Alliance,  McKinsey      

Agribusiness  project  sizes  –  January  2012    (investment  underway  or  completed  in  ‘000s  USD)  

“Africa   has   the   poten-al   to   create   a          trillion-­‐dollar  food  market”  (World  Bank)  

•  62%  of  all   large-­‐scale  land  acquisiUons  since  2000  have  occurred  in  Africa.  

•  Agriculture   in  Africa  will  grow  from  its  current   $280   billion   a   year   to   $500  billion   in   2020,   and   $880   billion   by  2030.  

•  Nigeria’s  agricultural  sector  could  grow  by  a  colossal  160%  by  2030,  rising  from  $99  billion  in  2010  to  $256  billion  two  decades  later.  

AFRICA IS ATTRACTING LARGE AGRIBUSINESS INVESTMENTS

Why  Africa  

Why Fertilizer

•  Fertilizer offers a unique conjuncture of business opportunities –  Agriculture’s predictable

demand and strengthening growth profile

–  Mining’s expected rates of return

•  An ideal way to profit from two widely expected market trends –  Increasing global food demand –  African development

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Irriga7on  Canal  –  Niono,  Mali  

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•  World  popula-on  projec-on  10  billion  people  by  2100  

•  Africa’s  populaUon  is  expected  to  double  to  2  billion  by  2050.  

•  A  more  affluent  world  will  consume  more  food  

Grain  required  to  produce  1kg  of  meat  (Sources:  SproG)    

 World  popula@on  growth          Arable  land  per  capita  

•  The  amount  of  arable  land  per  capita  is  shrinking  

World  popula@on  projec@on    

Why  Fer-lizer  in  Africa  

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OUR  GROWTH  

Botswana Potash

•  Exclusive right to develop potash present at Sua Pan operation of Botswana Ash Corporation

•  Historical work published by the World Bank suggests that the Sua Pan salar was capable of producing 163,000 tons per year, including potential to produce 21,000 tpy of K2SO4

•  KCl concentrations in bitterns are reported to exceed 10.9 grams per litre (g/L), which is more than a 100% improvement over the native brine concentration of 4.3 g/L as measured by Botswana Ash. This compares favorably with potash concentration in the brine from the Dead Sea of 6.2 g/L,

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Sua  Pan  Potash    Brine  Project  

Brownfield Brine

•  Existing operation produces Soda Ash (NaCO3) and Salt (NaCl) from the natural brine

•  Brine projects have some of the lowest operating and capital costs in the world

•  Potential plant would function as additional circuit on existing operation

•  Leverages existing infrastructure reducing potential capital expenditure

•  Advancing to definitive agreement

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OUR  OPPORTUNITY  

Tilemsi Phosphate

•  50 million tonnes (Mt) inferred resource on 26 km² drilled surface

•  High natural grade 24.3% P₂O₅

•  Significant upside potential, project covers 1,206 km² (3 licenses)

•  Strategic source of reactive & soluble phosphate for direct application, low cost fertilizer as an NPK component

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Segou  Pilot  Plant  

A  Growing  Resource  

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TILEMSI  PHOSPHATE  PROJECT    

INITIAL    INFERRED  RESOURCE  

50  million  tonnes  

AVERAGE    PHOSPHATE  GRADE  

24.3%  P₂O₅  

CONCENTRATE  GRADE   25-­‐38%  P₂O₅  

CONCENTRATE  QUALITY  Low  levels  of  contaminants  

(ie.  cadmium)  

BENEFICIATION  Easy  separaUon  and  

treatment  

DEPOSIT  DEPTH  Near  surface    

Open  pifable  resource  

With  a  high  natural  P₂O₅  grade  and  significant  exploraUon  upside,      the  Tilemsi  deposit  is  developing  into      a  world-­‐class  phosphate  resource.  

Tilemsi  Valley  

Phosphate  Rock  Characterisa-on  

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Test     Results   Impact  

BENEFICIATION  Screening  at  850  microns  to  

achieve  P2O5  grades    of  36.8%  

Via  simple  screening  process,  the  product  can    easily  beneficiated  to  up  to  36.8%  P₂O₅  

SOLUBILITY  

71.1%  soluble  P2O5    in  citric  acid  

62.5%  soluble  P2O5    in  formic  acid  

The  rock  solubility  shows  that  it  is  able  to  compete  with  other  chemical  ferUlizers,  as  ferUlizers’  effecUveness  is  based  on  immediate  

availability  of  the  nutrients  

GRANULATION   Successfully  produced  granules  sized  1-­‐4mm  

The  product  can  easily  be  granulated,  allowing  the  product  to  withstand  transportaUon  and  be  used  as  a  component  of  NPK  

blended  ferUlizer  

Characteriza-on  tests  indicate:  

Tilemsi  natural  phosphate  (TNP)  meets  or  exceeds  market  specificaUons  for  beneficiaUon,  solubility  and  granulaUon.  

TNP  can  be  used  as  either  as  very  low  cost  phosphate  component  for  blended  NPK  ferUlizer  or  as  a  direct  applicaUon  ferUlizer.  

Explora-on  Program  

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5 km • Phases  1  +  2  completed  • Oct  2013:  GQ  explora-on  program  to  resume  

Map  of  Tilemsi  Phosphate  Project  showing  our  concessions    on  remote  sensing  and  drilling  program  (completed  and  planned)  

589  sq.km  

417  sq.km   200  sq.km  

PEA Highlights (1/2)

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Project  Economics   Value  

Project  Net  Present  Value   US$635  million  

Discount  Rate     10%  

Project  Internal  Rate  of  Return     33%  

Equity  Holder  IRR  (40%  Equity/60%  Debt)   42%  

Payback  Period   3.7  Years  

CEO  Jed  Richardson  discussing  life  in  Gao  with  Tuareg  merchant  

Project has powerful potential social impacts alongside obvious economic benefits

•  Directly addresses soil poverty issues in Sahel soils

–  Cotton production has fallen 50%/ha planted in last 10 years

•  Increased crop yields reduce food security concerns in West Africa

•  Provides new export product for gold dependent Malian economy

•  Brings industrial development to Mali’s troubled north

–  Necessary step in ensuring a lasting peace in the region

PEA Highlights (2/2)

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Project  Parameters   Value  

Life  of  Mine  based  on    the  Inferred  Mineral    Resource  esUmate  

20  years  

Maximum  Rock  Mined  (at  full  capacity)   1  M  tonnes/year  

Pre-­‐OperaUonal  Cost   US$13  M  

IniUal  Capital  Cost   US$  143  M  

OPEX  Phosphate  Rock  @36%  P₂O₅  (powder  average  ex  plant)  

US$  59  per  tonne    

OPEX  Hyper  Phosphate  @36%  P₂O₅  (granulated  avg  ex  plant)  

US$  95  per  tonne  

FerUlizer  Products  Supplied  at  Full  Capacity    1.18  M  tonnes/year  

Sales  Mix:  NPK  /  Direct  ApplicaUon   78%  /  22%  

Assump-ons   Value  

Product   Price   Discount   to   imported   phosphate   cost   in  Malii  

20%  

Average  transport  cost  raUo  per  tonne  per  km   US$  0.082  

Delivered  Price  of  Diesel  for  Energy  ProducUon   US$1.10/litre  

Equity  to  Government  on  Mining     20%  

RoyalUes  on  Mine  ProducUon     3%  

ConUngency  in  IniUal  Capital  Cost  (12%)   US$  14  M  

PoliUcal  Risk  Insurance  Premium  (@  12%)  incl.  in  CAPEX   US$  11  M  

Interest  Rate  per  annum  (LIBOR  +  Premium)   7.8%  

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OUR  PLAN  

Agronomy

•  Great Quest has developed a low cost phosphate fertilizer alternative for the West African Market

•  We have completed initial field agronomic testing –  Conducted with IER (Institute of Rural

Economics), administered by Dr. Lamine Traore –  11 Test plots in major agricultural zones of Mali –  Cotton, rice, corn, millet, sorghum, ground nut,

cow pea –  Currently running first season of multi-stage test

program –  1st Quantitative results December 2013

•  Replicate trials in neighbouring West African

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Granulated  Tilemsi  Phosphate  –  35%  high  grade,  27%  medium  grade  

Agronomy

•  Extraordinary Results

Corn from the Sikasso Region Popular crop in a significant growing region, powerful yield response.

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Phosphate  type   Quan-ty  (Kg/ha)  

N  (%)  

P  (%)  

K  (%)  

Yield  (kg/ha)  

Diammonium  Chemical   100   15   15   15     2,156  

GQ  35%  Granulated     100   11   18   2   3,858  

Tilemsi  Powder   300   -­‐   24   -­‐   2,597  

Phosphate  type   Quan-ty  (Kg/ha)  

N  (%)  

P  (%)  

K  (%)  

Yield  (kg/ha)  

Diammonium  Chemical   100   15   15   15     1,751  

GQ  35%  Granulated     100   11   18   2   2,192  

Tilemsi  Powder   300   -­‐   24   -­‐   1,728  

Phosphate  type   Quan-ty  (Kg/ha)  

N  (%)  

P  (%)  

K  (%)  

Yield  (kg/ha)  

Diammonium  Chemical   65   18   46   -­‐     904  

GQ  27%  Granule  +  M4   100   -­‐   27   -­‐   1013  

Tilemsi  Powder   300   -­‐   24   -­‐   794  

Non irrigated Rice from Bamako Region Challenging crop given variable water availability, benefiting from whole nutrient nature of GQ product

Peanuts from Kita Region Medium grade product was tested with solubility aids, an ultra low cost option for subsistence crops

Small Scale Production

•  Markala Production Facility –  40,000 tonnes of product annually –  Proposed commissioning late 2014 –  Expected cost $15 million

•  Market Building Step –  For manufacture and sale of product for Malian

market –  Will also provide material for commercial testing

by future large consumers –  Will be used to establish product pricing and off

take agreements for larger planned facility

•  Will continue to be used to test and develop new products once large facility is built

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Birkenmayer  Granulator  –  Johannesburg,  South  Africa  

Full Commercial Phosphate Facility

•  Located in Gao / Bourem •  Construction 2016

•  Initial capital expenditure $143 million

•  Construction employment –  Potentially 300 direct and indirect new jobs

during plant construction

•  Operation employment –  200+ Full time jobs in the plant, plus drivers,

miners and support staff –  Mine life 50+ years with potential to grow

with more exploration

•  1 million tonnes of annual production •  Consumption in Mali and export through

out West Africa

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Trucks  in  Gao,  moving  good  to  and  from  Bamako,  Algieria  and  Niger  

Our  People  

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 Interna-onal  Board  of  Directors  

John  A.  Clarke  –  Chairman    Former  CEO  of  Nevsun  Resources  and    ExecuUve  Director  of  AshanU  Goldfields    

Victor  Jones  –  Director    30  years  of  experience  in  senior  execuUve  and  board  posiUons  in  

public  mineral  exploraUon  and  technology  companies  

Ehud  Levy  –  Director    Phosphate  manufacturing  industry  consultant  with  a  30-­‐year  

career  with  Bateman  Engineering  and  Rotem  

Gordon  Peeling  –  Director    Former  President  of  Mining  AssociaUon  of  Canada  (MAC)  with  30  

years    of  mining  experience  in  the  public  and  private  sectors  

David  Shaw  –  Director  Worked  as  Senior  Mining  Analyst  at  Yorkton  SecuriUes;  iniUated  and  developed  Resource  Research  Group  at  Charlton  SecuriUes  

Mali  Board  of  Directors  

Abdoulaye  Pona-­‐  Director  President  Mali  Chamber  of  Mines,  Founding  director  Mali  Mining  

House  SA  

Mama  Tapo-­‐  Director  Managing  Director  Societe  InternaUonale  de  Services  et  de  

representaUon.  Former  Manager  AshanU  Goldfields  

Our Team

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 Interna-onal  Board  of  Directors  

Jed  Richardson  –  President  and  CEO  Former  VP  Corporate  Development  at  Verde  Potash  and  InsUtuUonal  

Equity  Research  Analyst  at  Cormark  SecuriUes.  

Mohammed  Bouhsane  -­‐  COO  Former  Project  Engineer  in  the  Moroccan  mining  and  metallurgy  

industries  working  for  the  ONA  Group  and  OCP.    

Jayram  Hosanee  -­‐  Chief  Financial  Officer  Former  CFO  at  Mineral  Hill  and  Golden  Dawn  Minerals.  

Mr  Hosanee  holds  a  CGA.  

Thomas  Guillot  –  VP  Corp.  Development  Former  CFO  of  NewGen  Asset  Management  investment  fund,  and  Management  Consultant,  Ministère  de  l’Enfant  et  la  Famille,  Mali.  

Marie-­‐France  Dikizeyeko  –  Mali  Manager  Former  Senior  ExploraUon  Geologist  at  Randgold  Mali,    Geological  

consultant  for  Nevsun  and  AdministraUve  Manager  for  Iamgold  Mali.    

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Great Quest Metals Ltd

TSX-V: GQ

Suite 303, 95 King Street East, Toronto, ON M5C 1G4 +1 416 849 9203 Info@greatquest.com

WWW.GREATQUEST.COM