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FERTILIZER

TSX-VAFRICA

BUILDING FOR GROWTH WHERETHE WORLD IS GROW ING

DisclaimerThis presentation contains forward-looking statements or forward-looking information within the meaning of applicablesecurities legislation (hereinafter collectively referred to as "forward-looking statements") concerning the Company's plansfor its properties, projects, operations, subsidiaries and other matters. These statements relate to analyses and otherinformation that are based on forecasts of future results, estimates of amounts not yet determinable and assumptions ofmanagement regarding operations of the Company which are subject to a variety of business and market risks, includingpolitical 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 thatcertain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved) are notstatements 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 importantrisks and uncertainties that could affect forward-looking statements are also described in the Company's continuousdisclosure filings made with Canadian securities regulatory authorities, which are available at the SEDAR website and on theCompany’s website. Should one or more of these risks and uncertainties materialize, or should underlying assumptions proveincorrect, they may adversely affect the Company’s business and prospects and actual results may vary materially fromthose 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 byapplicable 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 areconsidered too speculative geologically, to have the economic considerations applied to them that would enable them to becategorized as "Mineral Reserves". There is no certainty that the PEA will be realized, as Mineral Resources do notdemonstrate economic viability.

The technical information in this presentation has been reviewed by Jed Diner, MSc. P.Geol., a qualified person as defined byNational Instrument 43-101.

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African Fertilizer for African Markets• Tilemsi Phosphate – Mali

– 50 Mt, 24.3% P2O5 inferred resource– Product: Direct application granulated

phosphate (35% P2O5 and 27% P2O5) – After-Tax NPV10% $423M, IRR 55%.

Initial capital investment $157.9M (PEA)

– Currently financing a profitable pilot plant with signed local off-take

• Sua Pan Potash – Botswana – Brownfield development– Process tailings recovery from Soda

Ash production– Product: Potential for 70,000t K2SO4

(SOP) annually– Currently structuring JV, and

completing scoping engineering

3

Tilemsi PhosphateDeposit

Tilemsi PhosphateDeposit

Sua Pan PotashBrine ProjectSua Pan PotashBrine Project

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

• 62% of all large-scale land acquisitions 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

4Source: GRAIN, AGRA Alliance, McKinsey, IMF, FAO

SSA

Annual GDP Growth 2013 2014 2015 2018

World +2.9 +3.6 +4.0 +4.1

Sub‐Saharan Africa +5.0 +6.0 +5.7 +5.7

Africa is Where the Growth is …

Under Served and Wide Open

• Africa is largely ignored by international fertilizer players

• Infrastructure and logistic challenges insulate the markets from pricereductions in the international market

• Manufacturing finished products in the regions of agricultural growth createsexcellent opportunities for enviable margins

5

252

229

165

31

32

0.2

20

8

45

14

0 100 200 300 400 500 600

Mali

Thailand

Average Cost of Fertilizer (US$/tonne)

Product Cost Transportation Taxes & Levies Finance Costs Overheads

$53.2/t

$282/t

Source: National Geographic (The Next Bread Basket, July 2014)

Mine to Field Ready Products• Its not enough to have a good concentrate

– Concentrates to 36.8%, very low Cd, U and other common contaminants, meets industry standard Fe and Al oxides

– Unusually high natural solubility, 71.1% in citric acid

– All mechanically concentrated, screens and magnetic separation

– Easily granulated alone or with nitrogen and potash for complex and simple blending

• Field tested with competitive results– We have completed 2 years of field agronomic

testing– Conducted with IER (Institute of Rural Economics),

and international development agencies– 11 Test plots in major agricultural zones of Mali– Cotton, rice, corn, millet, sorghum, peanuts, black

eyed peas

6Dr. Lamine Traore, corn planted and fertilized with GQ phosphate

Agronomy

• Extraordinary Results

Corn in SikassoPopular crop in a significant growing region, powerful yield response.

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Phosphate type Quantity(kg/ha)

N(%)

P(%)

K(%)

Yield(kg/ha)

DiammoniumChemical

100 15 15 15  2,156

GQ 35% Granulated  100 11 18 2 3,858

Tilemsi Powder 300 ‐ 24 ‐ 2,597

Phosphate type Quantity(kg/ha)

N(%)

P(%)

K(%)

Yield(kg/ha)

DiammoniumChemical

100 15 15 15  1,751

GQ 35% Granulated  100 11 18 2 2,192

Tilemsi Powder 300 ‐ 24 ‐ 1,728

Phosphate type Quantity(kg/ha)

N(%)

P(%)

K(%)

Yield(kg/ha)

DiammoniumChemical

65 18 46 ‐ 904

GQ 27% Granule + M4 100 ‐ 27 ‐ 1013

Tilemsi Powder 300 ‐ 24 ‐ 794

Un-Irrigated Rice in Bamako Challenging crop given variable water availability, benefiting from whole nutrient nature of GQ product

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

Starting Small – Production in Mali

Established Malian Partnership (Oct 17, 2014)

GQ 67% / SADA 33% Funds part of Construction and reduces country risk

Off‐take agreement (Sept 22, 2014)

SADA local blending consortium

Will purchase 95% of planned production

Established Product in Mali (June 13, 2014)

Product demonstrations with Ministry of Agriculture (IER)

Excellent results shared with major purchasers

Developed Product for West African Market

Process to beneficiate and granulate Worked with Mintek and DRA

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Pilot Plant Economics (US$)

After Tax NPV10% $17.3M

Projected IRR 29.5%

GQ Initial Cap Ex $16.3M

Prices (Off‐Take)

‐ High Grade (35% P2O5) $450/t

‐Medium Grade (27% P2O5) $330/t

‐ Toll Blending/Granulating $45/t

Operating Cost $124/t

• Market building phase• Low capital hurdle to production• Secure production while Mali

continues to stabilize

The Opportunity is not limited to Mali

9

324.8

371.3

174.8

112.2

16

59

52.2

56

52.2

49.8

0 200 400 600 800 1000

Mali

Nigeria

UREA Cost (US$/tonne)

Product Cost Transportation Taxes & Levies Finance Costs Distribution Cost

$277/t

$295/t

543.8

463.1

159.8

149.6

28

24.2

76.6

78.6

75

71.6

0 200 400 600 800 1000

Mali

Nigeria

NPK Blend Cost (US$/tonne)

Product Cost Transportation Taxes & Levies Finance Costs Distribution Cost

$324/t

$339/t

Source: IFDC, West African Fertilizer Report 2012 

Full Scale Production

• 500,000t of production growing to 1Mt

• Sold through out West Africa• The region consumes

approximately 2.5Mt

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Full Scale Economics (US$)

After Tax NPV10% $432.1M

Projected IRR 55.0%

Pay Back Period 2.4 years

GQ Initial Cap Ex $157.9M

Prices (Projected)

‐ High Grade (35% P2O5) $350/t

‐Medium Grade (27% P2O5) $262/t

Operating Cost $ 92/tTrucks in Gao, moving goods to and from Bamako, Algieria and Niger

This can be replicated across Africa

11

502

546

215

234

43

47

0 200 400 600 800 1000

Zambia

Mozambique

NPK Blend Cost (US$/tonne)

Product Cost Transportation Distribution Cost

$281/t

$258/t

Solar evaporation ponds at Sua Pan brine project in Botswana 

• West Africa does not have a monopoly on high logistic costs, in spite of this Zambiaand Mozambique have been among the fastest growing and most productiveagriculture on the continent

• Potash supply has been serious problem for Zambian farmers

Botswana Potash

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

• 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. By comparison the brine from the Dead Sea are 6.2 g/L

• Brine (salaar / salt pan) potash projects usually have lower capital cost than underground projects

• Would function as additional circuit on existing plant, leveraging existing infrastructure

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Sua Pan Potash Brine Project

Brownfield Brine

• Proven Process– Existing Facility in Austria using

this process successfully on a similar brine with 7 years production history

• Potential Saleable Products– K2SO4 71,000 tpy– Na2SO4 252,000 tpy– NaCl 1,450,000 tpy

• All fruit crops, tobacco, high value vegetables and any foods certified as organic by the US FDA, require K2SO4 as potash source

• K2SO4 typically sells for 50% more than KCl (the most common form of potash)

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Botash Sua Pan soda ash production facility 

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WHO WE ARE

Stock Information

15Le Main de Fatima – Northern Mali

As of February 3, 2015

STOCK INFORMATION TSX‐V: GQ

SHARES OUTSTANDING 49,693,088

‐OPTIONS 4,355,000

‐WARRANTS 1,396,666

FULLY DILUTED 55,444,754

52‐WEEK LOW/HIGH $0.41/$1.97

3‐MONTH AVG. VOL. 23,990

MARKET CAP. $22.4M

Board of Directors

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John A. Clarke – Chairman Former CEO of Nevsun Resources and Executive Director of Ashanti Goldfields 

John A. Clarke – Chairman Former CEO of Nevsun Resources and Executive Director of Ashanti Goldfields 

Jed Richardson – CEO, Director Former Director at Verde Potash and Equity Research Analyst at CormarkSecurities, and RBC Capital Market.

Jed Richardson – CEO, Director Former Director at Verde Potash and Equity Research Analyst at CormarkSecurities, and RBC Capital Market.

Ehud Levy – Director Phosphate manufacturing industry consultant with a 30‐year career with Bateman Engineering and Rotem

Ehud Levy – Director Phosphate manufacturing industry consultant with a 30‐year career with Bateman Engineering and Rotem

Gordon Peeling – Director Former President of Mining Association of Canada (MAC) with 30 years of mining experience in the public and private sectors

Gordon Peeling – Director Former President of Mining Association of Canada (MAC) with 30 years of mining experience in the public and private sectors

David Shaw – DirectorWorked as Senior Mining Analyst at Yorkton Securities; initiated and developed Resource Research Group at Charlton Securities

David Shaw – DirectorWorked as Senior Mining Analyst at Yorkton Securities; initiated and developed Resource Research Group at Charlton Securities

Dogofry brownfield location for pilot plant

Senior Management

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Mohammed Bouhsane – COO Former Project Engineer in the Moroccan mining and metallurgy industries working for the ONA Group and OCP.

Mohammed Bouhsane – COO Former Project Engineer in the Moroccan mining and metallurgy industries working for the ONA Group and OCP.

Jay Hosanee – CFOStructured finance specialist LoitaGroup, SA & Mauritius. Former CFO at Mineral Hill and Golden Dawn Minerals

Jay Hosanee – CFOStructured finance specialist LoitaGroup, SA & Mauritius. Former CFO at Mineral Hill and Golden Dawn Minerals

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

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 – Chief Geo.Country Manager. Former Senior Exploration Geologist at Randgold Mali, Geological consultant for Nevsun and Administrative Manager, Iamgold Mali

Marie‐France Dikizeyeko – Chief Geo.Country Manager. Former Senior Exploration Geologist at Randgold Mali, Geological consultant for Nevsun and Administrative Manager, Iamgold Mali

CEO Jed Richardson discusses life in Gao with Toureg merchant

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APPENDIX

Tilemsi Phosphate

• The Phase I (pilot plant) project development includes pilot-scale mining, beneficiation, NPK blending and the granulation of 40,000 tons of phosphate rock per annum for twelve years. The pilot plant will be located in the agricultural area of Dogofry, 1,024 km south west of the Tilemsi mining property.

• The Phase II (full-scale) project development would proceed upon determination of the success of Phase I results over a complete year of full operation. The Phase II operations will be located in Bourem, 95 km from the Tilemsimining property. Initially 500,000t of phosphate product growing to 1Mt.

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Tilemsi PhosphateDeposit

Segou PilotPlant

Small Scale Production

Mine• 88% GQ• 10% Mali, 2% Local Partners

• Sales Price $40/t• Operating Cost $23/t

• Contract Mining• 42,600 tpy

Mine• 88% GQ• 10% Mali, 2% Local Partners

• Sales Price $40/t• Operating Cost $23/t

• Contract Mining• 42,600 tpy

Beneficiation• 67% GQ• 33% SADA• Sales Price• 35% P2O5 $450/t

• 27% P2O5 $330/t

• 35,000 tpy

Beneficiation• 67% GQ• 33% SADA• Sales Price• 35% P2O5 $450/t

• 27% P2O5 $330/t

• 35,000 tpy

Granulation• 67% GQ• 33% SADA• $45/t • Beneficiated phosphate (P) mixed with imported urea (N) and potash (K) 

• 60,000 tpy

Granulation• 67% GQ• 33% SADA• $45/t • Beneficiated phosphate (P) mixed with imported urea (N) and potash (K) 

• 60,000 tpy20

• Approximately $23M total capital investment could yield $11M EBITDA annually

Exploration Potential

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5 km

•Phases 1 + 2 completed•Oct 2013: GQ exploration program to resume

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

589 sq.km589 sq.km

417 sq.km417 sq.km 200 sq.km200 sq.km

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Great Quest Fertilizer LtdTSX‐V: GQ

Suite 303, 95 King Street East, Toronto, ON M5C 1G4+1 416 849 9203

info@greatquest.com

WWW.GREATQUEST.COM