0

Low-Cost, High-Grade Potash Project

February - March 2012 ASX: ELM, TSX: ELM

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Forward Looking Statements This management presentation contains ‘‘forward-looking information’’ within the meaning of applicable Canadian securities legislation. Wherever possible, words such as ‘‘plans’’, ‘‘expects’’, or ‘‘does not expect’’, ‘‘budget’’, ‘‘scheduled’’, ‘‘estimates’’, ‘‘forecasts’’, ‘‘anticipate’’ or ‘‘does not anticipate’’, ‘‘believe’’, ‘‘intend’’ and similar expressions or statements that certain actions, events or results ‘‘may’’, ‘‘could’’, ‘‘would’’, ‘‘might’’ or ‘‘will’’ be taken, occur or be achieved, have been used to identify forward-looking information.

Forward-looking statements in this management presentation may include, but are not limited to, statements regarding: future extraction, methodologies and the exploitation of mineral deposits; capital expenditure requirements; IRR and NPV of the Sintoukola Project; expected production capacity; certain mining assumptions; cost estimates; product market assumptions; market price assumptions; transportation and marketing costs; life of mine production parameters; arable land per capita projections; estimation of Mineral Resources; the Company spending the funds available to it as stated in this management presentation; expectations regarding the Company’s ability to subsequently raise capital; expenditures to be made by the Company to meet certain work commitments; work plans to be conducted by the Company; reclamation and rehabilitation obligation and liabilities; treatment under governmental regulatory regimes with respect to environmental matters; treatment under governmental taxation regimes; government regulation of mining operations; dependence on personnel; and competitive conditions.

Forward-looking statements are based on the reasonable assumptions, estimates, analysis and opinions of management made in light of its experience and its perception of trends, current conditions and expected developments, as well as other factors that management believes to be relevant and reasonable in the circumstances at the date that such statements are made, but which may prove to be incorrect. Management believes that the assumptions and expectations reflected in such forward-looking statements are reasonable. Assumptions have been made regarding, among other things: the Company executing its project development plans in accordance with its budgets and planning; feasibility and other studies supporting the Company’s development plans; the Company being able to obtain sufficient financing when required and on reasonable terms; the Company being able to convert existing Mineral Resources into Proven or Probable Mineral Reserves; the Company obtaining required licenses and approvals in a timely manner; applicable environmental and other laws and other regulations not being amended; key management continuing to serve in their respective roles with the Company; title to the Sintoukola Project not being challenged; and no adverse changes occurring to the price of potash that might adversely affect the prospects for developing and operating the Sintoukola Project or which might make it uneconomic to proceed with development.

Forward-looking statements involve significant risks and uncertainties, should not be read as guarantees of future performance or results, and will not necessarily be accurate indications of whether or not such results will be achieved. A number of factors could cause actual results to differ materially from the results discussed in the forward-looking statements, including risks related to: no history of mineral production; lack of revenue from operations; dependence on the Sintoukola Project; uncertainty of estimates of Mineral Resources; lack of Proven or Probable Mineral Reserves; projections being materially different than results; challenge of title to the Projects; failure to obtain approvals and licenses; adverse regulatory requirements; litigation; mining complexities; construction delays; potential for water ingress; potential for ground water access to Mineral Resources; adverse climate conditions; failure to secure suitable waste disposal permits; inadequate infrastructure; delays in gaining

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access to land; existence of cultural heritage on lands for which access is required; inability to recruit and retain key employees; unknown environmental risks; uninsurable risks; potential officer and director conflict of interest; inability to secure additional capital; global financial conditions; competition in the mining industry; cyclical demand for potash; weather patterns and natural disasters; volatility in potash prices; political and economic risks in the ROC; entitlement of the Congolese government to a stake in the Sintoukola Project; enforcement of contractual rights in the ROC; exchange rate fluctuations; repatriation of funds; failure to declare funds prior to bringing them into the ROC; opposition from non-governmental organizations; dilution of shareholder value; lack of dividends; volatility and lack of liquidity of Ordinary Shares; and negative market perception of the Company.

Although the forward-looking statements contained in this management presentation are based upon what management of the Company believes are reasonable assumptions, the Company cannot assure investors that actual results will be consistent with these forward-looking statements. These forward-looking statements are made as of the date of this management presentation and are expressly qualified in their entirety by this cautionary statement. Subject to applicable securities laws, the Company does not assume any obligation to update or revise them to reflect new events or circumstances.

This Presentation does not constitute or form part of any offer for sale or solicitation of any offer to buy or subscribe for any securities nor shall it or any part of it form the basis of or be relied on in connection with, or act as any inducement to enter into, any contract or commitment whatsoever. Recipients of this Presentation who are considering acquiring securities of the Company are reminded that any such purchase or subscription must not be made on the basis of the information contained in this Presentation but are referred to the entire body of publicly disclosed information regarding the Company. The information contained in this Presentation is derived solely from otherwise publicly available information concerning the Company and does not purport to be all-inclusive or to contain all the information that an investor may desire to have in evaluating whether or not to make an investment in the Company. The information is qualified entirely by reference to the Company’s publicly disclosed information. This Presentation is being supplied to you solely for your information and may not be reproduced, further distributed or published in whole or in part by any other person. Neither this Presentation nor any copy of it may be taken or transmitted into or distributed in Canada, the United States or any other jurisdiction which prohibits the same except in compliance with applicable securities laws. Any failure to comply with this restriction may constitute a violation of national securities law. No representation or warranty, express or implied, is made or given by or on behalf of the Company or any of their subsidiary undertakings or any of the directors, officers or employees of any such entities as to the accuracy, completeness or fairness of the information or opinions contained in this Presentation and no responsibility or liability is accepted by any person for such information or opinions. In furnishing this Presentation, the Company does not undertake or agree to any obligation to provide the attendees with access to any additional information or to update this Presentation or to correct any inaccuracies in, or omissions from, this Presentation that may become apparent. The information and opinions contained in this Presentation are provided as at the date of this Presentation. The contents of this Presentation are not to be construed as legal, financial or tax advice. Each prospective investor should contact his, her or its own legal adviser, independent financial adviser or tax adviser for legal, financial or tax advice.

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Elemental Minerals Overview

● Elemental Minerals is a potash development company with dual listings on the ASX and TSX

● The Company holds a 93% beneficial interest in the Sintoukola Potash Project located in the Republic of Congo (ROC)

● Announced maiden resource estimate and completed Initial Economic Report in Q2 2011, highlighting attractive project economics

● Pre-feasibility phase of the definitive feasibility study underway

Sintoukola Project

Start-up 2015

Production 1.8Mtpy

Life of Mine 20 years

NPV12% $990mm

IRR 27%

Source: Elemental Prospectus; NI 43-101 Technical Report, Sintoukola Potash Project, June 2011; available at www.sedar.com

● Potash project situated in the south west corner of the RoC with completed PEA and feasibility study underway

● Exploration license comprises 1,436.5km2 with the Kola deposit located in the north-eastern part of the project area

● Shallow mineralization on a largely continuous horizon that should allow for relatively straightforward potash extraction and recovery using conventional mining methods

Company Overview

Initial Economic Report:

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• Ticker symbol: ASX, TSX : ELM

• Issued shares: 243.61 million

• Unlisted Options: 12.6 million

• Market cap diluted: US$361mm*

• Cash ~ A$48.3 **

* AUD/USD as at February 21, 2012

** at end December 2011

Name Holding

Pala Groups Holding Ltd 12.51%

Management* ~12.5%

Genesis Investment 2.46%

J P Morgan 1.92%

Capital Structure

Major Shareholders

31.99%

19.40%

2.22%

30.23%

0.56% 3.22% 0.10%

12.28%

Top 100 shareholder distribution

Australia

UK

North America

Europe (ex UK)

Asia

Africa

Rest of World

Central America

• Australia:

• Foster Stockbroking - Haris Khaliqi

• Patersons Securities Limited - Matthew Trivett

• Canada:

• BMO Capital Markets - Joel Jackson

• Fraser Mackenzie - Peter Prattas

• Northern Securities - Fadi Benjamin

• UK:

• Renaissance Capital - Jim Taylor

Analyst coverage

*including options on FD basis

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Experienced Management Team and Board

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Board and Management Team

Iain Macpherson Chief Executive Officer

● Over 25 years of experience in senior management and executive roles in the mining sector

● Served as Chief Operating Officer of UraMin Inc and Managing Director of UraMin

John Sanders Executive Director

● Served as General Manager of Elemental Minerals since joining in 2009, Executive Director of Elemental Minerals since December 2010

● Previously Vice President Exploration for UraMin and Chief Executive Officer of Niger Uranium

Lawrence Davidson Chief Financial Officer

● Held senior financial management roles for the past 20 years

● Previously Managing Director of DF2 Consulting and management consultant to Barclays Bank

Werner Swanepoel Project Manager

● Over 20 years mining experience in senior management and consulting roles

● Formerly VP Technical Services AREVA Resources Southern Africa and Technical Manager at UraMin Inc

Ilja Graulich IR Manager

● Over 15 years experience in communication, investor relations roles and corporate development

● Formerly Head of Investor Relations at DRDGold and Companies and Markets Editor at Business Day newspaper

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Experienced Management Team and Board (Cont’d) Non Executive Directors

Sam Middlemas Non – Executive Chairman Independent (1)

25 years operating experience in senior management for ASX listed mining and exploration companies

CFO and Company Secretary of Rubicon Resources, Company Secretary of Danae Resources and Berkeley Resources

(John) Ian Stalker Non – Executive Director Independent (1)

Currently Chief Executive Officer of Brazilian Gold, Non-Executive Director of Berkeley Resources, Vatukoula Gold Mines, Polo Resources and Forum Uranium, and on the board of privately held UrAmerica and Taia Lion Resources

Previously CEO of UraMin Inc, Vice President at Gold Fields and Managing Director of Ashanti Goldfields

Jan Castro Non – Executive Director Independent (1)

Chief Executive Officer of Pala Investments AG

Director of Alacer Gold Corp, Capstone Mining Corp, Nevada Copper Corp, Churchill Mining PLC, Chairman of Sierra Rutile Ltd, director of Gemcom Software International Inc.

Congo Management Team

Gaby Makosso Chairman, Sintoukola Potash SA

Congolese business development professional

Adviser to the ROC Minister of Mines on the Congolese mining sector

Ken Wheeler General Manager, Sintoukola Potash SA

Experienced mine and exploration geologist with over 20 years African experience

Former Exploration Manager AngloGold Ashanti DRC

1. Independent Director for the purposes of NI 58-101

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Strong Potash Industry Fundamentals

0.0

0.2

0.4

0.6

0.8

1.0

1.2

1961

1965

1969

1973

1977

1981

1985

1989

1993

1997

2001

2005

Ara

ble

land

(Ha

per C

apita

)

Brazil China India U.S. World

2008

-

1

2

3

4

5

6

7

8

9

10

1950 1970 1990 2010 2030 2050

Popu

latio

n (b

n)

Brazil China India U.S. World● Sustained growth of potash consumption Average of 5.2% per year from 2002 - 2007 IFA forecasts 4.5% per year from 2010 - 2014

● Key demand drivers: world population growth, shrinking arable land per capita, changes in global diets and growth in alternative fuels

● Potential for majors (BHP, Vale, Rio, etc) to build a presence via greenfields development or M & A

● Elemental only advanced low cost, high grade sylvinite project to match Tier 1 projects in North America

● Brazil, the world’s second largest potash importer, is forecast to more than double its potash imports from 2010 to 2025

● Capacity expansions expected to service forecast demand

Source: FAO

Population Growth

Arable Land Decline

0%

20%

40%

60%

80%

100%

0

20

40

60

80

100

2000

2002

2004

2006

2008

2010

2012

2014

2016

2018

2020

2022

2024

KCl (

Mt)

Nameplate Capacity Demand % of Nameplate CapacityCurrent Capacity

Demand as %

of Nam

plate

Source: CRU

Robust Potash Demand Fundamentals

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Proximity to Growing Brazilian Key End-Market ● The Company is very well positioned to export its product to Brazil, the world’s second largest importer of potash Brazilian potash imports are expected to more than double, from 6.0Mt in 2010 to 12.2Mt in 2025 Consumption driven by production of cash crops (bananas, sugar cane and cocoa) with high potassium

requirements, biodiesel demand, forecast continuing economic growth and capacity to add arable land

● Product will be priced at a premium due to quality and favourable ocean freight costs to Brazil

Vancouver Portland

Brazil

NW Europe

China Middle East USA

Pacific NW St. Petersburg Ventspils Klaipedia Hamburg

Ashdod Eilat Aqaba

Pointe Noire Africa

Distance (Vancouver – Santos) 8,491 nautical miles

Distance (St. Petersburg – Santos)

6,447 nautical miles

Distance (Ashdod – Santos)

6,411 nautical miles

New Brunswick

Distance (Pointe Noire – Santos)

3,560 nautical miles

India

Source: CRU, SeaRates

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Republic of Congo

● The Republic of Congo (ROC) has an elected government with rule of law based on the French system and mining law to World Bank standards

● Elections in March 2002 and July 2009 were won by Denis Sassou Nguesso, who has presided since 1997; elections slated for 2016

● The legal framework for the development and use of mineral resources in the ROC was established by the constitution of the ROC The Mining Code was enacted in 2005 to promote development of

mineral projects by the private sector with the principal role of the state to promote and regulate the development of the mining industry

Democracy with Established Mining Code

Investment Friendly Jurisdiction ● The ROC’s economy has long been dominated by off-shore oil

production Major oil firms include Total E&P, Eni S.p.A and Chevron

Corporation, which have carried out exploration and commercial production for over 30 years

● ROC is actively encouraging international investment in mining Mining major Xstrata has a joint venture with AIM-listed Zanaga to

develop the Zanaga Iron Ore Project – Xstrata’s first major foray into iron ore - with estimated capital expenditure of US$5.8bn

Exxaro bids US$350m for African Iron

Source: Elemental Prospectus; available at www.sedar.com

Republic of Congo

Africa

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Strategic Location with Established Infrastructure ● Potential for low in-country transportation costs given close

proximity to the coast and operational deep water port at Pointe Noire Project located 30km from coast Pointe Noire 90km from Sintoukola site, with an existing

bitumen road to 9km of the southern boundary of the license area

Pointe Noire is a deep water port with high volume freight capability and established service industries

● Preliminary studies indicate the Project will have relatively inexpensive access to water, power and gas Egis reports a current power surplus of 141MW (vs. Sintoukola

estimate requirement of 30MW)

● Strong relationship with the government and local partner will help support future product development

● The Company is expected to enjoy a relatively favourable royalty and tax regime

● Strong support from local communities and regional government

● Good relationship with active NGOs

Source: NI 43-101 Technical Report, Sintoukola Potash Project, June 2011; Elemental Prospectus; all available at www.sedar.com

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Seam Name Resource Classification Tonnes (Mt) K2O

(%) KCl (%)

Avg. thickness (m)

Density (t/cm3)

Upper Seam – High Grade Indicated 151 25.08 39.72 3.27 2.01

Upper Seam – High Grade Inferred 186 25.24 39.97 3.27 2.01

Seam Name Resource Classification

Tonnes (Mt)

K2O (%)

KCl (%)

Avg. thickness (m)

Density (t/cm3)

Upper Seam Indicated 229 21.33 33.78 4.94 2.01

Upper Seam Inferred 289 21.41 33.92 5.08 2.01

Lower Seam Indicated 133 16.51 25.81 5.60 1.85

Lower Seam Inferred 153 16.10 25.51 5.60 1.85

Upper + Lower Seam Indicated 362 19.48 30.83 5.18 1.95

Upper + Lower Seam Inferred 442 19.57 30.98 5.22 1.95

Large, High Grade Mineral Resource

Source: NI 43-101 Technical Report, Sintoukola Potash Project, June 2011; available at www.sedar.com 1. Technical Economic Model in NI 43-101 Technical Report, June 2011 based only on the high grade portion of the upper seam

Mineral Resource estimate at 15% K2O cut-off grade

Includes High Grade Mineral Resource estimate at 20% K2O cut-off grade(1)

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Conventional Mining with Shallow Mineralization

Source: NI 43-101 Technical Report, Sintoukola Potash Project, June 2011; available at www.sedar.com

Kola Sylvinite Twin Hole Drilling

● High grade mineralization located 264m below surface vs. global peers at approximately 1,000m below surface ● Largely continuous and relatively flat mineralized horizon allows for conventional mining

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Potential for Exploration Expansion

Atlantic Ocean

Existing Drill Holes Congolese Basin

Target Areas

Roads / Tracks

Kola Deposit

Dougou Target

Kandi Target

Elemental Minerals Sintoukola Permit

● Deposit covers 28km2 of the 1,436km2 permit area ● Kola Phase 1 drilling, 6 holes for 6,577m, 35 line km seismic ● Existing resource: Indicated: 362Mt @ 19.48% K2O Inferred: 442Mt @ 19.57% K2O

● Phase 2 drilling: 41 holes for 6,500m, 164 line km seismic ● Phase 2 exploration target: 0.32Bt to 1.08Bt of potash

mineralization grading between 19 and 21% K2O

Kola Deposit

Source: NI 43-101 Technical Report, Sintoukola Potash Project, June 2011; available at www.sedar.com

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New Regional and Step Out Targets

● Kola High Priority 1 target: 120 km2 (400% of existing Kola resource)

● Dougou Rise Priority 1 target: 75 km2 (15 km from Tchiboula jetty site)

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Revised Base Case for PFS

Benefits achieved

● Dedicated ship loading facility away from Pointe Noire which is likely to become increasingly congested over the coming years.

● Locating the plant at the coast adjacent to the ship loader simplifies operational and logistics processes including: water supply brine disposal final product handling and stockpiling facilities Power and gas supply

● The location is better suited to accommodate potential future developments from other exploration target areas within the Sintoukola license

● Employee facilities located adjacent to the plant area

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Revised Base Case for PFS

Benefits achieved (Cont’d)

● A material transport distance of 36km from the mine to the ship loading facility.

● Dedicated haul road allows for larger volume road trains – 100 ton plus.

● Utilization of a dedicated haul road offers lower health, safety, environmental and operational risk

● Reduced environmental footprint

● Draws influx away from Conkouati National Park

● Dedicated haul road provides a barrier to the park, preventing illegal logging and poaching

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Attractive Economics and Competitive Project Profile

Description Unit 1.8Mtpy UG Mine

Start-up Year 2015

Full Production Year 2017

Life of Mine Year 20

Steady-State Average K2O in Product Ktpa 1,244

LoM Avg. run of mine K2O Grade % 23.8%

Mining Recovery % 31%

Process Recovery % 88%

Development Capital Expenditure US$mm $1,674(1)

Development Capital Expenditure per tonne of annual capacity US$/tonne $930

FoB Pointe Noire Operating Costs per tonne KCl US$/tonne $99(2)

Source: NI 43-101 Technical Report, Sintoukola Potash Project, June 2011; available at www.sedar.com 1. Excludes LoM sustaining capital expenditure 2. Excludes royalties and export duties

1.8Mtpy Project Summary

Description Unit 1.8Mtpy UG Mine

IRR % 27%

NPV12% US$mm $990

LoM Weighted Avg. Potash Price US$/tonne $481

Discount Rate % 12%

1.8Mtpy Project Economics

● CapEx per tonne compares favourably to the Company’s global peers

● The Sintoukola Project’s cash cost is expected to rank in the lowest quartile amongst producers

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Attractive CapEx for New Conventional Potash Mine

$736 $796$923 $930 $932 $970 $1,030 $1,035 $1,090 $1,113

$1,182

$1,505So

uth

Boul

der

(Col

luli

Pota

sh)

Alla

na P

otas

h (D

anak

il Po

tash

)

IC P

otas

h (O

choa

)

Elem

enta

l Min

eral

s (S

into

ukol

a Po

tash

)

Karn

alyt

e R

esou

rces

(Wyn

yard

)

Enca

nto

Pot

ash

(Mus

kow

ekw

an P

rope

rty)

BHP

Billit

on (B

urr)

K+S

/ P

otas

h O

ne (L

egac

y)

Verd

e P

otas

h (C

erra

do V

erde

)

Mag

Indu

strie

s (M

engo

)

Wes

tern

Pot

ash

(Mile

ston

e)

BHP

Billit

on (J

anse

n)

Mining MethodologyConventional

Solution

US$

/tonn

e of

KC

l Cap

acity

Capacity(Mtpy) 1.00 1.00 0.76 1.80 2.13 2.50 2.00 2.70 0.60

Open Pit

1.20 2.80 8.00

Source: Company Reports, NI 43-101 Technical Report, Sintoukola Potash Project, June 2011; available at www.sedar.com

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● Announced 362Mt Indicated and 442Mt Inferred Potash Resources Q2 2011

● Engaged SRK to lead Definitive Feasibility Study with other partners

● Completed Initial Economic Assessment and Tech Report Q2, 2011

● TOS reconfiguration of base case completed September 2011

● High res seismic survey field programme completed October 2011

● Initial met test-work completed September 2011

● Acquisition of regional oil industry exploration data October 2011

Key Project Milestones and Timeline to Production

2011

Phase 2 Mineral Resource

Estimation

Phase 1 Construction

Production Ramp-up

PFS-level Technical Report

Definitive Feasibility Study Full Production

2012 2013 2014 2015 2016 2017 Q1 Q2 Q3 Q1 Q2 Q3 Q1 Q2 Q3 Q1 Q2 Q3 Q1 Q2 Q3 Q1 Q2 Q3

Source: Elemental Prospectus; available at www.sedar.com

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Investment Highlights

Strong Potash Industry Economic Fundamentals

Well positioned to benefit from favourable potash demand / supply and pricing fundamentals

Shallow, Large, High-Grade Mineral Resource with Potential for Exploration Upside

Continuous sylvinite horizon supports mechanised conventional production with low cash costs

Strategic Location with Established Infrastructure in Investor-Friendly Country

Close proximity to coast, convenient and inexpensive access to water, electricity and natural gas

Attractive Economics and Competitive Project Costs Compared to Global Peers

Potential for improvement in economics as pre-feasibility and feasibility studies are completed

Favourable Proximity to Growing Brazilian Key End-Market

Premium pricing due to product grade and favourable ocean freight costs to key end-market

Management and Board has Experience in Building Quality African Projects

Recognized African knowledge with solid reputation for meeting project timelines and budgets

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Potash Developer Trading Comparables

Source: Company Reports, Bloomberg Note: Priced as of February 21, 2012 1. Based on fully diluted ITM shares 2. Recoverable resource numbers are net of KCl grade 3. K2SO4 resources

(US$mm) (Mt) (Mt) (Mt) (Mt) (% K2O) (US$/tonne)

Verde Potash NPK.TSX $223 -- 11 390 402 8.9% $0.56 Open Pi t Feas ibi l i ty Verde Thermo Potash Project

(Brazi l )

Western Potash WPX.TSX $208 -- 249 708 957 15.8% $0.22 Solution Feas ibi l i ty Mi lestone Project

(Saskatchewan, Canada)

Karnalyte Resources KRN.TSX $170 155 -- 66 221 9.0% $0.77 Solution Pre-ConstructionWynyard

(Saskatchewan, Canada)

South Boulder STB.ASX $127 -- 83 22 105 11.6% $1.21 Open Pi t Feas ibi l i ty Col lul i

(Eri trea)

Encanto Potash EPO.TSX $123 -- 79 61 140 18.6% $0.88 Solution ScopingSpar Project

(Saskatchewan, Canada)

MagIndustries MAA.TSX $114 33 -- 209 242 10.5% $0.47 Solution Pre-ConstructionMengo Project

(ROC)

IC Potash ICP.TSX $96 65 -- 56 121 22.9% $0.79 Underground Feas ibi l i ty Ochoa Project

(New Mexico, USA)

Al lana Potash AAA.TSX $95 -- 126 119 244 11.8% $0.39 Solution Pre-Feas ibi l i tyDal lol Potash Project

(Ethiopia)

EPM Mining Ventures EPK.TSX $84 -- -- 7 7 -- nmfSolar Evaporation

ResourceSevier Lake Project

(Utah, USA)

Ethiopian Potash FED.TSX $40 -- -- 27 27 13.2% $1.51Open Pi t / Solution

ResourceDanaki l Depress ion Project

(Ethiopia)

Elemental Minerals ELM.TSX / ASX $299 -- 112 137 249 19.6% $1.20 Underground Pre-Feasibility Sintoukola (ROC)

Average Grade

EV/Total Resource CodeCompany

TotalResource

Resource Inferred

Resource M&I

P&P Reserve

Enterprise Value Mining

TechnologyPrincipal LocationDevelopment

Stage1 12

3

3

222

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Appendix - Summary Cost Estimates

Description Unit Costs

Mine Development & Equipment (US$mm) $455

Processing Plant (US$mm) $374

Indirect Costs (US$mm) $134

EPCM (US$mm) $63

Product Storage and Load-out (US$mm) $61

DFS Costs (US$mm) $61

Other(1) (US$mm) $191

Contingency (US$mm) $335

Total Development CapEx (US$mm) $1,674

Description Unit Costs

FoB Mine Site (US$/tonne) $80.77

Transportation and Marketing (US$/tonne) $18.71

Total FoB Pointe Noire (US$/tonne) $99.47

Royalties (US$/tonne) $14.44

Export Duties (US$/tonne) $9.63

Source: NI 43-101 Technical Report, Sintoukola Potash Project, June 2011 available at www.sedar.com 1. Includes: site buildings, water treatment, site preparation, power distribution, surface mobile equipment, TSF, off-site infrastructure, village & camp, owner’s costs, closure costs

1.8Mtpy Underground Mine Capital Expenditure Summary

1.8Mtpy Underground Mine Operating Expenditure Summary

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Low-Cost, High-Grade Potash Project