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PPL

DisclaimerExcept for historical information, this presentation contains forward-looking statements, which reflect the Company's current expectation regarding future events.

These forward-looking statements involve risks and uncertainties, which may cause actual results to differ materially from those statements.

Those risks and uncertainties include, but are not limited to, changing market conditions, and other risks detailed from time-to-time in the Company's ongoing filings.

We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

In light of these risks, uncertainties and assumptions, the forward-looking events in this presentation might not occur.

MagMinerals – Company Presentation Sep 2008 2

Primefield Potash

Hydroelectric Developments (Zungeru)

Forest Products(Eucalyptus)

(FROC)

Primefield Potash Project(PFP)

100% 100%62% Pre-IPO

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FEDERAL REPUBLIC OF NIGERIA – ATTRACTIVE FOR INVESTMENT

Federal Republic of Nigeria

Location of Prime field Potash project

Single party dominance, stable country

Population: over 170 Million people

Major multinationals (TOTAL, Chevron-Texaco, ENI) operating uninterrupted for ~30 years

PPL Experience in the Federal republic of Nigeria

22-year operating history in the FRON (licensed in 2011)

Senior management with deep roots in the country/continent

Junior non-government employer through PPL Forestry

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Potash Market Dynamics Global potash consumption to

grow 14 MM tonnes/yr by 2020

Higher crop demand from population growth and biofuels

Global grain restocking and potash catch-up are drivers

India/China have official policies to increase potash use

Most new capacity controlled by major producers (2011+)

PRIMEFIELD POTASH NIGERIA has one of the only investable near-term production plays outside of the majors

Potash Price Forecast(Brazil CFR)

0

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600

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1600

2004

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2018

Bra

zil

cfr

($ /

to

nn

e)

Source: Resouce Investing News

Current: US$600 – US$1,000 per tonne

(June. 2008)

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Key Potash Market:

Nigeria consumption is over 1.5mm tons / yr

Brazil 3rd largest importer of potash 4.4mm tons/yr

Strong potash demand globally /limited supply

1Source: Fertecon

+2.62.6 MM

Tonnes/yr

(+59%59%) vs. 2008

+2.62.6 MM

Tonnes/yr

(+59%59%) vs. 2008

0

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2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020

000's

Tonnes

K20

Imports

Domestic Supply

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Shortest shipping distance to Africa Countries, Brazilian, and Asia

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FOB Pointe-Noire Build-up for Brazil sales

$66 Net Realized Price Advantage vs. Cana.

Notes: Freight and related costs include shipping, storage, stevedoring, insurance, LC charges, technical losses and inspection costs. Freight and related costs based on management estimates.

Free on Rail - Saskatchewan $780

FOB Vancouver Price $820

Free on Rail – Primefield Potash Facility ~$846

Freight and related costs – PN to Brazil ($54)

CFR Brazil pricing $900

Rail and Handling to Vancouver ($40)

Freight and Related Costs – VCR to Brazil ($80)

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Primefield Potash in Context

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Primefield Potash Plant DesignProven technology from leading equipment

manufacturer (HPD)Same process as Dead Sea Works facility

(Israeli Chemicals) Current process in commercial operation since early 1980’s

Scale Scale Model:Model:

Phase I in Phase I in BlueBlue

Phase II in Phase II in WhiteWhite

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PPL Potash Assets Video

600,000 tpy potash plant

Feasibility study Feb/16

Debt financing Sep/16 Construction start

Oct/16 US$60+MM development costs spent to date

Construction US$723MM

Includes Phase II infrastructure

Mid 2018

Description

Status/Targeted

Timing

Construction Cost Estimate

Production Start-up

Phase Phase I

Target debt-to-equity of 70:30

Project Financing

600,000 tpy expansion

NI 43-101 updated in August 2015

Final feasibility H1 2016

Technical feasibility update (June 2015) indicates US$423 MM

Late 2019 – Early 2020

Phase II

Target debt-to-equity of 70:30

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Blue Chip Project Team Feasibility study One of the leading groups of engineering and

construction companies in the world

Active in 100 countries worldwide

Potash marketing / off-take

International grain and fertilizer trader with 1,100+ employees

Leading position in Brazilian market

Sells 10 million tons of fertilizer, 3 million tons of grain and sizeable petrochemical and metal volumes annually

Crystallization equipment

Global leader in evaporation and crystallization technology

Over 650 installations in 30+ countries

Veolia Environnement subsidiary, world’s largest environmental company

Financial project advisor

Nº6 in the banking industry (‘Global 2000 Forbes’ 2007)

Operates in over 85 countries and has 162,700 employees

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Blue Chip Project TeamE+PC

Engineering Procurement Contracting Management

E+PC is part of the publicly-listed AVENG group located in Johannesburg, South Africa

AVENG is the largest EPCM contractor in S.A. with over 30,000 employees and extensive project experience in Africa

Construction Management

A leading construction, engineering, procurement and development company

140,000+ employees; emphasis on the Middle East and Africa

ERCOSPLAN Solution Mining

Experts Long-term support contract with access to experts for

reserve evaluation, solution mining technology and operations

NORBERT GRÜSCHOW

Solution Mining Expert

MagMinerals Advisory Board

Chief technology advisor, solution mining, preproduction and commercialization

Mentor and trainer of junior resources

Manage cavern development R&D plan

3 year commitment

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Discovery historically (1958-1990) 11

Production conventional (2006-2015) 12

Proven and Probable Reserve Life (@ 600k tpy) 120 years

43-101 Inferred Reserves (KCl) xxxx MMt

Proven & Probable Reserves (KCl) xxx MMt

Mineral Exploration Area = 1,472 km2

Exploitation Permit = 215km2

Resource Report

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Low Cost Operation• Transportation cost advantages

– Only 680km to 10 acre port site– Shortest sailing distance to Africa countries, to Brazil and

others

• Low cost energy access– 25-year power supply agreement in documentation stage– Allows low cost, short construction time solution mining

application

• Positive labour conditions– Available low cost local labour– Strong reputation through PrimefieldForestry

Potential for best economics in the industry

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• Exploration license secured

Accomplishing Milestones - 2015Exploration License Secured

$101MM Financing on

Ecpected CEO Joins Team

Off-take Agreement

Strategic Investors Fund $105MMEnergy Supply

Update of Reserve Estimate

Construction Progress

Finalize Potash Investment AgmtListing of Shares on TSX

• $101 million for Primefield JV Minerals ($4.00 per share)

• 5% dilution penalty if public-listing not met by Oct. 3, 2015

• Broad institutional participation

• Construction deposit, site prep, and $25MM loan repayment

April 2014

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• CEO joins the team

• With International experience

• Participated or led in build-out of large industrial projects in various countries

• Holds 3 masters degrees (science, engineering, business), speaks 5 languages and has lived in 4 countries

Accomplishing Milestones - 2015Exploration License Secured

$101MM Financing Completed CEO Joins Team

Off-take Agreement

Strategic Investors Fund $105MM

Oct 1, 2015

Energy Supply

Update of Reserve Estimate

Construction Progress

Finalize Potash Investment AgmtListing of Shares on TSX

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• Z Co.awarded exclusive 12-year potash marketing agreement

Governs the sale of 1.2MM tpy of potash (both Phases)

• Z Co. announces a $70MM strategic investment ($5.00/sh)

• Announced $35MM strategic investment by the president of a top FRON construction firm ($12 MM cash + $23MM paid-in-kind)

• Both strategic expected to contribute to success of project

Accomplishing Milestones - 2015Exploration License Secured

$101MM Financing Completed CEO Joins Team

Off-take Agreement

Strategic Investors Fund $105MM

Nov 27, 2015

Power/Energy Supply

Update of Reserve Estimate

Construction Progress

Finalize Potash Investment AgmtListing of Shares on TSX

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• Official minutes outlining power/energy supply understanding between FRON government, x Co and PPL

• Formal supply agreement with X Co in drafting

• Pipeline construction started

Accomplishing Milestones - 2015Exploration License Secured

$101MM Financing CompletedCEO Joins Team

Z Co Off-take Agreement

Strategic Investors Fund $105MMPower/Energy Supply

Dec 2015

Update of Reserve Estimate

Construction Progress

Finalize Potash Investment AgmtListing of Shares on TSX

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Accomplishing Milestones - 2015Exploration License Secured

$101MM Financing CompletedCEO Joins Team

Z Co Off-take Agreement

Strategic Investors Fund $105MMNatural Gas / Power Supply

• Ercosplan provided update of 43-101 reserve report (released Jan 2016)

Update of NI43-101 Reserve Estimate

• Site earthworks preparation started• Long lead time items contracted• All major purchasing packages being

prepared

Construction Progress

• Gas, rail and port agreements complete

• Water & construction permits• ESIA agreement

Potash Investment Agreement

• Filed preliminary prospectus in Canada on Jan, 2016

Listing of Shares

Update of Reserve Estimate

Construction Progress

Finalize Potash Investment AgmtListing of Shares on TSX

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NPV Sensitivity to PricingCurrent NPV Assumptions*

Discount Rate: 12.0%

Terminal Value: 7.5x EBITDA

Terminal Year: 2035

NPV per Share $31.85

Sensitivity to Potash Pricing*

Pricing assumptions:Resource News $0

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$1,200

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$1,600

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*Assumes $82 MM Phase I equity offering at $5.00/share and $160 MM Phase II offering at $12.00/share.

Brazil Potash Price (Cost & Freight )(US$ / Tonne)

$600 $800 $1,000 $1,200 $1,400 $1,600

NPV per Share $10.93 $17.45 $23.96 $30.48 $36.99 $43.51

CFPS $2.40 $3.57 $4.73 $5.90 $7.06 $8.23

Primefield Potash Ownership

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PPL JV Industries 96,000,000 62.0%

Z Marketing Co 14,000,000 9.3%

Q Construction Co. 7,000,000 4.6%

Other Investors 25,000,000 16.7%

Employee Options 10,500,000 7.0%

Total 152,750,000 100.0%

Pre IPO Shares %

Investment Highlights Pure play exposure to attractive potash sector

Exclusive rights to large potash carnallite deposit

Strategic location relative to high demand potash end-markets

Proximity to high-capacity port with existing rail capabilities

Significant input and operating cost advantages

Blue chip project team of engineers, contractors, equipment providers and financiers

Construction to begin in H2 2015

Senior management with deep roots in the country/continent

Compelling valuation with well-defined growth potential

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