#1or personal use only agrimin Investor Presentation December 2016 LISILO ON X XEX STOCK ASX | AMN#2Important Notices and Disclaimers agrimin Nature of Document This presentation has been prepared as a summary only, and does not contain all information about Agrimin Limited's ("Agrimin" or "the Company") assets and liabilities, financial position and performance, profits and losses, prospects, and the rights and liabilities attaching to Agrimin's securities. This presentation includes information extracted from the Company's ASX Release entitled Positive Scoping Study for the Mackay SOP Project released on 23 August 2016. The Company's ASX Releases are available at www.asx.com.au. The securities issued by Agrimin are considered speculative and there is no guarantee that they will make a return on the capital invested, that dividends will be paid on the shares or that there will be an increase in the value of the shares in the future. Agrimin does not purport to give financial or investment advice. No account has been taken of the objectives, financial situation or needs of any recipient of this presentation. Recipients of this presentation should carefully consider whether the securities issued by Agrimin are an appropriate investment for them in light of their personal circumstances, including their financial and taxation position. Forward-Looking Statements This presentation may contain certain forward-looking statements which may not have been based solely on historical facts, but rather may be based on the Company's current expectations about future events and results. Where the Company expresses or implies an expectation or belief as to future events or results, such expectation or belief is expressed in good faith and believed to have a reasonable basis. However, forward-looking statements are subject to risks, uncertainties, assumptions and other factors, which could cause actual results to differ materially from future results expressed, projected or implied by such forward-looking statements. Forward-looking information includes exchange rates; the proposed production plan; projected brine concentrations and recovery rates; uncertainties and risks regarding the estimated capital and operating costs; uncertainties and risks regarding the development timeline, including the need to obtain the necessary approvals. For a more detailed discussion of such risks and other factors, see the Company's Annual Reports, as well as the Company's other ASX Releases. Readers of this presentation should not place undue reliance on forward-looking information. No representation or warranty, express or implied, is made by the Company that the matters stated in this presentation will be achieved or prove to be correct. Recipients of this presentation must make their own investigations and inquiries regarding all assumptions, risks, uncertainties and contingencies which may affect the future operations of the Company or the Company's securities. The Company does not undertake any obligation to update or revise any forward-looking statements as a result of new information, estimates or opinions, future events or results, except as may be required under applicable securities laws. Investor Presentation | December 2016 2#3Important Notices and Disclaimers agrimin Scoping Study Parameters - Cautionary Statement The Scoping Study results, production target and forecast financial information referred to in this Presentation are based on low accuracy level technical and economic assessments that are insufficient to support estimation of Ore Reserves or to provide assurance of an economic development case at this stage. Of the Mineral Resources scheduled for extraction in the Scoping Study's production plan, approximately 95% are Indicated Mineral Resources and 5% are Inferred Mineral Resources. There is a low level of geological confidence associated with Inferred Mineral Resources and there is no certainty that further exploration work will result in the determination of Indicated Mineral Resources or the eventual conversion to Ore Reserves or that the production target itself will be realised. S The consideration of all JORC modifying factors is sufficiently progressed. Hydrogeological studies and process studies support material operating assumptions. Engineering studies support capital and operating cost estimates and are based on standard extraction and processing techniques. Discussions with third party infrastructure providers are underway. Environmental baseline studies and Native Title negotiations are progressing and no social, environmental, legal or regulatory impediments to development have been identified. The Company has concluded it has a reasonable basis for providing the forward-looking statements included in this Presentation and believes it has a reasonable basis to expect it will be able to fund the development of the Project upon successful delivery of key development milestones. The detailed reasons for these conclusions, and material assumptions on which the forecast financial information is based, are disclosed in the Company's ASX Release entitled Positive Scoping Study for the Mackay SOP Project released on 23 August 2016. Additionally, the assumptions for the Mineral Resources are disclosed in the Company's ASX Release entitled Mackay Project Resource Update and Path to Production released on 15 December 2015. JORC Code (2012) Compliance Statement The information in this presentation that relates to Mackay SOP Project is extracted from the ASX Release entitled Positive Scoping Study for the Mackay SOP Project released on 23 August 2016. The information in this presentation that relates to exploration results and Mineral Resources is extracted from the ASX Release entitled Mackay Project Resource Update and Path to Production released on 15 December 2015. The Company's ASX Releases are available at www.asx.com.au. The Company confirms that it is not aware of any new information or data that materially affects the information included in the abovementioned ASX Releases, and that all material assumptions and technical parameters underpinning the estimates in the abovementioned ASX Releases continue to apply and have not materially changed. The company confirms that the form and context in which the Competent Person's findings that are presented have not been materially modified from the abovementioned ASX Releases. Investor Presentation | December 2016 3#4Agrimin Highlights For personal use only Leveraged to increasing global food demand and the challenge of achieving food security SOP (sulphate of potash) is a specialty fertilizer with a robust market outlook and limited options for global supply growth 100% ownership of the Mackay SOP Project, the world's largest undeveloped salt lake SOP deposit and comparable to major SOP producing salt lakes Western Australia is an emerging SOP province and Agrimin is leading the way towards establishing this new industry in Australia ✓ ✓ Scoping Study delivered strong project fundamentals and provides a platform to advance discussions with off-takers and strategic partners Investor Presentation | December 2016 agrimin 4#5Corporate Snapshot Capital Structure (30 Nov 2016) Board of Directors agrimin Share price Ordinary shares Options Fully diluted market cap $0.60 123.9m 1.0m $74.9m Cash at bank $2.0m $0.0m Debt Shareholder Spread institutional ʼn žeuošjšdžić Management Share Price Chart (ASX: AMN) $1.00 $0.80 $0.60 $0.40 $0.20 $0.00 Brad Sampson, Non-Executive Chairperson - Mining Engineer with 30 years of management and board experience in the international resources industry. Has led the financing and development of a major greenfields resource project. Mark Savich, Chief Executive Officer - Financial analyst (CFA) with 12 years of experience in the resources industry based in Western Australia. Significant experience in the commercial evaluation and development of resource projects, from exploration through to full-scale production. Alec Pismiris, Non-Executive Director & Company Secretary – Finance professional with over 25 years experience in the resource industry and has participated numerous times in the acquisition and financing of resource ventures. Has served as a director and company secretary for many ASX listed companies. Retail Key Personnel Nov 15 Feb 16 May 16 Aug 16 Nov 16 Tom Lyons, General Manager - Geologist with broad experience in a range of commodities including industrial minerals, metals and bulks. Significant experience working throughout a number of diverse jurisdictions, including throughout Western Australia. Laurie Mann, Study Manager - Process Engineer with over 40 years of experience in project development, execution and operation. This includes registered manager for the Shark Bay Solar Salt Operation and most recently as project manager responsible for the feasibility study and commissioning of the Deflector Gold Mine in Western Australia. Murray Brooker, Consulting Hydrogeologist - Hydrogeologist with significant experience in hydrogeological assessments of salt lake lithium and potash projects in Argentina and Chile. Extensively involved with the development of Orocobre's Olaroz Project in Argentina. Don Larmour, Consulting Process Engineer - Chemical Engineer based in Saskatchewan with over 35 years of in-depth potash experience. Has expertise in potash processing, from crushing and desliming to flotation crystallization, drying, compaction, pan granulation, product storage, loading and shipping. His experience ranges from operations to design and engineering. Investor Presentation | December 2016 5#6For personal use only 1000 Mackay SOP Project Western Australia#7Project Overview For personal use only Mineral Resources of 23.2 million tonnes of SOP (drainable) Extensive tenement package covering 2,784km² 100% owned and located in low-risk Western Australia Supportive local community and Native Title Land Access Agreement in place Excellent net evaporation rate of approx. 3,400mm per year Transport infrastructure is in place and fit for haulage Note: Mineral Resources comprise Indicated Mineral Resources of 4.3 million tonnes and Inferred Mineral Resources of 18.9 million tonnes Investor Presentation | December 2016 MACKAY PROJECT WESTERN AUSTRALIA NORTHERN TERRITORY The Granites Location Map Tanami A MACKAY PROJECT agrimin Kilometres 100 Yuendumu Papunya Kiwirrkurra Gary Junction Road Kintore ALICE SPRINGS Road from Alice Springs to Kiwirrkurra agrimin Tenement Outline Railway Major road Access Track Gas Pipeline 7#8Project Highlights A world-class salt lake asset with internationally significant scale and compelling financial metrics 425,000mE 450,000mE Scoping Study indicates production of 370,000tpa of SOP over a 20 year life, with potential to increase both operational capacity and life MACKAY PROJECT For personal use only Development cost is estimated to have an industry low capital intensity Operating cost is estimated to be in the bottom quartile of the industry mine gate cost curve Path to production is understood and Pre-Feasibility Study is underway Investor Presentation | December 2016 25 kilometres MGA Zone 51 (GDA94) Project Map 475,000mE MACKAY PROJECT agrimin Evaporation Ponds Pond Feed Channel Stockpiles Process Plant WESTERN AUSTRALIA NORTHERN TERRITORY 500,000mE agrimin 7,550,000mN 7,525,000mN 7,500,000mN 7,475,000mN 8#9Path to Production Scoping Study Indicative Development Timeline and Historical Share Price Activity Project Acquisition Desktop Study JORC Mineral Resources Native Title Land Access Agreement JORC Mineral Resources Update Environmental Approvals Scoping Study Native Title Mining Agreement CORC Mineral Resources Update Pre-Feasibility Study Pilot Trials Definitive Feasibility Study Approvals & Financing Pond & Trench Construction Pond Fill & Start of Evaporation Plant Construction SOP Production Investor Presentation | December 2016 agrimin Share 2014 2015 2016 2017 2018 2019 2020 Price Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 $2.55 $2.40 $2.25 $2.10 $1.95 $1.80 $1.65 $1.50 $1.35 $1.20 $1.05 $0.90 $0.75 $0.60 $0.45 $0.30 $0.15 9#10An Industry Leader in Australia Large and near-surface SOP Mineral Resources defined (drainable) Trial trenches and pump testing supports large-scale brine extraction Geotechnical testwork indicates excellent conditions for un-lined ponds Evaporation trial confirms suitable brine chemistry for targeted Potassium salts Process testwork demonstrates the production of high quality SOP (>52% K₂O) Scoping Study delivers low capital and operating cost estimates Infill core drilling completed for personal use only Investor Presentation | December 2016 agrimin Tenements Mineral Resources (2015) Core Hole (2016) ◆ Aircore Hole (2015) Auger Hole (2015) Trench (2015) - Road Drill Hole Locations agrimin NORTH 10 Kilometres GOOLD 1 1 WA 1 NT agrimin Agrimin Ltd Mackay Project Sulphate of Potash Sample 53% K20 Produced by SRC in Oct 2015) 10#11Hydrogeology Hydrogeological model supports brine flow of 66.5GL (gigalitres) per year over a 20 year life, exclusively from trenches Lake Mackay is the end point of an enormous groundwater catchment area of approx. 87,000km² (i.e. the size of Portugal) Lake Mackay Catchment Area Regional Recharge of actured Basement For personal use only MACKAY PROJECT MACKAY PROJECT agrimin Kiwirrkurra The Granites Kintore Investor Presentation | December 2016 Tanami A Kilometres 100 Yuendumu Catchment Area 87,000km² Papunya ALICE SPRINGS agrimin Hydrogeological Model of Lake Mackay Gypsum sand Clay/Sand Clay Paleochannel Basement Rain Evaporation Water Table Brackish/Brine contact Upward groundwater leakage >100km Rainfall Recharge of Dunes Evaporation of Rainfall and Brine Brine Extraction from Trenches Channel Flood Recharge Gypsum Sand Gypsum Sandy Clay Red Clay Brackish Groundwater Lens Upward groundwater leakage Trial Trench on Lake Mackay (2015) Gypsum Sand 11#12Example: Lake MacLeod Salt Mine, WA For personal use only Trenches and solar evaporation ponds are currently used throughout Western Australia Rio Tinto extracts 29GL per year of brine from trenches and transfers the brine to evaporation ponds via an 8.5km feed channel The operation uses evaporation ponds which cover an area of 16.5km² Rio Tinto Lake MacLeod Operation, Australia Source: Rio Tinto (this is not Agrimin's operation) Investor Presentation | December 2016 5.5km Google earth agrimin 12#13Example: Qarhan Salt Lake, China or personal use only agrimin Qinghai Salt Lake extracts brine via 130km of trenching which is approx. 16m deep and has been operating for 50 years The pumping station shown below is used to pump approx. 60GL per year of brine to the evaporation ponds The entire operation extracts a total of 300GL per year of brine which is pumped into evaporation ponds that cover an area of 170km² 青海盐湖钾肥股份有限公司 Qinghai Salt Lake Potash Co..LTD Note: This is not Agrimin's operation Investor Presentation | December 2016 Qarhan Salt Lake MOP Operation, China 13#14Conventional Production Process For personal use only Extraction of brine is designed exclusively from trenches in the top 5.5m of the deposit Huge lakebed surface area provides the ideal geotechnical setting for large-scale solar evaporation ponds Process plant will use standard types of plant and equipment Extraction Trenches Simplified Process Flow Diagram Evaporation Pond System Potassium Salts Stockpile Flotation Tailings Stack Evaporation Trial in Perth (2016) Mackay SOP Product Samples (2016) SOP Process Water Crystallisation SOP Drying & Sizing Standard SOP Loadout agrimin Agrimin Ltd Mackay Project Sulphate of Potash Sample 53% K20 Produced by SRC in Oct 2016 agrimin Investor Presentation | December 2016 Granular SOP Loadout 14#15Scoping Study Highlights For personal use only agrimin Study delivered strong technical and economic fundamentals Average production rate of 370,000tpa of SOP over a 20 year life Operating cost is estimated to be in the bottom quartile of the industry mine gate cost curve Development cost is estimated to have an industry low capital intensity Estimated to take 24 months to reach full production after final investment decision and securing financing Pre-Feasibility Study underway Annual Brine Extraction Rate Parameter Scoping Study Material Assumptions and Outcomes Unit Value Development Period months 24 Operating Life years 20 Brine Extracted Over Operational Life GL 1,330 GL 66.5 Potassium Concentration mg/L 3,603 % 69.3 tpa 370,000 US$/t FOB 256 Average All-In Sustaining Cash Cost (Exc. Royalties) US$/t FOB 277 Development Capital Cost (Inc. Contingency of US$52m) US$m 259 Potassium Recovery SOP Production Rate Average Total Cash Cost 1. 3. 5. Average all-in sustaining cash cost does not include royalties as no income projections have been disclosed Notes: Development capital cost includes working capital, EPCM, owner's costs and a 25% contingency applied to all line items 2. Average total cash cost is on a free-on-board (FOB) basis, including mine gate costs, transportation and ship loading costs Average total cash cost is based on drying, compacting and glazing all SOP production Potassium recovery is the estimated overall recovery rate achieved through the ponds and process plant USD/AUD exchange rate of 0.75 has been used to convert Australian dollar amounts to US dollars 7. 8. 9. 23456 1 ∞ σi Potassium content can be converted to SOP using a conversion factor of 2.23 (i.e. SOP contains 44.87% Potassium) Cost estimates have a ±35% level of accuracy Information that relates to the Scoping Study has been extracted from the Company's ASX Release entitled Positive Scoping Study for the Mackay SOP Project released on 23 August 2016 Investor Presentation | December 2016 15#16Industry Comparison - Production For personal use only Installed SOP Production Capacity (Top 10 Producers) SOP market turnover is approx. US$4 billion per year The last decade has seen a shift towards environmentally friendly SOP production from salt lakes. Five salt lakes currently account for approx. 2.3Mtpa or 40% of global SOP production SDIC ks GESSENDERLO Qinghai Lenghu Bindi Potash Co., Ltd Compass Minerals Salt Lakes Global SOP Production (5Mt per annum) Investor Presentation | December 2016 Mannheim Process Reacted Salts agrimin Production Target SQM THE WORLDWIGS NFLA VMC MIGAO CORPORATION 8889 YARA archean Kemira Note: 300,000tpa 600,000tpa 900,000tpa agrimin 1,200,000tpa 1. Graph compiled from information sourced from company reports and research undertaken by Agrimin 16#17Industry Comparison - Costs or personal use only agrimin An industry low capital intensity of US$700/t, making the Project an attractive development proposition Total development capital cost of US$259 million Capital Intensity for Undeveloped SOP Projects (US$/t) 2,500 2,000 1,500 1,000 500 ➤ An estimated bottom quartile mine gate cost, providing an opportunity to displace high-cost production from the Mannheim Process Average total cash cost of US$256/t FOB 600 500 400 300 200 100 SOP Industry Mine Gate Cost Curve (US$/t) Estimated In-Land Transport Cost Mannheim Process 0 Notes: 1. 2. Mackay Colluli LD Wells Sevier Ochoa Karinga Graph compiled from capital cost information sourced from company scoping and feasibility studies Included 25% contingency to the capital costs reported in the LD Scoping Study of April 2015 and Wells Scoping Study of August 2016 3. Colluli and Wells capital intensities relate to Phase 1 only 4. USD/AUD exchange rate of 0.75 has been used to convert Australian dollar amounts to US dollars Investor Presentation | December 2016 Note: Agrimin SDIC Bindi SQM K+S Compass Migao Athi Estimated Annual Production (Total: 5Mtpa) Tessenderlo Europth 1. Graph compiled from information sourced from company reports and research undertaken by Agrimin 17#18( Benchmarking to Existing SOP Operations agrimin Extraction Method Potassium Concentration Lake Surface Area Net Evaporation Harvesting Method Process Flowsheet Distance to Port Mackay, Australia Trenching of Near Surface Brines 3,603 mg/L 3,500 km² 3,400 mm/year Dry Harvest Flotation & Crystallisation 590 km road & 1,410 km rail Luobupo, China Trenching of Near Surface Brines 10,413 mg/L 5,500 km² 3,500 mm/year Wet Harvest Proprietary 3,220 km rail Great Salt Lake, USA Pumping of Near Surface Brines 4,600 mg/L 4,400 km² 1,300 mm/year Dry Harvest Flotation & Crystallisation 1,165 km rail or perso LL agrimin Mackay Project, Australia SDIC Luobupo Operation, China Compass Minerals Great Salt Lakes Operation, USA 40km Google earth 40km 40km Google Google earth Investor Presentation | December 2016 18#19Transport Infrastructure in Place For personal use only Road: Project is connected to Alice Springs via well-maintained sealed and unsealed roads which are used to transport fuel and supplies to communities Map of Transport Corridor DARWIN Rail: Alice Springs is connected to shipping terminals via the Adelaide-to-Darwin railway. Bulk trains currently run between various mines and ports Port: Ports in Northern Territory and South Australia with bulk loading berths provide optionality Gary Junction Road at WA-NT Border Investor Presentation | December 2016 Adelaide-to-Darwin Railway PORT HEDLAND DERBY BROOME HALLS CREEK e WYNDHAM KIWIRRKURRA MACKAY KINTORE PAPUNYA ABORIGINAL COMMUNITY Paper Size A4 LEGEND 300 200 Kwinkura to Darwin B Road Rail Kwikurra to Darwin B GHD Кет HGDA 1004 GM GCS 904 684 GS125525MaseWorking3 132652 007 Davis Raad Revdxd Lake Mackay agrimin ALICE SPRINGS Agrimin Limitad Mackay Potash Project Transport Study Lake Mackay to Darwin B Road and Road/Rail Options: Job Number 31-32552 Revision Dale 13 Mar 2015 Figure 7 180 Load Street Mabome VIC 3000 A 615867.8000 F 6138687 111 [email protected] Wwww.ghel.com Port of Darwin 19#20Community Relationships Agrimin has a strong working relationship with the local community and has a Land Access Agreement in place Agrimin and the Kiwirrkurra people have agreed to negotiate in good faith with a view to entering into a Mining Agreement For personal use only The timeline for negotiations is aligned with the overall indicative development timeline The Mackay SOP Project has an exciting potential to greatly improve employment opportunities for local people Patiore Agrimin is committed to working with the Kiwirrkurra people to preserve their country and culture alongside a sustainable SOP operation Investor Presentation | December 2016 COUNCIL agrimin 20#21For personal use on y Sulphate of Potash (SOP) Specialty Fertilizer for Modern Agriculture#22Fertilizers and SOP For personal use only Fertilizers include three macronutrients - Nitrogen (N), Phosphorus (P) and Potassium (K) Compound fertilizers or NPKs are manufactured by combining the three macronutrients, possibly with secondary nutrients (Ca, Mg, S) and micronutrients (B, Cu, Fe, Mn, Mo, Zn) - every nutrient is in each particle Bulk blends are produced by mixing single nutrient fertilizers together - each nutrient is in separate particles Approx. 80% of all granular and standard SOP is sold to NPK compounders and blenders, Land international fertilizer companies are seeking to structurally secure SOP supply D P K N P Nitrogen Ca Calcium Phosphorus Potassium Mg S Magnesium Sulphur B Boron Cu Copper Fe Mn Mo Zn Iron Manganese Molybdenum Zinc Investor Presentation | December 2016 T agrimin Global Potash Production (67Mt per annum) MOP SOPM NOP SOP Source: Integer Research, K+S Group 22 22#23Sulphate of Potash (SOP) agrimin SOP is chloride free, compared to muriate of potash (MOP) which contains 46% chloride SOP is essential for chloride-sensitive crops (i.e. fruits, vegetables and tree nuts) and saline soils SOP improves the nutritional value, taste, appearance and shelf life of crops Demand is from high-value crops for which fertilizer costs have less impact on crop profitability Crop Value Index (CVI) High value, low volume Double price premium for high quality 2% yield increase = +US$1,200/ha Bigger & tastier fruit More flowers & colour Gardens & lawns For personal use only CVI Global Area Grown (ha) Source: Yara - IR Presentation, May 2016; CVI = Crop Revenue Investor Presentation | December 2016 Fertilizer Costs Low value, high volume Limited price premiums for quality Nutrient use efficiency is key +US$1,200/ha = 50% yield increase RICHGRO GRANULAR Sulphate of Potash (0-0-41-17) Net Weight: 2.5kg RICHGRO Sulphate of Potash 2.5kg Source: Bunnings Warehouse 23#24Fundamental Demand Drivers For personal use only Approx. 71 million new people to feed each year (i.e. the population of Germany), while arable land is declining around the world Arable Land Per Person Approx. 80% of future growth in crop production is expected to come from higher yields and cropping intensity Demographic shift from rural to urbanised populations will increase demand for high-quality crops Lower environmental pollution will require the use of more advanced and balanced fertilization Installation of new compound NPK fertilizer plants is occurring internationally and provides excellent demand prospects for SOP Investor Presentation | December 2016 agrimin 1960-4,300m² 2010 - 2,100m² 2050 - 1,800m² Household Spend on Fruits and Vegetables Rural - US$611 per year Urban - US$763 per year Source: UN, FAO, U.S. Bureau of Labor 24#25Potash Prices For personal use only Prices for standard SOP products are currently trading at approx. US$540/t (NW Europe FOB) Current weakness in MOP prices has had limited impact on SOP prices Key supply and demand fundamentals support the current SOP price: Price inelasticity: SOP demand is driven by high-value crops for which the cost of fertilizer has less impact on crop profitability ➤ High marginal cost: SOP supply is reliant on secondary production (Mannheim Process) which has a high production cost and a problematic hydrochloric acid by-product US$/tonne 600 550 500 450 400 350 300 250 200 150 100 50 O Jan-12 Investor Presentation | December 2016 Potash Prices - January 2012 to April 2016 MOP Baltic FOB SOP NW Europe FOB SOP price premium Feb-12 Mar-12 Apr-12 May-12 Jun-12 Jul-12 Aug-12 Sep-12 Oct-12 Nov-12 Dec-12 Jan-13 Feb-13 Mar-13 Apr-13 May-13 Jun-13 Jul-13 Aug-13 Sep-13 Oct-13 Nov-13 Dec-13 Jan-14 Feb-14 Mar-14 Apr-14 May-14 Jun-14 Jul-14 Aug-14 Sep-14 Oct-14 Nov-14 Dec-14 Jan-15 Feb-15 Mar-15 Apr-15 May-15 Jun-15 Jul-15 Aug-15 Sep-15 Oct-15 Nov-15 Dec-15 Jan-16 Feb-16 Mar-16 Source: Integer Research 25 Apr-16 agrimin#26Summary For personal use only Agrimin is well placed to take advantage of the robust market outlook and demand for specialty fertilizers The trend towards low-cost and environmentally friendly SOP production from salt lakes will continue Western Australia is an emerging SOP province and Agrimin is leading the way towards establishing this new industry Scoping Study delivered strong technical and financial metrics and provides a platform to advance discussions with off-takers and strategic partners Path to production is understood and Agrimin is rapidly advancing key critical path items Investor Presentation | December 2016 agrimin 26#27personal use only Registered Office Level 9, 190 St Georges Terrace Perth, Western Australia 6000 Australia Further Information Mark Savich Chief Executive Officer M: +61 402 746 757 E: [email protected]#28Appendix 1. Mineral Resources (JORC Code 2012) agrimin Mineral Resources - December 2015 (Total Porosity) Depth (m) 0.4-2.7 Volume (M m³) 4,036 7,047 33,004 44,088 Average Total Porosity SOP Grade (kg/m³) Contained SOP (Mt) 45.0% 8.41 15.0 45.0% 8.25 26.0 45.0% 8.23 122.0 45.0% 8.25 164.0 Category indicated Zone Upper Inferred Upper 0.4-6.0 Inferred Total Lower 6.0-24.7 Upper & Lower 0.4-24.7 AD Category Zone Indicated Upper Inferred Upper Total Upper Inferred Lower Total Upper & Lower Notes: Mineral Resources - December 2015 (Specific Yield) Depth (m) 0.4-2.7 0.4 -6.0 0.4-6.0 6.0-24.7 0.4-24.7 Volume (M m³) 4,036 Average Specific Yield 12.5% SOP Grade (kg/m³) Contained SOP (Mt) 8.41 4.3 7,047 9.4% 8.25 5.5 11,083 10.5% 8.31 9.7 33,004 5.0% 8.23 13.6 44,088 6.0% 8.25 23.2 Average depth of drilling was 24.7m, however the estimation extends to 30.0m where drilling reached that depth 2. Water table averages 0.4m below surface 3 4 5 6 N 7. 3. 4. 5. Potassium content can be converted to SOP using a conversion factor of 2.23 (i.e. SOP contains 44.87% Potassium) Mineral Resources to a 2.7m depth are 89% Indicated Mineral Resources and 11% Inferred Mineral Resources Mineral Resources below a depth of 2.7m are all Inferred Mineral Resources 6. Errors are due to rounding Information that relates to Mineral Resources has been extracted from the Company's ASX Release entitled Mackay Project Resource Update and Path to Production released on 15 December 2015 Investor Presentation | December 2016 28#29Appendix 2. Scoping Study Information For personal use only The Study is based on data collected and generated by Agrimin over the past two years agrimin Mineral Resources and hydrogeological modelling used field and laboratory data collected during 2015, including 66 drill holes, 17 well installations and two trenches The Study's Process Design incorporates the results of a 92 day evaporation trial completed in April 2016 Discipline Lead Engineer Mineral Resources Geotechnical Evaluation Hydrogeological Modelling Process Water Evaluation Trench & Pond Design Mass Balance & Flowsheet Evaporation Testwork Environmental Scoping Study Team Consultant Lycopodium Minerals Hydrominex Geoscience Consulting GHD Groundwater Exploration Services Hydrominex Geoscience Consulting Knight Piesold Global Potash Solutions PEC & Independent Metallurgical Operations Ecologia A team of experienced consultants was used to ensure high-quality and credible outcomes Investor Presentation | December 2016 29