#1ELEMENTAL MINERALS LIMITED Sintoukola Potash Project Republic of Congo February 2011 1#2Disclaimer The summary information contained herein has been provided by Elemental Minerals Limited ("Elemental" or the "Company"). No representation, express or implied, or warranty as to the accuracy or completeness of the information contained herein is made by any party and nothing contained herein is or shall be relied upon as a promise or representation as to the future. In all cases, recipients should conduct their own investigation and analysis of Elemental. Except as otherwise indicated, the information contained herein is as of September 2010 and should not, under any circumstances, create an implication that there has been no change in the affairs of the Company, market conditions or regulations since such date. The Company does not assume any obligation to update the information contained herein, including forward-looking statements. The information is neither an offer to sell nor a solicitation of an offer to buy any securities. The contents of this presentation are confidential and must not be copied, published, reproduced, distributed in whole or in part to others at any time by recipients. This presentation is being provided to recipients on the basis that they keep confidential any information contained herein or otherwise made available, whether oral or in writing, in connection with the Company. The information contained herein contains forward-looking statements relating to Elemental that are based on management's current expectations, estimates and projections about the Company. Words such as "expects," "intends," "plans," "projects," "believes," "estimates" and similar expressions are used to identify such forward-looking statements. These statements are not guarantees of future performance and involve risks, uncertainties and assumptions that are difficult to predict. Further, some of these forward-looking statements are based upon assumptions as to future events that may not prove to be accurate. Therefore, actual outcomes and results may differ materially from what is expressed or forecast in such forward-looking statements including comments regarding rise in electricity demand; rise in potash prices; increasing demand for potash; production capabilities and timetables; financial projections; production costs; and economic predictions. Forward-looking statements in this presentation are subject to known and unknown risks, uncertainties and other factors that may cause Elemental's actual results, level of activity, performance or achievements to be materially different from those expressed or implied by such forward-looking statements, including but not limited to: geopolitical uncertainty, political and economic instability, uncertain legal enforcement; changes in, and the effects of, the laws, regulations and government policies affecting Elemental's exploration and mining operations, uncertainties related to raising substantial additional financing to make all necessary investments and complete proposed mining projects; uncertainties related to the accuracy of Elemental's estimates of mineral reserves and mineral resources and Elemental's estimates of future production and future total cash costs of production; uncertainties and costs related to exploration and development activities, feasibility studies that provide estimates of expected or anticipated economic returns from a mining project; uncertainties related to expected production rates, timing of production and the total cash costs of production; changes in general economic conditions, the financial markets and the demand and market price for potash. All forward-looking štatements are expressly qualified in their entirety by this cautionary statement. ELEMENTAL MINERALS LIMITED 2#3Investment Highlights 93% owned Sintoukola Potash Project in the Republic of Congo (not DRC). Historical drill data suggest an exploration target# of 170 - 300 Mt of sylvinite within the Kola target area at between 23.1% and 23.5% K₂O. On track to lodge a maiden NI 43-101 resource in Q1, 2011. Initial results correlate extremely well with the historical results and confirm the targeted mineralisation. Carnallite drilling intersections (assays pending) suggest exciting carnallite upside potential. Mineralisation open ended in all directions. . Production scalability. Competitive advantages - historical exploration; shallow depth of 275m, lower capex & opex; high grade; access to process water; cheap natural gas; good road and deep water port access. Targeted production start-up 2015, therefore as a low cost producer Sintoukola is well poised to take advantage of the potash price cycle - with expected spike in demand. Board strengthened to bring a greater project delivery focus. ELEMENTAL MINERALS LIMITED 3#4Fast Track Strategy • NI 43-101 resource in Q1, 2011. Feasibility study award late Q1, 2011. Fast track production to 600 000 tpa KCI, ramping up to 1.2 Mtpa KCI. Prove up further historical sylvinite targets. Investigate the feasibility of carnallite ISL targets. Kola Mineralisation Delineation 2010 Sintoukola (Kola Section) Feasibility Study 2011 Financing Sintoukola Phase I Construction Production ramp up 2012 2013 2014 Q2 Q3 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 | Q2 2015 Q4 | Q3 Q4 Q1 1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Start of drilling Code TSX Listing Compliant Resource Kola Feasibility Study Completed ELEMENTAL MINERALS LIMITED Kola Phase Projected Production (600 ktpa) Kola Phase II Projected Production (1.2 Mtpa) 4#5Corporate Listed ASX Listed Frankfurt Shares on Issue: Options: Share Price Market Capitalisation Cash on Hand: ELM WKNA0F6CT 151.5 million 28.0 million listed (20 cent exercise price) 9.3 million unlisted (20 cent exercise price) 1.0 million unlisted (10 cent exercise price) AUD 1.60 1.75 - Approx AUD 290 million fully diluted AUD 10 million ELEMENTAL MINERALS LIMITED LO 5#6Directors and Management Mark Jones Iain Macpherson John Sanders Ian Stalker Sam Middlemas Gaby Makosso Chairman Director of Patersons Securities Limited, and Chairman of Oakajee Corporation Ltd Over 20 years of mining and stock market experience. Managing Director Mining Engineer, Former COO and MD of UraMin. Over 25 years experience in developing and managing mining operations in Africa, Europe and Russia. Executive Director Exploration and mining geologist, Former VP Exploration for UraMin, former Regional Exploration Manager at AngloGold Ashanti, 28 years experience in Africa. Director Chemical Engineer, Former CEO of UraMin, formerly MD of Berkley Resources. Over 35 years experience developing and managing mining projects worldwide. Director Chartered Accountant, with over 25 years operating in senior management positions in a number of ASX listed mining and exploration companies Chairman, Sintoukola Potash SA Congolese Entrepreneur. Adviser to the Minister of Mines. ELEMENTAL MINERALS LIMITED 6#7Sintoukola Project Republic of Congo Licence Boundary nktumou Kand Elemental Minerals Ltd Sintoukola Potash Project 9,000,000 m Atlantic Ocean Existing drill holes Congolese Basin ELEMENTAL MINERALS LIMITED Dougou Pointe Noire 50km Central African Republic Cameroon Equatorial Guinea Gabon Republic of Democratic Congo Republic of Congo Sintoukola Potash Project Angola Republic Congo Holle Potash Mine Pointe Noire Mengo Camallite Solution Mine MagIndustries Makola Permit Angola 7#8Legal Title Sintoukola Potash SA has been awarded an exclusive mineral exploration licence, "Sintoukola", valid for potash salts and connected salts, through Presidential Decree No 2009-237 dated 13 August 2009. The Sintoukola Exploration Licence has been awarded for an initial period of 3 years and can be renewed twice for two extension periods of 2 years. The Presidential Decree No 2009-237 was published in the Congolese Official Gazette No 35 on 27 September 2009. On 21 December 2009, Fidafrica, a Congolese legal firm and member of PricewaterhouseCoopers, issued a legal opinion that may be summarised as follows: • Sintoukola Potash SA has been validly set up and registered in accordance with the OHADA regulations. Sintoukola Potash SA has been awarded an Exclusive Exploration License for potash salts over the Sintoukola License area. Sintoukola Potash SA has validly concluded an Exploration Agreement with the Government of the Republic of Congo on 27 August 2009 that governs the exploration conditions for the Sintoukola License. ELEMENTAL MINERALS LIMITED Source: PricewaterhouseCoopers 8#9550.000 e Targets Tinkoussou Depression 2,000 Licence Boundary inkoussou TK2 Carnallite Mineralisation Kandi K5 -Noumbi Rise Kola Sylvite Mineralisation K20 Dougou Atlantic Ocean Sylvite Mineralisation Drill Hole with data Legend Syncial as top of evaporte Dr Hole with no da Steep gravimetric gradient Top of evaporite contour Mineralised zone Town Actical as top of evaporte Roa Pointe Noire 50km 9.5609800 m Kola Depression- . . Located in Congolese Basin which stretches from Angola to Gabon Sintoukola license covers 1 437 km² Salt formations from 400 to 900 metres thick Drilling (26 diamond drill holes) and seismic survey completed in 1960s Sylvinite mineralisation found at shallow depths of 275 metres Target 1: Kola Sylvinite Potash defined in 5 historic holes $25,000 Target 2: Dougou Sylvinite Mineralisation reported over 15km strike ELEMENTAL MINERALS LIMITED Target 3: Kandi Carnallite Mineralisation at depth 9#10Kola Sylvinite: Target 1 Legend EK 12 Sintoukola Potash S.A. Kola Target: Phase 1 Drilling Program EK 07 EK 09 EK 08 K18 EK 01 EK 16 EK 15 EK 02 Rihmeters EK 03 EK 11 EK 05 EK 13 K6 EK 04 EK 10 Historic Exploration Exploration target # of 170 - 300 Mt of sylvinite of between 23.1 and 23.5% K₂O Current Kola Exploration Programme Drilling programme completed Jan 2011 Shallow depth, high grade mineralisation confirmed Twinning of historic holes K-6 and K-18 complete and successfully confirm historic grades and widths 30 km VibroSeismic survey completed, processing complete and interpretation ongoing Initial results correlate extremely well with the historical results and confirm the targeted mineralisation. NI 43-101 resource due Q1, 2011 EK 06 EK 14 Hole completed Secondary Road Main Road Seismic Survey Lines ELEMENTAL MINERALS LIMITED 10#11Kola Sylvinite: Confirmatory drilling 600m 5547200m K-18 EK-01- $547000m 0546800 N 2-72.7m K-6 EK-04 -200m Upper Sylvinite Layer 1.9m 26.0% K₂O from 276.88 Lawar Syvinte Layer 3.3m 23.6% K₂O from 284 07 0.61m 36.28% K₂O from 229 23 29.10% K₂O 0.54m fom 237 12 1.19m tom 240 23m 0.64m 19.67% K₂O 24.94% K₂O From 253 63m 0.44m 21.18% K₂O from 258 35 4.17m @24.37% KO Yo 273 te 3.33m20.91% K₂O han 201 52m 0.44m 9.10% K₂O from 288.85 TARGET 0.9m 20.5% KO- bper 2.7m te Layer 22.2% KO hom 2007 Lawer Syede Layer Not analysed 0.83m @27.12% K₂O from 246 Sm [email protected]% K,O from 200 TH 6.92m 5.14% KO him 23.3m 4.53m Snel 3.58 5.42m incl. 1.78m 1.22m 21.41% K₂O 24.79% KO 13.33% KO 14.50% KO 11.91% K₂O 1.5m 12.51% K₂O b300 m 400m Sol Lateric rock Fer sandstone Unconformity Sity dolomite Dolomite Anhydrite Sylvinte Evaponte Bischoffte Sequence Carnalite Halte 100m Unconformity Sity Dolomite Sity Sandstone Elemental Minerals Ltd SINTOUKOLA POTASH PROJECT Geological Cross Section Twinned Historic Drillhole TARGET 100m 440 Sol Lateritic rock Fer sarstone Unconformity 5ty dolomity Dolomite Achyante Sylvivte Bischoffe Camaste Haits Unconformity Sitty Dolomite Exaporte Sequenc Say Sandstone Elemental Minerals Ltd SINTOUKOLA POTASH PROJECT Geological Cross Section Twinned Historic Drillhole ELEMENTAL MINERALS LIMITED S 11#12Kola Target - Upside Sintoukola Potash S.A Kola Target: Phase 1 Drilling Program EK 07 EK 12 EK 09 EK 08 K18 EK 01 EK 16 EK 15 EK 02 Rihmeters EK 03 EK 11 Sylvinite • Sylvinite aerially open ended in all directions - confirmed by preliminary vibroseismic survey interpretation Carnallite ISL Opportunity . • EK 05 EK 10 EK 13 K6 EK 04 5 holes drilled through the entire evaporate sequence to examine carnallite potential. Carnallite holes completed to date: EK-01, EK-04 EK-06, EK-13 and EK-16 assay results pending - Intersections to date have revealed extensive and thick carnallite development that could signify significant carnallite upside for the project Legend Hole completed Secondary Road Main Road Seismic Survey Lines EK 14 EK 06 ELEMENTAL MINERALS LIMITED 12#13Kola Target 1 South - North S/SE EK-06 200 0.9m @20.5% K20 9544000 K-6 EK-04 EK-05 9546000 EK-03 0.65m @ 6.7% K₂O EK-02 K-18 EK-01 oussa Depression Carnalite Mineralisatie Sylvite Mineralisation K21 Atlantic Ocean Mineralisajon 309m Sylvinite 315m 2.7m @22.2% K₂O 400 7.0m @24.47% K₂O 440m 3.58m24.7% K₂O +5.42m @11.33% K₂O 3.9m @26.0% K₂O [email protected]% K₂O 4.17m @23.84% K₂O +3.83m @20.83% K₂O 600 652m 657m -800 Soil Lateritic rock Fer. sandstone Unconformity Silty dolomite Dolomite Anhydrite Sylvinite Evaporite Sequence Carnallite bearing Unconformity Silty Sandstone 0 2000m (1:5 Vertical Exaggeration) ELEMENTAL MINERALS LIMITED 60% 829m Elemental Minerals Ltd KOLA POTASH PROJECT NNW-SSE Cross Section 13#14• Kola Seismic Survey A 30 line kilometer 2D seismic survey completed covering an area of about 25km² over the sylvinite and carnallite target. Processing completed and interpretation nearing completion Indications that potash horizons are open in plan in all directions around the current grid Sintoukola Potash S.A. Kola Target: Phase 1 Drilling Program EK 07 153- EK 12 EK 09 Legend ELEMENTAL MINERALS LIMITED EK 08 K18 EK 01 EK 16 EK 15 EK 02 Rihmeters EK 03 EK 11 EK 05 EK 10 EK 13 K6 EK 04 EK 06 EK 14 Hole completed Secondary Road Main Road Seismic Survey Lines 14#15Unit Cost (US$/t) 50 ICI Dead Sea APC 100 Uralkali 150 ELM Forecast* 200 250 Projected Cost of Production Comparison Cost of Production (2008) Internally generated projected production cost not externally validated Belaruskali Silvinit Market Share Potash Corp 1 1 ll . ELEMENTAL MINERALS LIMITED Source: IFA, Ferticon, BAS-ML, Sintoukola Desk Top Study, 15 Transport to port Royalty Unit Cost#16Project Comparison · • Description Access to water Cost of natural gas Mineral type Depth of mineralisation (m) Width of mineralisation (m). Average grade (% K₂O) Distance to port (km) Canada Problematic Intl Price Republic of Congo Plentiful 1/3 Intl Price Sylvinite 275 Sylvinite 900-1500 4-5 4-5 20-21 ~ 24 > 1350 75 ROC is the most investor friendly country in Africa (Control Risks 2009) Predicted USD 40/t ocean freight cost saving to Brazilian market vs competitors Predicting USD 25/t transport cost savings to port vs competitors ROC is presently flaring off natural gas - Natural gas offtake agreements are in place at 1/3 of international price for equivalent industrial operations ELEMENTAL MINERALS LIMITED 16#17Republic of Congo The Republic of Congo (Congo Brazzaville) is vastly different to the neighbouring Democratic Republic of Congo and is mining friendly. C.A.R. EQUA. GUL CAMEROON Impfondo Quesso Equator Owando GABON Alima Oyo Oubangi Ubangi Congo Africa Republic of the Congo Mount Berongou OF THE CONGO Djambala DEM. REP. Mossendjo Stanley Pool Congo Madingo- Loubomo SOUTH Kayes Kayes ATLANTIC OCEAN Pointe- Noire ANGOLA (Cabind BRAZZAVILLE 100 200 km 100 200 mi D 800 kilometers 800 miles pickatrail.com The Republic of Congo is one of the lowest risk countries in Africa to operate "Control Risks 2009" Independent specialist risk consultancy, London ELEMENTAL MINERALS LIMITED 17#18Petroleum and Minerals ROC Petroleum and Oil . 5th largest oil producer in Sub Sahara Africa. . Oil reserves 1.5 billion barrels. Major investments by Total, ENI-Agip and Chevron over 30 years. Mining • ROC government actively promoting development of the mining sector as a alternative to oil and gas. Potash mining history: Holle Potash Mine developed in the 1960's produced 7.0 Mt of sylvinite over 9 years. Mag Industries - Mengo potash project. Several iron ore, base metal, uranium and industrial minerals exploration projects underway by a number of international companies. ELEMENTAL MINERALS LIMITED 18#19ROC Infrastructure Transport and Export Facilities • • Pointe Noire, 55 km from site, is one of the best and largest ports on the Western seaboard of Africa - 12 Mt capacity Reasonable rail and road network in coastal zone Excellent passenger and cargo air links with Europe and the rest of Africa Power Supply Majority of gas produced in ROC flared off - therefore cheap and plentiful 400 MW gas fired power station recently commissioned near Pointe Noire Telecommunications Extensive mobile phone coverage Satellite links available Road to Sintoukola License ELEMENTAL MINERALS LIMITED The port of Pointe Noire 19#20Potash Company Comparison Company Country Status Resources (measured) Exploration Target# Market Cap (Undiluted) Small Market Cap Elemental Minerals Western Potash Country Rep of Congo Canada Status Exploration Exploration Deposit Mt Target Mt# 170-300* USD million 290 Potash One Canada Athabasca Potash Canada Mag Industries Rep of Congo Pre - Feas Pre - Feas Development 41 29 154 379 299 Indicated Taken over by BHP for 324 mill 151 Reserve 130 USD Producers Agrium Inc Potash Corp Country Canada Canada Status Producer 08 Prod Mt billion 2.0 13.9 Producer 9.0 46.2 ELEMENTAL MINERALS LIMITED 20 20#21The Sintoukola Advantage . . . • The historical exploration data within the licence area has been reviewed by CSA Global and is being tested by the current drill programme. The availability of historic data has accelerated the advancement of the project and reduced the level of exploration risk. It is estimated that the historical work has saved 2 to 3 years on the exploration programme. Initial results from twin holes have validated the integrity of the historic data and therefore the exploration target. Full use will be made of both datasets during planned resource assessment activities. Elemental have assembled a team with a proven track record of fast track project delivery. Elemental have identified a compelling market opportunity and are focussed on delivery of that strategy. Sintoukola presents a potential opportunity for rapid progression to development. Elemental believe that the Sintoukola project is economically viable and is projected to have operating costs in the lowest quartile. ELEMENTAL MINERALS LIMITED 21#22Contacts Mark Jones Chairman +61 419 919 250 [email protected] Iain Macpherson Managing Director +27 76 238 4461 [email protected] Ian Stalker Director +34 608 221497 ian.stalker@elemental mineralsltd.com John Sanders Executive Director +27 82 445 5291 [email protected] ELEMENTAL MINERALS LIMITED 22 22#2323 23 #Competent Person Statement Scientific or technical information in this presentation has been prepared under the supervision of Mr. Jeff Elliott and Dr Simon Dorling, of CSA Global Pty Ltd, the company's geological consultants. Mr. Jeff Elliott is Fellow of the Australasian Institute of Mining and Metallurgy (FAusIMM) and Dr Simon Dorling is member of the Australasian Institute of Geoscientists (MAIG). Both have sufficient experience which is relevant to the style. of mineralisation under consideration and to the activity which they are undertaking to qualify as a Competent Person as defined in the 2004 Edition of the "Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves" (the JORC Code). Mr. Jeff Elliott and Dr Simon Dorling consent to the inclusion in this presentation of the information, in the form and context in which it appears. #The potential quantity and grade of the Exploration Target is conceptual in nature, there has been insufficient exploration to define a Mineral Resource and it is uncertain if further exploration will result in the determination of a Mineral Resource. ELEMENTAL MINERALS LIMITED#24Appendix I: Republic of Congo ELEMENTAL MINERALS LIMITED 24 24#25Republic of Congo • . . . Land Area: Population: Major Cities: Gained independence: Chief of State: Government Type: Languages: GDP: GDP per Capita: Major Exports: 342,000 sq km 4.0 m (UN 2007) Brazzaville (Capital), Pointe Noire (major port) from France in 1960 President Denis Sassou-Nguesso Republic French, Lingala and Kikongo USD 13.35 billion (2008 est) USD 3,800 Petroleum (70% GDP) ELEMENTAL MINERALS LIMITED 25#26ROC Mining Code New Mining Code 2005 • Licensing . Prospecting license valid for 1 year (non exclusive) Exploration license validity, 3 years plus two x 2 year extensions (exclusive), décret granted and published 27/8/09. Exploitation license valid for 25 years Fiscal . Tax rate - 30% . Royalty on potash production - 3% Export tax -2% Import duties on mining equipment - exempt ROC government participation in exploitation minimum 10% ELEMENTAL MINERALS LIMITED 26#27Sintoukola Potash Shareholding Project Manager Elemental Minerals Tanaka Resources MGM S.A.R.L. 93% 2% 5% Sintoukola Potash S.A. Elemental Minerals has the first right of refusal to purchase minority shareholders' equity positions in Sintoukola Potash S.A. ELEMENTAL MINERALS LIMITED 27#28Infrastructure Description Pointe Noire Port Bitumen Road National Grid and Gas Supply International Airport Projet de Construction de la Centrale Electrique du Congo Casals Centrique du Conge 300 MW Nuts g150 MW Pussarice tale inatalles In centrale errant 200 tation ide i putne A CEDEZ LE PASSAGE Distance to Sintoukola ELEMENTAL MINERALS LIMITED 55 km 55 km 10 km 40 km 55 km Enl 28#29Access and Logistics Elemental Minerals Ltd Sintoukola Potash Project Anantic Gosar Existing drill holes Congolese Basin Central African Republic Cameroon Equatorial Guinea Gabon Republi of Democratic Congo Republic of Congo Sintoukola Potash Project Angola Republic Congo Hole Potash Mine Pointe Noire Magindustries Makola Permit Mengo Camallite Solution Mine Angola ELEMENTAL MINERALS LIMITED 29 29#30Kola Target 1 East - West W K-21 -6000 -200 -400 -600 660m -800 -4000 Sylvinite- -2000 K-6 55,00 Tinkoussou Depression Licence Boundary Tinkoussou Carnallite Mineralisation KS Sylvite Mineralisation Kis Atlantic Ocean 525,00 Sylvite Mineralisation LEGEND 3.05m @21.3% K20 ? 0.9m @20.5% K20 2m @ 22.2% K₂O Soil Lateritic rock Anhydrite Sylvinite Fer. sandstone Unconformity Silty dolomite Dolomite Evaporite Sequence Carnallite bearing Unconformity Silty Sandstone 657m 617m Elemental Minerals Ltd KOLA POTASH PROJECT 2000m W-E Cross Section ELEMENTAL MINERALS LIMITED Drill Hole Pointe Noire. 50km No Data 30 30#31Appendix II: Future Exploration Targets HaSunSecond WiChano Hd h w Southa FLANGEL 1520745 ELEMENTAL MINERALS LIMITED 31#32Dougou Sylvinite: Target 2 Tinkoussou Depression Licence Boundary inkoussou TK2 Kandi KS Carnallite Mineralisation Legend Top of portr Kola Sylvite Mineralisation K20 Dougau Atlantic Ocean Sylvite Mineralisation Town + All evapor • • • Pointe Noire 50km Kola Depressi Dougou Five historical drill holes - No data. Sylvinite mineralisation reported over a strike length of 15 km Depth of mineralisation reported as 275 metres • Located within trucking distance of the Kola target ELEMENTAL MINERALS LIMITED 32 32#33Kandi Carnallite: Target 3 Kandi Tinkoussou Depression Licence Boundary Carnalite Mineralisation Legend Tinkoussou Kandi KS Kola Sylvite Mineralisation K20 Atlantic Ocean Sylvite Mineralisation Toen Alp af evapor Pointe Noire 50km Kola Depression .. • Carnallite mineralisation one historical hole 5 mineralised beds greater than 5 metres thick (total thickness 66.7 metres) • Depth of deposit 950-1050 metres • Solution mining target similar to Mag Industries Mengo Mine ELEMENTAL MINERALS LIMITED 333#34Appendix III: Potash Fundamentals 227 002 ELEMENTAL MINERALS LIMITED 34#35Potash Fundamentals Potash - Mineralisation . Potassium (K) is one of the three basic plant nutrients and there are no substitutes Potash common name for potassium minerals Two common minerals: • sylvinite a mixture of sylvite (KCI) and halite (NaCl) carnallite (KMgCl 3.6(H2O)) Grade expressed in %age K₂O pure sylvite 61.3% K₂O pure carnallite 16.95 % K₂O & 14.51 % MgO Potash traded as Muriate of Potash (MOP) typically 95% KCI, approx 60% K₂O ELEMENTAL MINERALS LIMITED 35#361961 1965 Supply and Demand Million tons KCI 80 60 40 20 Global Potash Consumption 1969 1971 1973 1976 1979 1981 1983 1985 1987 1989 1993 1995 1997 1997 2000 2003 2005 2007 2009E 2011E 2015E Potash demand will continue to be driven by population growth, decrease in 700 available arable land and decreasing yields Potash Price 600 500 2009 contract price to India USD 625 / tonne and to Brazil USD 725/ tonne Jan. 5 2010 (Bloomberg) -- Potash Corp of Saskatchewan Inc. and Uralkali of Russia will lead a rebound among suppliers of the crop nutrient, with sales volumes in the industry potentially doubling in 2010, according to Credit Suisse. USD/t 400 300 200 100 0 1995 1997 1999 2001 2003 2005 2007 2009 2011 2013 2015 2017 ELEMENTAL MINERALS LIMITED Production and Demand . Worldwide potash production 2009: 54 Mtpa Canada produced 37% Former Soviet Union produced 30% Healthy growth in potash demand: • 2011 projected 60 Mt 2011-2018 CAGR 3.5%, i.e. 76Mt in 2018. Source: IFA, British Sulphur, Deutsche Bank 36#37Some Key Future Demand Drivers In the next few years China's GDP is expected to grow at 9%, while India's is forecast at 7%. World Economic Growth Profile Percentage of World Population 100% 90% 80% 70% 60% 50% 40% 30% 20% 10% 0% >9% >7% >5% >3% Annual GDP Growth - Percent (2010-2014F) >1% ■Europe, N America, Oceana ■Middle East ■Latin America Africa ■ Other Asia ■India ■China The majority of the world's population live in rapidly expanding economies ELEMENTAL MINERALS LIMITED Source: United Nations, IMF 37#38Potential Export Markets 25 25 Mt 20 20 15 10 10 9.1 9.4 7.1 5 Pointe Noire 3.2 -0.6 0.8 North America Latin America Europe Africa Middle East FSU ROMARIC 21.4 Demand 0.6 Asia Oceania ELEMENTAL MINERALS LIMITED Source: Ferticon, Potash Corp 38