#15 火 凡門裏 黑本 SA 薏 康 原市平肉東金 Phish boot 164 ma 拿 無火台 肉 1802 0CES EC12 BOEK agrimin Investor Presentation Diggers & Dealers Mining Forum 2017 ININ Diggers ORUM Dealers, OORLIE, WESTERN AUSTR PROUD SPONSOR & PRESENTER DIGGERS & DEALERS MINING FORUM 2017 7 to 9 AUGUST KALGOORLIE Western Australia#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. 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. 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 | Diggers & Dealers Mining Forum 2017 2#3Agrimin highlights ➤ Agrimin is developing the world-class Mackay SOP Project, the world's largest undeveloped SOP-bearing salt lake ➤ The Project is 100% owned and located in Western Australia, a low-risk jurisdiction for a long-life operation Pre-Feasibility Study in progress and key project approvals are advancing rapidly ➤ Leveraged to increasing global food demand and structural change in food production practices ➤ Targeting production of a specialty fertilizer for which global demand is outpacing supply ➤ Well funded with $13.4 million in cash Investor Presentation | Diggers & Dealers Mining Forum 2017 agrimin 3#4Corporate snapshot agrimin Capital Structure (4 August 2017) Share Price Chart (1 July 2014 to 4 August 2017) ASX Code AMN Shares 156.2m $1.00 Options 1.0m Positive Scoping A$13.2m Equity Funding Long-term Pilot Trial Commences A$2.7m Study Share Price Market Capitalisation A$0.50 $0.80 A$78.6m Mackay SOP $0.60 Maiden SOP Resource Equity Funding Project Acquired Balance Sheet (30 June 2017) Yarwi $0.40 Cash Debt A$13.4m A$0.0m $0.20 Top Shareholders (4 August 2017) $0.00 1 Jul 2014 1 Jul 2015 1 Jul 2016 1 Jul 2017 Hillboi Nominees 13.4% AustralianSuper 10.9% Mark Savich 6.3% Broker Coverage¹ Walloon Securities 6.3% Petra Capital Recommendation Buy Eye Asset Management 5.5% Euroz Securities Buy Paragon Funds Management 4.7% Argonaut Capital Buy Price Target A$1.35/share A$1.00/share Spec. 1. Broker reports are available at: www.agrimin.com.au/category/broker-reports-media Investor Presentation | Diggers & Dealers Mining Forum 2017 4#5Key people agrimin Board of Directors Mark Savich | Chief Executive Officer Financial analyst (CFA) with 14 years of experience in the resources industry based in Western Australia. Experienced in project evaluation and the financing of resource projects. 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. Alec Pismiris | Non-Executive Director / Company Secretary Finance professional with 30 years experience in the resource industry and has participated in the acquisition and financing of numerous resource projects. Has served as a director and company secretary for many ASX listed companies. Management Tom Lyons | General Manager Geologist with 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. Michael Hartley | Project Manager / Principal Hydrogeologist Hydrogeologist with 17 years experience in hydrogeological assessments of resources projects around the globe. Recently Chief Hydrogeologist and Senior Project Manager for ICL Group's SOP Project in Ethiopia. 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. Gerry Bradley | Sustainability Manager Ecologist with 18 years experience associated with the resources industry both in Australia and overseas. Broad base of experience from project development through to operations, care and maintenance and closure. Recently responsible for coordination of environmental studies for Vimy Resources and BC Iron. 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 to flotation, crystallization, drying, compaction, pan granulation and product transport. His experience ranges from operations to design and engineering. Investor Presentation | Diggers & Dealers Mining Forum 2017 5#6Sulphate of Potash (SOP) Specialty Fertilizer for Modern Agriculture#7Commodity fertilizers are currently over-supplied... ➤ Commodity fertilizers provide three macronutrients that every crop needs: ➤ Nitrogen (N) - the most important for healthy plant growth, such as leaf size, colour and yield Phosphorus (P) - vital for photosynthesis and enhances stem durability ➤ Potassium (K) - essential to increase a plants resistance to crop disease ➤ Main commodity fertilizers are currently over-supplied (i.e. urea, MAP, DAP, MOP) Global fertilizer producers are seeking to improve margins through value-added products that suit changing food production practices Investor Presentation | Diggers & Dealers Mining Forum 2017 NPK Nitrogen Phosphorus Ca Calcium Mg Potassium S Magnesium Sulphur B Boron Cu Copper Fe Mn Mo Zn Iron Manganese Molybdenum Zinc ਦੀਪ agrimin 7#8Major fertilizer producers are adding value downstream... Potash mine K K MOP & SOP SOP (Mannheim) (NPK agrimin Phosphate mine Sulphur Gas field Oil field Coal mine Sulphuric acid Synthetic gas Carbon dioxide Phosphoric acid P P NP NPK Investor Presentation | Diggers & Dealers Mining Forum 2017 SSP TSP MAP & DAP Ammonia Nitric acid N N Ammonium nitrate Urea 8#9SOP is chloride-free potash & a high value product... agrimin ➤ 90% of all potash production is MOP (muriate of potash) which contains 46% chloride SOP (sulphate of potash) is chloride-free and vital for high value crops, such as fruits and vegetables Bigger & tastier fruit SOP improves the nutritional value, taste, appearance and shelf life of crops MOP (Muriate of Potash) Source: Fertecon Limited Global Potash Production (70Mtpa) Investor Presentation | Diggers & Dealers Mining Forum 2017 SOPM SOP (Sulphate of Potash) NOP (Nitrate of Potash) (Sulphate of Potash Magnesia) More flowers & colour Gardens & lawns RICHGRO GRANULAR Sulphate of Potash (0-0-41-17) Net Weight: 2.5kg RICHGRO Sulphate of Potash 2.5kg Source: Bunnings Warehouse 9#10SOP demand is growing rapidly... ➤ Demographic shift from rural to urbanised populations is increasing the consumption of fruits and vegetables ➤ Agricultural pollution, water scarcity and technology are causing structural change in food production practices ➤ These major global changes are driving strong demand growth for SOP ➤ In 2016, SOP demand reached a record of 7Mt mainly due to increasing use in China for application on fruits and vegetables Investor Presentation | Diggers & Dealers Mining Forum 2017 SOP Demand (Deliveries) Oceania Africa North America Middle East Latin America 4,500 ■Europe ■CIS ■Asia 4,000 3,500 3,000 '000t 2,500 (K₂O) 2,000 1,500 1,000 500 0 1982 1984 1986 1988 1990 1992 1994 1996 1998 2000 2002 2004 2006 2008 2010 2012 2014 2016 Source: Fertecon, Petra Capital 10 agrimin#11SOP supply cannot keep up with growing demand... agrimin Current supply shortage of SOP is caused by Mannheim producers being unable to dispose of hydrochloric acid Mannheim Process: MOP + Sulphuric Acid = SOP + Hydrochloric Acid Major SOP Operations Overlayed on Population Density Kemira TESSENDERLO GROUP SDIC Qinghai Lenghu Bindi Potash Co., Ltd Global SOP Production Sources (7Mtpa) Mannheim. Process 50% Source: Integer Research Investor Presentation | Diggers & Dealers Mining Forum 2017 Reacted Salts 14% Compass Minerals SQM THE WORLDWIDE BUSINESS FORMULA kis archean agrimin MC MIGAO CORPORATION Salt Lake Production Reacted Salts Production O Mannheim Production Salt Lakes 36% Lake Mackay 11#12All major new SOP production is coming from salt lakes... ➤ Archean Group at Rann of Kutch (2015) ➤ Currently there are five major SOP salt lake operations, three of which started this last decade: Installed SOP Capacity of Major Producers¹ 1,500,000tpa 1,200,000tpa Bindi Potash at Kunteyi salt lake (2012) SDIC Luobupo at Lop Nur salt lake (2008) 900,000tpa ➤ SQM at Salar de Atacama (1997) 600,000tpa ➤ Compass Minerals at Great Salt Lake (1967) 300,000tpa ➤ The trend towards new SOP production from salt lakes will continue ➤ Agrimin is set to become a globally significant SOP producer proximal to the world's most densely populated countries Investor Presentation | Diggers & Dealers Mining Forum 2017 SDIC ks Qinghai Lenghu Bindi Potash Co., Ltd Compunerals Target² agrimin MC archean Kemira Salt Lake Reacted Salts Mannheim Process 1. 2. Graph compiled from information sourced from company reports and research undertaken by Agrimin Refer to the ASX Release dated 23 August 2016 for full Scoping Study details. All material assumptions underpinning the production target and forecast financial information derived from the production target continue to apply and have not materially changed 12 agrimin#13SOP prices are incentivising new production... agrimin ➤ Prices for standard SOP products are currently US$500/t Potash Prices for Last 20 Years $1,200 $1,100 ➤ Since 2000, SOP demand growth has been 5.0% per year, compared to MOP demand growth of 2.3% $1,000 $900 $800 Price $700 ➤ Robust outlook for SOP prices is supported by: (US$/t) $600 $500 1. Increasing consumption of high value crops 2. Changing food production practices $400 $300 $200 $100 $0 1997 1999 2001 2003 2005 2007 2009 2011 2013 2015 2017 Constrained supply from the Mannheim Process SOP Price (Standard Spot, FOB NW Europe) - MOP Price (Standard Spot, FOB Vancouver) 4. Limited options globally for new large-scale supply Investor Presentation | Diggers & Dealers Mining Forum 2017 Source: Fertecon Limited 13#14Lake Mackay is set to be the next major SOP salt lake... Rann of Kutch - 7,500km² ➤Lop Nur Salt Lake - 5,500km² ➤ Great Salt Lake - 4,000km² ➤ Lake Mackay - 3,500km² Salar de Atacama - 3,000km² Kunteyi Salt Lake - 1,700km² Investor Presentation | Diggers & Dealers Mining Forum 2017 agrimin Producing lake Undeveloped lake Size of SOP-bearing Salt Lakes SDIC 8,000 7,000 6,000 Compass Minerals agrimin 5,000 Area 4,000 (km²) 3,000 2,000 SQM 'THE WORMU. BUSINESS Qinghai Lenghu Bindi Potash Co., Ltd 1,000 0 Rann of Kutch (Archean) Lop Nur Salt Lake (SDIC) Great Salt Lake (Compass) Lake Mackay (Agrimin) Salar de Atacama (SQM) Kunteyi Salt Lake (Bindi) Lake Disappointment (Reward) Lake Wells (Salt Lake Potash) Lake Sevier (Crystal Peak) Karinga Lakes (Verdant) Beyondie Lakes (Kalium) 14#15Lake Mackay is comparable to current 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 40km agrimin Mackay Project, Australia Investor Presentation | Diggers & Dealers Mining Forum 2017 SDIC Luobupo Operation, China Compass Minerals Great Salt Lakes Operation, USA Google earth 40km 40km Google Google earth 15#16Mackay SOP Project Western Australia#17Mackay is an industry leading project in Australia... 100% owned and located in Western Australia, a low-risk jurisdiction for a long-life operation ➤ Pre-Feasibility Study in progress and due for completion in Q4-2017 ➤ Major field program is ongoing, including a long-term pilot trial to support a Definitive Feasibility Study ➤ Very supportive local community and Native Title Mining Agreement on track for execution in Q4-2017 Environmental studies are well advanced Investor Presentation | Diggers & Dealers Mining Forum 2017 MACKAY PROJECT WESTERN AUSTRALIA NORTHERN TERRITORY The Granites Mackay SOP Project Map Tanami MACKAY PROJECT agrimin Tanami Road 100 Kilometres Yuendumu Kiwirrkurra Papunya Gary Junction Road Kintore Gas Pipeline agrimin Tenement Outline Railway Major road Access Track Gas Pipeline Alice Springs Darwin Ra Railway ALICE SPRINGS X 17#18Key attributes support large-scale & low-cost production... ➤ Agrimin's tenements cover 3,325km² in Western Australia, including 2,621km² of on-lake tenure ➤ Targeting SOP production of 370,000tpa over a 20 year life¹, with potential to increase both operational capacity and life Shallow Brine Resources Exposed in Trial Trenches Lake Mackay has the three technical attributes that allow for large-scale and low-cost SOP production: 1. Shallow and contiguous brine resources suitable for sustainable extraction 2. Large on-lake area suitable for unlined evaporation ponds 3. Brine chemistry suitable for conventional processing techniques 1. Refer to the ASX Release dated 23 August 2016 for full Scoping Study details. All material assumptions underpinning the production target and forecast financial information derived from the production target continue to apply and have not materially changed Investor Presentation | Diggers & Dealers Mining Forum 2017 agrimin 18#19Low-risk development plan for a long-life operation... Project Layout Trenches 250km long and 5.5m deep will extract 66.5GL pa of groundwater at 0.4% K ➤ Evaporation ponds start at 34km² and expand to 59km² over 20 years ➤ 2.5Mtpa of salt will be harvested at 8.0% K ➤ 370,000tpa of SOP will be produced at 43.2% K (52% K₂O) Investor Presentation | Diggers & Dealers Mining Forum 2017 425,000mE 450,000mE MACKAY PROJECT Evaporation Ponds Stockpiles 475,000mE 500,000mE MACKAY PROJECT A 25 kilometres MGA Zone 51 (GDA94) Pond Feed Channel Process Plant agrimin WESTERN AUSTRALIA NORTHERN TERRITORY agrimin 7,550,000mN 7,525,000mN 7,500,000mN 7,475,000mN 19#20Scoping study work tested the entire production process... Trial trenches support large-scale brine extraction Geotechnical testwork supports unlined evaporation ponds Evaporation trial produced the targeted Potassium salts Process testwork produced high quality SOP (>52% K₂O) Infill core drilling completed on 5km grid Investor Presentation | Diggers & Dealers Mining Forum 2017 agrimin agrimin Agrimin Ltd Mackay Project Sulphate of Potash Sample 53% K20 Produced by SRC in Oct 2016 20#21Scoping study indicates a compelling investment case... ➤ Study confirmed globally significant scale and compelling financial metrics Parameter Scoping Study Material Assumptions and Outcomes ➤ Targeted SOP production of 370,000tpa over a 20 year life ➤ Development capex of US$259 million, includes US$105 million of indirects and contingency Potassium Recovery SOP Production Rate ➤ Total FOB cash cost of US$256/t, provides an excellent operating margin at current prices of US$500/t ➤ Pre-Feasibility Study in progress Investor Presentation | Diggers & Dealers Mining Forum 2017 agrimin Unit Value Development Period months 24 Operating Life years 20 Brine Extracted Over Operational Life GL 1,330 Annual Brine Extraction Rate GL 66.5 Potassium Concentration mg/L 3,603 % 69.3 tpa 370,000 Average Total Cash Cost US$/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 12345 1. 2. 3. Development capital cost includes working capital, EPCM, owner's costs and a 25% contingency applied to all line items 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 4. 5. Average all-in sustaining cash cost does not include royalties as no income projections have been disclosed Potassium recovery is the estimated overall recovery rate achieved through the ponds and process plant 6. USD/AUD exchange rate of 0.75 has been used to convert Australian dollar amounts to US dollars 7. 8. 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 9. 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 21#223. 1,500 1,250 1,000 750 500 250 Forecasted to have industry low capex & opex... ➤ Industry low capital intensity of US$700/t, making the Project an attractive development proposition Capital Intensity for SOP Development Projects (US$/t) Bottom quartile cost, providing an opportunity to displace high-cost production from the Mannheim Process SOP Seaborne Cost Curve (US$/t FOB) Highfield Resources Danakali Phase 1+2 Agrimin Danakali Phase 1 ICL Australian Potash Reward Minerals Salt Lake Potash Yara Crystal Peak Minerals Potash Ridge Verdant Minerals Circum Minerals 1. Graph compiled from capital cost information sourced from company scoping and feasibility studies 2. Included 25% contingency to the capital costs reported in the LD Scoping Study of April 2015 and Wells Scoping Study of August 2016 to normalise metrics Investor Presentation | Diggers & Dealers Mining Forum 2017 USD/AUD exchange rate of 0.75 has been used to convert Australian dollar amounts to US dollars 1. 2. 300 200 100 0 Agrimin 700 Estimated In-Land Transport Cost Export Tariff 600 500 400 1. SDIC Bindi K+S Other European Tessenderlo Migao Mannheim Production Other Asian Estimated total annual production in 2016 was 7Mtpa Graph compiled from information sourced from company reports and research undertaken by Agrimin Compass 22 22 agrimin#2398 holes on a 5km grid have defined a shallow resource... 2015 Aircore Drilling Program 2016 Hollow Stem Auger Core Drilling Program Investor Presentation | Diggers & Dealers Mining Forum 2017 bal agrimin MACKAY PROJECT Aircore Hole • Auger Hole Core Hole 00 Tenement Outline On-Lake Area Road/Track Map of Drill Hole Locations 450,000mE 25 kilometres MGA Zone 51 (GDA94) 475,000mE WESTERN AUSTRALIA --------- 500,000mE NORTHERN TERRITORY agrimin 7,550,000mN 7,525,000mN 7,500,000mN 23#24A shallow and contiguous deposit amenable to trenching... Mineral Resources of 23.2Mt of SOP¹ (drainable brine) have been defined within the top 25m from surface ➤ Lake Mackay is a single, shallow and contiguous brine deposit Brine commences at approx. 40cm beneath the surface across the entire Mineral Resources area 25 tonne Amphibious Excavator Currently on Lake Mackay Very Shallow Brine Across the Entire Deposit 1. Mineral Resources comprise Indicated Mineral Resources of 4.3 million tonnes and Inferred Mineral Resources of 18.9 million tonnes Investor Presentation | Diggers & Dealers Mining Forum 2017 agrimin 24#25Hydrogeology supports sustainable long-term extraction... agrimin ➤ Hydrogeological model supports brine flow of 66.5GL (gigalitres) per year over 20 years from 5.5m deep trenches across a 250km network Lake Mackay is the end point of an enormous groundwater catchment area of approx. 87,000km² Potassium and sulphate is contained within the brine (saline groundwater) Hydrogeological Model of Lake Mackay Lake Mackay Catchment Area Investor Presentation | Diggers & Dealers Mining Forum 2017 Gypsum Sand Clayey Sand Clay Basement Solar evaporation Alice Springs Groundwater catchment area Groundwater recharge Lake Mackay 25#26On-lake geotechnics support large-scale unlined ponds... agrimin Full-scale ponds will cover less than 2% of Lake Mackay at the end of the operation's proposed 20 year life ➤ Remoulded permeability values of 9.7 x 109 to 4.6 x 10-11 indicate suitable on-lake setting for unlined ponds with very low leakage ➤ Subsurface vertical permeability design value of 8 x 10-10 in the proposed pond area of 59km² (34km² at start-up and expanding laterally) Low-cost cut-to-fill construction method can be used for pond walls Location of Solar Evaporation Ponds Aerial View of Proposed Area for Solar Evaporation Ponds Investor Presentation | Diggers & Dealers Mining Forum 2017 10km 26#27Similar to the Lake MacLeod Salt Mine in WA... ➤ 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 unlined 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 | Diggers & Dealers Mining Forum 2017 5.5km Google earth agrimin 27#28Brine chemistry has produced high quality SOP samples... Process testwork successfully produced commercial grade SOP samples (53.8% K₂O) in October 2016 Process plant is planned have a conventional flowsheet and use standard types of plant and equipment Mackay SOP Product Samples (2016) agrimin Agrimin Ltd Mackay Project Sulphate of Potash Sample 53% K20 Produced by SRC in Oct 2016 Investor Presentation | Diggers & Dealers Mining Forum 2017 Block Flow Diagram Evaporation Extraction Trenches Pond System Potassium Salts Stockpile agrimin Flotation Tailings Stack SOP Crystallisation Process Water SOP Drying & Sizing Standard SOP Loadout Granular SOP Loadout Average Brine Chemistry1 K Mg SO4 S.G. (mg/L) (mg/L) (mg/L) (t/m³) 3,603 3,036 23,051 1.18 1. Concentrations are the average from brine analyses from 27 aircore drill holes completed in 2015 28#29Transport infrastructure in place & under-utilised... ➤ Road: Project is connected to Alice Springs via well-maintained sealed and unsealed roads which are used to transport fuel and supplies to mining operations and communities 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 | Diggers & Dealers Mining Forum 2017 Adelaide-to-Darwin Railway PORT HEDLAND Paper Size A4 200 Kilometres Horizontal Datum: GDA 194 Grd: acs GCA 1994 0:3132:52G15 work\332552.001 Overview d Map of Transport Corridors DERBY BROOME Θ LEGEND Kwinkura to Broome Kwirrkurra to Darwin B Kiwinkura to Derwin A Kiwinkura to Wyndham Kwikurra 10 Port Hedland Kiwinkura to Darwin B Road Ral Kiwinkura to Derby -Kiwinkura to Darwin A Road Rail WYNDHAM BALGO DARWIN. agrimin LAKE MACKAY WIRRKURRA KINTORE PARUNYA ABORIGINAL COMMUNITY ALICE SPRINGS Lake Mackay GHD Agrimin Limited Mackay Poloch Project Transport Study Job Number 31-32562 Revision 0 Date 13 Mar 2015 Options Overview Figure 1 160 Load Street Nelbaume VIC 3000 Austal T6138887 8000 F 13687 8111 Emmad.com Wwww.ghd.com Port of Darwin 29#30Strong community desire for economic development... ➤ Agrimin has a strong working relationship with the local community and has a Land Access Agreement in place ➤ Agrimin is committed to developing a sustainable SOP operation in a manner that supports the Kiwirrkurra people in preserving their country and culture The Mackay SOP Project has the potential to create sustainable economic development for local people Native Title Mining Agreement is expected to be executed in Q4-2017 Investor Presentation | Diggers & Dealers Mining Forum 2017 Palya Clean Up Patiore agrimin 30#31Project delivery schedule targets first production in 2021. Activity Pre-Feasibility Study (PFS) Native Title Mining Agreement Pilot Trial Environmental Approvals Definitive Feasibility Study (DFS) Regulatory Approvals Financing Trench & Pond Earthworks Pond Fill & Evaporation Plant Construction SOP Production Investor Presentation | Diggers & Dealers Mining Forum 2017 2017 2018 2019 2020 agrimin 2021 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 | Q2 | Q3 | Q4 | Q1 | Q2 31#32Summary ➤ Agrimin is developing a globally significant SOP project in one of the best mining jurisdictions in the world ➤ Robust outlook for SOP prices is supported by: Urbanised populations rotating to healthier diets Food production practices changing due to water scarcity and pollution issues ➤ Supply is reliant on the high-cost Mannheim Process Trend towards new large-scale SOP supply coming from salt lakes will continue ➤ Lake Mackay hosts a very large, shallow and contiguous deposit which can underpin large-scale SOP production with a bottom quartile cost ➤ Agrimin is well funded with $13.4 million in cash to rapidly advance feasibility studies and project approvals Investor Presentation | Diggers & Dealers Mining Forum 2017 agrimin 32#33Calbra Office Contact: 2C Loch Street Nedlands, Western Australia 6009 Australia T: +61 8 9389 5363 E: [email protected] W: www.agrimin.com.au Calba Investor Relations Contact: Mark Savich Chief Executive Officer M: +61 402 746 757 E: [email protected] Media Contact: Michael Vaughan Fivemark Partners M: +61 422 602 720 E: [email protected]#34Appendix 1. Mineral Resources Statement (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 Lower 6.0-24.7 Total Upper & Lower 0.4-24.7 Mineral Resources - December 2015 (Specific Yield) Category Zone Depth (m) Indicated Upper 0.4-2.7 Inferred Upper 0.4 -6.0 Total Upper 0.4-6.0 Inferred Lower 6.0-24.7 Total Upper & Lower 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 1. 2. 3. 1 2 3 a Average depth of drilling was 24.7m, however the estimation extends to 30.0m where drilling reached that depth Water table averages 0.4m below surface Potassium content can be converted to SOP using a conversion factor of 2.23 (i.e. SOP contains 44.87% Potassium) 4. Mineral Resources to a 2.7m depth are 89% Indicated Mineral Resources and 11% Inferred Mineral Resources 56 2 6. Errors are due to rounding 5. Mineral Resources below a depth of 2.7m are all Inferred Mineral Resources 7. 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 | Diggers & Dealers Mining Forum 2017 34 ས་