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Investor Presentaiton

Verde's margin according to average KCI CFR Ports price The table below compares Verde's and KC's prices delivered to the farmer and shows Verde's potential revenue at each case. KCI CFR Ports (US$ per tonne) KCl price per tonne delivered to the farmer (600kg of K20)(US$)1,2 263 K ForteⓇ production cost per tonne (100kg of K20)(US$)³ (+) K Forte® production cost per tonne x 6 (600kg of K20)(US$) (+) Freight cost to deliver 6 tonnes of K ForteⓇ to the farmer (600kg of K20)(US$)4 (=) K ForteⓇ delivered to the farmer (600kg of K20)(US$) Brazil's potential market size to be supplied by Verde (million tonnes of K ForteⓇ, 100kg of K2O) Potential revenue for Verde (million US$)5 Verde's margin (% of potential revenue)5 100 12.95 77.71 167 244 9 399 7% 200 378 11.29 67.72 238 306 34 2,150 19% 300 493 10.17 61.00 281 342 56 4,566 31% 400 608 10.17 61.00 313 374 67 6,789 38% 500 723 10.17 61.00 325 386 70 8,396 47% The table above is based on the following assumptions: Brazil's market size projected for 2023 = 7.02Mt of K2O, equivalent to 70.20Mt of K Forte® (10% K2O). Diesel price = US$1.08. Currency exchange rate: US$1.00 = R$5.25. 1 - Source: Acerto Limited Report, as of December 12, 2022. 2 - 0.8% rate charged for brokerage and 0.17% rate charged for insurance rate, 25% rate charged for sea freight, US$25 (blender / dealer costs) + 12% (from KCl delivered to the blender) rate charged by blender/dealer, which includes taxes and profit margin (source Tec-Fértil). 3 - Based on Verde's NI 43-101 Pre-Feasibility Technical Report Cerrado Verde Project, considering K Forte®'s potential market for each production scenario (10Mtpy, 23Mtpy and 50Mtpy). 4 - Weighted average freight cost based on the market size in tonnes of K20 for each region. The freight value variation is due to the different regions of Brazil where the Company can deliver K Forte® for the same cost or at a lower cost per tonne of K₂O than KCl, according to the average KCI CFR Ports price (please refer to the map on previous slide). 5 - Verde's potential revenue was calculated based on KCI's price to be delivered to the farmer multiplied by KCI's potential market in K2O demand. Verde's margin was calculated as the deduction of the total costs to deliver 6 tonnes K ForteⓇ to the farmer (production + freight costs) for each potential market of K ForteⓇ from Verde's potential revenue. TSX: NPK OTCMKTS: VNPKF со 32
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