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Investor Presentaiton

Industry 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
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