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FORWARD LOOKING STATEMENTS
    Certain statements in this presentation may constitute "forward-looking" statements which involve
    known and unknown risks, uncertainties and other factors which may cause the actual
    results, performance or achievements of Potash Ridge Corporation (the "Corporation"), or industry
    results, to be materially different from any future results, performance or achievements expressed or
    implied by such forward-looking statements. When used in this presentation, such statements use
    such                                               words                                                as
    "may", "would", "could", "will", "intend", "expect", "believe", "plan", "anticipate", "estimate" and other
    similar terminology. These statements reflect the Corporation's current expectations regarding future
    events and operating performance and speak only as of the date of this presentation. Forward-looking
    statements involve significant risks and uncertainties, which include, but are not limited to the factors
    discussed under “A Cautionary Note Regarding Forward Looking Statements” and "Risk Factors" in
    the final prospectus of the Corporation dated November 27, 2012, and should not be read as
    guarantees of future performance or results, and will not necessarily be accurate indications of
    whether or not such results will be achieved. Although the forward-looking statements contained in this
    presentation are based upon what management of the Corporation believes are reasonable
    assumptions, the Corporation cannot assure investors that actual results will be consistent with these
    forward-looking statements. These forward-looking statements are made as of the date of this
    presentation and are expressly qualified in their entirety by this cautionary statement. Subject to
    applicable securities laws, the Corporation assumes no obligation to update or revise them to reflect
    new events or circumstances.

2
A potash company focused on its
    Blawn Mountain property in Utah

      SOP: 680,000 tonnes per annum
      Bauxite: 3.3 million tonnes per annum




3
EXPERIENCED AND PROVEN MANAGEMENT
                            Guy Bentinck President & CEO
                            Chartered Accountant;
                            20 years mining/resource experience
                            Sherritt: CFO and SVP Capital Projects
Jeff Hillis CFO                                        Ross Phillips
Chartered Accountant;                                  VP, Development
10 years mining sector finance, including              10 years experience in large resource
CFO of several public mining companies                 and energy sector projects
Iberian Minerals, Excellon, Falconbridge               Sherritt, Capital Power

Laura Nelson VP, Government and                        Paul Hampton VP, Project
Regulatory Affairs                                     Management
Extensive experience in government                     Geologist and Metallurgical Engineer;
relations, permitting and power planning, including    ~30 years experience in
the successful permitting of the Red Leaf oil shale    design, construction, start-up and management
project                                                of mineral processing facilities
    Red Leaf Resources, Utah Government                SNC, Washington Group, Outotec


               OVER 80 YEARS COMBINED EXPERIENCE
4
COMPETATIVE ADVANTAGES

    Large mineral deposit containing premium-quality potash


    Strategically located in a mining friendly jurisdiction with established infrastructure nearby


    State-owned land allows for an efficient permitting process


    Historical work expedites project development


    Lower risk surface mining deposit; expected low-cost producer


    30 year mine life, with upside potential


    PEA completed: $1.3 billion NPV at 10%; 21.3% after tax IRR



5
POTASH:
    ESSENTIAL TO THE WORLD’S FOOD SUPPLY

     No known substitute


     Increasing world population


     Growing per capita income


     Decreasing arable land


     Increasing use of biofuels



    ~5% EXPECTED ANNUAL GROWTH IN DEMAND TO 2016
6
SULPHATE OF POTASH (SOP) IS A PREMIUM PRODUCT


    Sulphate of Potash (SOP)                                          Muriate of Potash (MOP)
    Potassium Sulphate (K2SO4)                                        Potassium Chloride (KCl)

    6 million tonnes sold in 20111                                    55.8 million tonnes sold in 20112


    Potassium and sulphur are essential nutrients2                    Crop quality/yield diminish as chloride builds up2


    Improves yield, quality, taste and enhances shelf life2




                      AVERAGE 47% PRICE PREMIUM OVER MOP3
7    1Source:   Fertecon   2Source:   CRU 3Based on historical data
USES OF SOP
    Fruits                 Tobacco
    Vegetables             Tea
    Nuts                   Dry soils
    Horticultural Plants   Salty soil




8
SOP PREMIUM PRICE TRENDS
             U.S. $/tonne
       900

       800

       700

       600

       500

       400

       300

       200

                                                                                             SOP1   MOP2
       100

            0
                         2006                  2007                  2008   2009   2010   2011      2012




    HISTORICAL PRICE PREMIUM FOR SOP HAS RANGED
                BETWEEN 30% AND 61%
9   1SOP,   standard grade cif NW Europe (Source: Fertilizer Week)
    2MOP,   all grades, fob Vancouver/Portland (Source: CRU)
SOP MARKET CHARACTERISTICS
     Global SOP Consumption and Commodity Price1

                                                              12,000                                                                        $1,000

                                                                                                                                            $900
                                                              10,000
                  Rest of                                                                                                                   $800
Africa           the World
                                Europe                                                                                                      $700
4.6%               14.9%                                          8,000
                                23.3%                                                                                                       $600




                                                                                                                                                   (US$/tonne)
                                                  Tonnes (000s)
                                                                  6,000                                                                     $500
                                 N. America
                                    8.6%                                                                                                    $400
                    China
                                                                  4,000
                    44.3%                                                                                                                   $300

                                                                                                                                            $200
                                                                  2,000
                                                                                                                                            $100
                                   Central and
                                                                     0                                                                      $0
                                  South America                           2000   2004        2008          2012          2016        2020
                                      4.3%
                                                                                 Global SOP Consumption
                                                                                 Historical Standard FOB NW Europe (US$/tonne SOP)
                                                                                 Estimated Standard FOB NW Europe (US$/tonne SOP)




10   1Source:   Fertecon, CRU
SOP MARKET DYNAMICS


                                                        SOP share of potash market:
     Limited production and premium
                                                        Current: ~10%
     price has restricted demand                        Potential: >28%1


     Trend toward high                                  Potential to use SOP in typical cereal crop fertilizer blends
     nutrient fertilizers                               instead of ammonium sulphate


                                                        SOP consumption:
                                                        China (pop. 1.3 billion): 1.9 million tpy
     India                                              India: (pop. 1.2 billion) 50,000 tpy (<1% of country’s potash
                                                        consumption)

                                                        SOP consumption = 32,000 tpy (0.4% of total potash
     Brazil                                             consumption)
                                                        Premium crops grown on 20% of planted land




                                      SIGNIFICANT GROWTH POTENTIAL
       1Based   on crops that are best suited for SOP
11
THE BLAWN MOUNTAIN PROJECT




12
PROJECT OVERVIEW
     Large alunite deposit, which is expected to be
     processed into SOP, by-product sulphuric acid and
     bauxite

     Target 680,000 tonnes per year of SOP by mid-2016


     Historical work expedites project development


     Mineral deposit to be surface mined


     Proven process




                  ANTICIPATED PRODUCTION BY 2016
13
SOP HOSTED IN ALUNITE


     Volcanic rock mined for over 500 years



     Contains alumina (Al2O3), potassium (K2O), and
     sulphur (SO3)



     Historic source of SOP in U.S. and Australia



     Long-term SOP and alumina production in Azerbaijan




14
EXTENSIVE DEVELOPMENT COMPLETED IN
     1970’s
                        Drilling
           Resource estimate
                                   Approx. $25 million spent
              Feasibility study    (~ $100 million in today’s
                     Mine plan     dollars)
                  Engineering
                    Permitting     All data owned by Potash Ridge
            Pilot plant: 3-year
                     operation
     processing 11 tonnes/day



PREVIOUS WORK ACCELERATES PROJECT DEVELOPMENT
15
SIMPLE PROVEN FLOWSHEET

        Alunite



     Beneficiation



     Calcination            SO2              Acid Plant        Sulphuric Acid
                                                                                  Flowsheet mirrors
                                                                                  historical production
                       Potash Sulphate      Crystalizer
     Water Leach
                           Solution      Compaction Drying
                                                              Potash Sulphate     processes

      51% alumina
     content bauxite



                           Potash Ridge expects the processing plant to produce:
                            • 680,000 tonnes of SOP per annum
                            • 1.6 million tonnes of concentrated sulphuric acid per annum
                           Residue from water leach process is estimated to be 3.3 million
                           tonnes per annum of 51% alumina content bauxite, suitable for a
                           Bayer Process

16
HIGH GRADE BAUXITE BY-PRODUCT

     Bauxite suitable for a Bayer Process
           •     Non-traditional high-grade alumina (51%) resource
           •     Low iron / titanium concentrations compared to a traditional bauxite
           •     Avoids the production of bauxite residue “red mud” waste
           •     No identified heavy metals
           •     Favorable access to markets via existing rail and port infrastructure
 Typical bauxite:
                                                             Potash Ridge bauxite:
       •       THA = 41.66 % (Tri -hydrate Alumina)
                                                                   •   THA = 50.9 % (Tri -hydrate Alumina)
       •       Total SiO2 = 7.32% (Total Silica)
                                                                   •   Quartz = 20.6 % (Form of Silica)
       •       Quartz = 1.86 % (Form of Silica)
                                                                   •   Fe2O3 = 2.58 % (Ferrous Oxide <Iron>)
       •       Fe2O3 = 5.98 % (Ferrous Oxide <Iron>)
                                                                   •   TiO2 = 1.42 % (Titanium Oxide)
       •       TiO2 = 2.43 % (Titanium Oxide)
                                                                   •   P2O5 = 0.59 % (Phosphorous Pent-oxide)
       •       P2O5 = 0.06 % (Phosphorous Pent-oxide)

       •       TOC = 0.19% (Total Organic Carbon)

17
UTAH: AN ATTRACTIVE
     MINING JURISDICTION

      Major resource producer


      Existing potash production


      Best state for business1


      Top quartile mining jurisdiction2




                 ALMOST 100 YEARS OF POTASH PRODUCTION
18   1Forbes   Magazine, November, 2011   2Fraser   Institute, February, 2012
OUR LAND ADVANTAGE
                                                                 State-owned land


                                                                 Simpler permitting process


                                                                 Leasehold and royalty agreements negotiated


                                                                 No known adverse environmental, social
                                                                 or aboriginal issues


                                                                 Sufficient water nearby1 – rights application made


                 MUNICIPAL AND STATE SUPPORT OF PROJECT
19   1Based   on historic data; confirmation drilling underway
ESTABLISHED INFRASTRUCTURE NEARBY

                         Roads, rail and natural
                         gas


                         Construction materials
                         and equipment suppliers
                         nearby


                         Skilled labour force


                         Access to ports of Los
                         Angeles and Houston



20
HISTORIC DRILLING




                         320 holes drilled
                         in 1970’s




21
NI 43-101 CONFIRMATION DRILLING

                                             Phase 1

                                             Area 1 – 34 holes (19 core; 15 RC)



                                             Phase 2

                                             Area 1 – 38 holes (12 core; 26 RC)
                                             Area 2 – 50 holes (6 core; 44 RC)




                                             Phase 3

                                             Area 1 – 2 RC holes
                                             Area 2 – 16 RC holes




     140 holes following completion of current drilling program
22
SIGNIFICANT RESOURCE IDENTIFIED
                                            Measured + Indicated                                                  Inferred

             Area                                                            SOP                                                            SOP
                           Resource                       SOP tons                        Resource                       SOP tons
                                         Alunite grade                                                  Alunite grade
                          tons (000's)                     (000's)                       tons (000's)                     (000's)
                                                                            grade1                                                        grade1

                                                                 NI-43-101 Compliant 2

               1              156,285          37.6%            9,315          15.8%             392          46.5%               24          13.1%

               2 4            464,442          35.6%          26,395           15.9%         250,769          34.7%          13,476           15.5%
            Total:
                              620,726          35.8%          35,710           15.9%         251,160          34.7%          13,500           15.5%
          Areas 1 & 2
                                                                  Historic Resources 3

               3               11,600          44.0%              987          19.3%         281,400          44.0%                           19.3%
                                                                                                                             23,950
               4               51,700          36.5%            3,667          19.4%          49,200          38.0%                           19.5%
                                                                                                                               3,645
             Total:
                               63,300          37.9%            4,654          19.4%         330,600          43.1%          27,595           19.3%
         Areas 3 & 4




         Initial Mine Plan for 30 Years using NI 43-101 Compliant M&I
                                   Resources
     1 Contained within alunite
     2 Using 1.00% cut-off grade
     3 The historic resources are not NI 43-101 compliant although reasonable methodologies were applied at the time. A qualified person has not
     done sufficient work to classify, and the Corporation is not treating, the estimates as current mineral resources or mineral reserves.
23
EXPECTED TO BE LOWEST COST SOP
     PRODUCER

     Cash Cost by Production Method                                            $550                    Process Method and Cost Comparisons
     Avg Cost/Tonne

                                                                                                                                                                             Avg
                                                                                                      Process       World                                                   Cost /
                                                                                                      Method       Capacity       Process Inputs         Products           Tonne
                                                             $386
                                                                                                      Mannheim     60%        ¡   MOP              ¡   SOP                  $550
                                                                                                                              ¡   Sulfuric Acid    ¡   HCI
                                             $300                                                                             ¡   Energy
                                                                                                      MOP and      25%        ¡   MOP              ¡   SOP                  $386
                                                                                                      Kieserite               ¡   Kieserite        ¡   Magnesium
                                                                                                                              ¡   Energy               Chloride
                                                                                                      Salt Lakes   15%        ¡   Lake Brines      ¡   SOP                  $300
                         $162                                                                                                 ¡   Energy           ¡   Magnesium
                                                                                                                                                       Chloride
                                                                                                                                                   ¡   NaCI
      $1011                                                                                           Polyhalite    –         ¡   Polyhalite       ¡   SOP                  $162
                                                                                                      Leach                   ¡   Water            ¡   Kieserite
                                                                                                                              ¡   Energy
                                                                                                      Alunite       –         ¡   Alunite          ¡   SOP                  $101
                                                                                                      Leach                   ¡   Energy           ¡   H2SO4
      Alunite          Polyhalite       Salk Lakes           MOP/           Mannheim                                                               ¡   Bauxite substitute
      Leach             Leach                               Sulphate         Process
                                                             Salts

     POTASH
      RIDGE
                                                          Includes expected
              Expected           In Production
                                                          and in-production data

24    1 The   cost is converted from $92 per short ton. Excludes sulphuric acid and bauxite credits
PRELIMINARY ECONOMIC ANALYSIS
RESULTS
 PROJECT HIGHLIGHTS
 Annual Production Rates:
     SOP                                                                                                      680,000 tonnes
     Sulphuric Acid                                                                                           1.6 million tonnes
 Initial Mine Plan1                                                                                           30 years
 Capital Cost2                                                                                                $1.075 billion
 Cash Cost of Production (before acid credits)3,4                                                             $101 per tonne


 FINANCIAL HIGHLIGHTS
 NPV @ 10% (after tax)4                                                                                       $1,331 million
 Unlevered IRR (after tax)4                                                                                   21.3%

      1 Future planned work may expand resource base and extend life of project       beyond 30 years
      2 Excludes third party costs: power generation ($160 million), sulphuric acid   plant ($180 million) and water treatment plant ($40 million)
      3 The cost is converted from $92 per short ton
      4   Excludes potential credits related to sale of 3.3 million tonnes per annum of bauxite

25
SOP CAPITAL COST BREAKDOWN 1



                                                           24%
                                                      SOP Leaching,
                                                      Crystallization
                                                       and Drying
            41%
         Contingency
            and
          Indirects
                                                                                                       CAPITAL COST: $1.075 billion
                                                                 18%
                                                              Calcination



                                      17%
                                   Beneficiation




     1   Excludes third party costs: power generation ($160 million), sulphuric acid plant ($180 million) and water treatment plant ($40 million)

26
OPERATING COSTS: $101/TONNE 1


                7%

                                                                                                 4%
                  7%                                                                             SOP
                 Other                                                       11%          Leaching, Crystalliz
                                                                          Materials &           ation
  14%                                                                     Consumables
Royalties                                                                                     and Drying 25%
                                                                                                       Calcination
                                                                       12%
                                                                    Powerhouse
                                                              79%
                                                                         14%                             20%
                                                                      Contingency                     Labor and
                                                                       and Other                       Benefits
                79%
                                                                                       14%
       Direct Plant and Mine
                                                                                    Beneficiation
         Production Costs




            1   Excludes sulphuric acid and bauxite credits

27
CAPITAL STRUCTURE


                                     Millions ($)
        Common Shares                       81.3
        Non-voting Common Shares             5.0
        Total Shares Outstanding            86.3
        Warrants – $ 0.50                   10.7
        Warrants – $1.00                     5.0
        Broker options/warrants              3.4
        Stock options                        6.8
        Total Fully Diluted Shares         112.3




28
PROJECT TIMELINE
Stage                    Activity                                  2013   2014   2015   2016

Confirmation
                         Areas 1 & 2
Drilling

                         Metallurgical Testing and
Process
                         Pilot Plant (process
Development
                         optimization)

Permitting               Project Permitting

                         Prefeasibility
Engineering
Studies
                         Feasibility/Mine Design1

                         Civil Works, etc.

Construction             Processing Plant2

                         Mine2

Production               Commissioning2




        1. Subject to receiving a positive pre-feasibility study
29      2. Subject to receiving a positive feasibility study
STRONG BOARD WITH DIVERSE SKILLS
     AND LOCAL EXPERIENCE
     Rahoul Sharan, Chairman                              Stephen Harapiak
     Chartered Accountant with over 30 years              President and COO Victory Nickel Inc.
     diversified mining experience                        Former CEO, Potash Corp.
     Former Chairman and
     CEO of Uranium Power Corporation                     Rocco Rossi
     Navin Dave                                           Experienced business strategist and
                                                          public company director
     Chairman and CEO of Stat-Ops
     International                                        Former President and COO of MGI Software Corp.

     Former Managing Partner, KPMG LLP                    Phil Williams
     Robert C. Gross                                      Director, Investment Banking of Dundee Capital
                                                          Markets Inc.
     Former Chief of Staff to Utah Governor
                                                          Former VP, Business Development Pinetree
     Former Senior Advisor, Coalition Authority of Iraq   Capital and Mega Uranium Ltd.
     Former Chairman and President of First Interstate
     Bank                                                 Guy Bentinck
     Former President and CEO of Blue Healthcare          President & CEO
     Bank


        MANAGEMENT AND BOARD CURRENTLY OWN 4%
30
COMPETATIVE ADVANTAGES

     Large mineral deposit containing premium-quality potash


     Strategically located in a mining friendly jurisdiction with established infrastructure nearby


     State-owned land allows for an efficient permitting process


     Historical work expedites project development


     Lower risk surface mining deposit; expected low-cost producer


     30 year mine life, with upside potential


     PEA completed: $1.3 billion NPV at 10%; 21.3% after tax IRR



31
January 2013 - Presentation

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January 2013 - Presentation

  • 1. Premium Potash Project Driven by a Proven Management Team
  • 2. FORWARD LOOKING STATEMENTS Certain statements in this presentation may constitute "forward-looking" statements which involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Potash Ridge Corporation (the "Corporation"), or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. When used in this presentation, such statements use such words as "may", "would", "could", "will", "intend", "expect", "believe", "plan", "anticipate", "estimate" and other similar terminology. These statements reflect the Corporation's current expectations regarding future events and operating performance and speak only as of the date of this presentation. Forward-looking statements involve significant risks and uncertainties, which include, but are not limited to the factors discussed under “A Cautionary Note Regarding Forward Looking Statements” and "Risk Factors" in the final prospectus of the Corporation dated November 27, 2012, and should not be read as guarantees of future performance or results, and will not necessarily be accurate indications of whether or not such results will be achieved. Although the forward-looking statements contained in this presentation are based upon what management of the Corporation believes are reasonable assumptions, the Corporation cannot assure investors that actual results will be consistent with these forward-looking statements. These forward-looking statements are made as of the date of this presentation and are expressly qualified in their entirety by this cautionary statement. Subject to applicable securities laws, the Corporation assumes no obligation to update or revise them to reflect new events or circumstances. 2
  • 3. A potash company focused on its Blawn Mountain property in Utah SOP: 680,000 tonnes per annum Bauxite: 3.3 million tonnes per annum 3
  • 4. EXPERIENCED AND PROVEN MANAGEMENT Guy Bentinck President & CEO Chartered Accountant; 20 years mining/resource experience Sherritt: CFO and SVP Capital Projects Jeff Hillis CFO Ross Phillips Chartered Accountant; VP, Development 10 years mining sector finance, including 10 years experience in large resource CFO of several public mining companies and energy sector projects Iberian Minerals, Excellon, Falconbridge Sherritt, Capital Power Laura Nelson VP, Government and Paul Hampton VP, Project Regulatory Affairs Management Extensive experience in government Geologist and Metallurgical Engineer; relations, permitting and power planning, including ~30 years experience in the successful permitting of the Red Leaf oil shale design, construction, start-up and management project of mineral processing facilities Red Leaf Resources, Utah Government SNC, Washington Group, Outotec OVER 80 YEARS COMBINED EXPERIENCE 4
  • 5. COMPETATIVE ADVANTAGES Large mineral deposit containing premium-quality potash Strategically located in a mining friendly jurisdiction with established infrastructure nearby State-owned land allows for an efficient permitting process Historical work expedites project development Lower risk surface mining deposit; expected low-cost producer 30 year mine life, with upside potential PEA completed: $1.3 billion NPV at 10%; 21.3% after tax IRR 5
  • 6. POTASH: ESSENTIAL TO THE WORLD’S FOOD SUPPLY No known substitute Increasing world population Growing per capita income Decreasing arable land Increasing use of biofuels ~5% EXPECTED ANNUAL GROWTH IN DEMAND TO 2016 6
  • 7. SULPHATE OF POTASH (SOP) IS A PREMIUM PRODUCT Sulphate of Potash (SOP) Muriate of Potash (MOP) Potassium Sulphate (K2SO4) Potassium Chloride (KCl) 6 million tonnes sold in 20111 55.8 million tonnes sold in 20112 Potassium and sulphur are essential nutrients2 Crop quality/yield diminish as chloride builds up2 Improves yield, quality, taste and enhances shelf life2 AVERAGE 47% PRICE PREMIUM OVER MOP3 7 1Source: Fertecon 2Source: CRU 3Based on historical data
  • 8. USES OF SOP Fruits Tobacco Vegetables Tea Nuts Dry soils Horticultural Plants Salty soil 8
  • 9. SOP PREMIUM PRICE TRENDS U.S. $/tonne 900 800 700 600 500 400 300 200 SOP1 MOP2 100 0 2006 2007 2008 2009 2010 2011 2012 HISTORICAL PRICE PREMIUM FOR SOP HAS RANGED BETWEEN 30% AND 61% 9 1SOP, standard grade cif NW Europe (Source: Fertilizer Week) 2MOP, all grades, fob Vancouver/Portland (Source: CRU)
  • 10. SOP MARKET CHARACTERISTICS Global SOP Consumption and Commodity Price1 12,000 $1,000 $900 10,000 Rest of $800 Africa the World Europe $700 4.6% 14.9% 8,000 23.3% $600 (US$/tonne) Tonnes (000s) 6,000 $500 N. America 8.6% $400 China 4,000 44.3% $300 $200 2,000 $100 Central and 0 $0 South America 2000 2004 2008 2012 2016 2020 4.3% Global SOP Consumption Historical Standard FOB NW Europe (US$/tonne SOP) Estimated Standard FOB NW Europe (US$/tonne SOP) 10 1Source: Fertecon, CRU
  • 11. SOP MARKET DYNAMICS SOP share of potash market: Limited production and premium Current: ~10% price has restricted demand Potential: >28%1 Trend toward high Potential to use SOP in typical cereal crop fertilizer blends nutrient fertilizers instead of ammonium sulphate SOP consumption: China (pop. 1.3 billion): 1.9 million tpy India India: (pop. 1.2 billion) 50,000 tpy (<1% of country’s potash consumption) SOP consumption = 32,000 tpy (0.4% of total potash Brazil consumption) Premium crops grown on 20% of planted land SIGNIFICANT GROWTH POTENTIAL 1Based on crops that are best suited for SOP 11
  • 12. THE BLAWN MOUNTAIN PROJECT 12
  • 13. PROJECT OVERVIEW Large alunite deposit, which is expected to be processed into SOP, by-product sulphuric acid and bauxite Target 680,000 tonnes per year of SOP by mid-2016 Historical work expedites project development Mineral deposit to be surface mined Proven process ANTICIPATED PRODUCTION BY 2016 13
  • 14. SOP HOSTED IN ALUNITE Volcanic rock mined for over 500 years Contains alumina (Al2O3), potassium (K2O), and sulphur (SO3) Historic source of SOP in U.S. and Australia Long-term SOP and alumina production in Azerbaijan 14
  • 15. EXTENSIVE DEVELOPMENT COMPLETED IN 1970’s Drilling Resource estimate Approx. $25 million spent Feasibility study (~ $100 million in today’s Mine plan dollars) Engineering Permitting All data owned by Potash Ridge Pilot plant: 3-year operation processing 11 tonnes/day PREVIOUS WORK ACCELERATES PROJECT DEVELOPMENT 15
  • 16. SIMPLE PROVEN FLOWSHEET Alunite Beneficiation Calcination SO2 Acid Plant Sulphuric Acid Flowsheet mirrors historical production Potash Sulphate Crystalizer Water Leach Solution Compaction Drying Potash Sulphate processes 51% alumina content bauxite Potash Ridge expects the processing plant to produce: • 680,000 tonnes of SOP per annum • 1.6 million tonnes of concentrated sulphuric acid per annum Residue from water leach process is estimated to be 3.3 million tonnes per annum of 51% alumina content bauxite, suitable for a Bayer Process 16
  • 17. HIGH GRADE BAUXITE BY-PRODUCT Bauxite suitable for a Bayer Process • Non-traditional high-grade alumina (51%) resource • Low iron / titanium concentrations compared to a traditional bauxite • Avoids the production of bauxite residue “red mud” waste • No identified heavy metals • Favorable access to markets via existing rail and port infrastructure Typical bauxite: Potash Ridge bauxite: • THA = 41.66 % (Tri -hydrate Alumina) • THA = 50.9 % (Tri -hydrate Alumina) • Total SiO2 = 7.32% (Total Silica) • Quartz = 20.6 % (Form of Silica) • Quartz = 1.86 % (Form of Silica) • Fe2O3 = 2.58 % (Ferrous Oxide <Iron>) • Fe2O3 = 5.98 % (Ferrous Oxide <Iron>) • TiO2 = 1.42 % (Titanium Oxide) • TiO2 = 2.43 % (Titanium Oxide) • P2O5 = 0.59 % (Phosphorous Pent-oxide) • P2O5 = 0.06 % (Phosphorous Pent-oxide) • TOC = 0.19% (Total Organic Carbon) 17
  • 18. UTAH: AN ATTRACTIVE MINING JURISDICTION Major resource producer Existing potash production Best state for business1 Top quartile mining jurisdiction2 ALMOST 100 YEARS OF POTASH PRODUCTION 18 1Forbes Magazine, November, 2011 2Fraser Institute, February, 2012
  • 19. OUR LAND ADVANTAGE State-owned land Simpler permitting process Leasehold and royalty agreements negotiated No known adverse environmental, social or aboriginal issues Sufficient water nearby1 – rights application made MUNICIPAL AND STATE SUPPORT OF PROJECT 19 1Based on historic data; confirmation drilling underway
  • 20. ESTABLISHED INFRASTRUCTURE NEARBY Roads, rail and natural gas Construction materials and equipment suppliers nearby Skilled labour force Access to ports of Los Angeles and Houston 20
  • 21. HISTORIC DRILLING 320 holes drilled in 1970’s 21
  • 22. NI 43-101 CONFIRMATION DRILLING Phase 1 Area 1 – 34 holes (19 core; 15 RC) Phase 2 Area 1 – 38 holes (12 core; 26 RC) Area 2 – 50 holes (6 core; 44 RC) Phase 3 Area 1 – 2 RC holes Area 2 – 16 RC holes 140 holes following completion of current drilling program 22
  • 23. SIGNIFICANT RESOURCE IDENTIFIED Measured + Indicated Inferred Area SOP SOP Resource SOP tons Resource SOP tons Alunite grade Alunite grade tons (000's) (000's) tons (000's) (000's) grade1 grade1 NI-43-101 Compliant 2 1 156,285 37.6% 9,315 15.8% 392 46.5% 24 13.1% 2 4 464,442 35.6% 26,395 15.9% 250,769 34.7% 13,476 15.5% Total: 620,726 35.8% 35,710 15.9% 251,160 34.7% 13,500 15.5% Areas 1 & 2 Historic Resources 3 3 11,600 44.0% 987 19.3% 281,400 44.0% 19.3% 23,950 4 51,700 36.5% 3,667 19.4% 49,200 38.0% 19.5% 3,645 Total: 63,300 37.9% 4,654 19.4% 330,600 43.1% 27,595 19.3% Areas 3 & 4 Initial Mine Plan for 30 Years using NI 43-101 Compliant M&I Resources 1 Contained within alunite 2 Using 1.00% cut-off grade 3 The historic resources are not NI 43-101 compliant although reasonable methodologies were applied at the time. A qualified person has not done sufficient work to classify, and the Corporation is not treating, the estimates as current mineral resources or mineral reserves. 23
  • 24. EXPECTED TO BE LOWEST COST SOP PRODUCER Cash Cost by Production Method $550 Process Method and Cost Comparisons Avg Cost/Tonne Avg Process World Cost / Method Capacity Process Inputs Products Tonne $386 Mannheim 60% ¡ MOP ¡ SOP $550 ¡ Sulfuric Acid ¡ HCI $300 ¡ Energy MOP and 25% ¡ MOP ¡ SOP $386 Kieserite ¡ Kieserite ¡ Magnesium ¡ Energy Chloride Salt Lakes 15% ¡ Lake Brines ¡ SOP $300 $162 ¡ Energy ¡ Magnesium Chloride ¡ NaCI $1011 Polyhalite – ¡ Polyhalite ¡ SOP $162 Leach ¡ Water ¡ Kieserite ¡ Energy Alunite – ¡ Alunite ¡ SOP $101 Leach ¡ Energy ¡ H2SO4 Alunite Polyhalite Salk Lakes MOP/ Mannheim ¡ Bauxite substitute Leach Leach Sulphate Process Salts POTASH RIDGE Includes expected Expected In Production and in-production data 24 1 The cost is converted from $92 per short ton. Excludes sulphuric acid and bauxite credits
  • 25. PRELIMINARY ECONOMIC ANALYSIS RESULTS PROJECT HIGHLIGHTS Annual Production Rates: SOP 680,000 tonnes Sulphuric Acid 1.6 million tonnes Initial Mine Plan1 30 years Capital Cost2 $1.075 billion Cash Cost of Production (before acid credits)3,4 $101 per tonne FINANCIAL HIGHLIGHTS NPV @ 10% (after tax)4 $1,331 million Unlevered IRR (after tax)4 21.3% 1 Future planned work may expand resource base and extend life of project beyond 30 years 2 Excludes third party costs: power generation ($160 million), sulphuric acid plant ($180 million) and water treatment plant ($40 million) 3 The cost is converted from $92 per short ton 4 Excludes potential credits related to sale of 3.3 million tonnes per annum of bauxite 25
  • 26. SOP CAPITAL COST BREAKDOWN 1 24% SOP Leaching, Crystallization and Drying 41% Contingency and Indirects CAPITAL COST: $1.075 billion 18% Calcination 17% Beneficiation 1 Excludes third party costs: power generation ($160 million), sulphuric acid plant ($180 million) and water treatment plant ($40 million) 26
  • 27. OPERATING COSTS: $101/TONNE 1 7% 4% 7% SOP Other 11% Leaching, Crystalliz Materials & ation 14% Consumables Royalties and Drying 25% Calcination 12% Powerhouse 79% 14% 20% Contingency Labor and and Other Benefits 79% 14% Direct Plant and Mine Beneficiation Production Costs 1 Excludes sulphuric acid and bauxite credits 27
  • 28. CAPITAL STRUCTURE Millions ($) Common Shares 81.3 Non-voting Common Shares 5.0 Total Shares Outstanding 86.3 Warrants – $ 0.50 10.7 Warrants – $1.00 5.0 Broker options/warrants 3.4 Stock options 6.8 Total Fully Diluted Shares 112.3 28
  • 29. PROJECT TIMELINE Stage Activity 2013 2014 2015 2016 Confirmation Areas 1 & 2 Drilling Metallurgical Testing and Process Pilot Plant (process Development optimization) Permitting Project Permitting Prefeasibility Engineering Studies Feasibility/Mine Design1 Civil Works, etc. Construction Processing Plant2 Mine2 Production Commissioning2 1. Subject to receiving a positive pre-feasibility study 29 2. Subject to receiving a positive feasibility study
  • 30. STRONG BOARD WITH DIVERSE SKILLS AND LOCAL EXPERIENCE Rahoul Sharan, Chairman Stephen Harapiak Chartered Accountant with over 30 years President and COO Victory Nickel Inc. diversified mining experience Former CEO, Potash Corp. Former Chairman and CEO of Uranium Power Corporation Rocco Rossi Navin Dave Experienced business strategist and public company director Chairman and CEO of Stat-Ops International Former President and COO of MGI Software Corp. Former Managing Partner, KPMG LLP Phil Williams Robert C. Gross Director, Investment Banking of Dundee Capital Markets Inc. Former Chief of Staff to Utah Governor Former VP, Business Development Pinetree Former Senior Advisor, Coalition Authority of Iraq Capital and Mega Uranium Ltd. Former Chairman and President of First Interstate Bank Guy Bentinck Former President and CEO of Blue Healthcare President & CEO Bank MANAGEMENT AND BOARD CURRENTLY OWN 4% 30
  • 31. COMPETATIVE ADVANTAGES Large mineral deposit containing premium-quality potash Strategically located in a mining friendly jurisdiction with established infrastructure nearby State-owned land allows for an efficient permitting process Historical work expedites project development Lower risk surface mining deposit; expected low-cost producer 30 year mine life, with upside potential PEA completed: $1.3 billion NPV at 10%; 21.3% after tax IRR 31