Investor Presentation

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1 Specialty fertilizer for modern agriculture Investor Presentation October 2015 ASX AMN

2 Company Highlights Strategic focus on sulphate of potash (SOP) in Western Australia SOP is premium potash fertilizer used for high-value crops Supply shortage is supportive of new production Current prices are ~US$700 per tonne (~A$960 per tonne) Key focus is the Mackay SOP Project (100% Agrimin) Extensive 2,457km 2 ground holding offers world-class scale Potential multi-generational asset located in a safe and stable country Drilling confirms upside to the current SOP Mineral Resource of 22 million tonnes Updated Mineral Resource due Q Scoping Study due Q

3 Corporate Snapshot Capital Structure Share price Ordinary shares Options + performance rights Fully diluted market cap Cash at bank Debt $ m 16.7m $24.6m $1.4m $0.0m Directors and management Stephen Everett Non-Executive Chairman Chemical engineer with over 35 years of management and board experience in the international resources industry. Held senior executive and chairman positions of various private and ASX listed companies. Share Price Performance $0.25 $0.20 $0.15 $0.10 $0.05 $0.00 Oct 14 Jan 15 Apr 15 Jul 15 Oct 15 Substantial Shareholders Tim Lyons Eye Investment Fund Mark Savich Walloon Securities Terra Capital Paragon Funds Management 11.4% 7.5% 7.3% 6.6% 3.9% 3.7% Mark Savich Chief Executive Office Chartered financial analyst with over 10 years of technical and financial experience in the resources industry. Significant experience in the due diligence, acquisition and financing of resource projects. Alec Pismiris Non-Executive Director & Company Secretary Director of Capital Investment Partners which provides corporate advisory services. Over 25 years experience in the securities, finance and mining industries as a director and company secretary of various ASX listed companies. Tom Lyons General Manager Geologist with broad experience in a range of commodities including industrial minerals, precious and base metals and bulks. Significant experience working throughout a number of jurisdictions, including remote regions of Western Australia. 3

4 SOP Uses A specialty fertilizer for high-value crops Sulphate of potash (SOP) is used on crops such as fruits, vegetables and tree nuts It improves the nutritional value, taste, appearance and shelf life of crops Its use is essential for chloride-sensitive crops and has advantages in saline and arid soils Orange without SOP Orange with SOP Source: IC Potash Source: Bunnings Warehouse 4

5 Potash Consumption SOP market turnover is circa US$4 billion per annum In 2013, global potash consumption was 56Mt including 51Mt of MOP (KCl) and 5Mt of SOP (K 2 SO 4 ) SOP contains almost no chloride, compared to MOP which contains 46% chloride More than half of the world s installed SOP capacity is the high-cost Mannheim Process SOP Installed Production Capacity (~7Mt per annum) Mannheim Total Potash Consumption (~56Mt per annum) MOP Source: Yara International SOPM NOP SOP Primary SOP Reacted Salts 5

6 SOP Production Brine-hosted SOP operations lie at the bottom of the industry operating cost curve Industry Cash Cost Curve Top 10 SOP Producers Installed Production Capacity 6

7 SOP Prices SOP prices have more than doubled since 2007 Prices for standard SOP products are currently trading between ~A$700/t A$1,100/t 1 Global SOP and MOP Potash Prices Key supply and demand fundamentals: Price inelasticity: SOP demand is driven by high-value crops, where the cost of fertilizer has less of an impact on crop profitability Excess Capacity: SOP supply is reliant on the high-cost Mannheim Process, most of which exists within China and is currently idle due to high production costs, inability to dispose of the hydrochloric acid by-product and high export tariffs 1 US$722/st FOB US Gulf, 455/t FOB NW Europe and 3,600/t landed in China (Source: Compass Minerals, Argus FMB Potash) Source: Euroz Securities, Reward Minerals 7

8 Mackay SOP Project Western Australia, 100% Owned

9 Project Summary 100% owned by Agrimin Extensive 2,457km 2 ground holding spanning Lake Mackay Brine-hosted SOP deposit starts near surface and remains open at depth SOP grades are highly homogenous across the project area Constant rate pump tests identified areas of promising flow rates Process simulation shows brine chemistry is suitable to produce SOP Excellent evaporation rate of approx. 3,500mm per annum Transport infrastructure in place and fit for bulk haulage Mineral Resource estimation is underway Scoping Study is underway 9

10 Key Features of Lake Mackay Shallow brine and high flows for extraction: Suitable lakebed surface for evaporation ponds: 75km 10

11 2015 Field Program Extensive field program completed in September 2015, including: Drill Collar and Trench Locations 27 aircore holes drilled to an average depth of 24.7m for resource definition 14 piezometers installed for water monitoring purposes 2 cased wells installed with 24 hour pump tests performed on each 39 auger holes drilled to an average depth of 1.5m 3 direct push holes drilled to collect samples for physical properties 1 large trench (MT1) excavated with a 19 day pump test performed 1 small trench (MP1) dug with a 24 hour pump test performed 100kg of geotechnical samples collected for trench and pond designs 5,000L bulk brine sample collected for flowsheet development Weather station installed for data collection Two hydrogeologists were on-site during entire program to supervise and monitor all pump testing activities 11

12 Drilling and Auger Program Brine saturated sediments start from an average of 40cm below surface and remain open below the 30m depth of drilling in the east MA18 0-7m Core Sample MA m Drill Sample Near surface sand-dominated zone gradually varying in thickness from 30cm to 2m, west to east, respectively Significant brine flows occur from the sandy zones Variable thicknesses of red-brown sandy clays and clays interspersed with layers of gypsum Significant brine flows occur from the gypsum layers Basal consolidated sandstone/siltstone unit encountered at the bottom of some holes Promising brine flows occur at the lake sediment contact in some holes 12

13 Trenching Program Trench at MT1: Trench at MP1: MT1 was approximately 110m long and 2.5m deep MP1 was approximately 23m long and 0.5m deep Located near the western edge of the lake Located in the eastern area of the lake Constant rate pump test was performed for 19 consecutive days Constant rate pump test was performed over 24 hours 13

14 Scoping Study Underway Key activities in progress: Resource estimation brine reanalyses are being incorporated into a resource model and physical properties testwork is being undertaken on core samples Hydrogeological evaluation pump test data from cased wells and trenches is being incorporated into a hydrogeological model Geotechnical testwork push tube samples are undergoing laboratory tests Evaporation trials bulk brine sample is undergoing detailed mass balance modelling and process simulation Key activities to follow: Process testwork and flowsheet development Brine extraction system design Solar evaporation pond design Plant design Services (power and raw water) studies Source: Compass Minerals 14

15 Indicative Timeline Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Acquisition of Project Data Verification Mineral Resource Land Access Agreement Transport Study Planning & Permitting Drilling & Trenching Pump Testing & Bulk Sample Mineral Resource Update Scoping Study Planning & Permitting Pre-Feasibility Study Drilling & Trenching 15

16 High Quality Infrastructure In Place Transport Study was completed in March 2015 Map of Export Routes Road Project is connected to Alice Springs via well-maintained sealed and unsealed roads which are used to transport fuel and supplies to communities Rail Alice Springs is connected to shipping terminals at Darwin via the Adelaide-to- Darwin railway. Bulk trains currently run between various mines and the Port of Darwin Port East Arm Wharf at the Port of Darwin caters for bulk carriers and comprises a bulk loading berth. Approximately 3.4 million tonnes was shipped in , mostly bulk mineral exports Gary Junction Road at WA-NT Border Adelaide-to-Darwin Railway Port of Darwin 16

17 Social Licence to Operate Growing genuine community relationships Agrimin has a strong working relationship with the local community and has a Land Access Agreement in place The Mackay Project has an exciting potential to greatly improve community and employment opportunities for local people Agrimin is committed to working with the Kiwirrkurra people to protect and preserve their country and culture alongside a sustainable SOP operation 17

18 Benchmarking to Existing SOP Operations Key attributes of existing brine SOP operations: Large and impermeable lakebed surface is necessary to support the use of un-lined evaporation ponds Substantial shallow resource is necessary to support the use low cost trenches to recover brine The Xinjiang Luobupo SOP operation was a key project under China s 11th Five-year Plan. In 2006, the National Development and Reform Commission officially approved the operation. The total investment was CN 4.8 billion, approximately US$400 million at that time. In 2008, the operation commenced production with annual capacity of 1.2Mt of SOP. The Great Salt Lake SOP operation in Utah is owned by Compass Minerals (NYSE: CMP). This operation has been ongoing for over 40 years. In 2014, the operation produced 396kt of SOP generating a segment EBITDA of US$102 million for Compass Minerals. This is second largest primary SOP operation behind the Luobupo operation. 18

19 Benchmarking to Existing SOP Operations Overview of key parameters for SOP production: The initial concentration of potassium in the brine is important and will define the concentration factor and the recovery The SO 4 :K ratio is important and will determine whether it is a SOP or MOP deposit. The higher the ratio the more suitable the brine is to produce SOP Project Country Company Status Brine Composition of Large-Scale SOP Projects Resource (tonnes) Great Salt Lake USA Compass Minerals Operational Unknown Unknown 4,600 17,400 8,000 Lop Nur China SDIC Xinjiang Luobupo Operational Unknown Unknown 10,413 16,584 16,444 Mackay Australia Agrimin Development 22,160, ,063 22,011 3,326 Mackay Average Aircore Drill Results In Progress 25 3,603 23,051 3,036 LD Australia Reward Minerals Development 24,400, ,460 25,950 5,920 Karinga Lakes Australia Rum Jungle Minerals Development 8,400, ,730 40,000 6,500 Lake Sevier USA Crystal Peak Minerals Development 38,430, ,957 22,738 3,715 Depth (m) K (mg/l) SO 4 (mg/l) Mg (mg/l) Source: Company websites 19

20 Example: Lake MacLeod Salt Mine, WA Trenches and evaporation ponds are currently used in WA Collection trenches have been dug into Lake MacLeod and brine is pumped out at an average rate of 55m 3 per minute into an 8.5km transport channel A total of 1,650 hectares of evaporation ponds have been constructed on Lake MacLeod Source: Rio Tinto (these are not Agrimin s operations) 20

21 Important Information Important Information 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 Agrmin s securities. 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 report. Recipients of this report 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 Some of the statements contained in this report are forward looking statements. Forward looking statements include but are not limited to, statements concerning estimates of potash tonnages, expected costs, statements relating to the continued advancement of Agrimin s projects and other statements which are not historical facts. When used in this report, and on other published information of Agrimin, the words such as aim, could, estimate, expect, intend, may, potential, should and similar expressions are forward-looking statements. Although Agrimin believes that its expectations reflected in the forward-looking statements are reasonable, such statements involve risk and uncertainties and no assurance can be given that actual results will be consistent with these forward-looking statements. Various factors could cause actual results to differ from these forward looking statements include the potential that Agrimin s projects may experience technical, geological, metallurgical and mechanical problems, changes in product prices and other risks not anticipated by Agrimin. Competent Person s Statement The information in this statement that relates to Exploration Results for the Mackay Project is based on information compiled or reviewed by Mr Murray Brooker who is a full-time employee of Hydrominex Geoscience Pty Ltd. Mr Brooker is a geologist and hydrogeologist and is an independent consultant to Agrimin. Mr Brooker is a Member of the Australian Institute of Geoscientists and has sufficient experience, which is relevant to the style of mineralisation and type of deposit under consideration, and to the activity he is undertaking, to qualify as a Competent Person in terms of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (JORC Code 2012 Edition). Mr Brooker consents to the inclusion of such information in this statement in the form and context in which it appears. The information in this statement that relates to the Mineral Resource Estimate of November 2014 for the Mackay Project is based on information compiled or reviewed by Mr Simon Coxhell who is a full-time employee of CoxsRocks Pty Ltd and an independent geological consultant to Agrimin. Mr Coxhell takes overall responsibility for the Statement. Mr Coxhell is a Member of the Australian Institute of Mining and Metallurgy and has sufficient experience, which is relevant to the style of mineralisation and type of deposit under consideration, and to the activity he is undertaking, to qualify as a Competent Person in terms of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (JORC Code 2012 Edition). Mr Coxhell consents to the inclusion of such information in this statement in the form and context in which it appears. Refer to the ASX Release of 10 November 2014 titled Mineral Resource Estimate for Mackay Project. Exploration Target The Exploration Target in this presentation is based on a number of assumptions and limitations and is conceptual in nature. It is not an indication of a Mineral Resource Estimate in accordance with the JORC Code and it is uncertain if future exploration will result in the determination of a Mineral Resource. 21

22 Registered Office Level 7, BGC Centre, 28 The Esplanade Perth, Western Australia 6000 Further Information Mark Savich Chief Executive Officer Australia M: E:

23 Appendix 1: Mineral Resource Estimate Inferred Mineral Resource containing 22.2Mt of SOP Resource Category Mineral Resource Estimate November 2014 Brine Volume (m 3 ) SOP Grade (kg/m 3 ) Contained SOP (Mt) Inferred 3,299,260, Calculated to a shallow average depth of only 2.7m Incorporates 24 vibracore drill holes drilled in 2009 Based on lake margins and tenement boundaries Does not include two tenements recently applied for and which cover 295km 2 Mineral Resource Estimate is compliant with the JORC Code (2012 Edition) and prepared by an independent geological consultancy 23

24 Appendix 2: Global Exploration Target Exploration Target containing between 30.0 and 110.0Mt of SOP Target was based on a depth range of 8m to 16m and a potassium concentration range of 3,000mg/L to 4,000mg/L Target Range Exploration Target November 2014 Brine Volume (m 3 ) SOP Grade (kg/m 3 ) Contained SOP (Mt)* Lower 4,600,000, Upper 12,400,000, * Note: Lower and Upper Exploration Targets are inclusive of the Inferred Mineral Resource of 22.16Mt Note: The above Exploration Target is based on a number of assumptions and limitations and is conceptual in nature. It is not an indication of a Mineral Resource Estimate in accordance with the JORC Code and it is uncertain if future exploration will result in the determination of a Mineral Resource. Agrimin s current drilling program will test the depth and lateral extensions included within the Exploration Target. 24