1

Developing a World Class Agriculture Company with Exceptional Logistic Advantage

July 2017

2

All statements, other than statements of historical fact, contained in this presentation constitute “forward-looking statements” and are based on the reasonable

expectations, estimates and projections of Brazil Potash Corp. (the “Company”) and the Company’s managers as of the date of this presentation. The words “plans,”

“expects,” or “does not expect,” “is expected,” “budget,” “scheduled,” “estimates,” “forecasts,” “intends,” “anticipates,” or “does not anticipate,” or “believes,” or variations

of such words and phrases or statements that certain actions, events or results “may,” “could,” “would,” “might,” or “will be taken,” “occur” or “be achieved” and similar

expressions identify forward-looking statements. Forward-looking statements include, without limitation, statements regarding mineral resource estimates, bankable

feasibility study projections, strategic transactions and financing sources, the growth of the phosphate market, expected industry demands, the Company’s business

strategy, projected capital and operating expenditures, currency fluctuations, government regulation and environmental regulation. Forward-looking statements are

necessarily based upon a number of estimates and assumptions that, while considered reasonable by the Company as of the date of such statements, are inherently subject

to significant business, economic and competitive uncertainties and contingencies. The estimates and assumptions contained in this presentation, which may prove to be

incorrect, include, but are not limited to, the various assumptions of the Company set forth herein. Known and unknown factors could cause the actual results to differ

materially from those projected in the forward-looking statements. Such factors include, but are not limited to, fluctuations in the supply and demand for potash, changes in

competitive pressures, including pricing pressures, timing and amount of capital expenditures, changes in capital markets and corresponding effects on the Company’s

investments, changes in currency and exchange rates, unexpected geological or environmental conditions, changes in and the effects of, government legislation, applicable

regulations, taxation, controls and regulations and political or economic developments in jurisdictions in which the Company carries on its business or expects to do

business, success in retaining or recruiting officers and directors for the future success of the Company’s business, officers and directors allocating their time to other

ventures; success in obtaining any required additional financing to make target acquisition or develop an acquired business; employee relations, community relations and

risks associated with obtaining any necessary licenses or permits. Many of these uncertainties and contingencies can affect the company’s actual results and could cause

actual results to differ materially from those expressed or implied in any forward-looking statements made by, or on behalf of, the Company. There can be no assurance that

forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. All of the

forward-looking statements made in this presentation are qualified by these cautionary statements. These factors are not intended to represent a complete list of the

factors that could affect the Company. The Company disclaims any intention or obligation to update or revise any forward-looking statements, except to the extent required

by applicable law or regulation. The reader is cautioned not to place undue reliance on forward-looking statements.

This presentation includes a summary of a bankable feasibility study (“BFS”). The BFS was authored by Stanislaw Kotowski, Darrell Hladun and Ralf John Dickson of

WorleyParsons, who are independent qualified persons within the meaning of NI 43-101 of the Canadian Securities Administrators. There is no certainty that the BFS results

will be realized.

David Gower, an Officer of the Company and a qualified person under NI 43-101, has reviewed the scientific and technical information herein.

Cautionary Note Regarding Forward-Looking Statements

3

1. Investment Opportunity 4

2. Project Highlights 7

3. Bankable Feasibility Study Highlights 12

4. Management Team / Investors 19

A. Appendix 24

Table of Contents

4

Compelling Investment OpportunityFour key components make Brazil Potash a one of a kind asset

Lowest all-in delivered cost to

Brazil

Cost to mine, process and

deliver equivalent to importers

delivery costs alone

Brazil is the world’s largest exporter of agricultural products

World’s second largest and highest growth rate market for potash but

imports 94% of its needs 14,000 to 20,000km from mines

Project located only 8km from major river flowing to farm region

Controls basin 2/3 the size of Saskatchewan and 2x Russian Ural

potash basin

Proven and probable reserves support 34 year mine life based on

drilling only 10% of the land permitted

Potash is an essential

nutrient to grow food with

no substitute

Highest value mainstream

fertilizer

Brazil

Location

Robust

Economics

Essential

Product

Massive

Scale

5

Near Shovel Ready Project

▪ Brazil Potash is the largest

greenfield potash project in the

world and is near shovel ready

▪ De-risked and ready for

development having completed:

▪ Feasibility Study (BFS)

▪ Environmental Impact

Assessment (EIA)

▪ 59km of drilling

▪ Land surface rights purchased

▪ Preliminary social and

environmental license

▪ Over US$180M invested to date

developing project

▪ Within 4-5 years, will produce

2.4Mtpa from one of the three

largest potash basins in

existence

▪ Generates substantial positive

EBITDA even at today’s low

potash prices

▪ Control of massive potash basin

provides substantial upside to

investors through future

production rate increases

▪ Multiple indications of interest

already for debt component of

project capital needs ensures

financing

▪ Brazil currently supplies 40% of

global seaborne aggregate trade,

this project will initially supply

~25% of Brazil’s potash needs

Project will effectively supply

10% of global seaborne

agricultural trade

▪ Socioeconomic impact of project

results in GHG reductions of

508tpy CO2eq, equivalent to

100,000 fewer cars on the road

Investment Proposition

Compelling investment in near shovel ready project that provides attractive long term cash generating capability with global scale and impact

Attractive Returns to InvestorsGlobally Significant

6

Food Security is Currently a Major Investment Theme

Recent M&A Activity in the Agriculture / Fertilizer Sector

▪ In Dec 2016, Mosaic paid US$2.5B to acquire the majority of Vale’s fertilizer business

▪ In Sept 2016, PotashCorp and Agrium US$36 billion merger announced

▪ In April 2016, China Moly paid US$1.5 billion for Anglo American’s Brazilian phosphate & niobium assets

Transaction multiple of 8.1x EBITDA

▪ In February 2016, ChemChina paid US$43 billion for Syngenta

▪ Bayer EUR 70 billion acquisition of Monsanto ongoing

▪ Mid 2015, PotashCorp unsuccessfully bid US$8.7 billion for Kali + Salz

7

Project Highlights

8

Brazil is an Established Agricultural Powerhouse with Further Growth Potential BUT Imports ~94% of its Potash Need

• Brazil is the world’s largest net exporter of agricultural products

• Agribusiness currently represents ~24% of Brazil’s GDP and has significant growth potential with GAGR estimated at 4.4%2

• Brazil is the second highest consumer of potash globally at 8.9Mtpa (16% of global production) with CAGR of 3.5%2

Availability of Arable Land

79

188 132

170

96 103 47 24

224

81

87

42 16

36

303

269

219

170

138 119

83

24

0

100

200

300

400

Brazil USA Russia India China EU AustraliaThailand

Hecta

res (

mill

ion

)

Land in use Available land

3.8x Growth Potential

Crop Production(1) Exports(1) % of GlobalExports

Orange Juice 77%

Sugar 45%

Soybeans 39%

Poultry 34%

Coffee 29%

Meat 22%

Source: United Nations (UN) World Population Prospects

(1) Source: United States Department of Agriculture(2) Source: Agroconsult 2016, Integer 2016

Brazil’s production of food products

KCL Consumption by Country (Kt 2014)2

8,874

5,161

3,591

958817

767776

9,73715,400

9

Substantial and Sustainable Logistics Cost Advantage Also Results in GHG Emission Reductions

• Imported potash primarily from Canada and Russia travels 14,000 to 20,000 kilometers by rail, boat and then truck to reach Brazilian fertilizer blenders

• By being located in Brazil only 8km from major river system, logistics cost savings of ~US$80 / tonne and GHG emission reduction of ~508kt/yr CO2eq relative to Canadian and Russian producers

• Expected increase in global oil prices from OPEC cuts will increase shipping costs and potash prices

Source: Agroconsult (2016)(a) Sea Freight & Insurance US$26 / tonne + Demurrage US$7 / tonne + AFRMM IS9 / tonne + Port & Handling Expenses US$15 / tonne(b) Freight Costs US$31 / tonne from Paranagua Port to Rondonópolis(c) River Barge US$15 / tonne + River Port Expenses US$5 / tonne + Freight Costs US$ 33 / tonne from Miritituba to Rondonópolis

∆ US$80 / tonne

Primary Global Potash Routes

Freight at Origin US$45 / tonne

Sea Freight US$57 / tonne(a)

Inland Freight US$31 / tonne(b)

Canpotex US$133 / tonne

Inland Freight US$ 53 / tonne(c)

BPC US$53 / tonne

Primary

KCl Market 8Mtpa+

Secondary KCl Market 1Mtpa+

10

Water Access Routes to Brazil’s Primary Markets Key

• Product transportation by water is the lowest cost means(a)

- Rail tends to be >2.5x

- Trucking typically >10x

• Strategic location close to Cerrado and Matopiba(b) regions of Brazil

- Largest soybean producing areas, major consumers of potash

- Nearly 50% of total agricultural production in Brazil

• Matopiba experiencing significant agriculture expansion with large and undeveloped rural properties

- Potential to achieve agricultural yields similar to Cerrado

(a) Freight prices in US$ / tonne according to Agroconsult – KCl pricing report (September, 2014)(b) Matopiba refers to the first two letters of the four states comprising the new frontier for grains in Brazil (Southern Maranhão (MA), Tocantins (TO), Southern Piauí (PI), and Western Bahia (BA))

Porto

Velho

Cachoeira

Rasteira

Cuiabá

N. Xavantina

Barra do

Garça

US$104/t(a)

Brasília

Palmas

US$77/t(a)

Peixe

Carajás

São Luiz

Belém

Eclusa

Tucuruí

Santaré

m ItacoatiaraManaus

US$62/t(a)

US$80/t(a)

US$51/t(a)

US$54/t(a)

Main Fertilizer Ports

Fertilizer Bulk Blender

Railways

Waterways

Roadways

Matopiba Region(b)

11

Share Capital: Shares Outstanding, Basic 123 million

Warrants, Options & DSUs 43 million

Shares Outstanding, Fully-Diluted 166 million

Private Company with no Debt

BPC compares very favourably to peer development projects

Market Cap(1) US$1.8B US$610M

Location United Kingdom Brazil

Development stage BFS March 2016 BFS April 2016

Reserves 280MT 248MT

Grade 20% KCl eq. 28% KCl

Depth 1,500m 685-863m

(1) Sirius Minerals market capitalization as of June 1, 2017; Brazil Potash market capitalization based on last raise at $3.75/share

12

Bankable Feasibility Study Highlights

13

Mine: Underground 8.5 Mtpa ROMPlant: Production 2.4 Mtpa Granular Potash

Port: Barge Loading Facility

Mine: Underground 8.5 Mtpa ROMPlant: Production 2.4 Mtpa Granular Potash

• Brazil’s Ministry of Energy confirmed supply of electricity and 230kV connection point 165km from site

High Quality Feasibility Study Completed by Worley Parsons

AUTAZES DEPOSITResources Category

Total / Average

Tonnes (Mt) Grade KCl (Mt)

Measured 151 31.2% 47

Indicated 284 30.9% 88

Inferred 196 29.3% 57

Mineral Reserves Tonnes (Mt) Grade KCl (Mt)

Proven 87 28.7% 25

Probable 161 27.9% 45

• Autazes mineral resource estimate Based on 36,800 meters of drilling in 41 holes

• Sylvinite horizon ranges in depth from 685m to 863m gently dipping southeast at 1-2°

• Deposit open to the north and south

- Autazes area is <10% of the permitted land package

14

Potash (KCl) Production: 2.4 Mtpa

Initial Capital Investment to achieve full production: (Pre-tax)(After-tax)(Capital intensity)

US$1.9 billionUS$2.1 billion

US$778 / tonne

OPEX – FOB Port Average Over Mine Life: (Freight On Board = includes mining, processing & barge loading)

US$80 / tonne KCl

Estimated Mine Life: 34 years

Ramp-up Period to Reach Full Production: 3 years

Feasibility Study Reinforces Compelling Economics

1. Feasibility study completed April 2016 by WorleyParsons with independent marketing study by Agroconsult. See full

disclaimer on page 2.

15

Forecast to 2020:

• 11% increase in cultivated land (from 90.3 to 100.8M ha)

• 24% increase in crop production (from 1,055 to 1,308Mt)

• Higher agriculture commodity price levels in part due to favourable exchange rates

• Increased Rural Farm Credit payments for 2016

Source: Agroconsult (October 2016)

Robust Economics: Potash Prices Expected to Revert to 5 Year Average as Supply-Demand Dynamics Improve

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KCL Monthly Prices (US$/t), FOB Vancouver

AGROCONSULT'S FORECAST

1. Currency devaluation (India and Brazil)2. Rural Credit delay in Brazil3. Brazil economic and political crisis --> instability4. High stocks from 20145. Decrease in commodities pricesAll this lead to lower demand in 2015

Expected price is below 2010-15's average

Historic 5-year Price $386/T

Uralkali & Belaruskali breakup

KCL Prices (US$/t) – FOB Vancouver

Average KCL Price (2010-2015)

16

Global Potash COGS

By Far the Lowest Delivered Cost to Brazil

• Brazil Potash average operating cost at full run-rate production estimated to be ~US$80 / tonne FOB Autazes Port

• Imported potash is typically sold CFR Brazil ports and a further ~US$31 / tonne is spent on inland freight

Source: Clarksons Platou Securities Inc.

Run Rate Average Operating Costs

Unit US$M / year US$ / tonne FOBMining 57 25Surface Facilities 112 48Transportation 9 4G&A 7.5 3Total $185 $80

17

Low Capital Intensity in the First Quartile

• Initial capital estimated to achieve full production is US$1.9 billion(1)

- Total mine capital: US$646 million, of which shaft sinking, hoist and leased underground equipment 30% down payment are largest components

- Total plant direct capital: US$834 million, of which physical plants, dryers and crystallizers are the largest components

- Indirect and owners cost total US$282M and there is a contingency of US$178 million

• Sustaining capital over 34 year life of project: US$843 million

- Includes US$165 million mine closure fund

Global Expansion Costs – Greenfield Projects

iCap

ex

(USD

) /

Pro

du

ctio

n C

apac

ity

Source: Street research and company disclosure(1) All figures include contingency and are on a pre-tax and escalation basis

18

Brazil Potash Amazon Basin Project 2013 2014 2015 2016 2017 FUTURE

Resource Exploration & Development

Drilling to complete 43-101 resource reports

Permitting

EIA-RIMA for industrial project(a)

Environmental Permitting

Various Applications & Permits

Engineering

Preliminary economic assessment (PEA)

Bankable feasibility study (BFS)

Basic engineering

Detailed engineering

Construction

Acquire Land at Port, Plant & Destination Ports

Project finance, construction & start-up

High Level Project Development Timeline

(a) Environmental impact report (“RIMA”) and environmental impact assessment (“EIA”)

LP LOLI

✓

✓

✓

✓ ✓

✓

✓

Equator Principles Compliant✓

19

Management Team / Investors

20

The primarily Brazilian team maintains strong relationships with all levels of government, suppliers and future customers which is a key ingredient to our success

• Co-Chairman David Argyle is Brazil based and contributes his over 25 years of fertilizer mine operations and sales experience including restart of the Christmas Island phosphate project and management of a Chinese fertilizer company

• CEO Matt Simpson has a well rounded background of designing plus constructing mines while working for Hatch and later operating a large RioTinto owned mine with 650 reports and US$300M/yr budget

• Vice President Potash Sales Marcos Pedrini has extensive hands on experience selling and arranging delivery of potash in Brazil based on his over 35 years of experience primarily with Vale where he retired as General Manager Agriculture Sales

• Project Director Guilherme Jacome joins from Vale where he was General Manager Projects responsible for engineering and construction of several Brazil based projects including expansion of Vale’s Brazil based potash mine

Skilled Management Team with Mine Construction, Operations and Potash Sales Experience

21

Brazil Potash

USD 460 million

Advanced stage

development potash project

in Brazil with Feasibility

Study and Preliminary

License

Ongoing

Extensive Brazil & LATAM Experience

Parent company Forbes & Manhattan has built & operated mines in Brazil since 2002

Desert Sun Mining

Sold for USD 750 million

Acquired a controlling

position in Desert Sun in

2002. Developed Jacobina

mine to near production and

sold 4 years later for $750m

Sold 2006

Sulliden Gold Corp.

Rio Alto & Sulliden Merger

$464M on closing

F&M acquired Sulliden in

March 2009 and resolved

long-standing disputes

regarding title.

Current resource of 3.4moz

Au (Ag co prod)

Sold 2014

Belo Sun

Mkt Cap – CAD 460 million

Gold mine being developed

in Para State. Feasibility

study completed and current

mineral resource of 7.6 moz

Ongoing

Irati Energy

Mkt Cap – CAD 95 million

Oil shale company with

projects located in

South Brazil.

671 mmbbls of best estimate

resource and PEA completed

Ongoing

Aguia Resources

Mkt Cap – CAD 45 million

Phosphate mine being

developed in Rio Grande do

Sul with PEA recently

completed

Ongoing

• Belo Horizonte office has over 100 full-time staff in country covering all areas from mine permitting to operations with the majority dedicated to our flagship project Brazil Potash

• Technical team – geologists, engineers, mine operators, environmental specialists

• Support team – accounting, lawyers, permit specialists

• Currently supporting the development of four projects including: Brazil Potash, Belo Sun, Irati and Aguia

• Extensive relationships at all levels of Brazil Government and in local mining community

• Highly capable team with prior experience at global mining giants like Vale, Rio Tinto, Falconbridge and Xstrata

22

Strong Stakeholder Support

Government & Community

• Government keen to reduce Brazil’s dependence on imported potash & improve living standards

• Significant tax breaks in State of Amazonas to encourage development

• Local communities highly engaged & supportive as evidenced by Autazes welcome sign

Brazil & International Shareholders

“Welcome to the Land of Milk & Potash”

23

Compelling Investment Opportunity

Lowest all in delivered cost to Brazil3

High quality management team with extensive Brazil experience backed by highly supportive shareholders5

Brazil is the world’s second largest and highest growth market for potash but imports 94% of its needs

1

Resource potential rivals world’s largest deposits4

Being in Brazil beside a major river provides ~$80/T logistics cost advantage & 508kT/yr GHG emissions savings 2

24

Appendix

25

Community Support Achieved Through Sustainable Development, a Key Priority of Brazil Potash

Brazil Potash

Sustainable Development

Environment

Energy management

Water management

Community

Local development & rainforest protection

Waste management

Hydroelectric powerline for

project provides base load to

take thousands of people off

diesel generated electricity

Minimizing water consumption by

recycling and preciptation

catchment

Quarterly community meetings to

discuss impacts, maximize benefits and

construction legacy

Developing local suppliers and

skilled manpower reduces

deforestation by poor citizens

Better access to fertilizer

improves yields from existing

farm land reducing

deforestation

Improving local schools, water

quality, roads and health care

Minimal surface footprint by

returning majority of salt

waste back underground

94% of Brazil’s Potash is imported

from mines 14,000 to 19,500

kilometers away. In country

supply of 25% of Brazil’s needs

yields 508 kton/yr of CO2eq (1)

emissions reduction!

(1) Distances (rail/ocean/road): Canada (1,300km/16,000km/2,200km), Germany (500km, 11,000km, 2,200km), Russia/Belarus (1,600km/13,000km/2,200km), Israel (100km,

12,000km, 2,200km). Brazil Potash: 800km barge and 1,000km road. Source: internet searches

• Total KCl imported by Canada, Russia, Belarus, Germany and Israel: 8,400,000tpy (2015). Source: Agroconsult March 2016 Marketing Study

• Emission intensities used in calculations: truck: 0.110kg CO2 eq/ T KCl x km; barge: 0.010kg CO2 eq/ T KCl x km; rail: 0.015kg CO2 eq / T KCl x km; vessel: 0.005kg CO2 eq/

T km. Sources: Texam A&M University Feb 2012 and CN Rail website

26

• Brazil Potash holds claims covering 17,650 km2 within the Amazon Potash Basin

• Four potash discoveries to date by Brazil Potash: Autazes (deposit), Itapiranga, Novo Remanso and Itacoatiara

- Adjacent to Fazendinha and Arari potash deposits owned by Petrobras where more than 1.0 billion tonnes of potash resources have been defined(a)

• Brazil Potash has invested over US$180 million to date having completed: ~59,000 meters of drilling in 65 holes, EIA, BFS, acquired land and obtained its Preliminary License

Large Mineral Rights Holdings with Substantial Additional Discovery Potential

(a) Based on Petrobras non-NI 43-101 compliant identified resources of 1.1 billion tonnes of potash in Arari and Fazendinha deposits. Such historical estimates were made between 1979-1987. A qualified person hasnot done sufficient work to classify such estimate as current mineral resources or mineral reserves and the Company is not treating the historical estimate as current mineral resources or mineral reserves andshould not be relied upon

Autazes Deposit

Nova Remanso

Itacoatiara

Itapiranga

0 100

Km

27

Initial Mine Focused on Autazes Resource

• Autazes is Brazil Potash’s highest priority target due to the following:

- Relatively shallow depths

- Attractive average KCl grade of 31%

- Easy year-round access to site and customers via existing highways and major river system

- Only 30km from Autazes municipality which has 32,000 residents, many seeking higher skilled employment

• Autazes is only 120km southeast of Manaus (population 1.8 million) which is the major economic hub in the region with an international airport, surplus gas and electricity

- Cities are connected by paved highway and navigable river system

Year-Round Access Prominent Waterways

World’s largest navigable

inland waterway

Amazonas and

Madeira rivers

123km of paved road access

from Manaus

Project Located in Low-Intensity Farmland

PLANT

PORT

28

Conventional Underground Mine and Hot Leach Process

• 8.5Mtpa ROM – 3 year ramp up• 1,500m Room & Pillar• 17.9km x 12.5km minable resource

• Tailings back filled into underground workings• Labour (1,180 employees) to be primarily sourced

from city of Autazes located 30km from site

29

• Brazil Potash is able to ship to regional blenders located in the major farming regions of Brazil and countries within the Gulf of Mexico at the lowest cost due to a significant logistical advantage

- Project located only 8 kilometers from future port site on Madeira River, which connects to the Amazon River to provide year round low cost access to fertilizer blenders

- Plan is to back haul potash using empty barges returning to major farms located in the Cerrado and Matopiba regions of Brazil

- Opportunity exists to ship internationally using Panamax sized vessels that currently come to Itacoatiara only 60 kilometers upstream from Brazil Potash’s planned port

Autazes has Excellent Existing Bulk-Transport Infrastructure for Brazilian & Regional Sales

Maggi Itacoatiara Port ~60km upstream Typical 30 tonne barge convoy

30

Key Brazil Permits Required to Construct & Operate a Mine

• Most challenging permit milestone to obtain• Entails location, social and environmental approval of the project based on field studies and public

hearings• Awarded by the Environmental Protection Agency of the State of Amazonas (IPAAM)• Establishes requirements to be fulfilled in the engineering design of the project including environmental

and social aspects

• Grant of Mining Concession by Mining and Energy Ministry - Allows company to initiate mining plus processing of potash

• Requires inspection of constructed mine and plant to ensure compliance with codes

• Granted once all aspects of the approved project design are implemented in accordance with the LP and LI

• Valid in increments of four to ten years and can be renewed as necessary until end of mine life

• Provides authorization to initiate construction• Obtain by: (i) fulfillment of LP conditions; (ii) approval of the mine development plan (PAE) which also

demonstrates project economic feasibility; (iii) and approval of the Basic Environmental Plan (PBA)

Op

erat

ion

Lice

nse

(LO

)

(Fu

ture

)

Inst

alla

tio

n

Lice

nse

(LI

)

(In

Pro

gres

s)

Pre

limin

ary

Lice

nse

(LP

)

(Ob

tain

ed)