Developing America’s Next Phosphate Mine of any kind in documents filed with the United States Securities and Exchange Commission. “Inferred Mineral Resources” have a great amount

Developing America’s Next Phosphate Mine

November 12, 2014

2

Forward-Looking Statements

Disclaimer

• The contents of this presentation are not to be reproduced or distributed to any third party, including the general public or the media, without the express written consent of Stonegate

Agricom Ltd. (“Stonegate” or the “Corporation”). The information contained herein, while obtained from available sources which the Corporation believes are reliable, is not guaranteed as

to its accuracy or completeness. Stonegate is engaged in the business of acquiring, exploring and developing agricultural nutrient projects and is currently focused on the development of

the Paris Hills phosphate project located in Bear Lake County, Idaho (the “Paris Hills Project”) .

Cautionary Note Regarding Forward-Looking Information

• This presentation contains “forward-looking statements” and “forward-looking information” within the meaning of applicable law, which include statements herein relating to the potential to

increase mineral resource and mineral reserve estimates. Generally, forward-looking statements and forward-looking information can be identified by the use of forward-looking

terminology such as “plans”, “expects” or “does not expect”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, “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”. All forward-looking

statements and forward-looking information are based on reasonable assumptions that have been made by the Company as at the date of such information. Forward-looking statements

and forward-looking information are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of

the Company to be materially different from those expressed or implied by such forward-looking statements and forward-looking information, including but not limited to: risks relating to

assumptions used in preparation of the Feasibility Study on the Lower Phosphate Zone of the Paris Hills Phosphate Project including government regulation, phosphate prices, labour

costs and capital costs, and project risks including project location, permitting requirements, project delays, ground control and dilution and water management; the general risks associated

with the speculative nature of the Company’s business, commodity prices, current global financial conditions, uncertainty of additional capital, price volatility, the Paris Hills Phosphate

Project being a development-stage project, limited operating history, no history of earnings, government regulation in the mining industry, environmental risks and hazards, impending

climate change legislation, required approvals and permits, foreign subsidiaries, risks relating to the retention of the Paris Hills Project, expiration of leases and permits for the Paris Hills

Project, title to mineral properties, obtaining mineral concessions and surface rights, community relations and project support, water rights, exploration, development and operating risks,

uncertainty in the estimation of mineral reserves and resources, uncertainty of inferred mineral resources, mineral exploration, reliability of historical exploration work, risks associated with

having a controlling shareholder, arbitrary offering price, dilution to the common shares, dependence on key personnel, currency fluctuations, insurance and uninsured risks, competition,

legal proceedings, conflicts of interest and lack of dividends as well as those factors discussed in the section entitled “Risk Factors” in the Company’s most recently filed annual information

form available at www.sedar.com. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-

looking statements and forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such

information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements or information. Accordingly, readers should not

place undue reliance on forward-looking statements or forward-looking information. The forward-looking statements and forward-looking information contained in this presentation are

included for the purpose of providing investors with information to assist them in understanding the Company’s expected financial and operational performance and may not be appropriate

for other purposes. Stonegate does not undertake to update any forward-looking statement or forward-looking information that is included herein, except in accordance with applicable

securities laws.

Cautionary Note to United States Investors Concerning Estimates of Mineral Resources

• This presentation uses the terms “Measured Mineral Resources”, “Indicated Mineral Resources” and “Inferred Mineral Resources”. United States investors are advised that while such

terms are recognized and required by Canadian regulations to be disclosed, the United States Securities and Exchange Commission generally does not permit disclosure of mineral

resources of any kind in documents filed with the United States Securities and Exchange Commission. “Inferred Mineral Resources” have a great amount of uncertainty as to their

existence, and as to their economic and legal feasibility. It cannot be assumed that all or any part of an Inferred Mineral Resource will ever be upgraded to a higher category. Under

Canadian rules, estimates of Inferred Mineral Resources may not form the basis of feasibility or other economic studies. United States investors are cautioned not to assume that all or

any part of Measured Mineral Resources or Indicated Mineral Resources will ever be converted into Mineral Reserves. United States investors are also cautioned not to

assume that all or any part of an Inferred Mineral Resource exists, or is economically or legally mineable.

• The contents of this presentation are for informational purposes only and do not constitute an offer to sell or a solicitation to purchase any securities referred to herein.

3

Stonegate to Target

Opportunities in the

Shrinking Merchant Market

Potential Customers:

Large fertilizer producers

Trading companies

End-user groups seeking

secure supply

*Sources: IFA, US Geological Survey, Argus Media (FMB). Merchant market share (world

exports as a percentage of world production) declined from 22% in 1999 to 13% in 2012. For

2012, Morocco’s exports were approximately 9.5 million tonnes, or 35% of total world

exports of approximately 27 million tonnes.

Global Phosphate Rock Concentrate Market

Corporate Strategy

4

U.S. 22-Year

History

U.S. Phosphate Rock Concentrate Production

and Grade are Decreasing

Source: U.S. Geological Survey, Mineral Commodity Summaries and Minerals Yearbook. *Grade data 1990 - 2011.

Year Production Grade*

1990 46.3 mt -37%

30.7% P2O5 -5.2%

2012 29.2 mt 29.1% P2O5

5

Net Exports

Mill

ion t

onnes

Source: U.S. Geological Survey. Net imports = exports - imports. In 2012, U.S. net imports (2.85 million tonnes) were 9.7% of U.S. consumption

(29.5 million tonnes) of phosphate rock concentrate. IFA 2012 data shows one-third of U.S. imports came from Peru and two-thirds from Morocco/Western

Sahara.

U.S. is Net Importer of Phosphate Rock

Concentrate

U.S. currently imports from Morocco/Western Sahara and Peru

Net Imports

6

Weighted-average permitted mine life = 11.6 years*

Existing producers have applied to permit 4 new open-pit mines/expansions under federal

NEPA process**

Typical length of time for NEPA permitting = 6 – 10 years

Permitting applications for open-pit mines being challenged by environmental groups due to:

Florida: Disruption of wetlands, pollution from tailings and discharge

Idaho: Selenium leaching into waterways from large waste rock piles

Next U.S. mines to run out of permitted reserves

Production Capacity Estimated Final Year Years

Million tonnes of Permitted Mine Life Remaining

Mosaic – Hookers Prairie, Florida 2.1 2014 Closed in June 2014

Agrium – North Rasmussen, Idaho 1.5 2017 3.4

Mosaic – Four Corners, Florida 6.5 2021 7.2

Mosaic – South Fort Meade, Florida 6.0 2022 8.3

Existing U.S. Producers Face Challenges in

Permitting Needed New Mines

* Weighted by phosphate rock concentrate production capacity. See individual mine details in the appendix.** In Idaho, Agrium has applied for a permit for

Husky 1/North Dry Ridge . In Florida, Mosaic has applied for permits for two new mines, Ona and DeSoto, and for an expansion of South Pasture.

7

Located in the southeast corner of Idaho

Paris Hills Phosphate Project

8

Close to phosphate mines and fertilizer plants


Producing Mines

Agrium Monsanto

Simplot

Simplot

9

Project property area is 1,010 hectares

Close to highway, electrical grid

Union Pacific railroad is 19 km away

Local labour is available


10


Cross Section – Looking west, showing underground phosphate zones

in the foreground, mountains in the background

Not to Scale

0

-500

-1,000

Depth below

surface

me

tres

Lower Zone 1.5 - 3 metres

Upper Zone Upper Zone

3 - 5 metres

11

Lower Zone Mineral Resources

Mineral

Resources*

Tonnes

(millions)

Grade

(% P2O5)

Measured 15.4 30.4

Indicated 14.4 29.6

Total M&I 29.8 30.0

Inferred 4.6 29.9

Lower Zone

*Mineral Resources for the Lower Phosphate Zone were prepared as

of December 10, 2012 by Agapito Associates Inc. Leo Gilbride, P.E.,

Vanessa Santos, P.G., Gary L. Skaggs, P.E., P.Eng., Susan B. Patton,

Ph.D., P.E., and Eric Dursteler, P.E., C.F.M. are the qualified persons as

defined in National Instrument 43-101. Additional information is available

in a Stonegate news release dated December 10, 2012 and in a NI 43-

101 Technical Report on the Paris Hills Phosphate Project dated

January 18, 2013 (restated July 8, 2013). Lower Zone estimates do not include the Upper Zone or Upturned Limb.

12

Mine plan includes use of 6 continuous miners

Typically used in the mining of coal, potash, phosphate, salt, soda ash, etc.

Continuous Miners

13

Reserves/Marketable production:

16.7 million tonnes

29.53% P2O5

19-year mine life

Direct-ship phosphate ore

No processing plant required

Commercial Production achieved Year 2:

1st year: 320,000 tonnes

2nd year: 740,000 tonnes

Average annual production: 904,000 tonnes

Paris Hills Lower Phosphate Zone –

Feasibility Study Highlights*

* Additional information in Stonegate news release dated December 10, 2012 and a NI 43-101 Technical Report on the Paris Hills Phosphate Project

dated January 18, 2013 (restated July 8, 2013). Amounts are estimates for Lower Phosphate Zone. Map indicates Lower Phosphate Zone mining

schedule based on planned room-and-pillar mining technique.

14

Initial project capital (to start of commercial production): $121.0 million

Sustaining capital (cumulative total, years 3-19) $134.0 million

Total capital per tonne of reserves/marketable production $15.27/tonne

Cash operating cost (FOB mine site): $69.49/tonne

Assumed average product price (FOB mine site): $165/tonne

Pre-tax After-tax

NPV (8% discount rate): $477 million $360 million

Internal rate of return (IRR): 45.9% 40.2%



* More information in Stonegate news release dated December 10, 2012 and in a Technical Report on the Paris Hills Phosphate Project dated January

18, 2013 (restated July 8, 2013). Amounts are estimates for Lower Phosphate Zone horizontal limb, in U.S. dollars. Initial project capital includes cost

contingency of $4.6 million and working capital of $5.2 million.

15



Concentrate Sales Price (per tonne)

Pre-Tax NPV (US$ million)

After-Tax NPV (US$ million)

$140 $292 $240

$150 $366 $289

$160 $440 $336

$165 (Base Case) $477 $360

$175 $552 $407

$200 $737 $524

Concentrate Price Sensitivity Table

Source: Stonegate news release dated Dec. 10, 2012.

16

Key remaining permits required for Lower Zone

Formal Permit Title Permit issuer Expected Date

Air Quality Permit To Construct Idaho

Department of Environmental Quality Q1 2015

Mining and Reclamation Plan Idaho

Department of Lands Q2 2015

Groundwater Point of Compliance Permit

Idaho

Department of Environmental Quality

Q2 2015

Dewatering/Injection Well Permits Idaho

Department of Water Resources Q2 2015

Building and Conditional Use Permits

(required to begin construction)1

Bear Lake County

Planning and Zoning Commission

Q2 2015

State of Idaho is primary regulator for permitting

1 To be applied for after arranging an off-take agreement

Timing Completed

Commence drilling to confirm grade/size September 2010

Fertilizer test results August 2011

Mineral Resource estimates October 2011

Pre-Feasibility Study – Lower Zone March 2012

Site Specific Management Additions April 2012

Update Mineral Resource estimates August 2012

Complete Feasibility Study – Lower Zone December 2012

Complete permitting Q2 2015

Begin construction/production Subject to permitting

and financing

17

Paris Hills Development Milestones

18

Upper Zone Mineral Resources

*Mineral Resources for the Upper Phosphate Zone were prepared as

of December 10, 2012 by Agapito Associates Inc. Leo Gilbride, P.E.,

Vanessa Santos, P.G., Gary L. Skaggs, P.E., P.Eng., Susan B.

Patton, Ph.D., P.E., and Eric Dursteler, P.E., C.F.M. are the qualified

persons as defined in National Instrument 43-101. Additional

information is available in a Stonegate news release dated December

10, 2012 and a NI 43-101 Technical Report on the Paris Hills

Phosphate Project dated January 18, 2013 (restated July 8, 2013).

Upper Zone estimates do not include the Lower Zone or Upturned Limb.

The NI 43-101 Technical Report on Paris Hills Phosphate Project

noted that two preliminary laboratory tests have shown that the Upper

Phosphate Zone horizontal limb material can be successfully

beneficiated into an acceptable phosphate rock concentrate of about

30% P2O5, with CaO/P2O5 ratios of 1.44 to 1.50 and minor element

ratios of 0.06 and 0.07. The process recovered about 70% of the

P2O5.

Mineral

Resources*

Tonnes

(millions)

Grade

(% P2O5)

Measured +

Indicated 60.3 22.7

Inferred 9.4 22.6

Upper Phosphate Zone

19

Phosphate Exploration Targets at Paris Hills

Bed

Cut-off

(%P2O5)

Estimated

Tonnes 1

(millions)

Grade

(%P2O5)

Upper Phosphate Zone 20.0 14 – 20 21.0 – 25.0

Lower Phosphate Zone 24.0 7 – 10 28.0 – 32.0

Source: NI 43-101 estimates completed as of December 10, 2012 by Agapito Associates Inc. Leo Gilbride, P.E., Vanessa Santos, P.G., Gary L. Skaggs,

P.E., P.Eng., Susan B. Patton, Ph.D., P.E., and Eric Dursteler, P.E., C.F.M. are the qualified persons as defined in National Instrument 43-101. Additional

information is available in a Stonegate news release dated December 10, 2012 and a NI 43-101 Technical Report on the Paris Hills Phosphate Project

dated January 18, 2013 (restated July 8, 2013).

1 The Exploration targets are conceptual in nature and there has been insufficient exploration to define them as Mineral Resources, and it is uncertain if

further exploration will result in the determination of a Mineral Resource under NI 43-101. The Exploration Targets are not being reported as part of any

Mineral Resource or Mineral Reserve.

Upturned Limb – Upper and Lower Phosphate Zones

Kerry Knoll, Co-Chairman and Acting Executive Officer

• Co-founder of Blue Pearl Mining Inc., Glencairn Gold Corporation and

Wheaton River Minerals Ltd.

• Former editor of both The Northern Miner Magazine and the Canadian

Mining Journal

Andrew Stronach, P. Eng.

• Managing Director, Sprott Consulting LP and Sprott Resource Corp.

• Advisor on strategic and operational matters

• Holds MBA from Rotman School of Management, U. of Toronto, along

with MSc. And BSc. In Mechancial Engineering, Queen’s University

William Roscoe

• Principal Geologist, Chairman Emeritus, Principal Geologist and Co-

founder of Roscoe Postle Associates Inc., an international firm of

geological and mining consultants.

• Expertise: Mineral resource and reserve work, valuation of mineral

properties, mineral exploration

Ian McDonald, Co-Chairman and Acting Executive Officer

• Co-founder of Blue Pearl Mining Inc., Glencairn Gold Corporation and

Wheaton River Minerals Ltd.

• Former Vice-Chairman, Thompson Creek Metals Company

Laurence Curtis

• Over 35 years of international experience in the natural resource sector

with global experience. Currently VP Research at Dundee Capital

Markets.

• Founder of Intrepid Minerals in 1996 and was President and CEO until

2008 and former President of Curtis & Associates, a mineral resource

consulting firm, from 1980 to 1996

Denis Arsenault

• Former CFO of Sulliden Gold Corporation and Central Sun Mining Inc.

(formerly Glencairn Gold Corporation)

• Director of a number of public companies including Thompson Creek

Metals Company Inc., MBAC Fertilizer Corp. and Murchison Minerals

Ltd.

Ron P. Gagel

• Executive Vice President and CFO, TMAC Resources Inc.

• Former Senior Vice President and Chief Financial Officer of FNX

Mining Company Inc. from 2006 to 2010

• Former director of FNX Mining Company Inc., HudBay Minerals Inc.

and Central Sun Mining Inc.

20

Stonegate Board of Directors

21

Stonegate Management Team

David Kramer, P.E. − GM, Paris Hills Project

• Highly experienced soft-rock continuous mining specialist formerly with

Massey Energy Co.

• Supervised the start up and operation of over 10 greenfield U.S.

underground coal mines utilizing the same room and pillar mining

method with continuous miners as outlined in the Paris Hills

Feasibility Study

Germaine Coombs − VP and CFO

• More than 15 years of financial and management experience, mainly in

the mining industry

• Former Corporate Controller, FNX Mining Company Inc. from 2004

until May 2010 when it merged with Quadra Mining Ltd.

• Previously held senior accounting roles in operations and finance at

Iron Ore Company of Canada (owned by Rio Tinto)

James Geyer − VP, North America

• 35 years of experience constructing and managing open-pit and

underground gold and base metal mines in the Americas and Australia,

recently as Senior Vice President of Gold Reserve Inc.

• Currently a Director of Gold Reserve Inc. and Thompson Creek Metals

Company Inc.

22

Capital Structure

Common Shares

Basic issued and

outstanding*

194,242,704

Warrants* 38,333,333 @$0.40 expiring July 24, 2015

Options 15,298,334 @ C$0.19−$1.20

Fully diluted 180,808,343

Market Capitalization (based on $0.06/share price)

Basic shares $12 million

Fully diluted $15 million

Principal Shareholders*

Outstanding Fully Diluted

Sprott Resource Corp. 70,950,462 (36.5%) 84,750,462 (34.1%)

Management 11,409,000 (5.9%) 24,048,099 (9.8%)

Float (issued and

outstanding):

112,073,513 (57.7%)

Cash Balance

Cash balance

(September 30, 2014)

$2.2 million

*As of November 10, 2014. TSX listings: ST (common shares) , ST.WT.A (warrants exercisable@$0.40 expiring July 24, 2015). Shares and warrants

exclude 2,300,000 Broker Units @ $0.30 expiring July 24, 2015. Each Broker Unit entitles the holder to one common share and half a warrant exercisable

@ $0.40 expiring July 24, 2015.

401 Bay Street, Suite 2010,

Toronto, Ontario

Canada M5H 2Y4

Phone: (416) 864-0303

Fax: (416) 860-0813

www.stonegateagricom.com

Questions?

23

24

U.S. Needs New Mines to Maintain Phosphate

Production Capacity

US Mines – Currently Operating

State / Owner Mine Capacity (Mt) Permitted Mine

Life (years)

Final Year of Permitted Reserves*

FLORIDA

Mosaic Four Corners 6.5 7.2 2021

Hookers Prairie 2.1 Closed in June 2014

South Fort Meade 6.0 8.3 2022

Wingate 1.4 34.0 2048

South Pasture 3.4 11.5 2025

PotashCorp Swift Creek/White Springs 3.6** 19.2 2032

NORTH CAROLINA

PotashCorp Aurora 6.0 11.1 2025

IDAHO

Agrium North Rasmussen 1.5 3.4 2017

Monsanto South Rasmussen / Blackfoot Bridge 1.3 16.0 2030

J.R. Simplot Smoky Canyon 1.4 16.3 2030

UTAH

J.R. Simplot Vernal 1.2 13.0 2027

Source: Company reports and Stonegate estimates. *Final Year refers to the expected end of production under current environmental permits. **Potash

Corp. has operated the Swift River Mine at a reduced rate after closing one of two fertilizer production facilities at White Springs in 2014.

25

Global Fertilizer Consumption

Fertilizer increases world food production by 40%

Phosphate fertilizers facilitate

Root development

Water-use efficiency

Early plant maturity

Higher yields

No substitutes/recycling exist for phosphate in agricultural uses

Phosphate − Crucial for Food Production

Source: FAO. Percentages based on average annual tonnes of fertilizer applied.

23% Phosphate

16% Potash

61% Nitrogen

26

Phosphate Basics

Phosphate Mineral Converted into Fertilizer

Phosphate Ore (Deposit) Typical “in situ” grades: 4-35% P2O5

Phosphate Rock Concentrate (PhosRock) >28% P2O5

TSP DAP/MAP SSP

Typical N-P-K ratios: SSP 0-16-0-11(S); TSP 0-46-0; DAP 18-46-0; MAP 11-52-0

IFA: 85% of world phosphate production comes from sedimentary deposits (including guano) and 15% from igneous

deposits.

Phosphate Deposits

Guano

Igneous

Sedimentary

Phosphate Fertilizers

Single superphosphate (SSP)

Triple superphosphate (TSP)

Diammonium phosphate (DAP)

Monoammonium phosphate (MAP)

Phosphoric Acid (Intermediate Feedstock)

27

World Phosphate Rock Reserves

67,000 million tonnes*

* Source: 2013 Reserves, Millions of Metric Tonnes, U.S. Geological Survey, Mineral Commodity Summaries, February 2014

Egypt 100

China 3,700

Algeria 2,200

Syria 1,800

South Africa 1,500

Jordan 1,300

Russia 1,300

USA 1,100

Australia 870

Peru 820

Other 667

Iraq 430

Brazil 270

Kazakhstan 260

Saudi Arabia 211

Israel 130

Tunisia 100

Morocco / Western Sahara 50,000

28

Eight countries in Middle East and North Africa account for:

83% of world reserves

26% of world production

71% of world merchant market

Morocco has 32% of the merchant market

Middle East/North Africa – Main Phosphate Rock

Concentrate Supplier to Merchant Market

Sources: Production and Exports estimates are 2012 estimates from the International Fertilizer Industry Association (IFA), Phosphate Rock Statistics 2012, Product Per Tonne Basis, published October 2013. Average production grade is 30.6% P2O5. Merchant market is defined as the sum of total exports by producing countries. Reserves estimates are 2013 estimates from U.S. Geological Survey, Mineral Commodity Summaries, published February 2014.

Phosphate rock concentrate production (% of world total): Morocco and Western Sahara (13.7%); Algeria (0.7%); Tunisia (1.3%); Egypt (3.2%); Jordan (3.3%); Syria (0.9%); Israel (1.5%); Saudi Arabia (1.6%).

Phosphate rock concentrate exports (% of world total): Morocco and Western Sahara (31.8%); Algeria (4.0%); Tunisia (0.1%); Egypt (13.5%); Jordan (14.4%); Syria (4.1%); Israel (2.9%); Saudi Arabia (0.0%).

Phosphate rock reserves (% of world total): Morocco and Western Sahara (74.6%); Algeria (3.3%); Tunisia (0.1%); Egypt (0.1%); Jordan (1.9%); Syria (2.7%); Israel (0.2%); Saudi Arabia (0.3%).

29

Morocco (OCP) Exports More DAP, MAP TSP –

Less Concentrate (% total P2O5 exported)

29%

12%

59%

2005

22%

31%

47%

2012

Phosacid

DAP, MAP,

TSP

Concentrate

DAP, MAP, TSP

Phosacid

Concentrate

Source: 2005 data from International Fertilizer Association (IFA), Production and Trade Statistics: 2012 data from FMB Monthly Report Phosphates, February 2012.

OCP (Office Cherifien des Phosphates) is owned by the Government of Morocco. Morocco’s concentrate exports were 13.4 million tonnes in 2005 and approximately

9.5 million tonnes in 2012.

30

World Phosphate Rock Concentrate Market

Morocco acts as swing producer, adjusting export volumes to match demand and support prices

Morocco’s phosphate rock concentrate exports

Source: Export statistics are from the International Fertilizer Association (IFA) and FMB Argus Media. Phosphate Rock Concentrate Price is for 30-32%

P2O5 Concentrate FOB Morocco. DAP price is for Diammonium Phosphate (DAP) FOB Tampa, Florida.

Price

(U

S$

pe

r to

nn

e)

DAP Price (Tampa) Phosphate Rock Concentrate Price (Morocco)

Mill

ion

s o

f To

nn

es

Concentrate price is less volatile than the DAP price

31

Million Tonnes of Nutrient P2O5

World Consumption of Phosphate Fertilizer

Mill

ion t

onnes

Source: International Fertilizer Industry Association (IFA), Short-Term Outlook for Global Fertilizer Supply and Trade 2012-2013, presented by Patrick Heffer in

December 2012 to the 38th IFA Enlarged Council Meeting.

32

World Phosphate Rock Concentrate Production

1990 – 2012 M

illio

n t

onnes

Source: IFA and U.S. Geological Survey, Mineral Commodity Summaries and Mineral Yearbook.

33

World Phosphate Rock Concentrate Production

224 million tonnes/annum

Source: 2013 Production Estimate, U.S. Geological Survey, Mineral Commodity Summaries, February 2014

Canada

Brazil

Australia

Other

Tunisia

Togo

Syria

South Africa Senegal Russia

Mexico

Jordan

Egypt

China 43%

Morocco / Western Sahara 13%

Algeria

Peru

Israel

India USA 14%

34

Positive Fertilizer Test for Paris Hills Lower Zone

Phosphate Material

N-P-K ASSAY RESULTS From in-situ Lower Zone material

N-P-K assay results meet industry specs

Lab test done on 105-Kg in-situ sample*

Sample not processed (beneficiated) prior to test

Results support plans for an underground mine producing direct-ship concentrate-quality phosphate rock

Paris Hills MAP: 12 – 56 – 0

Industry Specifications: 11 – 52 – 0

Paris Hills DAP: 19 – 50 – 0

Industry Specifications: 18 – 46 – 0

* The composite in-situ Lower Zone sample was from 15 diamond drill core holes and averaged 32.33% P2O5 with a minor element ratio (MER) of 0.057

and a CaO:P2O5 ratio of 1.52. The tests were performed at an engineering consultancy based in Florida . Additional information is available in a NI 43-

101 Technical Report on the Paris Hills Phosphate Project dated January 18, 2013 (restated July 8, 2013). Leo Gilbride, P.E., Vanessa Santos, P.G.,

Gary L. Skaggs, P.E., P.Eng., Susan B. Patton, Ph.D., P.E., and Eric Dursteler, P.E., C.F.M. are the qualified persons as defined in National Instrument

43-101.

35

Mineral Reserve of the Paris Hills

Lower Phosphate Zone5

Tonnes 1, 2

Thickness

(m)

P2O5 Grade

(wt %) MER 7

CaO/P2O54

Ratio

Proven 7,956,329 1.57 29.9 0.06 1.52

Probable 8,747,371 1.55 29.2 0.07 1.56

Total Reserves 16,703,700 1.56 29.5 0.06 1.54

Effective date December 10, 2012

1 Average in-situ bulk dry density of 2.6 t/m3.

2 Minimum mining height of 1.5 m + 0.15 m dilution.

3 Minor Element Ratio, MER = (Fe2O3 + AI2O3 + MgO)/P2O5, <0.10 desirable for

phosphate rock concentrate.

4 CaO to P2O5 ratio; <1.60 desirable for phosphate rock concentrate.

5 Proven and Probable Mineral Reserve estimates for the Lower Phosphate Zone

were prepared by Agapito Associates Inc., an independent geological and mining

engineering consulting firm based in Grand Junction, Colorado. Leo Gilbride, P.E.,

Vanessa Santos, P.G., Gary L. Skaggs, P. E., P.Eng., Susan B. Patton, Ph.D.,

P.E., and Eric Dursteler, P.E., C.F.M. are the qualified persons as defined in

National Instrument 43-101. Additional information is available in Stonegate news

release dated December 10, 2012 and in a NI 43-101 Technical Report on the

Paris Hills Phosphate Project dated January 18, 2013 (restated July 8, 2013).

Numbers may not add up due to rounding.

36

Mineral Resource of the Paris Hills

Lower Phosphate Zone


2 Zone thickness cut-off 0.5 m, composite grade cut-off 24.0% P2O5, excludes

out-of-seam dilution.

3 Minor Element Ratio, MER = (Fe2O3 + Al2O3 + MgO)/P2O5, <0.10 desirable for

phosphate rock.

4 CaO to P2O5 ratio; <1.60 desirable for phosphate rock.

Source: Stonegate news release dated December 10, 2012 and NI 43-101

Technical Report on the Paris Hills Phosphate Deposit dated January 18, 2013

(restated July 8, 2013). Leo Gilbride, P.E., Vanessa Santos, P.G., Gary L. Skaggs,

P. E., P.Eng., Susan B. Patton, Ph.D., P.E., and Eric Dursteler, P.E., C.F.M. are the

qualified persons as defined in National Instrument 43-101.

5 Measured Mineral Resource located within a 200-m radius of an exploration hole.

6 Indicated Mineral Resource located between a 200-m and 400-m radius of an

exploration hole.

7 Inferred Mineral Resource located between a 400-m and 800-m radius of an

exploration hole.

8 Mineral Resources include Mineral Reserves.

Effective date December 10, 2012

In-Place

Tonnes 1, 2

(millions)

Average

Thickness

(m)

P2O5

Grade

(wt %) MER 3

CaO/P2O5 4

Ratio

Measured 5 15.4 1.8 30.4 0.050 1.51

Indicated 6 14.4 1.7 29.6 0.061 1.55

Total M&I 29.8 1.7 30.0 0.061 1.53

Inferred 7 4.6 1.6 29.9 0.063 1.53

37

Mineral Resource of the Paris Hills

Upper Phosphate Zone


2 Zone thickness cut-off 1.5 m, composite grade cut-off 20.0% P2O5, excludes

out-of-seam dilution.

3 Measured Mineral Resource located within a 200-m radius of an

exploration hole.

Source: Stonegate news release dated December 10, 2012 and NI 43-101

Technical Report on the Paris Hills Phosphate Deposit dated January 18, 2013

(restated July 8, 2013). Leo Gilbride, P.E., Vanessa Santos, P.G., Gary L. Skaggs,

P. E., P.Eng., Susan B. Patton, Ph.D., P.E., and Eric Dursteler, P.E., C.F.M. are the

qualified persons as defined in National Instrument 43-101.

4 Indicated Mineral Resource located between a 200-m and 400-m radius of an

exploration hole.

5 Inferred Mineral Resource located between a 400-m and 800-m radius of an

exploration hole.

Effective date August 15, 2012

In-Place

Tonnes 1, 2

(millions)

Average

Thickness

(m)

P2O5

Grade

(wt %)

Measured 3 28.4 3.8 22.8

Indicated 4 31.8 3.7 22.6

Total M&I 60.3 3.7 22.7

Inferred 5 9.4 3.5 22.6

Drill Hole Vertical Depth LPZ Top (m)

Vertical LPZ Thickness (m) P2O5 Fe2O3 Al2O3 MgO MER 1 CaO:P2O5

2

PA001A 174.4 2.01 32.8 1.50 0.90 0.19 0.080 1.46

PA003B 186.8 2.29 29.1 0.82 1.46 0.34 0.123 1.47

PA004 106.3 2.26 31.5 0.44 1.66 0.22 0.079 1.42

PA005 163.9 1.86 30.7 0.79 1.09 0.42 0.077 1.36

PA005C 162.9 1.92 31.6 0.56 0.84 0.25 0.053 1.49

PA007 213.3 2.86 32.1 0.46 0.95 0.25 0.052 1.48

PA008 296.7 1.85 31.8 0.34 0.78 0.23 0.042 1.46

PA010A 117.5 1.81 31.3 0.21 1.45 0.24 0.063 1.46

PA012 317.1 1.62 31.0 0.51 1.37 0.27 0.074 1.49

PA013 383.7 1.52 28.4 0.61 1.13 0.40 0.076 1.54

PA014 406.4 1.87 30.6 0.78 0.83 0.27 0.062 1.50

PA016A 130.4 2.41 31.2 0.76 1.85 0.21 0.095 1.43

PA019A 122.6 2.03 32.2 0.26 1.02 0.27 0.049 1.47

PA021B 307.0 2.11 30.1 0.50 0.80 0.24 0.052 1.54

PA023 423.1 2.70 31.0 0.26 1.02 0.24 0.050 1.45

PA025 301.9 1.81 29.7 0.45 0.86 0.39 0.058 1.55

PA041 282.4 1.67 30.4 0.47 0.87 0.17 0.050 1.55

PA043 307.4 1.14 30.0 0.46 0.71 0.28 0.049 1.61

PA070 407.2 1.36 31.3 0.49 0.82 0.26 0.051 1.42

38

Lower Phosphate Zone at Paris Hills

Source: NI 43-101 Technical Report Paris Hills Phosphate Project dated January 18, 2013 (restated July 8, 2013). Leo Gilbride, P.E., Vanessa Santos, P.G.,

Gary L. Skaggs, P. E., P.Eng., Susan B. Patton, Ph.D., P.E., and Eric Dursteler, P.E., C.F.M. are the qualified persons as defined in National Instrument 43-101.

1 Minor Element Ratio, MER = (Fe2O3 + AI2O3 + MgO)/P2O5, <0.10 desirable for phosphate rock concentrate.

2 CaO to P2O5 ratio; <1.60 desirable for phosphate rock concentrate.

.

Drill-Hole Composites Used for Mineral Resource Estimation

Drill Hole Vertical Depth LPZ Top (m)

Vertical LPZ Thickness (m) P2O5 Fe2O3 Al2O3 MgO MER 1 CaO:P2O5

2

PA089 59.4 2.13 33.3 0.46 0.85 0.19 0.045 1.45

PA095 225.5 1.35 31.1 0.61 1.12 0.25 0.065 1.47

PA103 517.8 1.86 29.6 0.45 0.86 0.27 0.054 1.56

PA105A 403.6 1.87 31.2 0.50 0.76 0.25 0.048 1.46

PA106A 621.2 1.77 28.6 0.57 0.75 0.25 0.056 1.69

PA107 492.4 1.65 29.8 0.46 0.73 0.35 0.052 1.54

PA109 703.0 1.72 29.1 0.73 0.89 0.22 0.064 1.58

PA117 129.4 1.86 32.2 0.34 1.15 0.23 0.054 1.42

PA142A 642.1 2.11 28.7 0.49 0.79 0.27 0.055 1.72

PA154 717.7 1.10 30.4 0.44 0.80 0.41 0.054 1.49

PA162 890.4 2.03 24.5 0.33 0.76 3.46 0.238 1.92

PA163 777.7 1.79 29.6 0.39 0.76 0.34 0.051 1.48

PA164 554.0 1.15 29.2 0.60 1.01 0.90 0.088 1.52

PA165 576.9 1.85 29.8 0.54 0.68 0.25 0.050 1.52

PA171 667.5 1.69 31.6 0.52 0.77 0.26 0.049 1.44

PA183 796.3 1.46 30.4 0.44 0.67 0.30 0.046 1.58

PA184 929.9 1.74 30.1 0.41 0.71 0.42 0.054 1.53

PAADITSUB1 68.9 1.19 32.0 0.38 1.35 0.22 0.062 1.41

PAADITSUB3 9.0 2.32 33.5 0.24 0.98 0.16 0.042 1.42

PAADITSUB4 43.9 1.86 34.2 0.35 1.06 0.16 0.046 1.41

39

Lower Phosphate Zone at Paris Hills

Source: NI 43-101 Technical Report Paris Hills Phosphate Project dated January 18, 2013 (restated July 8, 2013). Leo Gilbride, P.E., Vanessa Santos, P.G.,

Gary L. Skaggs, P. E., P.Eng., Susan B. Patton, Ph.D., P.E., and Eric Dursteler, P.E., C.F.M. are the qualified persons as defined in National Instrument 43-101.

1 Minor Element Ratio, MER = (Fe2O3 + AI2O3 + MgO)/P2O5, <0.10 desirable for phosphate rock concentrate. 2 CaO to P2O5 ratio; <1.60 desirable for phosphate rock concentrate.

Drill-Hole Composites Used for Mineral Resource Estimation (cont’d)

40

Assay Results for the Upper Phosphate Zone

at Paris Hills*

Hole From To Cored Interval True Bed Thickness %P2O5

PA005C 108.6 m (356.3 ft) 112.5 m (369.0 ft) 3.9 m (12.7 ft) 3.5 m (11.6 ft) 26.97

PA019A 70.1 m (230.0 ft) 74.2 m (243.6 ft) 4.1 m (13.6 ft) 4.0 m (13.2 ft) 29.35

PA020 221.2 m (725.6 ft) 223.9 m (734.5 ft) 2.7 m (8.9 ft) 2.5 m (8.2 ft) 24.29

PA021B 246.2 m (807.7 ft) 249.0 m (817.0 ft) 2.8 m (9.3 ft) 2.8 m (9.1 ft) 23.66

PA024 207.4 m (680.3 ft) 212.6 m (697.5 ft) 5.2 m (17.2 ft) 5.0 m (16.3 ft) 21.11

PA041 226.1 m (741.7 ft) 229.9 m (754.2 ft) 3.8 m (12.5 ft) 3.6 m (11.8 ft) 21.50

PA065 382.2 m (1,254.0 ft) 387.4 m (1,271.0 ft) 5.2 m (17.0 ft) 4.9 m (16.1 ft) 20.37

PA070 355.4 m (1,166.2 ft) 360.5 m (1,182.6 ft) 5.1 m (16.4 ft) 4.7 m (15.3 ft) 21.05

PA095 179.9 m (590.3 ft) 182.9 m (600.0 ft) 3.0 m (9.7 ft) 2.9 m (9.6 ft) 21.46

PA103 480.1 m (1,575.1 ft) 484.2 m (1,588.5 ft) 4.1 m (13.4 ft) 4.0 m (13.3 ft) 22.85

PA105A 350.6 m (1,150.4 ft) 353.9 m (1,161.0 ft) 3.3 m (10.6 ft) 3.0 m (9.7 ft) 22.13

PA154 658.0 m (2,158.8 ft) 661.4 m (2,170.1 ft) 3.4 m (11.3 ft) 3.1 m (10.1 ft) 22.62

PA162 864.7 m (2,836.9 ft) 867.7 m (2,846.9 ft) 3.0 m (10.0 ft) 2.9 m (9.6 ft) 22.11

PA163 726.4 m (2,383.3 ft) 729.3 m (2,392.6 ft) 2.9 m (9.3 ft) 2.6 m (8.6 ft) 24.19

PA183 747.1 m (2,451.1 ft) 750.9 m (2,463.7 ft) 3.8 m (12.6 ft) 3.7 m (12.0 ft) 22.56

* Source: Stonegate Agricom news release published April 25, 2012. Dan Thompson, P.E., Manager, Technical Services, Paris Hills Agricom Inc., is the qualified

person as defined in National Instrument 43-101.

Hole From To Cored Interval True Bed Thickness %P2O5

PA007 143.6 m (471.0 ft) 149.4 m (490.0 ft) 5.8 m (19.0 ft) 5.4 m (17.8 ft) 21.46

PA008 238.2 m (781.5 ft) 241.2 m (791.5 ft) 3.0 m (10.0 ft) 3.0 m (9.8 ft) 22.84

PA012 254.5 m (835.0 ft) 258.4 m (847.9 ft) 3.9 m (12.9 ft) 3.7 m (12.2 ft) 21.58

PA013 317.1 m (1,040.5 ft) 321.3 m (1,054.0 ft) 4.2 m (13.5 ft) 3.9 m (12.8 ft) 22.80

PA014 375.8 m (1,233.0 ft) 379.5 m (1,245.0 ft) 3.7 m (12.0 ft) 3.6 m (11.7 ft) 23.16

PA016B 79.1 m (259.6 ft) 82.2 m (269.8 ft) 3.1 m (10.2 ft) 3.1 m (10.0 ft) 31.29

PA023 388.5 m (1,274.5 ft) 392.4 m (1,287.5 ft) 3.9 m (13.0 ft) 3.8 m (12.6 ft) 22.45



PA159 351.3 m (1,152.4 ft) 353.9 m (1,161.1 ft) 2.6 m (8.7 ft) 2.6 m (8.7 ft) 21.46

PA164 509.0 m (1,669.8 ft) 512.2 m (1,680.3 ft) 3.2 m (10.5 ft) 3.2 m (10.5 ft) 23.25

PA165 513.8 m (1,685.6 ft) 517.7 m (1,698.5 ft) 3.9 m (12.9 ft) 4.0 m (13.0 ft) 22.84

PA171 613.9 m (2,014.1 ft) 616.7 m (2,023.2 ft) 2.8 m (9.1 ft) 2.7 m (8.8 ft) 23.43

PA0184 870.0 m (2,854.2 ft) 873.9 m (2,867.2 ft) 3.9 m (13.0 ft) 3.7 m (12.2 ft) 21.58

41

Assay Results for the Upper Phosphate

Zone at Paris Hills* (Continued)

* Source: Data provided in a June 8, 2012 Stonegate news release and subsequently by Dan Thompson, P.E., Manager, Technical Services, Paris Hills Agricom Inc., who

supervised the drilling program at Paris Hills and is the qualified person as defined in National Instrument 43-101.

Documents

Developing America’s Next Phosphate Mine of any kind in documents filed with the United States Securities and Exchange Commission. “Inferred Mineral Resources” have a great amount