Investor Presentation

NOVEMBER 2017

1

Forward-Looking Statements

This presentation contains forward-looking statements. These statements can be identified by the use of forward-looking terminology

including “will,” “may,” “believe,” “expect,” “anticipate,” “estimate,” “continue,” or other similar words. These statements discuss future

expectations including company growth expectations, demand for our products, expectations regarding future prices, capacity expansion

plans, market trends, liquidity, transportation services, commercial product launches and research and development plans and may contain

projections of financial condition or of results of operations, or state other “forward-looking” information. These forward-looking statements

involve risks and uncertainties. Many of these risks are beyond management’s control. When considering these forward-looking statements,

you should keep in mind the risk factors, Management’s Discussion and Analysis of Financial Condition and Results of Operations, and other

cautionary statements in the company’s SEC filings. Forward-looking statements are not guarantees of future performance or an assurance

that our current assumptions or projections are valid. Our actual results and plans could differ materially from those expressed in any forward-

looking statements. We undertake no obligation to publicly update any forward-looking statements, whether as a result of new information or

future events, except as required by law.

This presentation includes certain non-GAAP financial measures, including EBITDA and Adjusted EBITDA. These non-GAAP financial

measures are used as supplemental financial measures by our management to evaluate our operating performance and compare the results

of our operations from period to period without regard to the impact of our financing methods, capital structure or non-operating income and

expenses. Adjusted EBITDA is also used by our lenders to evaluate our compliance with covenants. We believe that these measures are

meaningful to our investors to enhance their understanding of our financial performance. These measures should be considered

supplemental to and not a substitute for financial information prepared in accordance with GAAP and may differ from similarly titled measures

used by other companies. For a reconciliation of such measures to the most directly comparable GAAP term, please see the appendix of this

presentation.

FORWARD-LOOKING INFORMATION

NON-GAAP FINANCIAL MEASURES

2

Two Complementary Business Segments

6.472%

2.528%

2016 VOLUMES(million tons)

Proppant Solutions

Key Markets

Oil & Gas

Industrial & Recreational (I&R)

Key Markets

Foundry

Glass

Sports & Recreation

Building Products

Filtration

Complementary markets throughout business cycles

Complementary products to leverage asset base

3

Core Differentiators for Long-Term Value CreationFAIRMOUNT SANTROL

Commitment to People, Planet & Prosperity

Technology & Innovation

Broad Product Portfolio

Operational Scale & Efficiencies

Extensive Distribution and Unit Train Capabilities

Long-Term Value CreatorsFAIRMOUNT SANTROL

99.9% pure silica

4

Only Fully Integrated I&R Sand and Resin Solutions Provider TECHNOLOGY & INNOVATION AND BROAD PRODUCT PORTFOLIO - INDUSTRIAL & RECREATIONAL

PRODUCTS/

CHARACTERISTICS

TARGET MARKETS

Building products

Foundries

Glass manufacturing

Golf courses

Water filtration

Engineered sand-based

resin products

Foundries

Expert custom blends

of sand, aggregates,

minerals, colorants and

other materials

Building products

Specialty products

Sports & recreation

- Colored play sand

- Sports turf

HIGH-PURITY SANDSENGINEERED

RESIN-COATED SANDSCUSTOM BLENDINGHIGH-PERFORMANCE

RESIN SYSTEMS

Traditional foundry resin

systems & proprietary

resins for advanced

resin-coated proppants

Foundries

Diverse base of over 800 customers contributes to the more steady dynamics of I&R

5

Products to Address All Well Environments

Northern White

Silica Sands

Tier 2, API

Regional

sand

(Voca)

Precured

(Tempered)

Highest

Increased

Curable

Increased

Highest

Texas Gold®

Frac Sand

Tier 1, API

NWS

99.8% pure

silica

Increases:

Reservoir Recovery –Both IP & EUR

(by optimizing well geometry)

&

Operational Efficiencies

RAW SAND

Propel SSP®

RESIN-COATED SAND TRANSPORT

TECHNOLOGY

Permian

Regional

sand

(Kermit)

Permian

Sand

Flowback Protection

Strength

TECHNOLOGY & INNOVATION AND BROAD PRODUCT PORTFOLIO – PROPPANT SOLUTIONS

Conductivity

Value Add

6

Broad Asset Base Provides Efficiency and FlexibilityOPERATIONAL SCALE & EFFICIENCIES

~ 900 million tons of proven reserves

Flexibility to shift with market demand:

− Locations, grade mixes and

logistic capabilities

− i.e.: increasing 4070 production

at Wedron – meeting coarser

grades by other mines

In 2018, regional and low-cost Wedron

represent > 70% of active capacity

Overall fines as a percent of total tons

over 70% with ability to flex

FMSA ANNUAL FRAC SAND CAPACITY

(in millions of tons)

Wedron100 mesh -37%

Kermit 40/70 -37%

Voca

Coarse – 26%

MenomonieMaiden Rock

BrewerShakopee

-

2.0

4.0

6.0

8.0

10.0

12.0

14.0

16.0

Active + Future KermitCapacity

Active + Future KermitCapacity by Grade

15.6

>70%

+ 3.5 million tons of annual I&R

capacityI & R

Competitive Delivery into all Key Basins

FMSA Proppant Terminal

FMSA Mining & Processing

Unit Train Destination

Unit Train Origin (Mining &

Processing)

Coating Operation

EXTENSIVE DISTRIBUTION AND UNIT TRAIN CAPABILITIES

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Leveraging Our Logistics Network

Focus on Increasing Utilization of Unit Trains

11 unit-train capable terminals and 4 originations

Unit Trains:

− Reduce delivered cost by $6-$10/ton

− Increase railcar turns and overall efficiency of

railcar fleet

Terminal Network

Over 70% of volumes are sold in-basin

Over 40 proppant terminals in all key basins

Focus on placing terminal as close to the well-site

as possible, reducing last mile distance

Customers have strong relationship with trucking

firms; important as trucking resources tighten

Ability to utilize terminals in Permian to help deliver

Kermit production

EXTENSIVE DISTRIBUTION AND UNIT TRAIN CAPABILITIES

0%

20%

40%

60%

80%

2014 2015 2016 YTD 2017

PERCENTAGE OF NORTHERN WHITE SAND SHIPPED VIA UNIT TRAIN

> 70%

8

Current Areas of Investor Focus

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1) Market Supply and Demand

2) FMSA Kermit

3) Refinancing

AVERAGE PROPPANT TONS

PER U.S. HORIZONTAL WELL (2)

CURRENT AREAS OF INVESTOR FOCUS - MARKET DEMAND

Expected Increase in Proppant Demand for 2018

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Sources:(1) Baker Hughes(2) FMSA estimates based on public E&P presentations and internal estimates + PacWest Consulting Partners

500

550

600

650

700

750

800

850

2015 2016 2017 Est. 2018 Est.

4,600 -

5,000

5,600 -

6,000

3,600 -

4,000

6,500 -

7,000

2018 Proppant demand forecasted to reach 100 million tons (vs. ~ 75 million tons in 2017)

Higher average rig count vs. 2017

Increasing proportion of horizontal vs. vertical wells

Higher proportion of wells drilled actually completed

Well inventory drawdowns (reversal of 2017 DUC build)

Increasing Number of Well Completions Higher Proppant Intensity Per Well

Modestly longer laterals

More stages per well

Higher proppant loading per lateral foot

U.S. HORIZONTAL LAND RIG COUNT (1)

Current Tightness on Finer Grades Carries into 2018CURRENT AREAS OF INVESTOR FOCUS – MARKET SUPPLY AND DEMAND

0

20

40

60

80

100

PermianSupply

PermianDemand

Non-PermianDemand

100 Mesh 40/70 Coarse Grades

2018: Even with 100% adoption of

Permian sands, over 75 million tons of

demand for non-Permian supply¹

1- Key assumptions for 2018:

45M tons of Permian demand and 30M tons of nameplate capacity

Permian demand is 40% 100 mesh, 40% 40/70 and 20% coarse grades

Permian production is 80% 100 mesh and 20% 40/70

100% adoption of local Permian sands

Permian Demand

met by Permian

supply

Mill

ions

of t

ons

~25% ~30%~20%

~40%~40%

~30%

~35% ~30%

~50%

0%

20%

40%

60%

80%

100%

DemandAddressable by

Non-PermianSupply

FMSA Supplyex-Kermit

Non-PermianMarket Supply

100 Mesh 40/70 Coarse

FMSA grade mix is well balanced to

meet demand for sand supplied from

outside the Permian

Over 75M tons

of demand

addressable by

non-Permian

supply

11

12

FMSA Kermit UpdateCURRENT AREAS OF INVESTOR FOCUS – FMSA KERMIT

Timeline on track

Expected to begin production in Q2 2018

Forecasted to be operating at full capacity in Q4 2018

Contract Update

Signed multiple contracts

Expect to have 70%-80% of active capacity under contract when Kermit comes online

Dune Sagebrush Lizard

Mining plans designed to specifically focus on areas of low likelihood of DSL occurrence

Leading initiative to work with local universities and other sand companies to increase DSL population in TX and NM

FMSA Kermit Location

FMSA Kermit Location

Capex

$60-$70 million in total capex with $20-$25 million paid in 2017 and $40-$45 million paid in 2018

$30 million of leasehold interest payments already made; remaining $10 million to be paid in Q2 18

Improved Flexibility in Capital Structure

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Entered into new $700M Term Loan B

on Nov. 1, 2017

– Interest rate of LIBOR + 600 bps

– Matures in Q4 2022

New $125M ABL revolver

– Interest rate currently at LIBOR

+175bps

– Drew on $50M as part of

refinancing

Repaid $32.7M in debt with cash on

hand as part of refinancing

Priorities are completing Kermit

facility and reducing debt

CURRENT AREAS OF INVESTOR FOCUS – REFINANCING

Jun. 30,

2017

Sep. 30,

2017

Pro-Forma post

refinancing

Cash $178.5 $188.3 $137.0¹

Debt

Term Debt Due Sept 2019 784.9 782.7 0

Term B-2 Loan Due Q4 2022 0 0 700.0

ABL Revolver 0 0 50.0

Original Issue Discount (1.5) (1.3) (10.5)

Other, net 12.7 13.1 13.4

Total Long Term Debt $796.1 $794.5 $752.9

Net Debt $617.6 $606.2 $615.9

Capitalization Summary($ in Millions)

1 – Includes estimated $8.1 million of fees related to refinancing and $10.5 million impact of OID

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Financial Update and Outlook

Third-quarter 2017 results

Volumes: Total company +5% sequentially; Proppant Solutions +9% sequentially

– Nearly 95% utilization of capacity for Proppant Solutions

Adjusted EBITDA: $72.4 million vs. $47.0 million in Q2 2017

Fourth-quarter 2017 outlook

Flat proppant volumes due to capacity constraints

− Modest incremental capacity from Shakopee reopening will be offset by lower production from seasonal factors

− Coated proppant volumes likely to be impacted by customer budgets running out in back half of Q4

Consistent pricing in Q4 from Q3 levels, but expect to implement additional pricing improvements in Q1 2018

Proppant cost per ton expected to be flat to up slightly

I&R volumes expected to be flat to up slightly versus Q4 ‘16 with continued good growth in profitability

PERFORMANCE UPDATE

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Industry Leader Well-Positioned for GrowthWHY INVEST IN FMSA?

Technology & innovation

Broad product portfolio

Operational scale & efficiencies

Distribution & unit train capabilities

Dynamic onshore completions activity

Increased proppant intensity per well

Increased operator focus on long-term

well productivity and flowback mitigation

Continued solid demand in I&R

STRONG MARKET DRIVERSKEY LONG-TERM

VALUE CREATORS

Commitment to People, Planet & Prosperity

Appendix

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Appendix: Reconciliation of Non-GAAP Financial Measures

Adjusted EBITDA

Three Months Ended,

(in thousands) Sep. 30, 2017 Jun. 30, 2017

Net income (loss) $34,944 $10,483

Interest expense, net 12,110 12,983

Provision (benefit) for income taxes 2,754 502

Depreciation, depletion, and amortization expense 20,174 19,846

EBITDA $69,982 $43,832

Non-cash stock compensation expense 2,402 2,763

Write-off of deferred financing costs 0 389

Adjusted EBITDA $72,384 $46,984