MARCH | 2011MARCH | 2011

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DISCLAIMERDISCLAIMER

This document has been prepared as a summary only, and does not contain all information about the Company’s assets and liabilities, financialposition and performance, profits and losses, prospects and the rights and liabilities attaching to the Company’s securities. This document should beread in conjunction with any public announcements and reports (including financial reports and disclosure documents) released by Aquia ResourcesLimited. The securities issued by the Company are considered speculative and there is no guarantee that they will make a return on the capitalinvested, that dividends will be paid on the Shares or that there will be an increase in the value of the Shares in the future. Further details on riskfactors associated with the Company’s operations and its securities are contained in the Company’s prospectuses and other relevant announcementsto the Australian Securities Exchange.

Some of the statements contained in this release are forward-looking statements. Forward looking statements include but are not limited to, statementsconcerning estimates of tonnages, expected costs, statements relating to the continued advancement of the Company’s projects and other statementswhich are not historical facts When used in this document and on other published information of the Company the words such as “aim” “could”which are not historical facts. When used in this document, and on other published information of the Company, the words such as aim , could ,“estimate”, “expect”, “intend”, “may”, “potential”, “should” and similar expressions are forward-looking statements.

Although the company believes that its expectations reflected in the forward-looking statements are reasonable, such statements involve risk anduncertainties and no assurance can be given that actual results will be consistent with these forward-looking statements. Various factors could causeactual results to differ from these forward-looking statements include the potential that the Company’s projects may experience technical, geological,

ll i l d h i l bl h i d i d h i k i i d b h C di l d i h C ’metallurgical and mechanical problems, changes in product prices and other risks not anticipated by the Company or disclosed in the Company’spublished material.

The Company does not purport to give financial or investment advice. No account has been taken of the objectives, financial situation or needs of anyrecipient of this document. Recipients of this document should carefully consider whether the securities issued by the Company are an appropriateinvestment for them in light of their personal circumstances, including their financial and taxation position.g p , g p

Competent Persons Statement

The information in this report that relates to Exploration Results, Mineral Resources or Ore Reserves is based on information compiled by Dr FernandoTallarico who is a member of the Association of professional Geoscientists Ontario. Dr Tallarico is a full-time employee of Aquia Resources Limited. DrTallarico has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he isTallarico has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he isundertaking to qualify as a Competent Person as defined in the 2004 Edition of the ‘Australasian Code for Reporting of Exploration Results, MineralResources and Ore Reserves (“JORC Code”). Dr Tallarico consents to the inclusion in this report of the matters based on his information in the formand context in which it appears.

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COMPANYCOMPANY OVERVIEWOVERVIEW

■ 100% OWNERSHIP OF POTASH AND

PHOSPHATE PROJECTS BRAZILPHOSPHATE PROJECTS, BRAZIL■ Three potentially large-scale projects located

close to primary markets and infrastructure

• Atlantic Potash Project

✔Adjacent to Brazil’s only operating potash mine

✔300 drill holes and 32 000km of 2D seismic✔300 drill holes and 32,000km of 2D seismic

✔ Experience in potash mine and development

✔Drilling to commence May 2011

• Mata da Corda Phosphate Project

✔Outstanding surface results up to 23.1% P2O5 , Excellent mineralogical results

• Lucena Phosphate ProjectLucena Phosphate Project

✔Exploration target of 40-50Mt @ grade of 10-14% P2O51 , Drilling forecast 2nd Qtr 2011

■ Strong Board, management and Highly experienced in-country technical team based in Brazil

1 The statement referring to the potential quantity and grade of the target is based on the results of historical exploration activities undertaken by CPRM during the 1960’s to 1980’s, including 47 drill holes of which 22 drill holes within the project and immediate surrounds returned mineralisation. The potential tonnage range and average grade is conceptual in nature and insufficient work has been completed to report a Mineral Resource in accordance with the JORC Code (2004). It is uncertain if further exploration work will result in the determination of a Mineral Resource.

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EXECUTIVES AND MANAGEMENTEXECUTIVES AND MANAGEMENT

Executives ManagementC Paulo Souza - General Manager - PotashTony Wonnacott - Non-Executive Chairman

– Securities Lawyer and M&A Consultant– Over 15 years experience as a consultant or officer of several

resource companies. Has been involved with a number of successful IPOs and M&A transactions as well as over

Paulo Souza General Manager Potash– Key engineer involved in the design and development of

Vale’s Carnallite Project and Pilot Plant

– Experienced Mining Engineer with 26 years in mine planning and operation, with Vale, Rio Tinto and otherssuccessful IPOs and M&A transactions, as well as over

CAD$3 billion in capital raises

Simon Taylor - Managing Director– Founding Director of Aguia and geologist with 18 years

exploration development and operational experience in the

and operation, with Vale, Rio Tinto and others

– Conducted diverse projects for potash, copper, nickel and iron ore as a Certified Project Management Professional

Allan Pickett - Fertilizer Professionalexploration, development and operational experience in the resources sector.

– Corporate experience as a resource analyst with a major focus on the phosphate sector.

Dr Fernando Tallarico Technical Director

– 15 years with British Sulphur Consultants, the fertilizer and chemical division of CRU International Ltd

– Direct experience with fertiliser producers, blenders and end-user globally.

Dr. Fernando Tallarico - Technical Director – 19 years experience in exploration. Exploration Manager for

BHP Diamond South America. – Project generation in Brazil for Noranda, Falconbridge, and

part of the exploration crew that discovered the Araguaia Ni-

John Sinden - Phosphate Processing Engineer– Renowned consultant engineer with more than 45 years in

the field of phosphate processing– Considered a leading phosphate rock to acid specialistp p g

Laterite deposit.

Graham Ascough - Non-Executive Director – Over 21 years exploration experience evaluating resource

projects globally.

– Previous work in the fertilizer manufacturing industry

Thiago Bastos Bonás - Resource Geologist – 6 years as Mine & Exploration Geologist working for BUNGE

Fertilizantes (now Vale) for the phosphate deposits of Cajati-p j g y– Includes Australian Manager for major Canadian resources

house, Falconbridge Ltd (acquired by Xstrata in 2006) and on-ground experience in Brazil.

( ) p p p jSP, Araxá-MG and Anitápolis-SC.

– 3 years as Service Manager for Gemcom of Brazil and as Resource Geologist for SRK Consulting.

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CAPITAL STRUCTURE & CORPORATECAPITAL STRUCTURE & CORPORATE

March 2011 Post-TransactionMarch 2011 Post Transaction

Ordinary Shares (ASX: AGR) 60.7M 60.7M

Potash Vendor Shares (12 month escrow) 20 0MPotash Vendor Shares (12 month escrow) 20.0M

Capital Raising (???$) 25.0M

Total Shares 60.7M 105.7M

Market cap (undiluted @ $1.09) $66.2M $115.2M

Cash (@ Completion) $5.0M $30.0M

Enterprise Value $85.2M

Unlisted Options 11.0M 12.5M

Total Performance Shares Phosphate(conversion milestones: 30Mt, 70Mt @10% P2O5 JORC) 40.0M 40.0M@ 2 5 )Total Performance Shares Potash (conversion milestones: 100Mt, 200Mt @10% KCl JORC) 80.0M

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THE OPPORTUNITY THE OPPORTUNITY ––WHY BRAZIL WHY BRAZIL

■ 4th largest cons mer of fertili er b t acco nts for onl

An agricultural power house■ 4th largest consumer of fertilizer but accounts for only

4% of global fertilizer production. In 2008 country accounted for 8.5% (3.2Mt) of world’s P2O5 and 12.9% (6.5Mt) of world’s KCL consumption and growing. ( ) p g g

■ Brazil is an advanced economy, 11th largest exchange globally (by market capitalisation) (Australia 10th) andglobally (by market capitalisation) (Australia 10 ) and attracts substantial investment from North America and Europe.

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THE OPPORTUNITY THE OPPORTUNITY ––CUSTOMERS, MARKETSCUSTOMERS, MARKETS,,

LUCENA PHOSPHATE

ATLANTIC POTASH PHOSPHATE

■ All projects are in mining friendly jurisdictions and are

POTASH

located close to:

• Potential domestic primary customers

• Major fertiliser blenders

• I f t tCERRADO CROP BELT

• Infrastructure

■ Land position of ~ 580,000 hectares.

MATA DA CORDA

■ 3 year and 5 year exclusivity periods on further phosphate and

MATA DA CORDA PHOSPHATE

potash acquisitions in Brazil

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Conditional Agreement to acquire 100% of PAC

Announced Jan 25th 2011

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PROJECT HIGHLIGHTSPROJECT HIGHLIGHTS

The Potash Atlantico Project Located in the attractive Sergipe potash basing p p Adjacent to Brazil’s only operating potash mine Project supported by 300 drill holes and 32,000 km of

existing 2D seismic data Initial target resource potential of 0.7-1.5 billion tonnesg p

of carnallite at ~12% KCl grade1

The Project Is Substantially De-Risked It will use proven technology (solution mining) supported

b E lby Ercosplan Close to infrastructure – power, gas, road, port facilities

AND FERTILISER CUSTOMERS Vale is developing a 1.2Mtpa carnallite solution mining project adjacent to the Potash Atlantico project

d h tl i d li i i t l liand has recently received preliminary environmental license. Management designed and developed Vale’s Carnallite Project and Pilot Plant nearby

Work Underway Drilling of first 5 holes to commence in May 2011Drilling of first 5 holes to commence in May 2011 Drilling target locations selected based on large seismic database and historical drilling Drilling Environmental Licensing process in progress Gas contract and off-take agreements are being developed Targeting a N43-101/JORC Resource by end 2011Targeting a N43 101/JORC Resource by end 2011.

1.This is a conceptual resource estimate and will need exploration drilling to confirm potential size, the estimate is based on suitable size to enable commercial project economics and historical data obtained from the CPRM including over 300 drill holes and 32,000 km of 2D seismic data. The potential tonnage range and average grade is conceptual in nature and insufficient work has been completed to report a Mineral Resource in accordance with the JORC Code (2004). It is uncertain if further exploration work will result in the determination of a Mineral Resource.

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INFRASTRUCTURE INFRASTRUCTURE IN PLACEIN PLACE

Aracaju Aerial View

Taquari-Vassouras Mine-Vale

Carnallite Pilot Plant-Vale

Carnallite Pilot Plant - Vale

Power Sub StationPower Station Jardim - CHESF

Aracaju Port

PROJECTS

Power Sub-Station

Off Take Partners in Region

Power Station Jardim CHESF

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EXCEPTIONAL DISCOVERYEXCEPTIONAL DISCOVERY POTENTIALPOTENTIAL

ALAGOASALAGOAS

Sergipe Potash Basin Potash associated with Low Gravity Regions

PAC t l 44 it 68 700 h PAC controls 44 permits ~68,700 ha

VALE IS DEVELOPING A SOLUTION MINING OPERATION ON ADJACENT PROPERTY

Alagoas Potash Basin Unexplored Basin Low Gravity Region Similar to Taquari Mine

SERGIPESERGIPE

q Atlantic controls 63 permits ~110,500 ha

VALE

PAC

100 km

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REGIONAL GRAVITY REGIONAL GRAVITY AND DRILLING DATAAND DRILLING DATA

Taquari Vassouras Mine Vale Historical exploration dataTaquari-Vassouras Mine - ValeUnderground / Room and Pillar

700,000t KCl paAssociated to Bull’s-eyes Gravity Low

■ Historical exploration data obtained from Brazilian Geological Survey

■ Petroleum exploration and production data – more than 300 wells analyzed

■ Seismic data – basin is well covered with public 2D

PAC Claims

covered with public 2D seismic data (2D lines-32,000 km)

Cover Similar Gravity LowsWith Oil Exploration Wells That

Intercepted PotashVale Mining Permit

Oil Exploration Wells

PAC Claims

Potash Claims Generally(Talon, MBAC, MMX)F

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SERGIPE BASIN SERGIPE BASIN ––WELL HOLE ANALYSISWELL HOLE ANALYSIS

Taquari-Vassouras Mine - Vale

PAC Potash ProjectsF

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AREA 1 AREA 1 –– HISTORICALHISTORICAL DRILLING DRILLING F

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AREA 1 AREA 1 –– EVALUATED WELLSEVALUATED WELLS

WELL: 1RPX0001DSE

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AREA 1 AREA 1 –– EVALUATED WELLSEVALUATED WELLS

CARNALLITE

WELL: 1CSM 0001 SE

CARNALLITE

HALITEDEPTHDEPTH

ANHYDRITE

SAND

SHALE

SAND

LIMESTONE

TACHYDRITETACHYDRITE

25 m * Well: 1CSM 0001 SE

and 1RPX 0001D SE within project area,

SONIC

CALIPER

SONIC

GAMMA RAY

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AREA 1 AREA 1 –– PROPOSED NEW WELLSPROPOSED NEW WELLS

PROPOSED DRILL HOLES

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SEISMIC AND NEW WELLS LOCATIONSEISMIC AND NEW WELLS LOCATION

S i i Li 0027 1800Seismic Line 0027-1800

POTASH TARGET ZONE

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TECHNICAL REVIEWTECHNICAL REVIEWSOLUTION MINING PROCESSSOLUTION MINING PROCESS

Two wells drilled 70m apart are drilled to salt layer

Solution Mining Process for Carnallite KClPlant

Two wells drilled ~70m apart are drilled to salt layer. Hot water (85°c) pumped into salt layer, to dissolve salt into brine. Brine extracted, and two caverns develop. Caverns merge into one large cavern. Water then pumped down through one well, and brine extracted

Overburden

CavernWater then pumped down through one well, and brine extracted from the second well.

Each cavern lasts between 2 and 3 years. Multiple wells connected on the surface to the processing plant. Carnallite brine separated into KCl and MgCl using established

t h l

Rock Salt

Carnallite

Production Wells

technology.

Target steady state production of 1 000 000 tpa KCl

SERGIPE Key Project Metrics

Rock Salt

Rock Salt

Target steady state production of ~1,000,000 tpa KCl Proven technology for brine production and processing

• Engineering studies supplied by Ercosplan Main consumables locally available – natural gas and electric power Reduced time to production < 6 years including exploration

Carnallite

Dual WellSolution Mining

Technique

Reduced time to production – < 6 years including exploration• Project substantially de-risked by Vale’s Carnalitta Project

Allows extraction of deeper potash deposits• KCl horizons in Sergipe are between 1,500

and 1,800mand 1,800m Well positioned to dispose of residual brine off-shore

• Vale already permitted

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PROJECT ECONOMICSPROJECT ECONOMICSILLUSTRATIVE ANALYSIS ILLUSTRATIVE ANALYSIS

Assumptions – For illustrative purposes only, not based on actual project studies2 based on 1 25 Bt resource = 25 year mine lifestudies2, based on 1.25 Bt resource = 25 year mine life

Investment (US$ million) 850

Brine Field OPEX (US$ / t) 35.0

Beneficiation Plant OPEX (US$ / t) 93.0

Annual Production (t) 1,000,000

Commodity Price Assumption

Sales Price (US$ / t) 5001

Illustrative NPV Calculation

Notes:1 A k f t f thi j t i th t i dditi t th i i f i ht d t h dli t d t id

Illustrative NPV Calculation

NPV @10.0% discount rate (US$ million) 895

1. A key feature of this project is that, in addition to the savings in freight and port handling costs versus producers outsideBrazil, consumers are currently prepared to pay a premium for the convenience of having the service associated with alocal supplier. Any future prices are speculative, however PAC believes a long-term real price of $500 to be realistic basedon current and forecast market conditions.

2 Due to the highly prospective nature of the Brazilian exploration opportunity and the absence of any detailed technical2. Due to the highly prospective nature of the Brazilian exploration opportunity and the absence of any detailed technicalstudies, assessments of the value of the Brazilian opportunity are highly speculative and unreliable. The analysis aboverelies on assumptions that are not based on any detailed technical or economic evaluations of the project and are providedfor illustrative purposes only.

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MANAGEMENT MANAGEMENT WORK PLAN TIMELINEWORK PLAN TIMELINE

Management has prepared the timeline below for purposes of planning work around the Brazilian explorationopportunity. This timeline is not based on a detailed assessment of the project requirements and is subjectto material revision when technical reports and/or feasibility studies, if any, are completed for the project.

POTASH ATLANTICO PROJECT 2010 2011 2012 2013 2014 2015 2016 2017

RESOURCES INVESTIGATION

to ate a e s o e tec ca epo ts a d/o eas b ty stud es, a y, a e co p eted o t e p oject

Analysis of available information

Drilling / Analysis / Modeling

ENVIRONMENTAL PERMITTING

6 months (Dec 2010)

8 months (Dec 2011)

Drilling License

EIA-RIMA for Industrial Project

Apr 2011

12 months (Jun 2012)

Preliminary / Installation Licenses

ENGINEERING STUDIES

NI 43-101 Final Report

LI-Dec 2013LP-Dec 2012

18 months (Jun 2013)

Conceptual Studies

Feasibility Studies

D t il d E i i

6 months (Feb 2012)

12 months (Dec 2012)

15 months (Jan 2014)Detailed Engineering

Construction/Commissioning/Start-up 30 months Start-upJun 2016

15 months (Jan 2014)

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PEER COMPARISON PEER COMPARISON -- POTASHPOTASH

Company Code Location EV Diluted ($M) Status

Global Resource Grade KCl

(%)($M) (mt) (%)

South Boulder Mines STB:ASX Eritrea $501 Expl/Devel 548 18.58

Potash One KCL:TSX Saskatchewan $417 Developer 3,961 27.10

Elemental ELM:ASX ROC $356 Exploration 235 23 30Elemental ELM:ASX ROC $356 Exploration 235 23.30

Allana Potash AAA:TSX Ethiopia $269 Exploration 105 20.80

Mag Minerals MAA:TSX ROC $113 Developer 1402 17.22

Aguia Resources AGR:ASX Brazil $73 Exploration N/A N/A

1,000

1,200

$500

$600EV Diluted (A$m) LHS

MI & I Contained KCl (Mt) RHS

400

600

800

$200

$300

$400

ned K

CL (M

t)

lute

d (A$

m)

STB: ASX

KCL: TSX

ELM: ASX

AAA: TSX

AMZ: TSX

MAA: TSX

AGR: ASX

0

200

$0

$100

$

Cont

ain

EV D

i

Source- Figures and Graph -Taylor Collison

EV Diluted (A$m) LHS $501 $417 $356 $269 $209 $113 $73MI & I Contained KCl (Mt) RHS 102 Mt 1073 Mt 55 Mt 22 Mt 0 Mt 241 Mt 0 Mt

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MATA DA CORDA INFRASTRUCTUREMATA DA CORDA INFRASTRUCTURE

■ Located within 100km of the three largest gphosphate mines in Brazil and near 32 major bulk blenders

■ Excellent infrastructure, roads, power, water

■ 250km west of Belo■ 250km west of Belo Horizonte, State capital and Aguia office

■On main transportation■On main transportation route for expanding agricultural districts of Mato Grasso Brazil

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MATA DA CORDA MATA DA CORDA –– NEW DISCOVERIESNEW DISCOVERIESF

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MATA DA CORDA MATA DA CORDA –– BLOCK 5 BLOCK 5

BLOCK 5

Favourable mineralogy.

Easy access and cost effective drill testing.

Potential to host a near surface large tonnage phosphate deposit.

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LUCENA PROJECTLUCENA PROJECT

■ Aguia has ~ 75,000 ha along the northern sector of the Paraiba basin within the same geological setting where the Brazilian Geological Survey (CPRM ) has discovered

l h h t d itseveral phosphate deposits

■ Limited work since the historical government program

■ Cabedelo port facilities can be accessed via 65 km of paved roads

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LUCENA SOUTH TARGETSLUCENA SOUTH TARGETS

■ CPRM discovered shallow phosphate■ CPRM discovered shallow phosphate mineralisation up to 22% P205 in several deposits to the west

■ Phosphate mineralisation is hosted by a limestone unit (Gramame Formation) that extends through project towards the east.

■ Desktop modelling outlines large areas for shallow drill testing. DRILLING

TARGETS ■ Drilling scheduled for 2nd Qtr 2011.

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BRAZILIAN PLAYERS DATABRAZILIAN PLAYERS DATAF

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APPENDIX 1APPENDIX 1COMMERCIAL COMMERCIAL TERMS OF TERMS OF ACQUISITIONACQUISITION

Acquisition of projects will occur by Aguia acquiring 100% of Potassio do Atlantico Ltda. Potassio is a 100% owned subsidiary of Potash Atlantico Corp (PAC), a private company associated within the Forbes & Manhattan Group.

Commercial terms of the acquisition which is subject to approval by Aguia shareholders Commercial terms of the acquisition, which is subject to approval by Aguia shareholders, include the issue of:

• 20 million ordinary shares at settlement• 20 million ordinary shares upon achieving proof of concept drill intersections, grade KCLy p g p p , g• 30 million ordinary shares upon achieving 100Mt mineral resource• 30 million ordinary shares upon achieving 200Mt mineral resource

Subject to shareholder approval, Aguia will undertake a placement of at least $15 million to fund initial working capital on the projects.

Forbes & Manhattan Inc. is a private merchant bank based in Toronto, Canada with offices and operations internationally. Extremely successful track record of identifying high quality assets in the resource sector and advancing them from discovery through to production. Currently over 25 companies in the group, with a combined market capitalisation of approximately $2 billion. p g p, p pp y $

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Enquires:

Simon Taylor Managing DirectorSimon Taylor – Managing Director Telephone: +61 2 9210 1332

Aaron Wolfe Vice President Corporate Development Forbes & ManhattanAaron Wolfe – Vice President, Corporate Development, Forbes & ManhattanTelephone: +1 416 309 2696

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