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www.allanapotash.com | TSX: AAA

Developing a World Class Potash Project in Africa

CORPORATE PRESENTATION November, 2012

www.allanapotash.com | TSX: AAAwww.allanapotash.com | TSX: AAA

Forward Looking Statements

The information presented contains “forward-looking statements”, within the meaning of the United States Private Securities Litigation Reform Act of 1995, and “forward‑looking information” under similar Canadian legislation, concerning the business, operations and financial performance and condition of the Company. Forward-looking statements and forward‑looking information include, but are not limited to, statements with respect to estimated production, the estimation of mineral reserves and mineral resources; the realization of mineral reserve estimates; the timing and amount of estimated future production; costs of production; capital expenditures; success of exploration activities; permitting time lines and permitting, mining or processing issues; government regulation of mining operations; environmental risks; unanticipated reclamation expenses; title disputes or claims; litigation liabilities; and limitations on insurance coverage. 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”, or “believes”, or variations of such words and phrases or state that certain actions, events or results “may”, “could”, “would”, “might” or “will be taken”, “occur” or “be achieved”. Forward-looking statements and forward‑looking information are based on the opinions and estimates of management as of the date such statements are made, and they 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 or forward‑looking information. Although management of the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements or 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 statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements and forward‑looking information. The Company does not undertake to update any forward-looking statements or forward‑looking information that are incorporated by reference herein, except in accordance with applicable securities laws.

Investors are advised that National Instrument 43-101 of the Canadian Securities Administrators requires that each category of mineral reserves and mineral resources be reported separately. Mineral resources that are not mineral reserves do not have demonstrated economic viability. Due to the uncertainty of measured, indicated or inferred mineral resources, these mineral resources may never be upgraded to proven and probable mineral reserves

Peter J. MacLean, Ph.D., P. Geo., Allana’s Senior VP Exploration, is a Qualified Person as defined under National Instrument 43-101 and has reviewed and approved the technical information presented in in this presentation.

Cautionary Note to U.S. Investors Concerning Estimates of Measured, Indicated or Inferred Resources

The information presented uses the terms “measured”, “indicated” and “inferred” mineral resources. United States investors are advised that while such terms are recognized and required by Canadian regulations, the United States Securities and Exchange Commission does not recognize these terms. “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 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.

Cautionary Note Regarding PEA:

The PEA is preliminary in nature and is based on a number of assumptions that may be changed in the future as additional information becomes available. Mineral resources that are not mineral reserves do not have demonstrated economic viability. The PEA includes inferred mineral resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as mineral reserves, and there is no certainty that the PEA will be realized. The PEA is not based on and has not been amended to reflect the updated resource estimates published by the Corporation on April 30, 2012.

Cautionary Note for Page 35:

The measured, indicated and inferred mineral resource estimate was reviewed and optimized by EuroGeol. Dr. Henry Rauche and EuroGeol. Dr. Sebastiaan van de Klauw, who are “qualified persons” as such term is defined in National Instrument 43-101 .For information regarding the mineral resource estimates, including parameters used to generate the estimates, please see the technical report titled “Updated Resource Report for the Danakhil Potash Deposit, Afar State/Ethiopia”, available on the company website and at www.sedar.com.

2


Advantages of Allana’s Dallol Potash Project

3

Strategic Location & Deposit Closest to key Asian markets Outside of large potash marketing cooperatives’ regionsLow cost MOP product, with SOP potentialGeopolitically stable / Environmentally benign

World Class Resource NI 43-101 Resource estimate (Apr. 2012) Measured + Indicated1,298 M tonnes @ 19.3% KCl Inferred 588 M tonnes @ 18.6% KCl

Low Cost and Proven Mining Method

PEA supports low-cost CapEx & OpEx (Nov.2011) Solution mining & Solar evaporation Shallow depth (100-300 metres); Hot climate (+40°C)

Strong Strategic Partners International Finance Corp (World Bank Group member)

Liberty Metals & Mining (Liberty Mutual Group affiliate)

Well Financed Over C$ 75 million raised in equity markets

Solid Management & Board Experienced in potash and large development projects

Fast Track to Production Site testing & pilot works development ongoingFeasibility Study (FS) & ESIA complete by year-end 2012


Preliminary Economic AssessmentHighlights

4

1 million tonnes of standard MOP per year for 30 years by solution mining & solar evaporation

PEA excludes potential increase to ≥2 M tonnes per year once rail capacity in place

US$795 million total CAPEX - one of the lowest $/tonne in the worldProduction CAPEX $664 millionInfrastructure & Port CAPEX $131 million

US$91/tonne cash OPEX - including truck transport & loading FOB ship at port

Production cash OPEX $70/tonne

After-tax Net Present Value (12%) initial estimate over US$1.8 billion*

After-tax Internal Rate of Return of over 35%*.

*Please refer to cautionary note regarding PEA on p.2 of this presentation.


Allana Dallol ProjectProximity to Key Markets

5

= Other Major Potash Producing Regions

= Routes to Major Potash Markets

= Danakhil RegionDallol Project

Canpotex

BPC


Allana Company Overview

6

Listed on TSX–AAA; OTCQX–ALLRF

C$ 149 million market cap C$ ~50 million cash on-hand [31 July 2012]

No debt

Key Assets

• Ethiopia, Dallol Project – 312 km2 adjacent potash licences in Afar region, northern Ethiopia

Other Assets Argentina – 1540 km2 in potash-rich Neuquen province, next to Vale’s

Rio Colorado development

Key Milestones – Dallol Project focus Preliminary Economic Assessment (“PEA”) done Nov.2011 Environmental & Social Impact Assessment (“ESIA”) by Q4 2012 Feasibility Study (“FS”) by end Q4 2012 Management developing strategic off-take(s) / project equity co-investment(s) BNP Paribas - financial advisor for project debt

Share Information

275.4 M shares outstanding

299.5 M shares fully diluted

C$ 1.26/share 52 week high

C$ 0.44/share 52 week low


Allana Dallol Project - Investment Context

7

Allana Potash Corp. - Owns 100% of Dallol Potash Project At market cap. of ~$149million (12 month range $127-365 million) with $50 million cash … Market attributes only <$100 million value to project with current NPV >$1.8 billion

Dallol Potash Project Direct CapEx estimate ~$800 million (2011), including 20% contingency

• ~$500 M project debt + ~$300 M project equity Debt from international Development Finance Institutions (DFIs) & Export Credit Agencies (ECAs)

Allana Objectives Long-term off-take contract(s) – major end user, trader or potash producer Project equity – industry major operations or marketing partner; strategic investor in region Project debt – to come from multilateral financiers/banks

Potential Investor/Project Participant Interests Access to project output on favourable terms (off-take agreements) Services & equipment sales to project construction & operation (project contracting) Financial returns from project equity investment (project equity) Construction & operation contracting for related Ethiopia and Djibouti general infrastructure


Project Financing Approach

Identify Resource & Production Capacity; Project Prospective Costs & Revenues Preliminary Economic Assessment (PEA) – Nov.2011 Updated Resource Estimate – Apr.2012

Secure Project Debt for ~65% leverage Indicative sizing & terms – Feb.2012 Developmental Finance Institutions (DFIs) & Export Credit Agencies (ECAs)

- Financial returns & regional economic development value Develop to firm commitments targeting 2Q:13 closing after equity & off-take closings

Secure Project Equity Initial strategic equity investors Nov.2010 and May 2011 Existing & new strategic investors – project participants; off-takers; regional financial investors Develop to firm commitments now, targeting closing after BFS & ESIA (1Q:13)

Secure Project Off-take to Underpin Project Debt & Equity Commitments Organizations representing major, high demand potash user jurisdictions Discussions underway to firm commitments now for closing after FS & ESIA

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Strong Management Team

9

Farhad Abasov, MBA, President, CEO & Director Over 15 years business management experience; Executive Chairman Rodinia Lithium; founded several public and private mining and energy companies; Previously Senior Vice President at Potash One and Vice President at Uranium One. Former member of Energy Metals management team (Energy Metals sold to Uranium One for $1.8 billion in 2007)

Deborah Battiston, Chief Financial OfficerC.G.A. with over 20 years accounting and financial management experience

Nejib Abba Biya, Senior Vice President, Corporate Development, EthiopiaOriginally from Ethiopia, over 20 years experience conducting business in Ethiopia, excellent working relations with the federal and regional governments

Richard Kelertas, MscF., RPF, Senior Vice President, Corporate DevelopmentFor 25 years, a top ranked equity analyst for various national and international firms, also having held various positions in corporate Canada in sales, marketing, corporate development, corporate banking and equity capital markets

Peter MacLean, Ph.D., P.Geo, Senior Vice President, ExplorationOver 20 years experience in the mining & exploration industry with junior and senior mining companies including Monarch Resources, Aur Resources and Newmont Mining

Jack Scott, MBA, P. Eng., Senior Vice President, Strategic ProjectsOver 25 years experience worldwide with resource, energy, infrastructure and technology industries in project development and financing, engineering and construction, risk valuation, strategic planning, acquisitions and divestments

Jason Wilkinson, M.Sc, Vice President, Danakhil Operations, EthiopiaOver 15 years exploration and development experience in Africa, Asia and Europe. Most recently head of exploration for Lydian and Aur Resources

Brianna Davies, J.D., Corporate SecretaryCorporate securities lawyer with experience in the mining and resource sector.


Strong Board & Advisory Team

10

BOARD OF DIRECTORS

Dr. Mark Stauffer - ChairmanFormer President of Potash and Phosphate Institute of Canada, over 30 years of experience in potash & fertilizer markets

Richard LacroixFormer Senior Vice President, Potash Corp of Saskatchewan (PCS), former Director of Canpotex & former Chairman of Canpotex Bulk Terminals, 30 years with PCS

Maj.-Gen. (Ret.) Lewis MacKenzieFormer General - Canadian Armed Forces; lead UN Peacekeeping force in Balkans

Diana WaltersCurrent President/CEO of Liberty Mining and Metals, over 20 years in management positions for energy, mining & finance.

Farhad Abasov - President & CEO

TECHNICAL ADIVSORY BOARD

Stephen Halabura, Senior AdvisorChairman of North Rim Exploration, a premiere potash consulting company - over 25 years experience consulting to BHP Billiton, Athabasca Potash and Potash One.

Robert Connochie, Senior AdvisorPresident, Behre Dolbear Capital, Inc. and Chartwell Ventures Inc., Formerly President and Chairman of the Potash Company of America & Chair at Canpotex Limited, The Potash and Phosphate Institute, the Foundation for Agronomic Research and the Saskatchewan Potash Producers Association.


Regional Context

312 km² Land Licensed in Danakhil

Depression – 120m below sea level

Transportation Access Expanding Expanding & paving existing road from

Mek’ele in Ethiopian Highlands ~2000m above sea level

Highway south, connection to port, under construction - complete ~2013

Electricity: diesel generators Access to transmission grid ~100km Immediate grid tie-in not required

Water: fresh sources available ~600 gal/min in test wells drilled 2010 Hydrogeological drilling & survey

program underway

No Sensitive Environmental &

Social Issues 11


Ethiopia – Emerging Mining Country

Official name: Federal Democratic Republic of Ethiopia

Form of state: Federal republic President: Girma Wolde-Giorgis 2010 population: 85 million Capital: Addis Ababa Official language: Amharic, English Currency: Birr

ETHIOPIAN POLITICAL SITUATION One of the most stable and secure countries in Africa Ethiopia hosts the African Union and other regional

multilateral organizations Ethiopia is a key ally of the USA in the Horn of Africa Seamless transition of power after the passing of Prime

Minister Meles Zenawi The new acting PM (deputy Prime Minister Hailemariam

Desalegn, aged 47) was sworn in immediately and was a close advisor to Mr. Meles in 2006 before being retained as his deputy in 2010. He also sits as chair of a number of parliamentary committees and Ethiopian Railway Corp.

ETHIOPIAN ECONOMIC SITUATION Economy – Strong economic growth since 2004 Infrastructure – Expanding infrastructure to support

economic development. Landlocked Ethiopia has positive relations with port-country

Djibouti Ongoing road construction - over US$4B in past decade Power supply increased with three additional hydroelectric

power stations and ~5,000 MW in development Foreign Investments

Government committed to foreign investment and supportive of mining sector as national strategy.

Since 1993 have refined laws to regulate mining and mining taxation in order to improve Ethiopia’s attractiveness as a destination for mining investments.

Source: Ethiopia - Business Forecast report, 2011, Business Monitor International

GDP per capita evolution

768867

9651,042 1,109

1,1911,300

-

200

400

600

800

1,000

1,200

1,400

2006a 2007a 2008a 2009a 2010a 2011e 2012e

USD

2006-2012 CAGR: +9.2%

Source: The Economist Intelligence Unit, August 2011

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Further Consolidation in Dallol - Acquisition of Nova Potash

Allana Potash has acquired 100% of privately held Nova-EthioPotash Corp’s licence (154 sq.km) adjacent to Allana’s existing Dallol concession (closed on Nov. 1st, 2012)

Allana will issue an initial 12.7 million AAA common shares to Nova shareholders in consideration of the acquisition (current value as at Aug 27/12 = $7.9 million)

Allana will undertake an exploration program of 20 holes (costing up to $5 million) over the next 12 months to complement the 21 drill holes Nova has already completed and finalize a NI43-101 compliant resource estimate

Nova shareholders can earn up to an additional 35.6 million AAA common shares, in the proportion of the KCl resource identified in the Nova licence sylvinite zone to a target of 29.2 million tonnes (Mt) Measured, Indicated & Inferred (M+I+I)

Should the contained KCl resource in the sylvinite zone exceed 45Mt (M+I+I), an additional $7.5 million (in shares or cash) would be payable

For a maximum consideration of 57 million shares (or less than 25% of AAA shares O/S) Allana gets the same sized contiguous land package (with potash and water resources) as Allana’s current license area

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Benefits To Allana:

Addition of potentially sizeable shallow potash resources (sylvinite)

Potential for additional carnallite and kainite resources

Access to potential additional water resources

All of the above allows for possible significant increase in production capability over and above the initial target of 1Mtpy KCl in the future

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Further Consolidation in Dallol - Acquisition of Nova Potash


Graduated from Explorationto Development Stage

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Dallol Camp in 2009

Dallol Camp in 2012

ETHIOPIA

Nazreth

Gonder

Harar

Dire DawaAddis Ababa

ETHIOPIA

Nazreth

Gonder

Harar

Dire DawaAddis Ababa

Capital

Major cities

SOMALIA

ERITREA

DJIBOUTI

KENYA

SUDAN


16Source: ERCOSPLAN PEA

4-10m

10-20m

Resource Definition2010-2012

http://www.allanapotash.com/i.misc/nr17102012.jpg


Sylvinite Resources (June 2012)

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Resource (106 t)

KCl Grade

[%]

KCl (106 t)

Meas. 60.8 30.7 18.7

Ind. 110.6 31.1 34.3

M+I 171.4 31.0 53.0

Infer. 46.6 30.3 14.1

Infill-Q2, 2012

Infill-Q2, 2012Resources for the Future

• Kainitite M+I=702M@20% KCl• Kainitite Inf = 374M@20% KCl• UC M+I = 156M@17% KCl• UC Inf = 90M@14%


Solution Mining / Production Process

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Solution Mining Concept-Dallol

19

Clastic Overburden

Upper Rock Salt

Marker Beds

Sylvinite Member (0,3 - 6,7m)

Upper Carnallitite (0,2 – 17,7m)

Bischofitite (0 – 92m)

Lower Carnallitite (2 – 34,6m)

Kainitite Member (1,5 – 9,4m)

Lower Rock Salt


Feasibility Study - Technical Progress

20

Rock mechanic testwork-ongoing, creep, dissolution, cavern optimization

Pilot Evaporation Ponds – operating, 1,000 kg bulk sample achieved in 1 month Evaporation stages & rates, preliminary rates =1 cm/day on synthetic brine Brine chemistry & crystal formation, synthetic brine created to expedite testwork Pond optimization, 6 trial ponds 25 m x 15 m x 1.6 m

Flotation testwork, processing optimization, 1,000 kg delivered to Germany,

crystal size, grinding tests, ongoing in Germany

Pilot Solution Wells – installation in process, sump leaching in progress Dissolution of sylvite Operating parameters - extractions of different mineralization

ESHIA-Scoping Report, biodiversity, stakeholder meetings, groundwater studies,

fertilizer trials

Pre-op Water Wells – installed & test program underway Supply rates & sourcing Field & plant supply routing


Pilot Operations - Evaporation Pond & Water Well Development

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Geophysics – Aquifer Mapping

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Line 5Line 4

Line 4 TEM

Line 8Line 6, Main road

0 500 1000 1500 2000 2500 3000 3500

Line metering

-200

-180

-160

-140

-120

-100

-80

-60

-40

-20

0

Me

ter

a.s

.l.

1 4 10 16 25 38 55 100 155Resistivity in m

Definition of preliminary definitions for resistivity boundaries:

- Transition to water saturated layer: 20 …40 Ωm

- Transition to saturation with saline water: < 10 Ωm

Results of Geophysical Studies

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Water Well Drilling-Alluvial Fans

24

15 observation holes completed, water intersected in all holes, program of 18 hole planned

1 production well established at HyDal 2 to feed pilot solution well

1 solution pilot well for sylvinite mining

pump tests (2-day and 7 day) and ground water sampling underway

program expanding into Nova property


Allana Potash: Schedule to Production

ACTIVITY1Q

20122Q

20123Q

20124Q

2012 1H 2013 2H 2013 - 2014 2015 +

Seismic2D-48 kmCompleted

2010

Drilling >25,000 metres

ongoing in-fill, geotech, hydro

Resource EstimateNI43-101 compliant

ERCOSPLAN UpdateApr.

Update for Final FS

Technical & Economic Feasibility Study

ERCOSPLANFugro

Environmental & Social Assessment

ERM

Project Financing& Contracting

BNP Paribas Closing & first draws

Construction & Operations Preparation

Pre-closing ramp-up

Plant, Ponds & Initial

Well Field

Operations to Target OutputRamp-up

& Full Production

ProjectEquity Closing

Project Debt Closing

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Transport Overview – Roads

26

Road

Existing

Constr’n

Port Bulk Terminal

Existing

Planned

180 km

300 km

Afdera

Serdo

770 kmto Addis

530 kmto Serdo

160 km

250 km

150 km

180 km

300 km

Mek’ele

2012 Completion~2013

Completion~2013

Completed2011

Initially trucked to port 1 million tonnes/year (Mtpy)

~2-4 trucks / hour

DanakhilPotashProjects

Upgrades from Djibouti to Dallol government priority• Chinese/Gulf

funding• Chinese/Gulf &

local contractors

Paved highway to Afdera from main Addis Ababa - Djibouti highway

Afdera to Birhale highway extension in progress

Paved highway Mekele - Birhale - Dallol under construction

to Addis Ababa


Transport Overview – Port & Rail Development

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Rail

Existing (being upgraded)

Contracted

Proposed

Port Bulk Terminal

Existing

Contracted

to Addis Ababa

DanakhilPotashProjects

Serdo

760 kmto Addis

250 kmto Serdo

330 km

Mek’ele

Weldiya

to Addis Ababa

Tadjoura Port Financing• Arab Fund for Economic and Social Development • Saudi Fund for Development

Ethiopia Rail Financing

~40% Ethiopian Government~60% from:• China EXIM Bank• Development Bank of China • Industrial and Commercial Bank of China (ICBC)• Turkey Eximbank • [Indian export & development funding agencies]


Regional Infrastructure Contracting (Rail)

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28-Jun-2012 contractYapi Merkezi

(Turkey) $1.7 billion

447 kmComplete Dec.2015

25-Jun-2012 contractChina Communications Construction Company

$1.5 billion 360 km

Complete Jul.2015

Mieso

Awash

25-Oct-2011 contractChina Railway

Engineering Corp.$1.1 billion

317 kmComplete May 2015

16-Dec-2011 contractChina Civil Engineering

Construction Corp.$1.2 billion

339 kmComplete 2015

Pending contract award(in negotiations with

contractors) $? billion

360 km (ET) + 180 km (DJ)Complete ~2015/16

15-Feb-2012 contractChina Railway

Construction Corp.$0.5 billion

100 kmComplete 2016/17

Hara Gebeya

Pending contract awardshortlist of 8 contractors $90 million Tadjourah PortComplete 2014

Project under discussion with

Ethiopian Railway Corp.330 km


Djibouti Port Expansions

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Extensions to Doraleh Container & Oil Ports

New Bulk Port at Tadjourah Gulf of Aden

Indian Ocean

Bab-el-Mandeb (Red Sea)

Existing General, Container & Oil Ports


Existing Djibouti General Service Port

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Bulk Grain & Fertilizer Terminals

Container Terminal

Bulk, Breakbulk & Vehicle Terminals

Existing Bulk Fertilizer Terminal Capacity 40,000 tonnes storage Berthing for up to 3 ships; 15,000-35,000 tonnes per ship Unloading & loading capacity


Tadjourah Potash Terminal - MOU

Allana Potash signed a MOU for development/operation of a new potash terminal in Tadjourah, northern Djibouti with the Djibouti Port & Free Zones Authority (“DPFZA”) on September 11th, 2012.

The DPFZA will construct, develop and operate the new facility which will feature “state of the art” port storage, handling and loading capabilities for Allana’s use.

The new bulk port in Tadjourah and related transportation infrastructure is scheduled to be completed before Allana starts up its 1 million mtpy mine in Dallol, Ethiopia (tentatively scheduled for 4Q/14).

The existing port facility (in southern Djibouti) is ready to be utilized (with upgrades) if necessary.

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Secular vs. Cyclical Trends – Agriculture/Fertilizers

32

SECULAR

Climate Change Fresh Water Scarcity Crops For Fuel Geopolitical Sectarianism Royalty Revisions

GDP Growth Acceleration Nationalization of Resources (ex

Ethiopia) Farmland Purchases by Foreigners Population Growth

Nutrients as Commodities Crop Price Disparities Yield Variability Extended Droughts Canpotex/Soyuzkali

Agricultural Output per Capita Fertilizer Application Rates Staples Consumption per Capita Meat/Poultry Consumption per Capita

*Africa (including Ethiopia)

LOCAL*

CYCLICAL

GLOBAL


Investor Checklist

1. World Scale Resource a2. Experienced & Motivated Management Team a3. Strong Board of Directors a 4. Anchor Investor(s) a 5. Geopolitically Stable & Secure, Mining Friendly Jurisdiction a6. Operations Liquidity & Cash Reserves a7. Proven Mining Methods a8. Low Cost Capex a9. Low Cost Opex a10. Infrastructure: - Roads & Port(s) a

- Rail in progress

- Power a - Water a

11. Social & Environmental Responsibility a

12. Financing Secured: - Debt a (soft commitments)

- Equity in progress13. Off-Takes in progress14. Stock Liquidity (TSX & OTC) a15. Cheap Valuation a

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Project Advantages

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Strategic Location & Deposit Closest to key Asian markets Outside of large potash marketing cooperatives’ regionsLow cost MOP product, with SOP potentialGeopolitically stable / Environmentally benign

World Class Resource NI 43-101 Resource estimate (Apr. 2012) Measured + Indicated1,298 M tonnes @ 19.3% KCl Inferred 588 M tonnes @ 18.6% KCl

Low Cost and Proven Mining Method

PEA supports low-cost CapEx & OpEx (Nov.2011) Solution mining & Solar evaporation Shallow depth (100-300 metres); Hot climate (+40°C)

Strong Strategic Partners International Finance Corp (World Bank Group member)

Liberty Metals & Mining (Liberty Mutual Group affiliate)

Well Financed Over C$ 75 million raised in equity markets~C$50* million cash on hand

Solid Management & Board Experienced in potash and large development projects

Fast Track to Production Site testing & pilot works development ongoingFeasibility Study (FS) & ESIA for year-end 2012

* As at July 31, 2012


Contact Information: Investor Cubed+1 647 258 [email protected]

Richard KelertasSenior Vice President – Corporate Development

[email protected]


Exploration & Deposit Detail

Long drilling history on site – over 50 drill holes completed by Allana Potash since 2009 and a number of holes completed by the Ralph Parsons Company in 1950s and 60s

Sizeable NI 43-101 compliant potash resources estimated April 2012 with Measured & Indicated resources of 251 Mt KCl (1,298 Mt @ 19.7%) and Inferred resources of 109 Mt KCI (588 Mt @ 18.6%) over the four members (layers) of the deposit. Production possible from all four members.

License area explored – initial resource estimates and most drilling have concentrated on the 70% area of the license area where the shallower resources exist

Preliminary Mine Life Estimate – expected potential life 30+ years:

based on estimate of Measured, Indicated & Inferred resources for the Sylvinite member alone, excluding all other potash mineralization, and an extraction ratio of 34% using solution mining

Resources

In million tonnes

Sylvinite Member

Upper Carnallitite Member

Lower Carnallitite

Member

Kainitite Member

Measured 60.8 49.9 137.7 319.4

KCl % 30.7% 17.5% 11.1% 20.2%

Indicated 110.6 105.6 131.4 382.1

KCl % 31.1% 16.7% 10.6% 20.4%

Inferred 46.6 89.7 78.2 373.7

KCl % 30.3% 13.8% 8.5% 20.4%

Danakhil Depression Tectonic graben (rift valley) with shoulders (“Ethiopian Highlands”) going up to 2000m above sea level. Danakhil evaporite basin & Dallol site in the graben at ~120m below sea level Home to significant potash resources exploited in the 1920s and subject to ongoing drilling since the 1960s

Climate – known as “hottest inhabited place on earth”. Annual average daily temperature >40°C during the day and >25°C at night Potash mineralization occurs primarily in the forms of Sylvite, Carnallite and Kainite; all processable forms Fault cross structure crosses the property

Western part – deposit at depths 100 - 300m Eastern part – deposit at depths 500 - 750m

Source: NI 43 - 101 April 2012 Statement, ERCOSPLAN. Please refer to page 2 disclaimers in this presentation.

Resources Statement

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