Rio Verde Minerals is a pure play Brazilian fertilizer company focused on developing potash and phosphate projects in Brazil. It has a diverse portfolio of phosphate exploration projects and plans to begin production from its Fosfatar Phosphate Project in Q4 2012 or Q1 2013. Rio Verde has advanced its Sergipe Potash Project through an initial drill hole that intersected significant potash mineralization. The company aims to establish a potash resource at Sergipe by Q4 2012 and complete a scoping study in Q1 2013. Rio Verde has a strategic mix of near-term production assets and large-scale exploration projects located in infrastructure-rich areas of Brazil.

1. TSX ǀ RVD
Pure Play Brazilian Fertilizer Company
Investor Presentation | April 2012

2. TSX ǀ RVD
Forward-Looking Statements
Except for historical information contained in this presentation relating to Rio Verde Minerals Development Corp., certain disclosure statements and
information contained herein constitute forward-looking statements. Forward-looking statements include, but are not limited to, statements concerning
exploration, exploration results, requirements for additional capital, and possible outcome of pending and future regulatory applications and other
statements which are not historical facts. When used in this document, the words such as “could,” “plan,” “estimate,” “expect,” “intend,” “may,”
“potential,” “should,” and similar expressions are forward-looking statements. Although the Company believes that its expectations reflected in these
forward-looking statements are reasonable, such statements involve risks and uncertainties and no assurance can be given that actual results will be
consistent with these forward-looking statements.
Important factors that could cause actual results to differ from these forward-looking statements include risks related to failure to define mineral
resources, to convert estimated mineral resources to reserves, the grade and recovery of ore which is mined varying from estimates, future potash and
phosphate prices, capital and operating costs varying significantly from estimates, political risks arising from operating in Brazil, uncertainties relating to
the availability and costs and availability of financing needed in the future, changes in equity markets, inflation, changes in exchange rates, fluctuations in
commodity prices, delays in the development of projects, conclusions of economic evaluations, changes in project parameters as plans continue to be
refined, uninsured risks and other risks involved in the mineral exploration and development industry.
Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those
described in forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended.
There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from
those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. These forward-looking
statements are made as of the date hereof and the Company makes no responsibility to update them or to revise them to reflect new events or
circumstances, except as required by law.
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3. TSX ǀ RVD
Key Investment Highlights
Only Fertilizers, Only Brazil
• Poised to capitalize on Brazil’s unique agriculture supply and demand dynamics
• Targeting known mineralization in Brazil, on or near infrastructure
• Blended asset portfolio of potash & phosphate properties
• Multiple shots on target, multiple value drivers
• Fast-tracking to development—targeting potash resource and scoping studies in 2012 & 2013
• Production planned for Q4 2012 or Q1 2013 (Fosfatar Phosphate Project)*
* PEA was prepared by Coffey Mining Pty Ltd, an international consultant with offices in Brazil. For more information, see the
March 1, 2012, press release, “Rio Verde Minerals Releases Positive Preliminary Economic Assessment for its Fosfatar Phosphate
Project,” filed on www.sedar.com.
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4. TSX ǀ RVD
Management Team
Member Background
Stephen Keith, P. Eng. Past Director, Mining Group, Westwind/ TWP Canada; Senior Consultant, Knight
President & CEO Piésold Consulting Engineers; past VP Corporate Development, Plutonic Power; 14
years focus on Latin America; Director, Aura Minerals.
Luis Mauricio F. de Azevedo Lawyer and Geologist in Brazil with 20 years of experience; Partner, FFA Legal Support
COO, Director, for Mining Co.; Board Member for Talon Metals Corp. and Brazilian Gold Corp.
General Counsel
Manoel Cerqueira 27 years of accounting and finance experience; 20 years in mining. CFO for Talon
CFO Metals Corp. and Founder/Managing Partner of MCC Legal Ltda. Past CFO, Amazon
Mining Ltd., and VP Finance for Kinross Brazil. Registered with Accounting Regional
Council in Brazil and Brazilian Bar Association.
Alex Penha Corporate Development, Rio Novo Gold; Ex-Merrill Lynch Gold Research Associate;
VP Corporate Development Thomas Weisel, IBD Associate; Corp. Dev., Tau Capital; Corporate Finance, Banif
Primus Investment Banking, Rio de Janeiro
Daniel Liz, Ph.D. Nine years experience in the mining industry; evaluation and exploration in gold,
Senior Geologist copper, iron, phosphate, and potash; Ex-Senior Geologist, Talon Metals Corp.; B.Sc.
(2002), M.Sc. (2003) and Ph.D. (2008), Federal University of Rio Grande do Sul.
Experienced team,
with significant experience in Brazil
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5. TSX ǀ RVD
Board of Directors
Member Background
David Beatty CEO, Rio Novo Gold; Co-Founder, Westwind/Thomas Weisel Canada; Head, Mining &
Chairman Minerals, First Marathon and Gordon Capital; 25 years in Mining M&A and Finance;
Co-Founded Yamana Gold in 1994
Victor Bradley Chairman and Director, Osisko Mining; Founder, CEO, Director, Chairman and Lead
Director Director, Yamana Gold; over 45 years of experience in the international mining sector
John Van Brunt Past President and CEO, Agrium Inc. (Cominco Fertilizers Inc.); past Director and
Director Chairman, Canadian Fertilizer Institute (CFI), Potash/Phosphate Institute (IPNI),
Foundation for Agronomic Research (FAR), The Fertilizer Institute (TFI), and Canpotex
Ltd.
Luis Mauricio F. de Azevedo Lawyer and Geologist in Brazil with 20 years of experience; Partner, FFA Legal Support
COO, Director, for Mining Co.; Board Member for Talon Metals Corp. and Brazilian Gold Corp.
General Counsel
Julio Carvalho President and Director, Rio Novo Gold Inc.; past President and CEO, Peak Gold
Director Limited (New Gold Inc.); Executive VP South and Central America, Goldcorp Inc.; past
President and CEO of Mineração Onça Puma Ltda. and Rio Tinto Brazil
Experience
in
Exploration | Mining | Capital Markets
in
Brazil & Canada
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6. TSX ǀ RVD
Assets – Strategically Located, Geologically Proven
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7. TSX ǀ RVD
Why Brazil ?
NPK World Ranking By Demand Potash International Trade Map By Supplier
Nitrogen Phosphate Potash NPK
Rank Country % Share Country % Share Country % Share Country % Share
1 China 30.0% China 37.0% China 23.0% China 30.0%
2 India 14.0% India 14.0% USA 17.0% India 13.0%
3 USA 12.0% USA 11.0% Brazil 13.0% USA 12.0% 90% Potash
Needs
4 Pakistan 3.0% Brazil 8.0% India 9.0% Brazil 7.0%
5 Brazil 2.0% Australia 3.0% France 3.0% Pakistan 2.0%
Source: IFA Source: Forfertil
Brazil’s Commodity Production Brazilian Fertilizer Imports vs. Internal Production
World Exports Imports
Production Exports 100%
Trade %
Coffee 1st 1st 28% 80%
49%
Orange Juice 1st 1st 86%
60% 73%
Meat 1st 1st 25% 90%
Sugar 1st 1st 39%
40%
Soybean 2nd 2nd 36%
Poultry 2nd 1st 44% 51%
20%
Corn 2nd 2nd 13% 27%
10%
Pork 3rd 3rd 10% 0%
Cotton 4th 4th 50% Nitrogen Phosphate Potash
Source: Banco Do Brasil Source: Fosfertil
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8. TSX ǀ RVD
Unique, Focused, Strategic Project Portfolio
Rio Verde - Toronto
Corporate
Financing, marketing, IR, compliance
Rio Verde – Rio de Janeiro
Brazilian Head Office
Operations, accounting, titles, legal
Fosfatar Phosphate Phosphate Portfolio Sergipe Potash
Estimated Budget for Estimated Budget for Estimated Budget for
Construction & Exploration: CDN$5 Exploration & Scoping:
Development: CDN$10.8 Million for exploration CDN$20-40 Million for
Million for construction & (over the next 2-3 years) exploration & feasibility
working capital (debt is (over the next 2-3 years;
being arranged) currently: exploration stage)
Benefits: Near-term cash Benefits: Growth Benefits: Upside
flow
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9. TSX ǀ RVD
Sergipe Potash Project

10. TSX ǀ RVD
Sergipe Potash Project
• Potential for world-scale potash resource deposit*
• Adjacent to, and on the same geological formation
as, the only producing potash mine in Brazil, Vale’s
Taquari-Vassouras mine
• Vale’s Taquari-Vassouras: 850kt capacity; 717kt
production; 25%-30% KCL sylvinite
• Land package: 106,336 hectares (1,063 sq km)
• First drill hole completed at Sergi Prospect
• Drilled to depth of 1,350m
• Intersected ~79m of multiple potash horizons
• Weighted average sylvinite grade of 25% KCl over 16m
(over 2 horizons)
• Aligned with Brazilian Government’s policy to
develop domestic supply
• Objective of being fertilizer independent by 2020
* Geological potential estimated by Ercosplan in Status Report referenced in Talon Metals Corp.’s April 20, 2010, press release,
Talon Metals Receives Status Report from Ercosplan on Sergipe Potash Project, Brazil.
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11. TSX ǀ RVD
Established Infrastructure & Transport
Seaport infrastructure - 38,000
tonnes capacity
Close to hydroelectric, with access
to power lines
Railroad connection to NE and SW major cities; close to
hydroelectric, with access to power lines and gas pipelines
Regional gas pipelines
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12. TSX ǀ RVD
Sergipe Prospects & Surrounding Infrastructure
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13. TSX ǀ RVD
Major Players in the Sergipe Potash Basin
Target 2:
Capela Prospect
Target 3:
Rio do Sal Prospect
Target 1:
Sergi Prospect
(drilling complete)
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14. TSX ǀ RVD
Historical Data Base
• Extensive historical geological database from Petrobras work
• 11 drill holes identified with potash mineralization*
• Thicknesses based on historical drill hole data*
• Grade inferred from geophysical logs and core inspection*
• 7 regional targets, each with drilled intersections and potash mineralization
2D Seismic Drilling
RIO VERDE
618 2D-seismic lines available 4,590 oil wells available :
234 line kms of data processed Data from 286 wells processed
* Estimated by Ercosplan in Status Report referenced in Talon Metals Corp.’s April 20, 2010, press release, Talon Metals Receives
Status Report from Ercosplan on Sergipe Potash Project, Brazil.
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15. TSX ǀ RVD
Sergi Prospect – Completion of First Drill Hole
• First drill hole, SED-001-11, completed at Sergi Prospect on
November 12, 2011
• Twin of historical Petrobras oil well, located 115m to the
northwest; SED-001-11 intercepts correlate
• Drilled to depth of 1,350m
• Intersected ~79m of potash horizons
• Intersected two sylvinite-bearing zones, with a weighted
average grade of 25.01% KCL over 16.73m*
• Upper zone: 8.27m intercept averaging 20.94% KCl,
including 5.08m at 24.84% KCl
• Lower zone: 8.46m intercept at 28.98% KCl, including
5.47m at 39.65% KCl
• Intersected two carnallitite-bearing zones of relevance*
• Upper zone: 12.81m intercept averaging 16.70% KCl
• Lower zone: 5.56m intercept averaging 21.11% KCl
* Sylvinite and carnallitite assays analysed by Ercosplan; results released via press release on
February 7, 2012 and March 13, 2012, respectively.
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16. TSX ǀ RVD
Potash Core Photos – SED-001-11
Sylvinite Carnallitite
Sylvinite
Carnallitite
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17. TSX ǀ RVD
Exploration Program Strategy – Sergipe Potash
• Optimize use of extensive database
• Undertake exploration to confirm and expand potash mineralization and to establish a mineral resource
• Fast-track to resource by Q4 2012; scoping study Q1 2013
• Seismic interpretation and geological reconstruction of Sergipe Basin (completed Q2 2011)
• Confirmatory and resource drilling program
Phase 1
• 4,050 metres or 3 holes to confirm and extend previous potash intersections (Hole 1 complete)
• First NI 43-101 Resource Estimate (Q4 2012)
• Seismic surveys after Phase 1 drilling program
• Exploration drilling program to extend resources and scoping study
Phase 2 • 4-6 holes expected to take 12 months
• Test of additional targets
• Further drilling to extend resources; prefeasibility and feasibility studies
• 2013-2014
Phase 3 • Exploration program to focus on drilling to extend known potash mineralized zones
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18. TSX ǀ RVD
Phosphate Projects

19. TSX ǀ RVD
Diverse Phosphate Portfolio
• Multiple exploration targets, with known mineralization
• Production planned for Q4 2012 or Q1 2013*
• Less complex than potash development; cheaper to explore and construct
• Typical timeline to exploration and development of greenfield projects: 2-4 years
Suite of Phosphate Projects:
Fosfatar Phosphate Project (Pará)
Monte Alegre Phosphate Project (Pará)
Curuá Phosphate Project (Pará)
Mandacaru Phosphate Project (Ceará)
Serra Negra Phosphate Project (Piauí)
Tabuleiro Phosphate Project (Piauí)
* PEA prepared by Coffey Mining Pty Ltd. For more information, see the March 1, 2012,
press release, “Rio Verde Minerals Releases Positive Preliminary Economic Assessment for
its Fosfatar Phosphate Project,” filed on www.sedar.com.
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20. TSX ǀ RVD
Fosfatar Phosphate Project – Location
• Multiple projects near Belém in Pará State
• Favourable infrastructure and access
• Located close to target markets of Pará, Mato
Grosso and Maranhão States
• Highly productive agricultural states
• These states currently import fertilizer from
international and national sources, with
shortest shipping distances of over 1,000km
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21. TSX ǀ RVD
Fosfatar Phosphate Project – Production Q4 2012
• PEA released March 1, 2012 (details next slide)
• Agronomic tests completed Q1 2012
• Rio Verde’s Thermophosphate performs favourably
in comparison to competitors on the market*
• NI 43-101 Technical Report released October 2011
• High-grade aluminum phosphate @ 18-30% P2O5**
• Target first production in Q4 2012
• Shovel ready and equipment on site
• In discussions with potential phosphate off-takers
• Project acquired August 2011 Sapucaia Target – Equipment on site
• R$14M in shares on closing
• R$11M cash or shares, payable in instalments, when reach first sales
• R$17M in shares at 20% discount to 20 day VWAP if project meets certain milestones
* Agronomic tests using Fosfatar Thermophosphate on soybeans were performed under the supervision of Professor Dr. Juarez
Patricio de Oliveira Junior of the Federal University of Goias, the results of which were released via press release February 15,
2012. Additional results for black beans and sorghum will follow in Q1 2012.
** The NI 43-101 Technical Report was prepared by Coffey Consultoria e Servicos Ltda, an international consultant with offices
in Brazil. For report is filed on www.sedar.com. For more information, see the October 24, 2011, press release, “Rio Verde
Minerals Announced NI 43-101 Mineral Resource for Fosfatar Phosphate Project, Brazil.”
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22. TSX ǀ RVD
Fosfatar Phosphate Project – PEA
• The Preliminary Economic Assessment (PEA) for the Sapucaia Target, one of three phosphate
targets at the Fosfatar Phosphate Project, was released on March 1, 2012*
Fosfatar Project Base Case Metrics
• Resource (tonnes) 1.63 million
• % P2O5 Grade 20.3%
• Throughput (‘000 tonnes) 206k tpa
• Strip Ratio 0.36
• Life of Mine 8 years
• Total Capital Expenditures C$10.0 million
• Annual Production (full capacity) 150,000 tpa Thermophosphate, 25% P2O5
• Product Price C$300/tonne
• Total Operating Expenditures C$131.8/tonne
• Foreign Exchange Rate Assumption BRL$1.75 : US$1.00
• After-tax Net Present Value (NPV10%) C$62.9 million
• After-tax Internal Rate of Return (IRR) 113%
• Payback Period 1 year
* The PEA was prepared by Coffey Mining Pty Ltd, an international consultant with offices in Brazil. For more information, see
the March 1, 2012, press release, “Rio Verde Minerals Releases Positive Preliminary Economic Assessment for its Fosfatar
Phosphate Project,” filed on www.sedar.com.
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23. TSX ǀ RVD
Fosfatar – NI 43-101 Technical Report
• NI 43-101 Technical Report released October 2011*
• M&I minerals resource estimate of 1.93 Mt at
Sapucaia and Boa Vista targets (NI 43-101)
• High-grade aluminum phosphate; average 19% P2O5
– potential to become one of the highest-grade
phosphate mines in Brazil
• Easy extraction and low-strip ratio (0.6:1)
• Block Model: 25m E X 25m N X 1m RL
(3% P2O5 cut-off applied)
Deposit Resource Tonnes P2O5 %
Category Mt
Sapucaia Measured 1.31 21.81
Indicated 0.32 14.12
TOTAL 1.63 20.30
Boa Vista Measured 0.24 12.21
Indicated 0.06 9.65
TOTAL 0.29 11.71
* The NI 43-101 Technical Report was prepared by Coffey Consultoria e Servicos Ltda, an international consultant with offices in
Brazil. For report is filed on www.sedar.com. For more information, see the October 24, 2011, press release, “Rio Verde Minerals
Announced NI 43-101 Mineral Resource for Fosfatar Phosphate Project, Brazil.”
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24. TSX ǀ RVD
Exposure of Ore on Surface
Typical Cross Section
Targeting known mineralization at surface
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25. TSX ǀ RVD
Strong Market Dynamics & Agronomic Viability
Agronomic Testing
No Phosphate Fertilizer
Location – Proximity to Palm Oil Plantations
(potential off-takers)
With Rio Verde Thermophosphate
Demonstrated Agronomic Performance
(relative to competitors; see Feb 15, 2012 press release)
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26. TSX ǀ RVD
Suite of Additional Phosphate Projects
Multiple exploration targets (~ 750,000 ha),
with known mineralization
• Curuá Phosphate Project (Pará)
• Several phosphate occurrences reaching 19% P2O5
• Sedimentary phosphate project, comprising ~ 387,000 ha on southern
border of Amazon basin
• Monte Alegre Phosphate Project (Pará)
• Several mineralized exposures, showing grades of 1.7% - 27.8% P2O5
• Rio Verde controls stragetic portion of the Cuiri Formation;
phosphate anomalies can be traced for ~ 30 km strike
• Mandacaru Phosphate Project (Ceará)
• Grab samples ranging from 15.8% to 35.9% P2O5
• High grades with similar geolgical setting as nearby Itataia Deposit -
INB Galvani Project: $400M Capex ; 18 Mt @26.35% P2O5
• Serra Negra Phosphate Project (Piauí)
• Several mineralized exposures showing grades of 11% - 24% P2O5
• Tabulerio Phosphate Project (Piauí)
• Rock grab samples showing grades of 2.8% - 12.3% P2O5
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27. TSX ǀ RVD
Corporate Profile

28. TSX ǀ RVD
Key Deliverables – Upcoming Milestones
Deliverables Area of Timing
Activity
• Hold discussions with Sergas regarding gas off-take Potash Commenced
• Hold discussions with off-takers for phosphate Phosphates Commenced
• Arrangement of debt for Fosfatar Phosphate Project Phosphates Q2 2012
• Complete 3 drill holes at Sergipe Potash Project Potash Q3 2012
(Hole 1 completed Nov 2011)
• Preliminary NI 43-101 Mineral Resource at Sergipe Potash Potash Q4 2012
Project
• Construction/first production at Fosfatar Phosphate Project Phosphates Q4 2012/Q1 2013
• Preliminary exploration work and drill target definition at up Phosphates H2 2012
to two Phosphate Projects
• Scoping Study at Sergipe Potash Project Potash Q1 2013
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29. TSX ǀ RVD
Rio Verde Capitalization
Total Shares Outstanding 1,2,3 91.2 M
Options 27.8 M
Total Fully Diluted (as at March 2012) 119.0 M
Management, Directors & Insiders 16.9%
Recent Share Price (52-week range: $0.27 - $0.59) $0.38
Basic Market Capitalization (at $0.38; March 22, 2012) $34.4M
Cash & Equivalents (as at March 22, 2012) $6.0 M
Debt $0
1 Shares to Talon Metals for Potash assets – 26,619,508
2 Shares to Sercor Ltd. for Phosphate assets - 8,873,169
3 Shares to Biscoe Trading Ltd., Colfax Management Inc. and Moriarty Services Inc. for Fosfatar Acquisition – 14,127,219
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30. TSX ǀ RVD
Investment Summary
• Brazil-focused fertilizer exploration & development company
• Targeting known mineralization in Brazil, on or near infrastructure
• Diverse potash and phosphate portfolio
• Favourable supply and demand dynamics, with a significant cost advantage in Brazil
• Prime strategic location of potash asset—adjacent to only potash mine in Brazil
• Fast-tracking to development—targeting potash resource and scoping studies in 2012
• Acquired advanced-stage Fosfatar Phosphate Project to generate near-term cash flow
• NI 43-101 Technical Report released October 2011
• PEA released March 2012
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31. TSX ǀ RVD
Analyst Coverage & Contact Information
Analyst Coverage: Contact Information:
GMP Securities Rio Verde Minerals Development Corp.
Anoop Prihar, 416-943-6127 155 University Avenue, Suite 1240
Toronto, Ontario
Mackie Research Capital Canada M5H 3B7
Jaret Anderson, 416-860-6784
Phone: +1 416.368.8288
MGI Securities
Fax: +1 416.368.2988
Corey Dias, 416-864-2619
Octagon Capital Web: www.Rvminerals.com
Max Vichniakov, 416-306-2514 Email: info@Rvminerals.com
Salman Partners
Andrea Rubakovic, 416-861-9387
Stonecap Securities
Michael Goldberg, 416-342-8594
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32. TSX ǀ RVD
Appendix

33. TSX ǀ RVD
Pará State - Monte Alegre & Curuá Project
• Monte Alegre Project • Curuá Project
• Adjacent to VALE’s Monte Alegre Project • Sedimentary phosphate project, comprising ~387,000 ha
• Rio Verde controls a strategic portion of on southern border of Amazon basin
the Curiri Formation • Geological analogue of the Monte Alegre Project
• Several mineralized exposures with • Several phosphate occurrences (locally reaching 19%
grades ranging from 2.7% to 27.7% P2O5) identified by Brazilian Geological Survey (CPRM) in
P2 O 5 1977, most associated with the Curuá Group
• Can be traced for a ~30 km strike • Curuá Group is an analogue of Curiri FM, which hosts
phosphate mineralization in Monte Alegre region
VALE Property
Monte Alegre Project
(Grades from 6.0 to 23.0% P2O5)
Other Tenements
Prospective Unit
Curiri Formation
Sound Rio Verde Property
participating
on a tender
process
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34. TSX ǀ RVD
Ceará State – Mandacaru, Bolota & Cupim
• Target the Ceará Complex- regional anomalies, favorable geological environment & phosphate
• Mandacaru Project - most attractive property • Bolota & Cupim Prospects:
• Radiometric survey identified 5 well-defined • Close to Itataia deposit, similar geological signature
anomalies • Model: Itataia Deposit – INB Galvani Project
• Rock grab samples & channel samples (trench) • Massive and disseminated collophanite in
identified carbonatic rocks and migmatites; associated
• Phosphate grades ranged from 15.8% - 35.9% P2O5 with epi-syenites and carbonaceous breccias
• Comparable with P2O5 grades reported at Itataia • Historic resources: 18Mt @ 26.35% P2O5 plus
• Local rocks provided positive reactions with 142,500t @ 0.19% U3O8
phosphate-test reagents: collophanites • Operator: INB-Galvani Consortium, USD$400M
spent over 4 years
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35. TSX ǀ RVD
Piauí State - Serra Negra Project
• Ground radiometric survey concluded
• Outcropping mineralized sandstones
• Several mineralized exposures with grades
ranging from 11% up to 24% P2O5
11% P2O5 @ 0.2m
• Mineralization occurs in phosphate-bearing 12.8% P2O5 @ 0.5m
ferruginous sandstones 20.6% P2O5
• Anomalous trend defined 19% P2O5 23.9% P2O5
• Can be traced for ~4 km strike
19.3% P2O5
• Detailed mapping and sampling planned
4km-long
Ferruginous sandstones from Longá Formation
19.9% P2O5
Distribution of P2O5 Grades
Rock Grab and Channel Samples
19.3% P2O5 20.6% P2O5
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36. TSX ǀ RVD
Completed Corporate Milestones
Deliverables Area of Activity Timing
• Complete Seed Financing – CDN$10M Financing & Listing Completed – Dec 2010
• NI 43-101 Report on Sergipe Potash Project Potash Completed – Apr 2011
• Update geophysical data for Capela Prospect Potash Completed – Jun 2011
• Complete financing – CDN$11.3M Financing & Listing Completed – Jul 2011
• BVI Court approval of RTO amalgamation Financing & Listing Completed – Jul 2011
• Contract new drill for drilling at Sergi Prospect Potash Completed – Jul 2011
• RTO onto TSX Financing & Listing Completed – Aug 2011
• Acquisition of Fosfatar Mineração Ltda. Phosphates Completed – Aug 2011
• NI 43-101 Resource Fosfatar Phosphate Project Phosphates Completed – Oct 2011
• Complete first drill hole at Sergipe Potash Project Potash Completed – Nov 2011
• Preliminary Economic Assessment (PEA) for Phosphates Completed – Mar 2012
Fosfatar Phosphate Project
• Assay results from first drill hole at Sergipe Potash Completed – Feb &
Potash Project Mar 2012
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37. TSX ǀ RVD
Junior Comparables
Avg. Grade (%
Market Data as at 1-Mar-12 Potash Eq (Mt) (KCl Basis)
KCl) EV / Potash Eq (C$/t) (KCl basis) EV / Phosphate Eq (C$/t)
Enterprise
Primary Asset F.D. M.Cap
Company Price (C$) Value P&P M&I Inf. Ttl. R&R Ttl. R&R 2P+M&I Ttl. R&R 2P+M&I Ttl. R&R
Location (C$ mm)
(C$ mm)
Potash Developers
Elemental Minerals Republic of Congo $1.20 $307 $255 - 104 127 231 31.0% $2.46 $1.11 $2.19 $0.98
Karnalyte Resources Saskatchewan $9.12 $209 $172 155 - 59 214 18.5% $1.11 $0.80 $0.99 $0.72
Potash One (1) Saskatchewan $3.55 $331 $331 136 80 860 1,076 28.9% $1.53 $0.31 $1.36 $0.27
Verde Potash Brazil $6.60 $234 $225 - 11 377 388 14.1% $20.45 $0.58 $18.19 $0.52
Allana Potash Corp. Ethiopia $0.71 $172 $107 - 126 119 245 19.3% $0.85 $0.44 $0.75 $0.39
Western Potash Sask., Manitoba $1.14 $212 $184 - 253 708 961 25.9% $0.73 $0.19 $0.65 $0.17
IC Potash New Mexico $0.91 $134 $105 - 180 58 238 23.4% $0.59 $0.44 $0.52 $0.39
Aguia Resources (2) Brazil $0.45 $86 $68 - - - 132 12.0% n/a $0.52 n/a n/a
Ethiopian Potash Corp. Ethiopia $0.32 $46 $35 - - 27 27 20.8% n/a $1.29 n/a $1.15
Reward Minerals Australia $0.80 $61 $55 - 23 18 41 0.4% $2.35 $1.34 $2.09 $1.19
Encanto Saskatchewan $0.35 $103 $95 - 86 66 152 36.1% $1.11 $0.63 $0.99 $0.56
Passport Potash (2) Arizona $0.27 $45 $40 - - - 460 8.4% n/a $0.09 n/a n/a
Median 20.8% $1.11 $0.55 $0.99 $0.54
Mean 20.9% $3.46 $0.64 $3.08 $0.63
Phosphate Developers
Stonegate Peru, Idaho $0.68 $133 $104 - 9 33 42 n/a $11.95 $3.13 $10.64 $2.21
MBAC Brazil $3.10 $367 $267 2 3 6 10 n/a $39.06 $18.44 $49.50 $22.71
Legend International Australia $0.11 $25 $25 - 27 42 69 n/a $3.87 $2.46 $0.83 $0.32
Minemakers Australia $0.30 $68 $59 - 56 224 280 n/a $1.87 $0.47 $0.95 $0.19
Phoscan Chemical Ontario $0.35 $60 $22 - 13 11 24 n/a $8.00 $9.62 $1.54 $0.84
Sunkar Kazakhstan $0.13 $22 $26 25 28 17 69 n/a $3.77 $6.06 $0.45 $0.34
Median n/a $5.94 $4.60 $1.24 $0.59
Mean n/a $11.42 $6.69 $10.65 $4.43
Rio Verde (3) Brazil $0.38 $43 $35 245 12%-25% n/a $0.14 n/a $0.13
Potash One at Acquisition
Saskatchewan $4.50 $420 $384 136 80 860 1,075 n/a $1.78 $0.36 $1.58 $0.32
(C$4.50/share)
Source: GMP Securities
Commodity Price Assumptions based on 2012E consensus: Potash (FOB): US$422/t
1. Potash One shown at unaffected price, prior to K+S acquisition offer of C$4.50/share
2. Passport Potash and Aguia’s resource is a non-NI 43-101 compliant management estimate based on an average of the expected range of resource size and grade.
In the case of Aguia, dilution from issuance of shares for defining a JORC resource of this size is included (from Potash Atlantico acquisition).
3. Rio Verde’s potash resource figure is a non-NI 43-101 figure based on an estimate of resource potential made by Ercosplan in a technical
report dated August 2, 2011. This estimate was made using the following assumptions about tonnage and grade:
450 Mt sylvinite ore @ 25% KCl and 1.1 Bt carnallitite ore @ 12% KCl
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38. TSX ǀ RVD
Footnotes
The potential quantity of potash is conceptual in nature as there has been insufficient
exploration to define a mineral resource, and it is uncertain if further exploration will result in
the target being delineated as a mineral resource. Ercosplan has based potential quantities of
target mineralization on sylvinite and carnallitite logged in drill holes or identified in down hole
geophysical logs and applying an area of influence of 1,500 metres around the individual
mineralized drill holes within the Rio Verde properties. Target resources quantities are internal
estimates based on management’s interpretation of reprocessed, historical geophysical survey
lines and drill results, taking into consideration management’s current understanding of the
various sub basins, layer thicknesses, area sizes and evaporite densities.
The estimated quantities do not represent a mineral resource. Further drilling and assaying is
required to confirm historical data.
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