2. MBAC FERTILIZER CORP.
SAFE HARBOUR
Disclaimer:
The contents are not to be reproduced or distributed to any third party, including the public or press. The information
contained herein, while obtained from sources which we believe are reliable, is not guaranteed as to its accuracy or
completeness. The company is a development stage mineral resource exploration company and many of its mineral
projects have yet to be proven to be economic. Certain information set out herein in relation to the Company’s
advanced projects is based on technical reports that are in compliance with NI 43-101 that are not yet final. The reader
is cautioned that such information is subject to change, although management does not anticipate any material
deviations. The contents of this presentation is for informational purposes only and does not constitute an offer to sell
or a or a solicitation to purchase any securities referred to herein
Forward looking statements
This presentation includes certain forward-looking statements about future events and/or financial results which are
forward looking in nature and subject to risks and uncertainties. Forward-looking statements include without limitation,
statements regarding the company’s plans, goals or objectives and future completion of mine feasibility studies, mine
development programs, capital and operating costs, production, potential mineralization, resources and reserves,
exploration results and future plans and objectives of MBAC. Forward-looking statements can generally be identified by
the use of forward-looking terminology such as "may," will," "expect," "intend," "estimate," "anticipate," "believe," or
"continue" or the negative thereof or variations thereon or similar terminology. There can be no assurance that such
statements will prove to be accurate and actual results and future events could differ materially from those anticipated
in such statements. Important factors that could cause actual results to differ materially from expectations include risks
associated with mining generally and pre-development stage projects in particular. Potential investors should conduct
their own investigations as to the suitability of investing in securities of MBAC Fertilizer Corp.
2
3. MBAC FERTILIZER CORP.
INVEST IN MBAC
3
To be a significant integrated producer of phosphate fertilizers and
related products in the Brazilian and Latin American markets
Our Focus
Optimize operations
Leverage Brazil’s agriculture sector
Organic growth opportunities
4. MBAC FERTILIZER CORP.
Itafós – Project development
Santana – Pre-feasibility Study
Araxá – Prelim. Economic Assessment
FOCUSED ON VALUE CREATION
4
2012
YEAR OF TRANSITION
Itafós – Construction completed
Itafós – First SSP deliveries
Santana – Definitive Feasibility Study
Itafós – 1st full year of commercial
production
Advancement of Santana
Refinance Balance Sheet debt
2012
Year of progress
2013
Year of transition
2014
Year of value realization
2015+
Period of growth
Itafós – Ongoing production
Santana – Production launched
Integrated, multi-mine producer
5. MBAC FERTILIZER CORP.
MBAC OVERVIEW
5
SANTANA
PHOSPHATE
High grade phosphate deposit
strategically located near the border
of Para and Mato Grosso states.
Meeting animal feed phosphate and
fertilizer demand in the Center-West
Brazil.
DFS completed
BRAZIL
ITAFÓS OPERATIONS
PHOSPHATE
Itafόs Arraias SSP Operations -
MBAC’s first phosphate operation
located in the centre of Brazil’s
largest agricultural region that will
provide near-term cash flow
Excellent logistical advantage.
ARAXÁ
PHOSPHATE /REE/Nb
High grade Phosphate and Rare
Earth Elements/Niobium deposit.
PEA completed
São Paulo
Rio de Janeiro
PA MA
PI
BA
GO
MT
TO
AM
MG
SP
Brasilia
NEW AGRICULTURE FRONTIER
MBAC is currently operating its Itafόs phosphate operations and has two growth
projects in various stages of development
6. MBAC FERTILIZER CORP.
Peter Marrone * Chairman and Founder
Cristiano Melcher President, CEO and Director
Antenor Silva Founder and Director
Denis Arsenault, CA Director
Alexander Davidson * Director
Brian Hayward Director
David Nierenberg * Director
Hon. David Peterson Director
Leonardo Marques da Silva Director
Carlos Braga VP, Technical Services
Rodrigo Pinto, CA VP, Finance and CFO
Steve Burleton VP, Corporate Development
BMO Capital Markets Joel Jackson
Canaccord Genuity Keith Carpenter
GMP Securities Anoop Prihar
National Bank Financial Greg Colman
Paradigm Capital Spencer Churchill
Raymond James Steve Hansen
CORPORATE OVERVIEW
6
Directors & Management
Research Coverage
Current Capital Structure
Symbol/Exchange TSX: MBC
Management & Directors ~20%
Current Share Price $1.12
52 wk High/Low $3.43-$0.90
Market Capitalization ($ millions) $170.3
170.32M
* Member of the Executive Committee
Basic Shares
152.03M
Options
12.21M
Warrants
6.08M
Basic Shares
Options
Warrants
0.8
1.2
1.6
2.0
2.4
2.8
3.2
3.6
$/Share
Stock Chart 52 Week (MBC.TO)
7. MBAC FERTILIZER CORP.
FROM PURCHASE TO PRODUCTION
7
Beginning of Construction
October 2011
Purchase of Itafós RNP Operations
October 2008
Resource estimate & PFS
March 2010
Beginning of Operations
August 2013
In less than
5 years
8. MBAC FERTILIZER CORP.
STRONG FUNDAMENTALS
8
Global food production must increase 50% by 2030 according to UN
Brazil is fast becoming the “bread basket” to the world
Agribusiness sector continues to be major driver of Brazilian economy
Brazil is 4th largest in Agribusiness exports globally
Grain prices remain at high levels relative to historical prices
Key driver of fertilizer prices
Cropping land area in Brazil has increased 3.2% per annum over the past 12 years
Source: ANDA; Ministry of Agriculture; MBAC team analysis
* Yearly average values used in calculating growth for last 12 years
0
100
200
300
400
500
600
700
90 91 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13
US$/MetricTonne
Historical Soybeans & Maize Prices
Soybeans Maize (corn)
9. MBAC FERTILIZER CORP.
Fertilizer demand in Brazil continues to grow at a faster pace than developed countries
Consumption has grown at CAGR 5.5% from 20 to 31 million tonnes between 2005 and 2013
Imports supply ~70% of the demand
New Agricultural Frontier (MaPiToBa) continues to lead the growth in agriculture in Brazil
Fertilizer consumption grew between 2005 and 2012 at CAGR of 10.4%
Transportation costs continue to rise in Brazil
Due to decreased fuel subsidies and increased regulations
Strengthens logistic advantage for our projects
STRONG FUNDAMENTALS
9Source: ANDA; Ministry of Agriculture; MBAC team analysis
0.00
0.50
1.00
1.50
2.00
2.50
3.00
3.50
2005 2006 2007 2008 2009 2010 2011 2012MillionTonnes
Fertilizer Delivered to Customers in MaPiToBa Region
0
5
10
15
20
25
30
35
2005 2006 2007 2008 2009 2010 2011 2012 2013
MillionTonnes
Fertilizer Delivered to Customers in Brazil
10. MBAC FERTILIZER CORP.
LOGISTICS PROVIDES COST ADVANTAGE
10Source: ANDA; Ministry of Agriculture; MBAC team analysis
SSP TARGET
MARKET
OVERVIEW
(BRAZIL)
Itaquí Port
Fortaleza Port
GO
Paranaguá Port
(Main fertilizer Port in BR)
Santos Port
Scale: in Kilometeres
1000
PI
PA
MT
TO
AM
MA
Aratu
PortMG
BA
Legend
Other Domestic
Competitor
Closest
Competitor
Domestic
Supply
Import Supply
Araxá Project
New Agriculture
Frontier
Both MBAC phosphate
operations and projects have a
significant competitive
advantage resulting from
logistics
Closest competitor ( ) has to
transport its rock from over
1,000 km to its industrial site
Other domestic competitors are
located at minimum of 700 km
away
Closest ports are more than
1,000 km away
Inland transportation costs of
approx. 6 - 7 cents per tonne km
expected to increase – new
regulations / decreased fuel
subsidies
Araxa
2000
Santana
Itafos
500
Km
1000
Km
750
Km
11. MBAC FERTILIZER CORP.
PRICE TRENDS
11
Global phosphate fertilizer prices starting
to recover after 3 year bear market
DAP prices up 39% since lows in Nov 2013
TSP prices up 32% since lows in Nov 2013
Source: Independent Fertilizer Sources
TSP can be used as a proxy for SSP
price trends
Forecasts show TSP prices rebounding
starting in 2014
Falling input prices to support margins
Company expects 2014 SSP prices to
average $235 - $245 / tonne
Slightly below average price in 2013 300
310
320
330
340
350
360
370
380
390
400
2013 2014 E 2015 E 2016 E
$/Tonne
TSP Prices FOB North Africa
-
100
200
300
400
500
600
700
800
Jan-2010 Jan-2011 Jan-2012 Jan-2013 Jan-2014
$/Tonne
FOB Morocco
Historical Phosphate Fertilizer and Phosphate Rock
Trends
DAP TSP
16. MBAC FERTILIZER CORP.
ITAFÓS – CURRENT STATUS
16
The operations have started
Continue to refine the production
processes and optimize efficiency
The mine is operating according to plan
Mined grade in Q3 was 6.7% which is a
little higher than the average grade
Beneficiation plant has undergone modest mechanical and process modifications
Improved recoveries experienced
Expect to be able to meet 2014 demand within the region
The sulphuric acid plant and granulation plants are meeting expectations
17. MBAC FERTILIZER CORP.
ITAFÓS – MARKET
17
MBAC is focused on “industrial sales” (traders, blenders, distributors, large farm
co-ops)
Focused on securing 2014 strategic sales agreements
Have signed a strategic sales agreement for 70 KTPA with a regional blender
Continuing to negotiate additional agreements
Overview of Customers
• Significant Potential Customers
Yara, Heringer (2nd largest blender in Brazil) and
Fertilizantes Tocantins (largest blender in TO
State)
• Customer Locations
In negotiation with potential customers who have
their blending plants and/or their warehouses
located close to the Itafós site ( )
18. MBAC FERTILIZER CORP.
BALANCE SHEET
181818
Itafόs capital spending completed
Focus remains on managing working capital position
Additional working capital facilities received
Working capital raised through prepaid sales
Looking at monetizing receivables and tax credits
Company now exploring the restructuring of its debt
Better position to negotiate more beneficial terms as an operating company
Better align debt repayments and cash flows
20. MBAC FERTILIZER CORP.
SANTANA PROJECT OVERVIEW
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Santana contains one of the highest grade phosphate resources
in Brazil
Flexibility to produce higher value-added products (TSP, MAP and DCP)
Area is one of the largest agricultural markets in Brazil
Mato Grosso state is the largest fertilizer consumer in Brazil
The municipality of São Felix do Xingu (PA) has the largest number of cattle in Brazil
Plan View of The Mineralized Domain
21. MBAC FERTILIZER CORP.
SANTANA - DFS
21
Robust project - NPV of US$396 million and IRR of 19.9%
Lessons learned from Itafós were incorporated into the Santana design
and cost estimate
• A more compact footprint - will reduce the use of materials;
• Design improvements will also reduce the use of materials;
• Will get its water supply directly from a river and will not require the a dam; and
• The high grade of the deposit will allow for a smaller beneficiation plant.
EPCM contract will provide independent oversight and reduce cost risk
Santana Itafós
Reserves Million Tonnes 45.5 64.8
Grades % 12.9% 5.1%
Mine Life Years 32 19
Production (SSP) Tonnes per year 500,000 500,000
Total Capex BRL Million 1,211.8 (1) 750.7
Total Capex US$ Million 426 (1) 340 (2)
(1) Includes a contingency reserve of US$50 million
(2) Converted at 2.2 BRL/US$
22. MBAC FERTILIZER CORP.
NEXT STEPS - SANTANA
22
Executive Committee continues to carry out a detailed review of the
project
Will undertake detailed engineering prior to giving its formal approval
of the project
• Minimize scope changes
• Provide greater certainty on capex and opex
• Better evaluate funding options
Board will provide construction decision after detailed review
Discussions with lenders and financial institutions for project financing
will be finalized
Company also in discussion with interested partied regarding a sale of
minority stake
Company intends to rely on financing options that are least dilutive to
shareholders
23. MBAC FERTILIZER CORP.
ARAXÁ PROJECT OVERVIEW
23
One of the highest grade REO
deposits in the world
M&I of 6.3 Mt @ 5.0% TREO and
1.02% Nb2O5
Advantaged location
Area is surrounded by two large
operations:
• Vale fertilizer mine/plant
• CBMM Niobium mine/plant
Developed infrastructure
PEA completed in October, 2012
Capex $406 million
NPV $967 million
IRR 30%
CBMM
MINE
Araxá Project
VALE
Mine
Araxá,
MG
Project Location
REE
Deposit
Itafos
Santana
24. MBAC FERTILIZER CORP.
NEXT STEPS - ARAXÁ
24
Phase 2 pilot plant tests for bulk concentrate have been
completed
Have produced 200 kg’s of 98% REO bulk concentrate
Continued discussions with potential off-take partners
Will start Phase 3 pilot plant tests for REO separation Q4 2013
The asset has been determined to be “non-core”
Company is reviewing options to sell all or part of the asset
25. MBAC FERTILIZER CORP.
PILOT PLANT
25
Homogenization Milling and Classification
Drying Process Filter Press REO Filter Cake
Solvent Extraction
