MineAfrica 8th Annual Investing in Africa

1st December 2014

TSX-V: GBL

Developing the world’s highest grade, greenfield phosphate rock deposit

FORWARD LOOKING INFORMATION This presentation includes statements that are forward-looking. These involve known and unknown risks, uncertainties and other factors which may cause actual results, performance or achievements to be materially different from the results, performance or achievements implied by the forward-looking statements. Such factors include, but are not limited to, general economic, market and business conditions, failure to obtain adequate financing when needed, market prices for phosphate, estimation of demand for the ore product, ability to convert expressions of interest from potential customers into definitive sales agreements, risks and uncertainties related to GB Minerals Ltd.’s abilities to successfully develop and commission mines at its Farim phosphate project, to obtain all necessary permits for development and production as and when required, estimation of resources and reserves, development and production costs, transportation delays and costs, delays in construction of the mining operation, accidents, equipment breakdowns, title matters, labour disputes or other unanticipated difficulties with, or interruptions in, development or production, exchange rate fluctuations, and risks and uncertainties associated with doing business in Guinea-Bissau. In addition, there may be information herein that is information about prospective results of operations, financial position or cash flows (a “financial outlook”) and which is provided only to assist in an evaluation of the prospective business outlined herein, but are not to be relied upon as accurate representations of future results and may not be appropriate for any other purpose. There are no representations or warranties associated with the financial outlook, and there can be no assurance that it will be attained. Readers are cautioned that no forward-looking statement or financial outlook is a guarantee of future performance and GB Minerals Ltd. assumes no obligation to update them except as may be required by law.

CAUTIONARY NOTE TO CONCERNING ESTIMATES OF MEASURED AND INDICATED RESOURCES This presentation uses the terms “measured” and “indicated” resources which are recognized and required by Canadian securities regulations but not recognized by the U.S. Securities and Exchange Commission. U.S. investors are cautioned not to assume that any part or all of mineral deposits in these categories will ever be converted into reserves. In addition, any mineral resource and mineral reserve figures referred to herein are estimates and no assurances can be given that the indicated levels of minerals will be produced. Such estimates are expressions of judgment made at a given time based on knowledge, mining experience, analysis of drilling results and industry practices and may significantly change when new information becomes available. Although GB Minerals Ltd. believes that the mineral resource and mineral reserve estimates in respect of its Farim phosphate project are well established, by their nature they are imprecise and depend, to a certain extent, upon statistical inferences which may ultimately prove unreliable. If such estimates are inaccurate or are reduced in the future, this could have a material adverse impact on GB Minerals Ltd. Mineral resources that are not mineral reserves do not have demonstrated economic viability and due to the uncertainty that may be attached to an inferred resource, it cannot be assumed that all or any part of it will be upgraded to an indicated or measured resource as a result of continued exploration.

TECHNICAL REPORT The Company filed on SEDAR at www.sedar.com on January 17, 2013 a new, single current technical report for the feasibility study on its Farim Phosphate Project entitled, “Feasibility of the Beneficiated Phosphate Rock Concentrate of the Farim Phosphate Project, Guinea-Bissau, An NI 43-101 Report” dated effective December 19, 2012 (the “2012 Technical Report") which supersedes all previously filed technical reports.

EBITDA References herein to “EBITDA” are to inferences from the results of the 2012 Technical Report. Such EBITDA consists of the gross sales of production less operating costs before interest, income taxes, depreciation and amortization. Management believes that, in addition to net earnings, EBITDA is a useful complimentary measure of cash available prior to debt service, capital expenditures and income taxes. However, EBITDA is not a recognized measure under, and does not have a standardized meaning prescribed by, Canadian GAAP or IFRS. EBITDA should not be construed as an alternative to net earnings as an indicator of performance, or to cash flows from operating, investing and financing activities as a measure of liquidity and cash flows. GB Minerals Ltd.’s method of calculating EBITDA may differ from the methods used by other entities and its EBITDA may not be comparable to similarly titled measures used by other entities.

NOT AN OFFERING OF SECURITIES This presentation is for information purposes only and does not constitute an offer to sell or a solicitation to buy the securities of GB Minerals Ltd. or any other securities.

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Farim is the highest grade phosphate rock greenfield project

Quality premium product of up to 36% P2O5

Low capital expenditure

Infrastructure surpasses other bulk commodity projects in Africa

Second quartile FOB costs

Advanced with Feasibility study (filed January 2013) being optimised

Strong mining code & favourable fiscal regime

Political stability providing confidence & de-risking project

Significant contributor to Guinea Bissau’s economy

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Highlights

Jan 2014: Shareholder base – cleaned up legacy holdings

Feb 2014: Completed Board restructuring

May 2014: Newly elected democratic Government headed by President José Mario Vaz

July 2014: New process flow sheet for premium product up to 36% P2O5

Aug 2014: Simplified the capital structure

Sept 2014: Kicked off project review work on feasibility with Lycopodium

Oct 2014: Site visit by Lycopodium to mine & port

Dec 2014: ESIA for mine submitted to GoGB in Portuguese

Feb 2015: Plant throughput trade off study

Mar 2015: OpEx costs & CapEx magnitude finalised

Apr 2015: Draft feasibility report

Q2 2015: Filing of NI 43-101 Definitive Feasibility Study report

Q2/Q3’15: Equity + Debt financing mandate & EPC(M) contract awarded

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Delivering – Evolving Company with Tangible Results

Capital Structure

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Note: All figures as of 1 October 2014 unless noted otherwise

Share price performance, CAD/share

Shares outstanding

Shares outstanding 212.82 M

Options 3.93 M

Fully diluted 216.75 M

Summary

Company name GB Minerals

Ticker GBL:CN

Share price CAD 0.075 per share

Market Capitalization CAD 15.96 mn

Cash * CAD 1.61 mn

*as of 10 September 2014

Major shareholders

Aterra Capital 51.6%

Alpha Infrastructure 21.9%

Sputnick Ltd. 5.4%

Mackenzie Investments 4.8%

GBM Minerals Engineering Consultants * 4.2%

Amabro Investments 3.4%

Other 8.7%

*on a diluted basis

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Board of Directors & Management

• Luis da Silva - President and Chief Executive Officer Experienced international mining engineer with extensive experience in

the junior exploration and development space in west Africa. Most recently restructuring Mano River Resources into Afferro Mining, Aureus Mining and Stellar Diamonds. Former President and CEO of Afferro Mining until its acquisition for a consideration of US$200m completed in December 2013.

• Olga Kovalik, M.B.A and B.Eng (Mining) - Project Director Former Finance Director of the growth division for Alcoa, Board of CBG in

Guinea, Production General Manager for Alcoa’s Rod Mill and Production Superintendent for Alcoa’s ABI smelter in Canada. Also worked in investment banking for UBS, Citigroup, and Morgan Stanley. Over twenty years of experience in the metals and mining industry with leadership roles in finance, mega project construction, business development and operations.

• Angel Law, CGA and B.A - CFO and Corporate Secretary Former interim CFO and Controller of Lion Energy Corp. Also worked for

Western Prospector Group Ltd. and played a major role in the $31-milllion acquisition by CNNC International Ltd. during her tenure with Western Prospector Group Ltd. Significant experience in the resource industry with leadership roles in accounting and controllership, finance, acquisitions, and audit and compliance.

• Luc Adjanor, M.B.A and M.Sc (Metallurgical Engineering) - Marketing

and Business Development Former engineer, management consultant, and M&A specialist. Fifteen

years of experience advising mining and metals companies in Morocco, Republic of Congo and Togo for phosphate, iron ore, precious metals, aluminum, and rare earths production, transformation, and marketing. Career within Lafarge, OCP, SNIM, and other junior mining companies.

• Owen Ryan, Chairman Former head of group business development for Anglo American PLC in

London, head of global mining research and sales at UBS Investment Bank in London, and head of mining and commodity research at Old Mutual Asset Management in Cape Town, South Africa. Extensive experience on the boards of mining companies.

• Walter Davidson, B.A. - Director

Formerly held senior positions with numerous legislative institutions in British Columbia (Canada). Also has served as a director/consultant for numerous resource companies.

• Kirill Zimin - Director

Partner at Aterra Capital. Previously worked as M&A adviser in the junior mining sector, has served on the board of numerous mining companies and was previously Head of Business Development in Africa for Severstal Resources, a mining division of Severstal.

• Brent de Jong - Director

Managing Partner at De Jong Capital, with significant investment experience in emerging markets. Former head of special situations and infrastructure investments, and investment committee member at Ashmore Investment Management. Former Chief Executive Officer and Vice Chairman at AEI.

• Rob Edwards, Director

Senior Advisor for Royal Bank of Canada, focused on mining clients in Africa and the CIS. Former Chairman of metals and mining investment banking at Renaissance Capital and Director of metals and mining research at HSBC, and current board member of MMC Norilsk Nickel.

•Connected with capital city of Bissau by paved road (120 km)

•Connected to the Atlantic by Cacheu River (155km)

Project Location

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Bissau (Capital)

Port Cacheu

Mansôa

Bafatá

Gabú Bissorã

Farim

SENEGAL

North Atlantic Ocean

GUINEA-BISSAU

Buba

Catió

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Farim Project Area

• Mining production agreement license of 306 km2

500m

Starter pit

Northern pit

Tailings storage facility

Farim

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Representative Cross Section Through Farim Deposit

5,250 m

High grade layer (>25% P2O5 included in Resources)

Low grade layer (5-20% P2O5 excluded from Resources)

• High grade zones closer to surface

• Long mine life with opportunity to extend it by additional exploration

• Existing reserves allow to increase production up to 2 mpta in future

• Strict environmental adherence and management

• Minimal negative social impact

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Project Reserves & Resource with Production Summary

Source: Detailed reserves and resources estimation methodology is disclosed in 2012 Technical Report (NI 43-101), pages 45-46, which is available at www.sedar.com

Resources Tonnage P2O5

mn t %

Measured 64.6 29.1%

Indicated 28.1 27.7%

Total Measured and Indicated 92.6 28.7%

Inferred 18.3 28.7%

25 Years

2 Years

304 days

1.3 mtpa

1.0 mtpa

32% P2O5Saleable product grade

Mine life

Construction period

Operation

Phosphate ore (Run-of-Mine)

Saleable product - (Beneficiated phosphate rock

concentrate - BPRC)

Physical parameters

Reserves Tonnage P2O5

mn t %

Proven 29.5 30.4%

Probable 3.5 29.6%

Total Proven and Probable 33.0 30.4%

Capital Cost Breakdown, $166M

Minelife 25 years

Saleable product output (BPRC) 1.0 mtpa

Pre-production capex $166mn

Maintenance capex LOM $135mn

Closure costs $3mn

Total capex LOM $304mn

Assumed average product price $150/tonne FOB

Operating cash cost $77/tonne FOB

EBITDA $73/tonne FOB

Pre-tax NPV15% $208mn

Pre-tax IRR 37.7%

Post-tax NPV15% $175mn

Post-tax IRR 35.9%

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Original Feasibility Study

Cash cost breakdown, $/tonne

Cash costs to be lower in the first eight years of production

Option to expand production to 2 mtpa

Source: Detailed production and financial assumptions for Farim Phosphate Project are disclosed in 2012 Technical Report (NI 43-101), pages 75-87, available at www.sedar.com

Note: Capital estimates include mine facilities and infrastructure, mining equipment, dewatering wells, stockpile loader, dyke construction, stockpile area, ex‐pit haul road construction and barges. Includes contingency (total $25mn).

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NPV Sensitivity to Major Assumptions

BPRC price,

$/tonne FOB% diff. vs Base case

Post-tax NPV,

$mn

Pre-production

capex, $mn% diff. vs Base case

Post-tax NPV,

$mn

$120 -20% $37mn $133 -20% $202mn

$135 -10% $106mn $149 -10% $188mn

$150 Base case $175mn $166mn Base case $175mn

$165 +10% $244mn $183 +10% $162mn

$180 +20% $313mn $199 +20% $149mn

Operating cost,

$/tonne FOB% diff. vs Base case

Post-tax NPV,

$mn

$62 -20% $243mn

$69 -10% $209mn

$77 Base case $175mn

$85 +10% $141mn

$92 +20% $107mn

Discount rate, %Post-tax NPV,

$mn

5% $591mn

10% $314mn

15% $175mn

20% $98mn

25% $52mn

Infrastructure: Significant Changes in Location

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New

plant

location

• New flowsheet being developed without costly grinding and magnetic separation to obtain the desired premium product specifications (July 2014)

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Updated Beneficiation Flowsheet

Horizontal Scrubber

Reject Screen

@ 5.00mm

Direct Flotation(for P2O5)

AttritionScrubber

Vibrating Screen

@ 1.18mm

Hydrosizer@ 0.105mm

Hydrocyclone @ 0.020mm

Reverse Flotation

(for Pyrite)

ConcentrateStockpile

Tailings Dam

Blended Ore

+5.00mm (Reject)+1.18mm (Reject)

-0.020mm (Slimes)

TailingsFine

Concentrate

Coarse Concentrate

Tailings

1.18 x 0.105mmDirect Flotation Feed

-1.18mm

-0.105mm

0.105 x 0.020mmReverse Flotation Feed

-5.00mm

Modifiers Collectors

Modifiers Collectors

Reagents

Reagents

Thickener

GMT Tank

To Product Shipping

Source: KEMWorks

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Potential expected pricing upside for Farim

Source: Company estimates

Component Target spec (based on latest

beneficiation results)

Morroco K10 benchmark spec

Differential Farim – K10

Estimated premium/discount

applicable in %

P2O5 % 36.2% 32% 4.2% +13.1%

CaO/P2O5 1.41 1.60 -0.19 +3.5%

Humidity % 1% 1% 0% 0%

MER 0.086 0.03 0.056 -0.9%

C and Organics % 0.20% 0.17% 0.03% -0.2%

F - Reactive SiO2 % 1.5% -2.55% 4.05% +2.6%

Total projected premium +18.1%

• Latest beneficiation results enabling targeting a product with significant premium to benchmark

Mine Complex Design Complete

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Mine Complex Design Complete

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155km route by river

Farim

Barge marshaling area to act as floating stockpile

Updated Infrastructure Options

Transshipment point

A view of the new road Barge transportation in current NI 43-101

Shorter road logistics now possible

Farim

Port in Ponte Chugue

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Port Design in Progress

Work Completed

• Site Access analysis

• Geotechnical analysis of port location

• Bathymetry (study of river depth)

• Meteorological analysis – Effects of wind and precipitation

• Tide and wave analysis

• Navigation (routes, atmospheric conditions, navigational aids required)

• Geba river analysis – Stability of shore

– River bed change

– River flow

– Hydro-dynamic numerical model

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Numerical Model of River

Bissau

Ponte Chegue

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Looking at Simple & Low-Cost Solution

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4Q14 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17

Drilling for process work

ESIA Road/Port

Off take negotiations

Additional Studies

Site Clearing and de-watering (on-going)

Contractors mobilisation

Pre-stripping (on-going)

Detailed Engineering and Construction

Operational Readiness

Full production

Current Project Schedule

Construction and Financing Phase

Farim in an International Context

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Source: company reports and announcements Note: Landed cost = Mine cash costs + freight costs mine to market

Measured plus

Indicated Resource Size (Mt)

Undeveloped phosphate rock project comparison

GB Minerals Farim - Beneficiated

Stonegate Paris Hills, Idaho USA

Phoscan Martison, Ontario, Canada

Stonegate Mantaro, Peru

Minemakers Sandpiper, Namibia Ma'aden

Al Khabra, KSA

Minemakers Wonarah, Australia

Arriane Lac a Paul, Quebec, Canada

Cominco Hinda, ROC

Vale Bayovar,

Peru

0

10

20

30

40

60 80 100 120 140 160 180

Re

serv

e G

rad

e (

% P

2O

5)

Landed cost (in USD/t) to US Gulf

A high grade project enjoying favourable logistics & economics

Attractive position in the Atlantic basin

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`

• GB Minerals position in the middle Atlantic enables to serve a good variety of markets

Total Atlantic basin Rock import market size, mt

2008 2009 2010 2011 2012

16.3 8.9 15.5 15.4 15.3

Rock imports in Millions tonnes

Source: IFA

Estimated Dry Bulk Freight Rates From Bissau

25

USD / t

25

20

40

35

Vancouver

US Gulf / Tampa

Antwerp/Baltics

WC India

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Santos

• Our logistical position allows us to bring our product to coastal customer facilities in the Atlantic at competitive rates, and a final landed price which is ultimately what matters to clients

Investment summary

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Farim

Favorable location: well positioned to ship to

Atlantic basin customers

Fully permitted

No vertical integration: pure play

supplier with no upstream production

directly competing with rock customers

Resource expansion potential

Premium product

• High grade P2O5 (32%)

• Low trace elements (Cd, U, Cl), low CaO)

Potential upside to economics

Perfect transportation

infrustructure: All-season asphalt road/ river transportation

from site to FOB

Supportive tax regime

CONTACT

SUITE 1500 - 701 WEST GEORGIA STREET VANCOUVER, BC V7Y 1C6 T + 604.569.0721 E inquire@gbminerals.com

LUIS G. CABRITA da SILVA

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