2
Disclaimer:The contents are not to be reproduced or distributed to any third party, including the public or press. Theinformation contained herein, while obtained from sources which we believe are reliable, is not guaranteedas to its accuracy or completeness. The company is a development stage mineral resource explorationcompany and many of its mineral projects have yet to be proven to be economic. Certain information setout herein in relation to the Company’s advanced projects is based on technical reports that are incompliance with NI 43-101 that are not yet final. The reader is cautioned that such information is subject tochange, 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 sellor a solicitation to purchase any securities referred to herein.
Forward looking statementsThis presentation includes certain forward-looking statements about future events and/or financial resultswhich are forward looking in nature and subject to risks and uncertainties. Forward-looking statementsinclude without limitation, statements regarding the company’s plans, goals or objectives and futurecompletion of mine feasibility studies, mine development programs, capital and operating costs,production, potential mineralization, resources and reserves, exploration results and future plans andobjectives of MBAC. Forward-looking statements can generally be identified by the use of forward-lookingterminology such as "may," will," "expect," "intend," "estimate," "anticipate," "believe," or "continue" or thenegative thereof or variations thereon or similar terminology. There can be no assurance that suchstatements will prove to be accurate and actual results and future events could differ materially from thoseanticipated in such statements. Important factors that could cause actual results to differ materially fromexpectations include risks associated with mining generally and pre-development stage projects inparticular. Potential investors should conduct their own investigations as to the suitability of investing insecurities of MBAC Fertilizer Corp.
3
To be a significant integrated producer of phosphate and potash fertilizers and related products in the Brazilian and Latin American
markets
BRAZIL
SANTANA
PHOSPHATE
High grade phosphate depositstrategically located: near theborder of Para and Mato Grossostates. Meeting animal feedphosphate and fertilizer demand inthe Center-West Brazil.
PFS completed
ITAFÓS
PHOSPHATE
Itafόs Arraias SSP Project is aunique, low capex project located inthe centre of Brazil’s largestagricultural region that will providenear-term cash flow, with start-upexpected in Q4 2012, producing 500ktpa of SSP.
Excellent logistic advantage.
The project is funded and currentlyunder construction
ARAXÁ
PHOSPHATE /REE/Nb
High grade Phosphate and RareEarth Elements/Niobium deposit.
PEA completed
São Paulo
Rio de Janeiro
PA MA
PI
BA
GO
MTTO
AM
MG
SP
Brasilia
New Agricultural Frontier
4
Current Capital Structure
Research Coverage
Symbol/Exchange TSX: MBCShares Outstanding 118.4MOptions 9.2M
Fully Diluted 127.5M
Management & Directors ~14%Current Share Price $3.2552 wk High/Low $3.75-$2.50Market Capitalization ($ millions) $382.4
Canaccord Genuity Keith CarpenterParadigm Capital Spencer ChurchillRaymond James Steve HansenBMO Capital Markets Joel JacksonGMP Securities Anoop PriharNational Bank Financial Robert Winslow
Peter Marrone Chairman and Director
Denis Arsenault, CA Director
Alexander Davidson Director
Brian Hayward Director
Ralph Judah Director
Hon. David Peterson Director
Leonardo Marques da Silva Director
Antenor Silva CEO and Vice-Chairman
Roberto Busato Belger President and Chief Operating Officer
Carlos Braga VP, Technical Services
Rodrigo Pinto, CA VP, Finance and CFO
Steve Burleton VP, Corporate Development
Antônio Nagle VP, Administration
Directors & Management
1.8
2.3
2.8
3.3
Stock Chart 52 Week (MBC.TO)
5
Acquisition of mining rights,
operations (including tax
benefits) of ItafósMineração
(Phosphate) -Campos Belos,
GO, Brazil
Oct 2008 Mar 2010
Updated reserves & pre-feasibility study
for the ItafósArraias Project –resource at 24
Mt
Sep 2010
Construction License issued for Itafós SSP Arraias Project
IFC increases loan facility to
US$65M through syndication
process
Sep 2011Mar 2011
MBAC went public on the
Toronto Stock Exchange
Dec 2009 Jun 2010 Feb 2011
Definitive Feasibility Study for Itafós ArraiasProject by AMEC
IFC to Invest C$33.6 million in MBAC equity and
provide US$40 million in debt
Robust pre-feasibility study
completed for the Santana Project
– resource at 66.1 Mt
Sep 2011 Apr 2012
Acquisition and phosphate
exploration works in two new areas:
Santana, PA
Updated NI 43-101 M&I resources on
Araxá
6.3 MT @ 5% TREO
Jun 2012
Sep 2012
Preliminary Economic
Assessment (PEA) completed
for the Araxá Project
NPV $967 MIRR 30%
Itau BBA approval financing for R$
205M via BNDES
40,000
45,000
50,000
55,000
60,000
65,000
70,000
00 01 02 03 04 05 06 07 08 09 10 11
1000
Hec
tare
s
Brazil - Planted Area for Agriculture
6
010,00020,00030,00040,00050,00060,00070,00080,00090,000
100,000
00 01 02 03 04 05 06 07 08 09 10 11
US$
Mill
ions
Brazil - Agribusiness Exports
15,000
17,000
19,000
21,000
23,000
25,000
27,000
29,000
31,000
00 01 02 03 04 05 06 07 08 09 10 11 12 F
1000
Ton
nes
Brazil Fertilizer Consumption
CAGR 5.1%
Two fundamental trends driving strong fertilizer growth in Brazil Brazilian farmers are applying more fertilizer per hectare to improve yields More hectares are being used for cropping
Driven by subtropical climate and land and water availability Agribusiness is one of the main contributors to GDP surplus
CAGR 3.1% CAGR 14.9%
Source: ANDA Source: MAPA
Source: FAO
Soya and corn are the most important crops in MBAC’s target region
Soya and corn prices have tripled since 2005
Increased grain prices combined with the recent weakening of the Brazilian Real has resulted in significantly increased profitability for the Brazilian farmer
7
0
100
200
300
400
500
600
700
90 92 94 96 98 00 02 04 06 08 10 12
US$
/ M
etri
c To
nne
Historical Soybeans & Maize Prices
Soybeans Maize (corn)Source: FAO, Indexmundi
0.0
50.0
100.0
150.0
200.0
250.0
90 92 94 96 98 00 02 04 06 08 10 12
FAO Monthly Food Price Index (2002-2004=100)
Source: FAO
Since the early 2000’s, food prices have risen significantly
Significant correlation between grain prices and fertilizer prices
8Source: ANDA; MBAC team analysis(1) Brazil Producer List Prices FOB Araxa (which is about 1000 kms from MBAC’s target area)
Brazil consumes approximately 5 – 6 million tonnes of SSP per annum It is estimated that Itafós region consumes approx. 1.2 million tonnes in 2012 This is expected to grow to 1.8 million tonnes by 2020 representing a CAGR of over 4% per year
Current price is in the range of US$315 – US$325 per tonne
US$250 per tonnewas used in the DFS for Itafós
4,707,3204,223,098
5,363,4854,702,201
4,234,9595,033,885 5,363,485
137,069137,299
364,541
300,753225,391
312,533612,072
3,000,000
4,000,000
5,000,000
6,000,000
7,000,000
2005 2006 2007 2008 2009 2010 2011
Tonn
es
SSP Consumption in Brazil
Production Imports
050
100150200250300350400450500550
2004
2005
2006
2007
2008
2009
2010
2011
Jan-
12
Feb-
12
Mar
-12
Apr
-12
May
-12
Jun-
12
Jul-1
2
Aug
-12
Sep-
12
US$
/ton
ne
SSP Prices in Itafós target Region(1)
DFS Price
SSP TARGET MARKET OVERVIEW(BRAZIL)
9
Itaquí Port
Fortaleza Port
GO
Paranaguá Port(Main fertilizer Port in BR)
Santos Port
Scale: in Kilometeres
1000
PI
PA
MT
TO
AMMA
AratuPortMG
BA
STRATEGIC LOCATION
Legend
Other Domestic Competitor
Closest Competitor
Domestic Supply Import Supply
Araxá Project New Agriculture Frontier
Source: (*) IBGE / MBAgro
Both MBAC phosphate projects, Santana and Itafós, have a significant competitive advantage resulting from strategic location;
Considering a radius of 500 km (target areas), estimated 2015 SSP demand is 500 kt and 1,070 kt, respectively, for Santana and Arraias;
Closest competitor ( ) has to transport its rock from over 1,000 km to its site, which is located inside the Itafόs target area;
Other domestic competitors are located at minimum of 700 km away from MBAC sites;
Closest Ports, Itaqui and Aratu, are located more than 1,000 km away from MBAC sites
Inland transportation costs are approx. 6 -7 cents per tonne per km
Araxa
2000
Santana
Itafos
500
Km
1000Km
750 Km
Production
Q2 2010 Q3 2010 Q4 2012
DFSPFS Construction
11
Itafós NI 43-101 resource (January 2012)
M&I Resources of: 75.8 Mt at 5% P2O5
Inferred Resource of: 28 Mt at 5% P2O5
Based on 75,000 m of drilling
MBAC has only explored approximately 20% of its land package
Resources Exploration Area
PlantSite
12
DOMINGO’s TARGET
LEGENDWaste PileMine Plan Year 3Access RoadSSP Plant
Meters0 250 500
Date: 17/10/2012 Scale: 1:13,794
Resp: Jesus VieiraMap: Charlene
Mining3 Mt @
5.4% P2O5
Mill Plant
Sulphuric Acid Plant
Beneficiation
P2O5 Concentrate330,000 t @ 28% P2O5
P2O5 Recovery: 55-58%
Sulphur74,400 t
P2O5 Reactive Phosphate94 kt @ 15% P2O5
P2O5 Recovery: 8.4%
Sulphuric Acid170,000 t
Sulphuric Acid Surplus50,000 t
Electricity8 MW
SSP Powder500,000 t
Market
To be used in the process
+ Water
Tailing
Ore
Waste
Imported
Ammonia6 kt
5% ofRevenues
92% ofRevenues
Market3% of
Revenues
Granulated SSP500,000 t
DCDA(1)
Note: (1) Conventional contact process13
14
Fully financed project with major institutional lenders including International Finance Corporation (IFC), Itaú BBA, the Brazilian Development Bank (BNDES), WestLB and Banco Votorantim
DFS completed by AMEC indicated robust economics based on a 58.8 Mt resource
• Current M&I resource stands at 75.8 Mt
Only 20% of the total land package explored to date – room to significantly grow resource
Physical construction over 70% complete – start up expected later Q4 2012
São Paulo
Rio de Janeiro
PAMA
PI
BA
GO
MT
TO
AM
MG
SP
Brasilia
DFS ASSUMPTIONS (1) UNIT FIGURES
SSP Production (Phase 1) Tonnes 500,000
Mine Life Years 20
NPV ( @10%) USD MM 346
Avg. SSP Price USD/t 325
Avg. SSP Cost (LOM) USD/t 120
Total Capex USD MM 258
(1) Updated September 2012
15
Panoramic View Of Construction At Itafós Site
16
Floatation Cells & SAG Mill
17
Thickener & Turbo Generator
18
Crusher & Sulphuric Acid Plant
19
Water Dam & Tailing Dam Excavation
ProductionConstructionFS
Q3 2011 Q2 2012 Q1 2013 Q1 2015
PFSPEA
21
Port of Itaquí
Port of Fortaleza
GO
Port of Santos
Scale500 Km
PI
PA
MT
TO
AMMA
Port of AratuMG
BA
Legend
Santana Project
1,000km Radius
750km Radius
500km Radius500 kt of SSP
Operation: Production of 500 kt of SSPper year, during 30 years of mine life
Currently has 30 year LOM
Market: Project target area is one of thelargest agricultural markets in thecountry:
Mato Grosso state is the largestfertilizer consumer in Brazil (est.:1.3Mt of SSP plus 1Mt ofMAP/TSP in 2011)
São Felix do Xingu (PA) is themunicipality with the largestnumber of cattle in Brazil.
Santana contains a high grade phosphate resource that could produce one or more phosphate based products for fertilizer industry (SSP/TSP) and animal feed (Di-calcium Phosphate-DCP)
Paranaguá Port
22
New resource estimate completed in February 2012 shows 66.1 Mt of Indicated resources at 10.6% P2O5 and 21.8 Mt Inferred at 7.9% P2O5
Resource Estimate Details Based upon 114
diamond holes (5,894.7m) and 274 RC holes (12,936m);
Vast majority of the drilling completed at a spacing of approximately 100m by 100m;
Resource North-East view with drill holesNew mineralized holes
Indicated
Inferred
N
23
MBAC along with PegasusTSI (Florida, USA) issued a preliminary financial model for theSantana Project based on
RESERVES: 44.9 Mt @ 12.1% on a 3% cut off and 114 diamond holes (5,895m) and 274 reverse circulation(“RC”) holes (12,936m) drilled at a spacing of approximately 100m by 100m
CAPEX: Based on PegasusTSI estimates taking into account current Itafós capex with additional costs forinfrastructure
OPEX: Based on PegasusTSI estimates
MODEL RESULTS UNIT FIGURESBRL/USD Rate 1.75
Mine Life Years 30
NPV ( @10%) USD MM 407
IRR % 22%
Avg. SSP Price USD/t 349 (1)
Avg. SSP Cost (LOM) USD/t 131 (1)
Total Capex USD MM 393(1) Constant exchange rate US$ 2012 without inflation
Santana Drilling Area
24
The Project construction is schedule to start in Q2 2013 - Licensing isundergoing – and production shall commence by late 2015
2012 2013 2014 2015
Definitive Feasibility Study
Construction License
Financing
Construction
Commissioning & Operation
ProductionConstructionFSPFS
Q3 2012 Q2 2013 Q1 2014 Q4 2015
PEAPEA
26
Araxá Project
VALE Mine(Phosphate)
CBMM Mine(Niobium)
MBAC holds 214 hectares of mining claims in Minas Gerais State (near Fertilizer Cluster)
Area contains phosphate, rare earth elements (REE) and Niobium at or near surface
The historical data shows excellent potential – MBAC had performed confirmatory and detailing drilling
Area is close to two large operations: Vale (phosphate) and CBMM (niobium) production
Project located in an area with highly developed infrastructure
MBAC is performing comprehensive metallurgical tests with excellent results
Araxá, MG
Project Location
REE Deposit
Itafos
Santana
27
High grade ore results in a greater quantity of LREE’s and HREE’s comparable to leading global REE producers
Category Measured Indicated
Cut-Off % TREO 2% 2%
La2O3 1.5% 1.4%
Ce2O3 2.8% 2.4%
Pr2O3 0.3% 0.2%
Nd2O3 0.8% 0.7%
Sm2O3 0.1% 0.1%
LREO 5.5% 4.7%
Category Measured Indicated
Cut-Off %TREO 2 2
ppm
Eu2O3 182 158Gd2O3 371 322Tb4O7 38 33Dy2O3 153 129Ho2O3 22 18Er2O3 44 36Tm2O3 3 2Yb2O3 23 18Lu2O3 1 1Y2O3 622 502
HREO (ppm) 1463 1217
REO La2O3 CeO2 Pr6O11 Nd2O3 Sm2O3 Eu2O3 Gd2O3 Tb4O7 Dy2O3 Y2O3
Araxá REO
Basket Value
Nb2O5
$/Kg FOB China (Sep
2012) $19 $19 $105 $100 $53 $2,020 $92 $1,800 $920 $75 $45
% 27.80% 49.80% 4.60% 13.90% 1.40% 0.30% 0.70% 0.10% 0.30% 1.10%US$ $5.28 $9.46 $4.83 $13.90 $0.74 $6.06 $0.64 $1.80 $2.76 $0.83 $46.31
28
M&I resource of 6.34 Mt @ 5.0% TREO and Inferred resource of 21.9 Mt @ 4.0% TREO One of the highest grade REO deposits in the world Heavy rare earth oxides (HREO) represent 2.6% of the TREO M&I includes 8.40% P2O5 and 1.02% Nb2O5
2% cut-off grade
MODEL RESULTS UNIT FIGURESBRL/USD Rate 2.0
Mine Life Years 40
NPV ( @10%) USD MM 967
IRR % 30%
Avg. Araxa Basket REO Price USD/Kg 29.19
Avg. Araxa Basket REO Cost (1) USD/Kg 10.50
Total Capex (1) USD MM 406(1) Only Phase I , Phase 2&3 capex is estimated at $ 214.5 Million. Estimated operating cost for phase 2 is $9.60/kg and phase 3 is $12.16/kg
29
Laboratory test work for REO extraction has been underway since September 2011
MBAC has successfully produced a bulk concentrate with 99% RE oxides – forecasted cost for the bulk oxides is in the range of $8 to $9 per kg
Test work will also be conducted at labs in Canada, China and Japan to demonstrate and improve current technologies.
MBAC has already started the sample preparation for the pilot plant campaign in Brazil for the Acid route, that will be conducted to treat individual ore types as well as different blends.
Currently evaluating the production of DCP from phosphate solution and the production of niobium oxide from the insoluble residue.
Ore preparation
Acid leaching
REO Precipitation
Acid
Organic acid
Insoluble
Soluble
Insoluble
RE oxides 97 – 99%
REO separation (SX)
Nb2O5
circuit
DCP circuit
MBAC has already defined a process route (acid bake) using acid leaching and solvent extraction for the production of separated RE oxides
30
Development of the Araxá Project
Bench scale trials have resulted in the production of an REO concentrate (+99%)
A pilot plant will run for 4-6 months in 2013 to provide parameters for the Project
Phosphate and niobium will be by-products Environmental Licensing has commenced –
local consulting company has been retained Currently pursuing off-take partners
Project Timeline – Phase I
Lab scale test work
Q2 /2014Q1/2014Q3/2012 Q4/2015
Feasibility Study (DFS)
Construction Phase
Financing & Approval
Prefeasibility Study
Q2/2013
Detailed Exploration and PEA
Pilot Plant Operation
Licensing
8,500
14,000
17,500
0
5,000
10,000
15,000
20,000
2011
2013
2015
2017
2019
2021
2023
2025
2027
2029
2031
2033
2035
2037
2039
Tonn
es
Phase 1, Phase 2 & 3 Production Capacity Planned
31
Homogenization & Milling and Classification
32
Drying Process
34Note: (1) Neutral Ammonium CitrateAl3+ Aluminum Toxicity
Source: (*) Sinprifert/ANDA
SSP is the most applied fertilizer for the Brazilian soil, especially in the Cerradoregion, MBAC’s target area:
IMPROVED ROOT DEPTHBecause of the lack of Ca and the presence of Al3+ in Brazilian soils, the development of roots is compromised, affecting crops productivity, especially, in a dry season (common in the Cerrado).
The Calcium Sulphate in the SSP solves these soil concerns, improving root depth
REDUCES COSTSCalcium Sulphate is the component required for the supplement of S deficiency in the soil and it is
presented in the gypsum and SSP formulas (1 tonne of SSP = 500 kg of Calcium Sulphate)Using a other sources of P, farmers will incur in extra costs due to the purchase and
application of gypsum
$$$
FORMULA COMPOSITIONMost of Brazilian soils, especially those located in the Cerrado region, are very poor in P, Ca and S.
SSP formula contains Calcium Sulphate (Ca and S) and P
Ca(H2PO4)2.H2O+ S
PHOSPHATE SOLUBILITYThe agronomic efficiency of phosphate products is associated with the solubility of P in NAC(1) + H2O
From the total P contained in SSP formula, approximately, 90% is soluble making it very efficient
NAC+H2O
PPP
P
P
P
35
Source: UN Population Division http://esa.un.org/unpp/index.asplSource: Looking ahead in world food and agriculture perspective to 2050
Population Expansion: History And Projection
Source: UN Population Division http://esa.un.org/unpp/index.asplSource: FAO- Looking ahead in world food and agriculture perspective to 2050
GDP Growth Scenario
0 1,000 2,000 3,000 4,000
2003-2005
2015
2030
2050
Kcal/person/day
Per Capita Food Consumption
Industrial countries Developing countries World
Source: FAO- Looking ahead in world food and agriculture perspective to 2050Source: FAO, OECD
World Cereal Consumption And Future Projection
36
Source: http://statistics.amis-outlook.org/data
0
500
1,000
1,500
2,000
2,500
0%
10%
20%
30%
40%
Util
izat
ion
Mill
ion
Tonn
es
Cereals, Grain Utlilization & Stock to Use
Coarse grain (Million Tonnes) Cereals (Million Tonnes)
Coarse grain Stock to Use % Cereals Stock to Use %
0.0
50.0
100.0
150.0
200.0
250.0
Jan-
90Ja
n-91
Jan-
92Ja
n-93
Jan-
94Ja
n-95
Jan-
96Ja
n-97
Jan-
98Ja
n-99
Jan-
00Ja
n-01
Jan-
02Ja
n-03
Jan-
04Ja
n-05
Jan-
06Ja
n-07
Jan-
08Ja
n-09
Jan-
10Ja
n-11
Jan-
12
FAO Monthly food price indices (2002-2004=100)
Source: FAO
0
100
200
300
400
1960
1963
1966
1969
1972
1975
1978
1981
1984
1987
1990
1993
1996
1999
2002
2005
2008
2011
Inde
x
Commodity price indices
Energy Agriculture Fertilizer Metal & MineralsSource: World Bank Commodity Index
0
100
200
300
400
500
600
700
Jul-8
3Ju
l-84
Jul-8
5Ju
l-86
Jul-8
7Ju
l-88
Jul-8
9Ju
l-90
Jul-9
1Ju
l-92
Jul-9
3Ju
l-94
Jul-9
5Ju
l-96
Jul-9
7Ju
l-98
Jul-9
9Ju
l-00
Jul-0
1Ju
l-02
Jul-0
3Ju
l-04
Jul-0
5Ju
l-06
Jul-0
7Ju
l-08
Jul-0
9Ju
l-10
Jul-1
1Ju
l-12
US$
/ M
etri
c To
nne
Historical Soybeans & Maize Prices
Soybeans Maize (corn)Source: FAO, Indexmundi
37
Arable Land Per Capita
Source: FAOSTAT
Developing Countries With The Highest Land Balance
Source: FAO- Looking ahead in world food and agriculture perspective to 2050
Developing Countries Using More Than 10 Million Ha. Of Arable Land
Source: FAO- Looking ahead in world food and agriculture perspective to 2050
Accounts for 75% of all arable land in developing countries
01,0002,0003,0004,0005,0006,0007,0008,0009,000
Billi
on C
u. M
/Yr
Top 10 Countries With Renewable Water Resources
Source: FAOSTAT
38
Agribusiness is a significant part (~25%) of the Brazilian economy
0%
5%
10%
15%
20%
25%
30%
0
1,000,000
2,000,000
3,000,000
4,000,000
5,000,000
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
Mill
ions
R$
Agribusiness % of GDP
Agribusiness GDP Brazil %Source: CEPEA 0 100,000 200,000 300,000 400,000 500,000 600,000
ChinaUSA
IndiaBrazilJapan
NigeriaTurkeyFrance
IndonesiaItaly
Millions US$
Gross Production Value (2010)
Source: FAOSTAT
Brazil Agribusiness is the Fourth Largest in the World
0 20,000 40,000 60,000 80,000 100,000 120,000
USANetherlands
GermanyFrance
BrazilBelgium
ItalySpain
CanadaChina
Millions US$
Export Value (2009)
Source: FAOSTAT
Brazil’s is a leading exporter of agriculture goods and commodities
Brazil is a leading producer of agricultural commodities:coffee (#1), oranges (#1), sugarcane (#1), beef (#2) andsoya (#2)
39
15,000,000
17,000,000
19,000,000
21,000,000
23,000,000
25,000,000
27,000,000
29,000,000
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
Tonn
es
Fertilizer Consumption in Brazil
Fertilizer ConsumptionSource: ANDA, IFA
0%
25%
50%
75%
100%
125%
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
Phosphate Fertilizer Imports
Production % Imports %Source: ANDA
Currently imports 70% of its NPK fertilizers, Phosphate> 50%
0
1,000
2,000
3,000
4,000
5,000
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011N
utir
ents
in 0
00 T
onne
s (P
2O5)
Historic Brazil Phosphate Data
Production Imports ConsumptionSource: ANDA
0%
50%
100%
150%
200%
250%
300%
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
Historic Global vs Brazil Phosphate Consumption
Global BrazilSource: ANDA, IFA
40
Mineral Resource Grade Tonnage Report – June 1, 2012Cut-Off
(% TREO)Tonnes
(Mt)TREO
%LREO
% *HREO % **
P2O5%
Nb2O5%
Al2O3%
Fe2O3%
Measured Resource Category0 1.33 5.62 5.48 0.15 7.89 1.25 3.31 34.232 1.33 5.62 5.48 0.15 7.89 1.25 3.31 34.234 1.10 6.05 5.89 0.16 7.84 1.32 3.42 34.576 0.37 8.46 8.23 0.23 9.13 1.72 5.18 33.97
Indicated Resource Category0 5.02 4.85 4.73 0.12 8.54 0.96 5.68 32.762 5.02 4.85 4.73 0.12 8.54 0.96 5.68 32.764 3.29 5.58 5.44 0.14 8.69 1.07 5.69 32.366 0.88 7.75 7.57 0.19 10.25 1.35 8.17 29.32
Measured and Indicated Mineral Resource (2% Cut-Off TREO)2 6.34 5.01 4.88 0.13 8.40 1.02 5.19 33.06
TREO includes La2O3, Ce2O3, Pr2O3, Nd2O3, Sm2O3, Eu2O3, Gd2O3, Tb2O3, Dy2O3, Ho2O3, Er2O3, Tm2O3, Yb2O3, Lu2O3 and Y2O3*LREO (97.6% of TREO) includes La2O3, Ce2O3, Pr2O3, Nd2O3 and Sm2O3**HREO + Y2O3 (2.4% of TREO) includes Eu2O3, Gd2O3, Tb2O3, Dy2O3, Ho2O3, Er2O3, Tm2O3, Yb2O3, Lu2O3 and Y2O3.
Recommended