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.