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 project located in the centreof Brazil’s largest agricultural regionthat will provide near-term cash flow

Excellent logistical advantage.

Construction 94% complete 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

2013Year of transition

2015+Period of growth

Lessons learned & applied Itafós – Construction completed Itafós – First SSP deliveries Santana – Definitive Feasibility Study

Itafós – 1st full year of commercial production Itafós – Capacity reached

Itafós – Ongoing production Santana – Production launched Integrated, multi-mine producer

2014Year of value realization

2012Year of progress

Itafós – Project advancement Santana – Pre-feasibility Study Araxá – Prelim Economic Assessment

5

Current Capital Structure

Research Coverage

Symbol/Exchange TSX: MBCShares Outstanding 152.0MOptions 9.2M

Fully Diluted 161.2M

Management & Directors ~13%Current Share Price $2.1552 wk High/Low $3.94-$1.90Market Capitalization ($ millions) $326.8

BMO Capital Markets Joel JacksonCanaccord Genuity Keith CarpenterParadigm Capital Spencer ChurchillRaymond James Steve HansenGMP Securities Anoop PriharSalman Partners Andrea RubakovicNational Bank Financial Robert Winslow

Peter Marrone Chairman and Founder

Denis Arsenault, CA Director

Alexander Davidson Director

Brian Hayward Director

Eduardo Ledsham Director

David Nierenberg Director

Hon. David Peterson Director

Leonardo Marques da Silva Director

Antenor Silva CEO, Vice-Chairman and Founder

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

2.2

2.6

3.0

3.4

3.8

4.2Stock Chart 52 Week (MBC.TO)

6

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

Source: ANDA; Ministry of Agriculture; MBAC team analysis

0

100

200

300

400

500

600

700

90 92 94 96 98 00 02 04 06 08 10 12

US$

/ Met

ric T

onne

Historical Soybeans & Maize Prices

Soybeans Maize (corn)

Land used for cropping in Brazil has increased 2.6% per annum over the past 7 years

7

Fertilizer demand in Brazil continues to grow at a faster pace than developed countries

Consumption has grown at CAGR 5.6% from 20 to 29.5 million tonnes between 2005 and 2012

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

Source: ANDA; Ministry of Agriculture; MBAC team analysis

0

5

10

15

20

25

30

35

2005 2006 2007 2008 2009 2010 2011 2012

Milli

on T

onne

s

0.00

0.50

1.00

1.50

2.00

2.50

3.00

3.50

2005 2006 2007 2008 2009 2010 2011 2012M

illion

Ton

nes

Fertilizer Delivered to Customers in Brazil Fertilizer Delivered to Customers in MaPiToBa Region

SSP TARGET MARKET OVERVIEW(BRAZIL)

8

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

Legend

Other Domestic Competitor

Closest Competitor

Domestic Supply Import Supply

Araxá Project New Agriculture Frontier

Source: MBAgro

Both MBAC phosphate projectshave a significant competitiveadvantage resulting fromlogistics

Closest competitor ( ) has totransport its rock from over1,000 km to its industrial site

Other domestic competitors arelocated at minimum of 700 kmaway

Closest ports are more than1,000 km away

Inland transportation costs ofapprox. 6 - 7 cents per tonne km

expected to increase – newregulations / decreased fuelsubsidies

Araxa

2000

Santana

Itafos

500

Km

1000Km

750 Km

4,702,2014,234,959

5,033,885 5,363,485 5,067,000

300,753225,391

312,533612,072

671,000

3,000,000

4,000,000

5,000,000

6,000,000

7,000,000

2008 2009 2010 2011 2012

Tonn

es

SSP Consumption in Brazil

Production Imports

9Source: ANDA; MBAC team analysis

Brazil consumes approximately 5 – 6 million tonnes of SSP per annum It is estimated that the MBAC target region consumed 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

Fertilizer product deliveries in the Company’s target region have lagged year to date Unusually dry conditions experienced in the first quarter of 2013

SSP prices have weakened in line with global decline in phosphate fertilizer prices Brazilian soybean production is still forecasted to hit record levels in 2013 Fertilizer will continue to strengthen over the next several months

11

Mine construction and preparation have been completed and is operational

Ore extraction has started with ~225,000 tonnes stockpiled (average grade of 8% P2O5)

Beneficiation plant has been commissioned and operations have commenced

Operating licenses for the mine, water dam, tailings dam, pipelines and beneficiation plant received

Powerline has been completed and is operational

Water dam has reached the water level necessary for water supply to the plants

Water/tailings dams have been completed and are operational

All major equipment has been delivered to site

All key personnel needed to operate plants are in place

Physical progress of the construction to date is approximately 94% completed

Work CompletedTo Date

12

Updated technical report dated March 27, 2013

47% increase in proven and probable reserves

Proven and probable reserves of 64.8 million tonnes

Average reserve grade of 5.1% P2O5

Revised project economics

Annual production of over 500,000 tonnes per year of SSP

19 year mine life

Capex cost of $323 million

After-tax NPV10% of $254.2 million

− Based on an SSP price of US$280/tonne in 2013, US$325/tonne in 2014 and adjusted for 2% inflation thereafter

After-tax IRR of 21%

After-tax Payback period of 4.5 years

After-Tax NPV10% of

$254 million

64.8 million tonnes of reserves at

5.1% P2O5

Over 500,000 tonnes of SSP annually

19 years life

13

Current capital cost estimate is $323.1 million (25% increase from September 2012 estimate)

Renegotiation with the primary electro-mechanical erection contractor

Poor engineering work and planning deficiencies

Unexpected transportation costs

Replacement of civil works contractor

Brazil is a developing country and faces significant cost pressures and skill shortages

Project Capex

Escalation (%)

Delay (months)

Serra Sul (Vale, Iron ore) 72 54

Onça Puma (Vale, Nickel) 158 27

Salobo (Vale, Copper) 179 30

Minas Rio (Anglo, Iron Ore) 52 12+

Source: Company information, Anglo American, Broker notes

Cost for civil works, labor, and availability oflabor has led to capex escalation

Most projects have been plagued by severedelays to cope with the strains of theBrazilian economy

Itafós Project is toward the lower end of theincreases experienced in Brazil

• Cost overrun ~ 50%• Delay ~ 10 months

14

Project Risk Mitigation

A number of important measures have been taken to de-risk the project

All detailed engineering including scopechanges has now been completed

All equipment has been delivered to site

Since the renegotiation significant improvementsin the pace of the electro-mechanical erectionworks

Firm quotes and delivery dates in place for theparts and supplies required for completion ofconstruction (such as pipes, cables, hoists andsteel platforms)

Corporate Risk Mitigation

Executive Committee of Independent Directorshas been formed and will have direct oversighton all aspects of the Project

Antenor Silva will dedicate all his time andefforts to the completion of the Itafós Projectand ramp-up

Two new Directors have been added to theboard who add a depth of experience in projectdevelopment, strategic oversight and theBrazilian fertilizer markets

Risk is also mitigated given the project is 94% complete

$10 million - sale of interest in non-core exploration ground in Para state

Asset Sale

$52 million bought deal financing

Board, management and founders committed $10 millionPrivate Placement

$10 million - working capital loan received from Banco ItaúBBA

Bank Loan

15

Reviewing “non-dilutive” alternatives to provide additional cash cushion:

MBAC is actively pursuing additional debt financing alternatives

MBAC is looking for sale of non-core assets

16

Roberto Busato Belger will dedicate 100% of his time to work with the sales team

MBAC is focused on “industrial sales” (traders, blenders, distributors, large farm co-ops)

Source: ANDA; MBAC team analysisNote: (1) States of PA, MA, PI, BA, TO, MT and GO

(2) Western BA; Northern GO; Southern PI and MA; and TO State

Industrial Sales Philosophy - Advantages

Upstream Sales StrategyMid-to-long term contracts will guarantee maximization of production capacity and

minimization of “seasonality“ impact

Low Risk of CreditFocus on few large customers, providing easier

access and ability to pay cash for products

Lean Sales Team RequiredNegotiation will be held by top managers and will be conducted on specific dates during the

year, increasing product margins

17

Negotiations with large potential customers are well advanced.

The Company has received commitments for 35,000 tonnes of SSP for July/Aug delivery fromtwo buyers (both include option to increase)

• Received payment for 15,000 tonnes The Company has received non-binding LOI’s for up to 200,000 tonnes

Overview of Customers

• Significant Potential CustomersYara, Bunge, Heringer (2nd largest blender inBrazil) and Fertilizantes Tocantins (largest blenderin TO State)

• Customer LocationsIn negotiation with potential customers who havetheir blending plants and/or their warehouseslocated close to the Itafós site ( )

18

Completion of electro mechanical erection

Ramp up mineral processing plant (processing/beneficiating ore)

Obtain final operating licenses for chemical plants

Commissioning of chemical plants

Start of operations

Focus on operations management with an objective of efficient use of working capital

Focus on sales – specifically 2014

19

Primary Crusher

Floatation Cells

Ball Mill

Thickener

20

Sulphuric Acid Plant Electric Substation

Water Dam Granulation Unit

22

Santana contains one of the highest grade phosphate resources in Brazil

Flexibility to produce higher value-added products (TSP, MAP and DCP)

Project target area is one of the largest agriculturalmarkets in the country

Mato Grosso state is the largest fertilizerconsumer in Brazil

The municipality of São Felix do Xingu (PA)has the largest number of cattle in Brazil

Prefeasibility Study completed in June 2012:

Reserves: 44.9 Mt (12.1% P2O5)

Production: 500,000 t SSP

Capex $393 million

NPV: $407 million

IRR: 22%

Project Location

PAMA

MT

TO

GOBrasilia

23

Completion of Definitive Feasibility Study in mid-2013

Executive Committee will carry out a detailed review of the project

Will undertake detailed engineering prior to giving its formal approval of the project

• Reduce scope changes

• Provide greater certainty on capex

• Better evaluate funding options

Board will provide construction decision after detailed review

Discussions with lenders and financial institutions for project financing will be finalized

24

CBMM MINE

Araxá Project

VALEMine

Araxá, MG

Project Location

REE Deposit

Itafos

Santana

A high grade REE/Niobium/Phosphate project

M&I of 6.3 Mt @ 5.0% TREO and 1.02%Nb2O5

One of the highest grade REO deposits in theworld

Advantaged location

Area is surrounded by two large operations:

• Vale fertilizer mine/plant

• CBMM Niobium mine/plant

Developed infrastructure

PEA completed in October, 2012 Production

Phase I 8,500 tonnes per year

Phase II 17,500 tonnes per year

Capex $406 million

NPV $967 million

IRR 30%

25

Phase 2 pilot plant tests for bulk concentrate expected to be completed by mid-2013

Have produced a 98% REO bulk concentrate

Continued discussions with potential off-take partners

Will start Phase 3 pilot plant tests for REO separation H2 2013

DFS is expected to be completed in H1 2014

The asset has been determined to be “non-core”

Company is reviewing options to sell all or part of the asset

26

Homogenization Milling and Classification

Drying Process Filter Press REO Filter Cake

Solvent Extraction

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

Electricity6 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 process29

30Note: (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

31

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

0

100

200

300

400

500

600

700

1982

1983

1984

1985

1986

1987

1988

1989

1990

1991

1992

1993

1994

1995

1996

1997

1998

1999

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

US$

/ M

etri

c To

nne

Historical Soybeans & Maize Prices

Soybeans Maize (corn)

0

100

200

300

400

1960

1964

1968

1972

1976

1980

1984

1988

1992

1996

2000

2004

2008

2012

Inde

x

Commodity price indices

Energy Agriculture Fertilizer Metal & Minerals

32

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

1990

1991

1992

1993

1994

1995

1996

1997

1998

1999

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

FAO Monthly food price indices (2002-2004=100)

Source: FAO Source: World Bank Commodity Index

Source: FAO, Indexmundi

33

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

0 20,000,000 40,000,000 60,000,000 80,000,000 100,000,000 120,000,000 140,000,000

USANetherlands

GermanyBrazil

FranceBelgium

ChinaItaly

SpainCanada

US$ Millions

Export Value (2010)

Brazil is a leading producer of agricultural commodities:coffee (#1), oranges (#1), sugarcane (#1), beef (#2) andsoya (#2)

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

34

Source: FAOSTAT

Brazil Agribusiness is the Fourth Largest in the World

Source: FAOSTAT

Brazil’s is a leading exporter of agriculture goods and commodities

0 100,000 200,000 300,000 400,000 500,000 600,000

ChinaUSA

IndiaBrazilJapan

NigeriaTurkeyFranceRussia

Indonesia

US$ Millions

Gross Production Value (2011)

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

2011

2012N

utir

ents

in 0

00 T

onne

s (P

2O5)

Historic Brazil Phosphate Data

Production Imports Consumption

35

Source: ANDA, IFA

Source: 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

15,000,000

17,000,000

19,000,000

21,000,000

23,000,000

25,000,000

27,000,000

29,000,000

31,000,000

2001 2003 2005 2007 2009 2011

Tonn

es

Fertilizer Consumption in Brazil

Fertilizer Consumption

Source: ANDA

Currently imports 70% of its NPK fertilizers, Phosphate> 50%

0%

20%

40%

60%

80%

100%

120%

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Phosphate Fertilizer Imports

Production % Imports %

36

Current capital cost estimate is $323.1 million (25% increase from June 2012 estimate)

Renegotiation with the primary electro-mechanical erection contractor

Poor engineering work and planning deficiencies

Unexpected transportation costs

Replacement of civil works contractor

$225 $258 $276

$323

$33 $3 $5 $10 $4 $8 $15

$20

CAPEX(Feb-2011)

ConstructionLabour/Inflation

CAPEX(June-2012)

Owner Cost Pre-operatingCost

ErectionLabour

CAPEX(Jan-2013)

Logistics of moving

Equipment to site

Termination of Civil Contract

Renegotiation with Erection

Contractor

Additional Parts and Supplies

CAPEX(Apr-2013)

Itafós Arraias SSP Project CAPEX Escalation

37

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$/Kg $5.28 $9.46 $4.83 $13.90 $0.74 $6.06 $0.64 $1.80 $2.76 $0.83 $46.31

38

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.

SNSoil Colluvial/alluvial

39

Cross section showing ore types and grades of REO reaching over 20%

Saprolite

Lateritic Halo (Fe)