TSX ǀ RVD

Pure Play Brazilian Fertilizer Company Investor Presentation | April 2012

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TSX ǀ RVD Forward-Looking Statements Except for historical information contained in this presentation relating to Rio Verde Minerals Development Corp., certain disclosure statements and information contained herein constitute forward-looking statements. Forward-looking statements include, but are not limited to, statements concerning exploration, exploration results, requirements for additional capital, and possible outcome of pending and future regulatory applications and other statements which are not historical facts. When used in this document, the words such as “could,” “plan,” “estimate,” “expect,” “intend,” “may,” “potential,” “should,” and similar expressions are forward-looking statements. Although the Company believes that its expectations reflected in these forward-looking statements are reasonable, such statements involve risks and uncertainties and no assurance can be given that actual results will be consistent with these forward-looking statements. Important factors that could cause actual results to differ from these forward-looking statements include risks related to failure to define mineral resources, to convert estimated mineral resources to reserves, the grade and recovery of ore which is mined varying from estimates, future potash and phosphate prices, capital and operating costs varying significantly from estimates, political risks arising from operating in Brazil, uncertainties relating to the availability and costs and availability of financing needed in the future, changes in equity markets, inflation, changes in exchange rates, fluctuations in commodity prices, delays in the development of projects, conclusions of economic evaluations, changes in project parameters as plans continue to be refined, uninsured risks and other risks involved in the mineral exploration and development industry. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. These forward-looking statements are made as of the date hereof and the Company makes no responsibility to update them or to revise them to reflect new events or circumstances, except as required by law.

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TSX ǀ RVD Key Investment Highlights

Only Fertilizers, Only Brazil

• Poised to capitalize on Brazil’s unique agriculture supply and demand dynamics

• Targeting known mineralization in Brazil, on or near infrastructure

• Blended asset portfolio of potash & phosphate properties

• Multiple shots on target, multiple value drivers

• Fast-tracking to development—targeting potash resource and scoping studies in 2012 & 2013

• Production planned for Q4 2012 or Q1 2013 (Fosfatar Phosphate Project)*

* PEA was prepared by Coffey Mining Pty Ltd, an international consultant with offices in Brazil. For more information, see the March 1, 2012, press release, “Rio Verde Minerals Releases Positive Preliminary Economic Assessment for its Fosfatar Phosphate Project,” filed on www.sedar.com.

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TSX ǀ RVD Management Team Member Background

Stephen Keith, P. Eng. President & CEO

Past Director, Mining Group, Westwind/ TWP Canada; Senior Consultant, Knight Piésold Consulting Engineers; past VP Corporate Development, Plutonic Power; 14 years focus on Latin America; Director, Aura Minerals.

Luis Mauricio F. de Azevedo COO, Director, General Counsel

Lawyer and Geologist in Brazil with 20 years of experience; Partner, FFA Legal Support for Mining Co.; Board Member for Talon Metals Corp. and Brazilian Gold Corp.

Manoel Cerqueira CFO

27 years of accounting and finance experience; 20 years in mining. CFO for Talon Metals Corp. and Founder/Managing Partner of MCC Legal Ltda. Past CFO, Amazon Mining Ltd., and VP Finance for Kinross Brazil. Registered with Accounting Regional Council in Brazil and Brazilian Bar Association.

Alex Penha VP Corporate Development

Corporate Development, Rio Novo Gold; Ex-Merrill Lynch Gold Research Associate; Thomas Weisel, IBD Associate; Corp. Dev., Tau Capital; Corporate Finance, Banif Primus Investment Banking, Rio de Janeiro

Daniel Liz, Ph.D. Senior Geologist

Nine years experience in the mining industry; evaluation and exploration in gold, copper, iron, phosphate, and potash; Ex-Senior Geologist, Talon Metals Corp.; B.Sc. (2002), M.Sc. (2003) and Ph.D. (2008), Federal University of Rio Grande do Sul.

Experienced team, with significant experience in Brazil

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TSX ǀ RVD Board of Directors Member Background

David Beatty Chairman

CEO, Rio Novo Gold; Co-Founder, Westwind/Thomas Weisel Canada; Head, Mining & Minerals, First Marathon and Gordon Capital; 25 years in Mining M&A and Finance; Co-Founded Yamana Gold in 1994

Victor Bradley Director

Chairman and Director, Osisko Mining; Founder, CEO, Director, Chairman and Lead Director, Yamana Gold; over 45 years of experience in the international mining sector

John Van Brunt Director

Past President and CEO, Agrium Inc. (Cominco Fertilizers Inc.); past Director and Chairman, Canadian Fertilizer Institute (CFI), Potash/Phosphate Institute (IPNI), Foundation for Agronomic Research (FAR), The Fertilizer Institute (TFI), and Canpotex Ltd.

Luis Mauricio F. de Azevedo COO, Director, General Counsel

Lawyer and Geologist in Brazil with 20 years of experience; Partner, FFA Legal Support for Mining Co.; Board Member for Talon Metals Corp. and Brazilian Gold Corp.

Julio Carvalho Director

President and Director, Rio Novo Gold Inc.; past President and CEO, Peak Gold Limited (New Gold Inc.); Executive VP South and Central America, Goldcorp Inc.; past President and CEO of Mineração Onça Puma Ltda. and Rio Tinto Brazil

Experience in

Exploration | Mining | Capital Markets in

Brazil & Canada

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TSX ǀ RVD Assets – Strategically Located, Geologically Proven

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TSX ǀ RVD Why Brazil ? Potash International Trade Map By Supplier

Nitrogen Phosphate Potash NPK

Rank Country % Share Country % Share Country % Share Country % Share

1 China 30.0% China 37.0% China 23.0% China 30.0%

2 India 14.0% India 14.0% USA 17.0% India 13.0%

3 USA 12.0% USA 11.0% Brazil 13.0% USA 12.0%

4 Pakistan 3.0% Brazil 8.0% India 9.0% Brazil 7.0%

5 Brazil 2.0% Australia 3.0% France 3.0% Pakistan 2.0%

NPK World Ranking By Demand

Source: Forfertil Source: IFA

Production ExportsWorld

Trade %Coffee 1st 1st 28%Orange Juice 1st 1st 86%Meat 1st 1st 25%Sugar 1st 1st 39%Soybean 2nd 2nd 36%Poultry 2nd 1st 44%Corn 2nd 2nd 13%Pork 3rd 3rd 10%Cotton 4th 4th 50%

Source: Fosfertil

27% 51%

10%

73% 49%

90%

0%

20%

40%

60%

80%

100%

Nitrogen Phosphate Potash

Exports Imports

Brazilian Fertilizer Imports vs. Internal Production Brazil’s Commodity Production

Source: Banco Do Brasil

90% Potash Needs

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TSX ǀ RVD Unique, Focused, Strategic Project Portfolio

Fosfatar Phosphate

Estimated Budget for Construction & Development: CDN$10.8 Million for construction & working capital (debt is being arranged)

Benefits: Near-term cash flow

Phosphate Portfolio

Estimated Budget for Exploration: CDN$5 Million for exploration (over the next 2-3 years) Benefits: Growth

Sergipe Potash

Estimated Budget for Exploration & Scoping: CDN$20-40 Million for exploration & feasibility (over the next 2-3 years; currently: exploration stage) Benefits: Upside

Rio Verde - Toronto Corporate

Financing, marketing, IR, compliance

Rio Verde – Rio de Janeiro Brazilian Head Office

Operations, accounting, titles, legal

TSX ǀ RVD

Sergipe Potash Project

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TSX ǀ RVD Sergipe Potash Project

• Potential for world-scale potash resource deposit*

• Adjacent to, and on the same geological formation

as, the only producing potash mine in Brazil, Vale’s

Taquari-Vassouras mine

• Vale’s Taquari-Vassouras: 850kt capacity; 717kt

production; 25%-30% KCL sylvinite

• Land package: 106,336 hectares (1,063 sq km)

• First drill hole completed at Sergi Prospect

• Drilled to depth of 1,350m

• Intersected ~79m of multiple potash horizons

• Weighted average sylvinite grade of 25% KCl over 16m

(over 2 horizons)

• Aligned with Brazilian Government’s policy to

develop domestic supply

• Objective of being fertilizer independent by 2020

* Geological potential estimated by Ercosplan in Status Report referenced in Talon Metals Corp.’s April 20, 2010, press release, Talon Metals Receives Status Report from Ercosplan on Sergipe Potash Project, Brazil.

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TSX ǀ RVD Established Infrastructure & Transport

Close to hydroelectric, with access to power lines

Seaport infrastructure - 38,000 tonnes capacity

Regional gas pipelines

Railroad connection to NE and SW major cities; close to hydroelectric, with access to power lines and gas pipelines

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TSX ǀ RVD Sergipe Prospects & Surrounding Infrastructure

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TSX ǀ RVD Major Players in the Sergipe Potash Basin

Target 2: Capela Prospect

Target 1: Sergi Prospect

(drilling complete)

Target 3: Rio do Sal Prospect

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TSX ǀ RVD Historical Data Base • Extensive historical geological database from Petrobras work

• 11 drill holes identified with potash mineralization*

• Thicknesses based on historical drill hole data*

• Grade inferred from geophysical logs and core inspection*

• 7 regional targets, each with drilled intersections and potash mineralization

618 2D-seismic lines available 234 line kms of data processed

4,590 oil wells available : Data from 286 wells processed

Drilling 2D Seismic RIO VERDE

* Estimated by Ercosplan in Status Report referenced in Talon Metals Corp.’s April 20, 2010, press release, Talon Metals Receives Status Report from Ercosplan on Sergipe Potash Project, Brazil.

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TSX ǀ RVD Sergi Prospect – Completion of First Drill Hole

• First drill hole, SED-001-11, completed at Sergi Prospect on

November 12, 2011

• Twin of historical Petrobras oil well, located 115m to the

northwest; SED-001-11 intercepts correlate

• Drilled to depth of 1,350m

• Intersected ~79m of potash horizons

• Intersected two sylvinite-bearing zones, with a weighted

average grade of 25.01% KCL over 16.73m*

• Upper zone: 8.27m intercept averaging 20.94% KCl,

including 5.08m at 24.84% KCl

• Lower zone: 8.46m intercept at 28.98% KCl, including

5.47m at 39.65% KCl

• Intersected two carnallitite-bearing zones of relevance*

• Upper zone: 12.81m intercept averaging 16.70% KCl

• Lower zone: 5.56m intercept averaging 21.11% KCl * Sylvinite and carnallitite assays analysed by Ercosplan; results released via press release on February 7, 2012 and March 13, 2012, respectively.

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TSX ǀ RVD Potash Core Photos – SED-001-11 Sylvinite

Sylvinite

Carnallitite

Carnallitite

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TSX ǀ RVD Exploration Program Strategy – Sergipe Potash

• Optimize use of extensive database • Undertake exploration to confirm and expand potash mineralization and to establish a mineral resource • Fast-track to resource by Q4 2012; scoping study Q1 2013

• Seismic interpretation and geological reconstruction of Sergipe Basin (completed Q2 2011) • Confirmatory and resource drilling program

• 4,050 metres or 3 holes to confirm and extend previous potash intersections (Hole 1 complete) • First NI 43-101 Resource Estimate (Q4 2012)

Phase 1

• Seismic surveys after Phase 1 drilling program • Exploration drilling program to extend resources and scoping study

• 4-6 holes expected to take 12 months • Test of additional targets

Phase 2

• Further drilling to extend resources; prefeasibility and feasibility studies • 2013-2014

• Exploration program to focus on drilling to extend known potash mineralized zones

Phase 3

TSX ǀ RVD

Phosphate Projects

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TSX ǀ RVD Diverse Phosphate Portfolio • Multiple exploration targets, with known mineralization

• Production planned for Q4 2012 or Q1 2013*

• Less complex than potash development; cheaper to explore and construct

• Typical timeline to exploration and development of greenfield projects: 2-4 years

Suite of Phosphate Projects:

Fosfatar Phosphate Project (Pará)

Monte Alegre Phosphate Project (Pará)

Curuá Phosphate Project (Pará)

Mandacaru Phosphate Project (Ceará)

Serra Negra Phosphate Project (Piauí)

Tabuleiro Phosphate Project (Piauí)

* PEA prepared by Coffey Mining Pty Ltd. For more information, see the March 1, 2012, press release, “Rio Verde Minerals Releases Positive Preliminary Economic Assessment for

its Fosfatar Phosphate Project,” filed on www.sedar.com.

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TSX ǀ RVD Fosfatar Phosphate Project – Location

• Multiple projects near Belém in Pará State

• Favourable infrastructure and access

• Located close to target markets of Pará, Mato Grosso and Maranhão States

• Highly productive agricultural states

• These states currently import fertilizer from international and national sources, with shortest shipping distances of over 1,000km

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TSX ǀ RVD Fosfatar Phosphate Project – Production Q4 2012

• PEA released March 1, 2012 (details next slide)

• Agronomic tests completed Q1 2012

• Rio Verde’s Thermophosphate performs favourably in comparison to competitors on the market*

• NI 43-101 Technical Report released October 2011

• High-grade aluminum phosphate @ 18-30% P2O5**

• Target first production in Q4 2012

• Shovel ready and equipment on site

• In discussions with potential phosphate off-takers

Sapucaia Target – Equipment on site

* Agronomic tests using Fosfatar Thermophosphate on soybeans were performed under the supervision of Professor Dr. Juarez Patricio de Oliveira Junior of the Federal University of Goias, the results of which were released via press release February 15, 2012. Additional results for black beans and sorghum will follow in Q1 2012.

• Project acquired August 2011 • R$14M in shares on closing • R$11M cash or shares, payable in instalments, when reach first sales • R$17M in shares at 20% discount to 20 day VWAP if project meets certain milestones

** The NI 43-101 Technical Report was prepared by Coffey Consultoria e Servicos Ltda, an international consultant with offices in Brazil. For report is filed on www.sedar.com. For more information, see the October 24, 2011, press release, “Rio Verde Minerals Announced NI 43-101 Mineral Resource for Fosfatar Phosphate Project, Brazil.”

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TSX ǀ RVD Fosfatar Phosphate Project – PEA • The Preliminary Economic Assessment (PEA) for the Sapucaia Target, one of three phosphate

targets at the Fosfatar Phosphate Project, was released on March 1, 2012*

* The PEA was prepared by Coffey Mining Pty Ltd, an international consultant with offices in Brazil. For more information, see the March 1, 2012, press release, “Rio Verde Minerals Releases Positive Preliminary Economic Assessment for its Fosfatar Phosphate Project,” filed on www.sedar.com.

Fosfatar Project Base Case Metrics

• Resource (tonnes) 1.63 million

• % P2O5 Grade 20.3%

• Throughput (‘000 tonnes) 206k tpa

• Strip Ratio 0.36

• Life of Mine 8 years

• Total Capital Expenditures C$10.0 million

• Annual Production (full capacity) 150,000 tpa Thermophosphate, 25% P2O5

• Product Price C$300/tonne

• Total Operating Expenditures C$131.8/tonne

• Foreign Exchange Rate Assumption BRL$1.75 : US$1.00

• After-tax Net Present Value (NPV10%) C$62.9 million

• After-tax Internal Rate of Return (IRR) 113%

• Payback Period 1 year

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TSX ǀ RVD Fosfatar – NI 43-101 Technical Report • NI 43-101 Technical Report released October 2011*

• M&I minerals resource estimate of 1.93 Mt at Sapucaia and Boa Vista targets (NI 43-101)

• High-grade aluminum phosphate; average 19% P2O5 – potential to become one of the highest-grade phosphate mines in Brazil

• Easy extraction and low-strip ratio (0.6:1)

Deposit Resource Category

Tonnes Mt

P2O5 %

Sapucaia

Measured Indicated TOTAL

1.31 0.32 1.63

21.81 14.12 20.30

Boa Vista Measured Indicated TOTAL

0.24 0.06 0.29

12.21 9.65 11.71

• Block Model: 25m E X 25m N X 1m RL (3% P2O5 cut-off applied)

* The NI 43-101 Technical Report was prepared by Coffey Consultoria e Servicos Ltda, an international consultant with offices in Brazil. For report is filed on www.sedar.com. For more information, see the October 24, 2011, press release, “Rio Verde Minerals Announced NI 43-101 Mineral Resource for Fosfatar Phosphate Project, Brazil.”

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TSX ǀ RVD

Targeting known mineralization at surface

Typical Cross Section

Exposure of Ore on Surface

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TSX ǀ RVD Strong Market Dynamics & Agronomic Viability Agronomic Testing

No Phosphate Fertilizer

With Rio Verde Thermophosphate

Location – Proximity to Palm Oil Plantations (potential off-takers)

Demonstrated Agronomic Performance (relative to competitors; see Feb 15, 2012 press release)

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TSX ǀ RVD Suite of Additional Phosphate Projects

Multiple exploration targets (~ 750,000 ha), with known mineralization

• Curuá Phosphate Project (Pará) • Several phosphate occurrences reaching 19% P2O5

• Sedimentary phosphate project, comprising ~ 387,000 ha on southern border of Amazon basin

• Monte Alegre Phosphate Project (Pará) • Several mineralized exposures, showing grades of 1.7% - 27.8% P2O5

• Rio Verde controls stragetic portion of the Cuiri Formation; phosphate anomalies can be traced for ~ 30 km strike

• Mandacaru Phosphate Project (Ceará) • Grab samples ranging from 15.8% to 35.9% P2O5

• High grades with similar geolgical setting as nearby Itataia Deposit - INB Galvani Project: $400M Capex ; 18 Mt @26.35% P2O5

• Serra Negra Phosphate Project (Piauí) • Several mineralized exposures showing grades of 11% - 24% P2O5

• Tabulerio Phosphate Project (Piauí) • Rock grab samples showing grades of 2.8% - 12.3% P2O5

TSX ǀ RVD

Corporate Profile

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TSX ǀ RVD Key Deliverables – Upcoming Milestones

Deliverables Area of Activity

Timing

• Hold discussions with Sergas regarding gas off-take Potash Commenced

• Hold discussions with off-takers for phosphate Phosphates Commenced

• Arrangement of debt for Fosfatar Phosphate Project Phosphates Q2 2012

• Complete 3 drill holes at Sergipe Potash Project (Hole 1 completed Nov 2011)

Potash Q3 2012

• Preliminary NI 43-101 Mineral Resource at Sergipe Potash Project

Potash Q4 2012

• Construction/first production at Fosfatar Phosphate Project Phosphates Q4 2012/Q1 2013

• Preliminary exploration work and drill target definition at up to two Phosphate Projects

Phosphates H2 2012

• Scoping Study at Sergipe Potash Project Potash Q1 2013

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TSX ǀ RVD Rio Verde Capitalization

1 Shares to Talon Metals for Potash assets – 26,619,508 2 Shares to Sercor Ltd. for Phosphate assets - 8,873,169 3 Shares to Biscoe Trading Ltd., Colfax Management Inc. and Moriarty Services Inc. for Fosfatar Acquisition – 14,127,219

Total Shares Outstanding 1,2,3 91.2 M

Options 27.8 M

Total Fully Diluted (as at March 2012) 119.0 M

Management, Directors & Insiders 16.9%

Recent Share Price (52-week range: $0.27 - $0.59) $0.38

Basic Market Capitalization (at $0.38; March 22, 2012) $34.4M

Cash & Equivalents (as at March 22, 2012) $6.0 M

Debt $0

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TSX ǀ RVD Investment Summary

• Brazil-focused fertilizer exploration & development company

• Targeting known mineralization in Brazil, on or near infrastructure

• Diverse potash and phosphate portfolio

• Favourable supply and demand dynamics, with a significant cost advantage in Brazil

• Prime strategic location of potash asset—adjacent to only potash mine in Brazil

• Fast-tracking to development—targeting potash resource and scoping studies in 2012

• Acquired advanced-stage Fosfatar Phosphate Project to generate near-term cash flow

• NI 43-101 Technical Report released October 2011 • PEA released March 2012

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TSX ǀ RVD Analyst Coverage & Contact Information

Contact Information:

Rio Verde Minerals Development Corp. 155 University Avenue, Suite 1240 Toronto, Ontario Canada M5H 3B7 Phone: +1 416.368.8288 Fax: +1 416.368.2988 Web: www.Rvminerals.com Email: info@Rvminerals.com

Analyst Coverage: GMP Securities Anoop Prihar, 416-943-6127 Mackie Research Capital Jaret Anderson, 416-860-6784 MGI Securities Corey Dias, 416-864-2619 Octagon Capital Max Vichniakov, 416-306-2514 Salman Partners Andrea Rubakovic, 416-861-9387 Stonecap Securities Michael Goldberg, 416-342-8594

TSX ǀ RVD

Appendix

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TSX ǀ RVD Pará State - Monte Alegre & Curuá Project

• Monte Alegre Project

• Adjacent to VALE’s Monte Alegre Project

• Rio Verde controls a strategic portion of the Curiri Formation

• Several mineralized exposures with grades ranging from 2.7% to 27.7% P2O5

• Can be traced for a ~30 km strike

Prospective Unit Curiri Formation

Rio Verde Property

VALE Property Monte Alegre Project

(Grades from 6.0 to 23.0% P2O5)

Sound participating on a tender

process

Other Tenements

• Curuá Project

• Sedimentary phosphate project, comprising ~387,000 ha on southern border of Amazon basin

• Geological analogue of the Monte Alegre Project

• Several phosphate occurrences (locally reaching 19% P2O5) identified by Brazilian Geological Survey (CPRM) in 1977, most associated with the Curuá Group

• Curuá Group is an analogue of Curiri FM, which hosts phosphate mineralization in Monte Alegre region

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TSX ǀ RVD Ceará State – Mandacaru, Bolota & Cupim

• Mandacaru Project - most attractive property

• Radiometric survey identified 5 well-defined anomalies

• Rock grab samples & channel samples (trench) identified

• Phosphate grades ranged from 15.8% - 35.9% P2O5

• Comparable with P2O5 grades reported at Itataia

• Local rocks provided positive reactions with phosphate-test reagents: collophanites

• Bolota & Cupim Prospects:

• Close to Itataia deposit, similar geological signature

• Model: Itataia Deposit – INB Galvani Project

• Massive and disseminated collophanite in carbonatic rocks and migmatites; associated with epi-syenites and carbonaceous breccias

• Historic resources: 18Mt @ 26.35% P2O5 plus 142,500t @ 0.19% U3O8

• Operator: INB-Galvani Consortium, USD$400M spent over 4 years

• Target the Ceará Complex- regional anomalies, favorable geological environment & phosphate

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TSX ǀ RVD Piauí State - Serra Negra Project

• Ground radiometric survey concluded • Outcropping mineralized sandstones • Several mineralized exposures with grades

ranging from 11% up to 24% P2O5 • Mineralization occurs in phosphate-bearing

ferruginous sandstones • Anomalous trend defined • Can be traced for ~4 km strike • Detailed mapping and sampling planned

Ferruginous sandstones from Longá Formation

19.3% P2O5 20.6% P2O5

23.9% P2O5

11% P2O5 @ 0.2m

19% P2O5

19.3% P2O5

19.9% P2O5

12.8% P2O5 @ 0.5m

20.6% P2O5

4km-long

Distribution of P2O5 Grades Rock Grab and Channel Samples

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TSX ǀ RVD Completed Corporate Milestones

Deliverables Area of Activity Timing

• Complete Seed Financing – CDN$10M Financing & Listing Completed – Dec 2010

• NI 43-101 Report on Sergipe Potash Project Potash Completed – Apr 2011

• Update geophysical data for Capela Prospect Potash Completed – Jun 2011

• Complete financing – CDN$11.3M Financing & Listing Completed – Jul 2011

• BVI Court approval of RTO amalgamation Financing & Listing Completed – Jul 2011

• Contract new drill for drilling at Sergi Prospect Potash Completed – Jul 2011

• RTO onto TSX Financing & Listing Completed – Aug 2011

• Acquisition of Fosfatar Mineração Ltda. Phosphates Completed – Aug 2011

• NI 43-101 Resource Fosfatar Phosphate Project Phosphates Completed – Oct 2011

• Complete first drill hole at Sergipe Potash Project Potash Completed – Nov 2011

• Preliminary Economic Assessment (PEA) for Fosfatar Phosphate Project

Phosphates Completed – Mar 2012

• Assay results from first drill hole at Sergipe Potash Project

Potash Completed – Feb & Mar 2012

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TSX ǀ RVD Junior Comparables

Source: GMP Securities Commodity Price Assumptions based on 2012E consensus: Potash (FOB): US$422/t 1. Potash One shown at unaffected price, prior to K+S acquisition offer of C$4.50/share 2. Passport Potash and Aguia’s resource is a non-NI 43-101 compliant management estimate based on an average of the expected range of resource size and grade. In the case of Aguia, dilution from issuance of shares for defining a JORC resource of this size is included (from Potash Atlantico acquisition). 3. Rio Verde’s potash resource figure is a non-NI 43-101 figure based on an estimate of resource potential made by Ercosplan in a technical report dated August 2, 2011. This estimate was made using the following assumptions about tonnage and grade: 450 Mt sylvinite ore @ 25% KCl and 1.1 Bt carnallitite ore @ 12% KCl

Market Data as at 1-Mar-12 Potash Eq (Mt) (KCl Basis) Avg. Grade (% KCl) EV / Potash Eq (C$/t) (KCl basis) EV / Phosphate Eq (C$/t)

Company Primary Asset Location Price (C$) F.D. M.Cap

(C$ mm)

Enterprise Value

(C$ mm)P&P M&I Inf. Ttl. R&R Ttl. R&R 2P+M&I Ttl. R&R 2P+M&I Ttl. R&R

Potash DevelopersElemental Minerals Republic of Congo $1.20 $307 $255 - 104 127 231 31.0% $2.46 $1.11 $2.19 $0.98Karnalyte Resources Saskatchewan $9.12 $209 $172 155 - 59 214 18.5% $1.11 $0.80 $0.99 $0.72Potash One (1) Saskatchewan $3.55 $331 $331 136 80 860 1,076 28.9% $1.53 $0.31 $1.36 $0.27Verde Potash Brazil $6.60 $234 $225 - 11 377 388 14.1% $20.45 $0.58 $18.19 $0.52Allana Potash Corp. Ethiopia $0.71 $172 $107 - 126 119 245 19.3% $0.85 $0.44 $0.75 $0.39Western Potash Sask., Manitoba $1.14 $212 $184 - 253 708 961 25.9% $0.73 $0.19 $0.65 $0.17IC Potash New Mexico $0.91 $134 $105 - 180 58 238 23.4% $0.59 $0.44 $0.52 $0.39Aguia Resources (2) Brazil $0.45 $86 $68 - - - 132 12.0% n/a $0.52 n/a n/aEthiopian Potash Corp. Ethiopia $0.32 $46 $35 - - 27 27 20.8% n/a $1.29 n/a $1.15Reward Minerals Australia $0.80 $61 $55 - 23 18 41 0.4% $2.35 $1.34 $2.09 $1.19Encanto Saskatchewan $0.35 $103 $95 - 86 66 152 36.1% $1.11 $0.63 $0.99 $0.56Passport Potash (2) Arizona $0.27 $45 $40 - - - 460 8.4% n/a $0.09 n/a n/a

Median 20.8% $1.11 $0.55 $0.99 $0.54Mean 20.9% $3.46 $0.64 $3.08 $0.63

Phosphate DevelopersStonegate Peru, Idaho $0.68 $133 $104 - 9 33 42 n/a $11.95 $3.13 $10.64 $2.21MBAC Brazil $3.10 $367 $267 2 3 6 10 n/a $39.06 $18.44 $49.50 $22.71Legend International Australia $0.11 $25 $25 - 27 42 69 n/a $3.87 $2.46 $0.83 $0.32Minemakers Australia $0.30 $68 $59 - 56 224 280 n/a $1.87 $0.47 $0.95 $0.19Phoscan Chemical Ontario $0.35 $60 $22 - 13 11 24 n/a $8.00 $9.62 $1.54 $0.84Sunkar Kazakhstan $0.13 $22 $26 25 28 17 69 n/a $3.77 $6.06 $0.45 $0.34

Median n/a $5.94 $4.60 $1.24 $0.59Mean n/a $11.42 $6.69 $10.65 $4.43

Rio Verde (3) Brazil $0.38 $43 $35 245 12%-25% n/a $0.14 n/a $0.13

Potash One at Acquisition (C$4.50/share) Saskatchewan $4.50 $420 $384 136 80 860 1,075 n/a $1.78 $0.36 $1.58 $0.32

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TSX ǀ RVD Footnotes

The potential quantity of potash is conceptual in nature as there has been insufficient

exploration to define a mineral resource, and it is uncertain if further exploration will result in

the target being delineated as a mineral resource. Ercosplan has based potential quantities of

target mineralization on sylvinite and carnallitite logged in drill holes or identified in down hole

geophysical logs and applying an area of influence of 1,500 metres around the individual

mineralized drill holes within the Rio Verde properties. Target resources quantities are internal

estimates based on management’s interpretation of reprocessed, historical geophysical survey

lines and drill results, taking into consideration management’s current understanding of the

various sub basins, layer thicknesses, area sizes and evaporite densities.

The estimated quantities do not represent a mineral resource. Further drilling and assaying is

required to confirm historical data.