first potash corporation company presentation march...

First Potash Corporation (TSXV:FSP) / (OTCBB:SALTF)

Company Presentation – March 2013

http://www.panamericanlithium.com/


Company Overview Recent Corporate Developments Corporate Strategy: Long-Term / Short-Term Management Team & Board of Directors

Company Overview

First Potash Corporation (“FPC”) is engaged in the business of acquiring, exploring, and developing properties throughout the Western Hemisphere that contain Potash (for fertilizer).

Company is incorporated in British Columbia, Canada, with headquarters in Tucson, Arizona, USA. Trades as TSXV:FSP and OTCBB:SALTF / OTCQB:SALTF

FPC has a portfolio of ten Brine Salar properties (not hard rock) in the Atacama Region of Chile, that cover a cumulative area in excess of 22,000 hectares and have the potential to produce Potassium, Lithium, and other important minerals from surface lakes and subsurface brines.

These Brine Salar properties are among the lowest-cost property types to extract Potash from in the world.

FPC has an NI 43-101 resource estimate(1) for one of its ten properties (Laguna Verde). – Average Potassium (K) grade of 4,881mg/liter; 4,223,134 metric tons of Potassium Chloride equivalent – Average Lithium (Li) grade of 212.40 mg/liter; 512,960 metric tons of lithium carbonate equivalent

First Potash Corp. (TSXV:FSP) / (OTCBB:SALTF) (1) NI 43-101 Technical Report filed on SEDAR on June 14, 2010

Recent Corporate Developments

First Potash Corp. (TSXV:FSP) / (OTCBB:SALTF)

January 2010 First Potash Corporation (fka Pan American Lithium) enters the Canadian and U.S. public markets

Strategy was to commercialize Lithium from its Brine Salar projects in Chile

June 2010 First Potash Corporation files an NI 43-101 initial inferred resource estimate for Laguna Verde project

Average Potassium (K) grade of 4,881mg/liter; 4,223,134 metric tons of Potassium Chloride equivalent Average Lithium (Li) grade of 212.40 mg/liter; 512,960 metric tons of lithium carbonate equivalent

September 2011 POSCO invests $1.5M into First Potash Corp. POSCO is $22.7B mkt cap (KOSE:A005490)/(NYSE:PKX) multi-industrial conglomerate from S. Korea

FPC is 1 of 2 companies to receive an investment in Chile from POSCO

September – October 2012

Chile's Government Announces Lithium Commercialization Process

Executive Branch announced the first concession, Legislative Branch declared it null and void No headway until after November 2013 elections

No issues with commercializing Potash (for fertilizer)

November 2012

First Potash Corp changes name and business focus Management team puts forth strategy to commercialize same properties seeking to develop Potash

(for fertilizer) assets

Changes name from Pan American Lithium to First Potash Corp. Switches ticker symbols from TSXV:PL to TSXV:FSP / OTCBB:PALTF to OTCBB:SALTF

January 2013

Receives commitment for $2.5M JV Financing MINEX VII entity to earn-in 45% ownership of Salar de Atacama as funding comes in Salar de Pedernales is 1 of 10 properties (5,100 of 22,000 hectares) Non-dilutive (to public vehicle) financing

Capital to be deployed to getting an NI 43-101 out of this property Shows investor faith in new strategy / core assets of the Company

Event dramatically lowered the equity value of First Potash Corp. and other Lithium focused companies operating in Chile

FPC was the first company in Chile to rapidly shift focus to developing Potash (for fertilizer)

Fundamental investors continue to see value in FPC’s Brine Salar properties

Corporate Strategy

Long-Term Strategy

Attract Key Strategic Off-Take Partner to Finance Production – Targets include major fertilizer companies in the U.S., China, Brazil and India, as well as commodity

investment firms globally

Short-Term Strategy

Move existing portfolio of assets closer to commercialization – FPC is going to focus on raising capital (through equity at the public company level or Joint-Ventures) to

move certain key projects forward, specifically what it has designated as its Tier I projects, the Laguna Verde, Salar de Pedernales, and Laguna Brava properties. (see pages 27 – 29 for more property details).

Realign equity value with existing asset value

– FPC will be actively looking to share its story with investors who will appreciate the global Potash / Fertilizer opportunity, and its existing asset base of low-cost of production Brine Salar properties.


Management Team & Board of Directors

The management team of FPC remains committed to building a world-class junior-mining company focused on bringing critical mineral resources to the world markets and building long-term shareholder value. FPC’s management team has experience in property exploration, as well as legal and financial management within a public company environment. Andrew Brodkey – CEO and President

Former Managing Director of International Mining & Metals Group of CB Richard Ellis, Inc. (NYSE:CBG); responsible for over $100M in asset purchase/divestiture transactions.

Served as VP and General Counsel of Magma Copper Company, (NYSE:MCU) acquired by BHP Billiton Ltd. (ASX:BHP) for $3.5 billion in 1996 merger. Became VP of Business Development for one of their divisions, BHP Copper where he was responsible for managing company’s portfolio of mining assets, both new mining acquisitions and asset divestitures.

Former Attorney specializing in natural resource and environmental law at Denver-based law firm of Gorsuch, Kirgis, Campbell, Walker and Grover.

B.S. in Mining Engineering (with distinction) from University of Arizona; J.D. (cum laude) from Creighton University.

Dr. David Hackman – Vice President of Exploration Geologist with 35+ years of experience specializing in leachable metal deposits. Former geologist for Exxon Mobil Corporation (NYSE:XOM) and Alcoa, Inc. (NYSE:AA). Served as VP of Exploration for Mercator Minerals Ltd. (TSX:ML), current Market Cap. of $500M. Former VP of Exploration for AZCO Mining, where he helped to discover the Piedras Verdes Property (copper

in Mexico) later sold to Phelps Dodge Corp. Deposit is in production via Frontera Copper Corp. (TSX:FCC).


Management Team & Board of Directors (continued)

Frank Garcia – Chief Financial Officer Mr. Garcia has over 20 years of experience in senior financial management with international companies. Prior to joining the Company, Mr. Garcia served as VP of Administration for the U.S. division of CEMEX, S.A.B.

de C.V. (NYSE:CX), a Mexico-based global leader in construction materials and aggregates mining. He previously served as Director of Finance for a division of Misys plc, a privately-held British software firm

focused on banking and healthcare computing. Mr. Garcia holds a BSBA in Business Administration from the University of Arizona.

Dr. Tim Lowenstein - Member of Technical Advisory Committee Dr. Lowenstein has 25+ years of experience in sedimentology and is considered an expert in Brine Salar

geology and geochemistry. He is the author of 70+ peer-reviewed papers and 100 conference presentations, and has served as associate editor for the journals, Geology, and the Journal of Sedimentary Research.

He currently serves as a Professor in the Department of Geological Sciences and Environmental Studies at the State University of New York (Binghamton).

BA in Geology from Colgate University and a Ph.D. in Geology from Johns Hopkins University.


Management Team & Board of Directors (continued)

Dr. Ronald Richman - Independent Director and Member of Technical Advisory Committee Co-Director of Arid Land Sustainable Bio-Energy Institute at the University of Arizona Dr. Richman is a former senior executive with IBM, where he was E-Business Program Director, where he lead

a team that focused on Business Development and Strategy for Fortune 1,000 companies. Dr. Richman received a Bachelor of Science from New York University, an MBA from the Wharton School

(University of Pennsylvania), and received his Doctorate and Master degrees in Chemistry at the University of Colorado.

Dr. David Terry - Independent Director and Member of Technical Advisory Committee Dr. Terry has over 20 years of experience in the resource sector focused primarily on exploration for a wide

spectrum of mineral deposits throughout North and South America. He is a former Senior Vice President of Exploration with the Grosso Group, a privately-held company that

provides management services to several public and private companies focused on mineral exploration in South America. He currently serves as a Board of Director of several companies managed by them, including Golden Arrow Resources Corp. (TSXV:GRG) (Silver/Argentina), and Blue Sky Uranium Corp. (TSXV:BSK) (Uranium/Argentina).

Dr. Terry has a long history of working in Senior Project Management, Property Development, and Exploration and Geologist positions with public companies, including:

– Former VP Exploration of a company (Silver/Argentina) acquired by Kobex Minerals, Inc. (TSXV:KXM) – Former Senior Project Geologist with Boliden AB (OM:BOL) (Base-Precious

Metals/Canada/Chile/Sweden) and a company previously acquired by it. – Former Project Geologist with a company (Gold/Alaska) acquired by Teck Resources Ltd. (TSX:TCKB)

Dr. Terry is a Ph.D. geologist from the University of Western Ontario and has a P. Geo. license in the Province of British Columbia, and is a Qualified Person under NI 43-101.


Investment Highlights o FPC Properties: Brine Salars in Chile o FPC Properties: Overview o Brine Salars: Among The Lowest-Cost Property Types o Safety in Chile o Key Access to China & Brazil End Markets o World Scale Resource

Investment Highlights

Why Invest in First Potash Corporation?

Low Cost of Commercialization

Brine Salar properties are among the lowest-cost property types to extract Potash from in the world.

No need to mine Potash, its already in solution (brines)

Safety in Chile Considered to be one of the most mining-friendly countries

Key Access to Markets Low-cost access to the 2 largest importers of Potash (for fertilizer) (China & Brazil)

World Scale Resource FPC’s Brine Salars are large; significant in size to attract strategic investment partners

Potash Fundamentals Explosive demand for fertilizers around the world; one of the most important resource stories of the

next 25 years and its role in feeding the world’s growing population Price estimates 6X from early-2000s; ~$600 per ton through 2025E(1)

Near-Term Valuation Milestones

Minimal investment can show significant resources from 2 major projects in FPC’s property portfolio


(1) CRU Strategies Ltd. - Market analysis and Potash price forecast for Western Potash Corp. (January 2010)

FPC Properties: Brine Salars in Chile

FPC’s 10 Brine Salar properties are located in the Atacama Region in the Country of Chile. Mining accounts for 45% of the Atacama Region’s GDP and 90% of its exports(1)

Copiapo

Chanaral (1) (2)

(3)

(4) (5)

(6) (7)

(8)

(9)

(10)

FPC Property Location Key

(1) Salar de Piedra Parada

(2) Laguna Brava

(3) Lagunas del Jilguero

(4) La Laguna

(5) Salar de Pedernales

(6) Laguna Verde

(7) Salar de Wheelwright

(8) Laguna Escondida

(9) Salar Ignorado

(10) Salar de Maricunga

Map Atacama Region III – Close up of FPC’s Properties Map of Chile / Atacama Region III

The Atacama Region is mostly desert and has considerable mineral resources, including Brine Salars The area is home to many mining companies focused on copper, gold and iron ore extraction.

Picture of Brine Salar Laguna Verde (FPC Property 6)


(1) Government of Atacama Region III - (Government Website - www.goreatacama.cl)

FPC Properties: Overview

Project Name Mineral Rights / Hectares

Water Rights

Next Steps Inferred Potassium (tons) / Grade(1)

Inferred Lithium (tons) / Grade(1)

TIER I Projects

Laguna Verde 3,400 Yes Scoping & Pre-Feasibility Study

4,223,134 Tons of potassium chloride equivalent with a grade of 4,881 mg/l

512,960 Tons of lithium carbonate equivalent with a grade of 213 mg/l

Salar de Pedernales 5,100 Yes NI 43-101 Resource Study TBD TBD

Laguna Brava 4,400 Yes NI 43-101 Resource Study TBD TBD

TIER II Projects

Salar de Maricunga 1,220 Yes Trenching Study TBD TBD

Salar Piedra Parada 3,600 Yes Trenching Study TBD TBD

Lagunas Jilgueros 1,500 Trenching Study TBD TBD

TIER III Projects

La Laguna 400 TBD TBD

Laguna Escondida 900 TBD TBD

Salar Ignorado 600 TBD TBD

Salar de Wheelwright 1,200 TBD TBD

T O T A L 22,320

The management team of FPC has carefully selected properties with strong reserve potential. All projects are Brine Salars – among the lowest-cost property types to extract Potash from in the world The rights in the Company’s 10 projects cover in excess of 22,000 hectares 8 of these properties are accessible by car and are adjacent to serviceable roads All of the key projects have both mineral rights and water rights Size of Laguna Verde

deposit makes this a World Scale Resource.


Brine Salars Are Low-Cost To Produce Potash

FPC owns several unique type of mining properties, called Brine Salars. Brine Salars are located in Andean Mountain region of South America; cover parts of Chile/Bolivia/Argentina. Brine Salars contain significant concentrations of lithium (batteries) and potassium (fertilizer).

Salar Brines are exciting types of mining properties because the minerals that FPC seeks to commercialize are easier to access than those in hard rock under the ground (cost, mining and processing methodology).

Minerals are already dissolved in the brine solutions – Part of a crust that is already on the surface

The minerals are also very easy to isolate and recover from the brines – The brine solar evaporation process is one of the simplest mineral refining processes ever invented

Argentina

Bolivia

Chile


Map of Salar Brine Areas (Chile / Bolivia / Argentina)

Brine Salars Are Low-Cost To Produce Potash (continued)

Underground Mining Most common method; accounting for >80% of global capacity Mined ore is transported underground by conveyors and brought to

the surface to be milled. Most expensive method of extraction.

Solution Method of Mining Injection of heated brine (salt water solution) underground The resulting Potash rich brine is pumped to surface ponds. Cheaper start-up costs than underground mining Sometimes used as next step when underground mining becomes

unsafe due to porosity of underground Potash ore.

Surface Brine Mining / Solar Evaporation One of the lowest possible Capex and operating costs Brine in shallow aquifers is pumped to surface ponds and then

allowing sun to evaporate excess water.

Open Pit Mining Used for very shallow deposits To be deployed in new assets found in Horn of Africa (Eritrea) Low Capex vs. Underground / Solution mining

To understand why Brine Salars are so attractive, its important to be familiar with the 3 other (more expensive) ways to get Potash out of the ground.

Most Potash assets have been found in hard-rock deposits, and are accessed through underground mining. Brine Salars are the cheapest properties to extract Potash from (brine mining and solar evaporation).


Brine Salar Projects in Production for Potash

Brine Salars are usually spoken about in context of South America and for the production of Lithium. However, there are many Brine Salar projects in production for Potash (for fertilizer). A well-known Brine Salar project in production in the United States is by Intrepid Potash, Inc. (NYSE:IPI).

The Wendover Project in Utah, United States Surface Brine Mining

Intrepid Potash, Inc. NYSE:IPI)

Market Cap. $1,438 million(1)

LTM Revenue $405 million(1)

Potash Production Facilities

5(2)

Annual Production Capacity

870,000 tons(2)

Name of Project Wendover

Extraction Method Surface Brine Mining / Solar

Evaporation

Location Wendover, UTAH (122 miles

West of Salt Lake City)

Estimated Annual Production Capacity

95,000 tons(3)

(1) Inferred Resource Estimate is only for the Surface Lake portion of Laguna Verde. (2) S&P Capital IQ Pricing Data for Intrepid Potash as of March 18th, 2013. (3) Intrepid Potash SEC 10-Q Filing (November 1st, 2012) (4) Intrepid Potash Corporate Website - http://www.intrepidpotash.com/AboutUs/LocationsOperations/WendoverUT.aspx


Intrepid Potash – Wendover, UTAH

Intrepid Potash – Wendover, UTAH

Safety in Chile

FPC has chosen to focus its property development in Chile because (despite the recent setback with Lithium commercialization) it remains one of the most business-friendly mining jurisdictions in the World.

World's No. 1 copper producer(1) - 150 year history of support for mining industry Mining represents +20% of GDP in Chile in 2012(1)

Center-right government of Sebastian Piñera

Low risk (political/regulatory and permitting risk for mining projects) More cost-effective (mining project finance, tax, royalty, capital repatriation)

Chile represents significantly lower risk profile vs. other South American countries

that have Brine Salars – Bolivia / Argentina

BEHRE DOLBEAR’S 2012 RANKING OF COUNTRIES (MOST MINING FRIENDLY)

2012 Rank Country Economic

System Political System

Social Issues

Permitting Delays

Corruption Currency Stability

Tax Regime

2012 Total Points

1 Australia 9 8 8 8 10 9 5 57

2 Canada 9 9 4 4 10 9 7 52

3 Chile 9 9 7 6 8 8 4 51 4 Brazil 7 8 5 5 5 9 6 45

5 Mexico 7 7 3 7 6 6 7 43

6 United States 8 8 3 2 9 7 4 41

7 Colombia 6 7 6 6 5 5 4 39

8 Botswana 6 5 5 5 5 5 6 37

9 Peru 6 6 4 4 5 6 5 36

9 Ghana 6 5 3 6 4 6 6 36

Chile was ranked #3 as one of the most mining friendly jurisdictions in the world as compiled by Behre Dolbear’s Annual 2012 Ranking.

(1) Engineering & Mining Report – Chile 2012


Key Access to China & Brazil End Markets

Potash Demand Trade Routes

FPC’s Chilean Brine Salar properties are strategically located with cost-efficient access to two of the largest consumers of Potash in the world.

China – Largest importer of Potash in the world(1) – Goal is to attain self-sufficiency of food supply – Established low-cost trade route; the West Coast of Latin American (Chile/Peru) has built very efficient

infrastructure (roads/rail/ports) to transport minerals to Asia over decades of trade

Brazil – A growing fertilizer market; and one of the largest importers of Potash in the world – Third largest agricultural exporter, and agribusiness is the fastest growing sector of domestic economy – Trade route is on land with difficult terrain; getting less expensive every day

(1) Institute of Developing Economies, Japan External Trade Organization (IDE-JETRO) , “Japan’s National Security of Fertilizer: Its connection with Africa (June 2012)

Brazil

China


World Scale Resource

The management of FPC believes that its existing Chilean Brine Salar properties are big enough to be considered a “World Scale Resource”; large enough to be attractive to both investors and off-take partners.

Two reasons for this: – Inferred Resource Estimate and Potential Annual Production of Laguna Verde project(1)

– Previous ability of FPC to attract Global Blue-Chip Strategic Partner / Investor

(1) Inferred Resource Estimate is only for the Surface Lake portion of Laguna Verde. (2) NI 43-101 Technical Report filed on SEDAR on June 14, 2010 (3) S&P Capital IQ Pricing Data for POSCO (KOSE:A005490) as of November 9th, 2012. First Potash Corp. (TSXV:FSP) / (OTCBB:SALTF)

FPC’s Laguna Verde Project (Chilean Brine Salar)

One of South Korea’s most respected companies. Focused on Steel Production, Engineering, Construction, Energy and Resource Development, and other Heavy Industrial Manufacturing.

FPC’s Laguna Verde project has the capacity to produce on a scale that exceeds well-known projects of some of the largest Potash companies in the world.

Laguna Verde has NI 43-101 Inferred Resource estimate of 4,223,134 tons of KCl(2)

The management of FPC was previously able to attract a Global Strategic Blue-Chip Partner as an investor in its Chilean Salar Brine properties.

In September 2011, POSCO (KOSE:A005490), the South-Korean based, global multi-industrial conglomerate with $22.2 billion market capitalization(3) invested $1.5 million into FPC’s predecessor company.

– POSCO was focused on FPC’s properties for Lithium Carbonate – FPC believes that the collective size of its Chilean Brine Salar properties will be

big enough to attract other Strategic Partners to commercialize their Potash.

The Potash Opportunity

The Importance of Potash

One of the more important resource stories that will develop over the next 25 years will be Potash and its role in providing food for our planet’s growing population.

FPC believes that the long-term fundamentals are in place for Potash prices to stay at current levels or higher(1)

There are macro variables driving Potash demand that are uncorrelated to the normal business cycles that effect other commodities

Potassium naturally occurs in minerals created during the evaporation of ancient sea beds. Potash is the common name for various mined and manufactured salts that contain potassium, and is also referred to as Potassium Chloride or Muriate of Potash (MOP) and has three main uses: fertilizer, livestock feed supplements and industrial processes.

95% of world's Potash is used in fertilizers; the rest is used for feed supplements and industrial production.(1)

Potash is a key ingredient in fertilizers and enhances the water retention of plants, increases crop yields and increases a plants' disease resistance.

Potassium serves as the “Regulator” of many essential processes within the plant.

(1) IHS Consulting Services – Chemicals Economics Handbook (2010)



Long-Term Demand for Potash

Plants need nutrients to develop. Each time a crop is harvested, it takes with it some of those nutrients from the soil. Fertilizers replace the nutrients so the soil can continue to produce healthy crops.

Fertilizer (containing Potash) is vital because it allows farmers to produce more crops on less land.

Fertilizer has become increasingly important as conditions challenge farmers throughout the world: – A rapidly growing human population – Less arable land (due to urbanization and changing weather patterns) – Less efficient use of land; using it to accommodate the increase of protein consumption

Explosive Growth in the Number of People on Earth.

The United Nations estimates that there will be close to 9.3 billion people on our planet by the year 2050 An additional 2.3 billion people; an increase of +32% from today’s numbers With population growth comes a greater demand for food

2.52

7.05

9.30

-

2.00

4.00

6.00

8.00

10.00

1950 2012 2050

Bill

ion

s o

f P

eop

le

Population Growth of Humans on Earth (Present – 2050E)

+32% Increase +2.3 billion people

Source: United Nations - Population Division of the Department of Economic and Social Affairs (2010)


Long-Term Demand for Potash (continued)

While the population continues to grow, there is also less arable land for agriculture. Since the 1970s, the available arable land per person has dropped over 30%(1)

Urbanization is expected to continue – Urban areas to account for 70% percent of world population in 2050 (up from 49% at present)(2)

New weather patterns are disrupting the traditional ways our food has been grown – Shifting rainfall patterns (locations of crops) – New temperature ranges (lengths of growing seasons)

Emerging market income growth will increase the consumption of animal proteins. As incomes rise in developing nations, millions of people are switching from starch-to protein-based diets Every pound of beef requires seven pounds(4) of grain to produce; has a substantial impact on grain demand

Arable Land Per Person in Hectares (1970 – Present)(3)

0.32

0.20

0.10

0.15

0.20

0.25

0.30

0.35

0.40

1970 2012

Hec

tare

s p

er P

erso

n

Decrease of +30%

(1) / (2) / (3) / (4) Food and Agriculture Organization of the United Nations (2011)


Long-Term Demand for Potash (continued)

FPC management believes that the fundamentals are in place for sustained, long-term higher Potash prices. More people + less arable land + greater demand for protein = greater need for fertilizer

Many people believe we have entered into a new price paradigm for Potash

– (1980 – 2003) Potash prices in a range; never going much higher than $100/ton. – (2003 – 2007) Potash prices slowly climb outside of this range – (2008 – current) Potash prices rise dramatically

While no one can ever predict future commodity prices, there are some well respected analysts that have put

a price target of $600/ton through the year 2025E (from ~$450 / ton earlier in 2012).(1)

Arable Land Per Person in Hectares (1970 – Present)(1)

Hec

tare

s p

er P

erso

n

$-

$200

$400

$600

$800

$1,000

2012 Prices of $450

2025E Prices of $600


$/ton price estimates are driving exploration companies to find Potash in new locations, and existing producers to fund expansion projects.


Where is Potash Consumed?

Potash is produced in the largest quantities in North America and Eastern Europe / FSU. The biggest net demand is in LATAM and Asia

Global Region Demand (Sales) Producing

Net Demand

Eastern Europe / FSU 4.4 18.9 (14.5 )

North America 9.9 19.2 (9.3)

Middle East 0.8 5.4 (4.6 )

Western Europe 6.6 6.6 --

Australia 0.5 0.1 0.4

Africa 0.6 0.1 0.5

LATAM 9.6 1.4 8.2

Asia (India/China/Other) 23.1 3.1 20.0 Source: Fertecon Consultancy Services – Potash Report (2010)

Demand for Potash (by Global Regions) in Millions of tons of KCl (2009) | Illustration & Numbers

There are 3 countries in Asia and LATAM in particular that are the leading importers of Potash.(1)

Name of Country China

Percentage Imported 70%

Yearly tons Imported 11 million

Name of Country India



Name of Country Brazil



Producing

Importing


(1) Institute of Developing Economies, Japan External Trade Organization (IDE-JETRO) , “Japan’s National Security of Fertilizer: Its connection with Africa (June 2012)

Where is Potash Located? Who are the Biggest Producers?

The largest “proven” reserves of Potash have been found in Canada, Russia, and Belarus. The majority of which are in hard rock deposits that are brought to market by underground mining

2010 Proven Reserves of Potash (by Country)

Canada – 53% Russia – 22%

Belarus – 9%

Germany – 9%

Brazil – 6% Other – 3%

The largest deposits of Potash have been found in the Canadian province of Saskatchewan, where the biggest Potash producer is based.

Source: Fertecon Consultancy Services – Potash Report (2010)

0 2 4 6 8 10 12 14 16 18

Vale (Brazil)

Intrepid (US)

Agrium (Canada)

SQM (Chile)

APC (Jordan)

(China)

K&S (Germany)

ICL (Israel / Spain / UK)

Belaruskali (Belarus)

Mosaic (Canada / US)

Uralkali (Russia)

Potash Corp. (Canada / Global)

Potash Corp. of Saskatchewan, Inc. (TSX:POT) is the largest producer of Potash in the world. According to their latest public filings, they had LTM Revenue of $7.6 Billion

World Potash Producer Profile (2012)

Potash Corp. Production / JV

Other Producers

2015 Expansion Millions of Tons of KCl yearly production

Potash Corp. has been able to expand it’s reach further by entering into JV agreements with various smaller producers including ICL (Israel), APC (Jordan) and SQM (Chile).

Source: Potash Corp. Investor Presentation (2012)


Detail - FPC’s Brine Salar Properties

Tier I Projects – Laguna Verde

Description of Project

Project Name Laguna Verde

Size 3,400 Hectares (15 concessions)

Location Chile / Atacama Region III (4 hours from Copiapo)

Brief Description Young volcanic cones and vents surround the entire basin, and in most instances constitute the divides separating the basin from other valleys and nearby salars.

Elevations surrounding Laguna Verde reach 6,800 meters and more. The lake is fed by active hot springs, and is thought to be of geothermal origin.

Water Rights Yes

Inferred Potassium (tons)/Grade(1) 4,223,134 Tons of potassium chloride equivalent with a grade of 4,881 mg/l

Inferred Lithium (tons)/Grade(1) 512,960 tons of lithium carbonate equivalent with a grade of 213 mg/l

Recent Work June 2010 – filed a NI 43-101 technical report for an inferred resource estimate

Next Steps Scoping & Pre-feasibility Study


Tier I Projects – Salar de Pedernales


Project Name Salar de Pedernales


Location Chile / Atacama Region III (4 hours from Copiapo, near Salar de Maricunga)

Brief Description The Salar de Pedernales is the second-largest salar in Chile. FPC is the only company focused on Potash production with concessions at this salar

Water Rights Yes

Inferred Potassium (tons)/Grade TBD

Inferred Lithium (tons)/Grade TBD

Recent Work November of 2010 - began a trenching exploration program; K grades over 8,000 ppm from trenching work and Li grades as high as 1,070 ppm.

Next Steps NI 43-101 Resource Study


Tier I Projects – Laguna Brava


Project Name Laguna Brava


Location Chile / Atacama Region III Near Maricunga, in the central Andes near Argentina - accessible via paved International

Highway C31 from Copiapo (4 hours); project is accessible via 2 wheel drive vehicles.

Brief Description In a region of young and active volcanoes and obvious geothermal activity.

Lake is fed by active hot springs, which appears to be the principal source of lithium, potassium, and other metallic minerals.

Water Rights Yes

Inferred Potassium (tons)/Grade TBD

Inferred Lithium (tons)/Grade TBD

Recent Work April 2010: Initiated brine sampling program at the shallow Laguna Brava surface lake.

Next Steps NI 43-101 Resource Study


Ownership / Capitalization Table / Service Providers Summary of Investment Highlights

Ownership / Capitalization Table / Service Providers


Ownership Table

Insider Holders Common Shares % of Outstanding Beneficial Shares % of Outstanding

POSCO Canada (POSCO Subsidiary) 10,522,090 18.1% 10,522,090 14.3%

Harold Gardner (Owner of Gareste Limitada) 1,738,400 3.0% 1,963,400 2.7%

Eduardo Estefan Marco (Owner of Gareste Limitada) 1,653,600 2.8% 1,653,600 2.2%

Andrew Brodkey (CEO & President) 2,023,000 3.5% 3,523,000 4.8%

Other Members of Management Team 500,000 0.9% 1,300,000 1.8%

Gareste Limitada 377,500 0.6% 377,500 0.5%

Total Insiders 16,814,590 28.9% 16,814,590 22.8%

Public Float 41,335,193 71.1% 57,016,966 77.2%

Total Number 58,149,783 100.0% 73,831,556 100.0%

Capitalization Table

Common Shares Outstanding 58,149,783

Options Outstanding (Weighted Avg. Exercise Price of $0.52) 5,375,000

Warrants Outstanding (Weighted Avg. Strike Price of $0.25) 10,306,773

Fully Diluted Shares 73,831,556

Ownership / Capitalization Table as of January 15th, 2013

FPC has high-quality service providers that do work in the U.S. and Canada

Legal Counsel: Clark Wilson LLP

Auditor: Manning Elliott LLP

Investment Highlights

Why Invest in First Potash Corporation?

Low Cost of Commercialization

Brine Salar properties are among the lowest-cost property types to extract Potash from in the world.

No need to mine Potash, its already in solution (brines)

Safety in Chile Considered to be one of the most mining-friendly countries

Key Access to Markets Low-cost access to the 2 largest importers of Potash (for fertilizer) (China & Brazil)

World Scale Resource FPC’s Brine Salars are large; significant in size to attract strategic investment partners

Potash Fundamentals Explosive demand for fertilizers around the world; one of the most important resource stories of the

next 25 years and its role in feeding the world’s growing population Price estimates 6X from early-2000s; ~$600 per ton through 2025E(1)

Near-Term Valuation Milestones

Minimal investment can show significant resources from 2 major projects in FPC’s property portfolio



Company Presentation – March 2013

First Potash Corporation Stock Symbols: (TSXV:FSP) / (OTCBB:SALTF)

Please Contact: Andrew Brodkey, CEO & President First Potash Corporation Tel: (520) 989-0031 Email: [email protected] Corporate Website: (www.firstpotashcorp.com)



Appendix

More Detail on Chile Lithium Commercialization Process

On November 26th, 2012, Pan American Lithium Corp. (“PALC”) announced that it is refocusing its corporate strategy to commercialize Potash (for fertilizer), and will subsequently be changing its name to First Potash Corporation (“FPC”).

The Company made this decision in light of events that have recently transpired in the mining sector in Chile

that make the commercialization process of Lithium in that country less clear.

September 24th, 2012: Chilean government announced that Sociedad Quimica y Minera (NYSE:SQM) had won tender to develop a 20 year lithium concession. SQM outbid several groups with an offer of $40.6 million.

October 2nd, 2012: Officials from the Chilean Mining Agency declared the tender process invalid, after numerous issues arose:

– Legal challenges from rival consortiums regarding SQM’s ability to participate. – Political challenges focused on the process (Executive Government vs. Congress).

October 3rd, 2012: The Chilean Deputy Mining Minister in charge of process has resigned. With

Congressional elections coming soon, there are numerous theories about what the Chilean Government will do next, including giving the Lithium concession to the state-owned mining company Codelco.

It is rare for Chilean mining industry to stumble, but matters have been complicated because Lithium was designated in the 1980s as a "strategic resource" because of possible use in nuclear weapons / atomic energy.

The path towards commercialization of Lithium in Chile is less clear than it has ever been.


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