The Sintoukola Potash Project Technical Overview of Potash Mining Paul Kluge

1. The Sintoukola Potash Project Technical Overview of Potash Mining Paul Kluge March 2013 ASX: ELM, TSX: ELM

2. Agenda • About Elemental Minerals • The Potash Market • Potash Basics • The Sintoukola Potash Project • Geology • Mining • Processing • Infrastructure • Economics • Summary & Conclusion

3. About Elemental Minerals • Exclusively focused on the 93% owned Sintoukola Potash Project in Republic of Congo (Brazzaville) • Listed on the ASX and TSX • Management Team based in Dainfern, South Africa • Global group of consultants from Perth to Vancouver, SRK Denver lead engineers • Key Milestones so far: • Start of drilling – Sep 2010 • Maiden resource – Apr 2011 • PEA – Aug 2011 • IPO in Toronto – Aug2011 • PFS completed – Sep 2012 • ESIA and mining license application – Dec 12

4. The Potash Market Why Potash? • Potash primary use is in fertiliser, along with nitrogen and phosphorous (NPK) • Saleable product is Murate of Potash (MoP) which is pure KCl • K improves crop water retention, yield, nutrient value, taste, colour and disease resistance

5. The Potash Market Potash Supply • One third of production concentrated in Saskatchewan Canada – controlled by Canpotex • One third of production concentrated in the FSU, controlled by Belarussion Potash Corporation • Final Third of Production spread between Germany, Chile, Chine, Israel, Jordan • No supply currently from Africa, but a historic operation in RoC flooded in the 1970’s (Holle Mine) Potash Demand • Demand from agricultural users • Mature markets: USA, EU • Growth markets: China, India, SE Asia, BRAZIL • Brazilian market consumed 8.2Mtpa in 2013 (own production 800ktpa), demand projected to grow to 10.2Mtpa by 2017

6. Potash Basics • Potash sold as 96-98% pure KCl (60-61% K2O) – Muriate of Potash (MoP) • Potash Ores: • Sylvinite = Sylvite (KCl) + Halite (NaCl) • Grades typically 15%-25% K2O • Basis for reserve at Sintoukola (21% K2O & HWS intersection at 35% K2O) • Most of world production • Carnallitite = Carnallite (KMgCl3·6H2O) + NaCl • Grades typically 10%-15% K2O • More difficult to process • Production often in conjunction with Mg

7. The Sintoukola Project - Location • Situated in the south west corner of the Republic of Congo • 30km direct line of sight from the coast • 60km north of Pointe Noire • 1,408km2exploration license covering the Kola and Dougou deposits – 90km2 explored to date

8. Historic Exploration Kola Deposit Boreholes, seismic lines and resource outlines • Potash discovered in 1935. French (Potassed’Alsace) explored coastal plain, scattered drilling, focussed at Holle. • >60 historic boreholes within basin completed by previous oil and potash explorers, most contain references to potash. >10 within SP permit area. • Within SP permit >400 line kilometres of 2D oil industry seismic data from 80’s to 2006. Plus oil exploration boreholes. • ELM acquired most historic borehole logs and 200 kms of historic seismic data through purchase and swap agreements • ELM initated exploration by twinning K6 and K18 at Kola in 2010 Historic log Strategic World Class Potash Project

9. The Sintoukola Potash Project - Resource • All exploration with consultation and sign-off by CSA Global of Perth. • Team of 10 local and expat geologists and technicians • Drilling of 45 exploration boreholes (15,737 metres) • Drilling of 22 hydrological boreholes (3,779 metres) • 203 line kms of 2D Seismic data over 2 phases. • 3 resource estimations (by CSA) the latest being August 2012. • Phase 3 commenced 8th Jan 2013. Mineral Resource estimate for sylvinite mineralization only at a 10% K2O cut-off grade

10. Project Geology K2O Mg gamma Geology • 150-200 metressoft sands, clays, silts, Fe-sandstones overly; • 80 m of limestone and dolomite. • Anhydrite and clay aquitard (5-15 m thick) rests on the ‘Top of salt’. • Salt sequence typically 400 metres thick, mainly halite and carnallitite. • Upper 50-100 metresof the salt sequence contains the sylviniteseams. • The clasticsyn-rift sediments of Upper Jurassic form the FW to the evaporites. Top of salt sylvinte anhydrite bischofite Typical anhydrite sequence: an aquitard anhydrite Evaporite sequence dominated by salt 10’s metres of carnallitite (<15% K2O) clay Base of salt

11. The Sintoukola Potash Project - PFS study structure Strategic World Class Potash Project

12. The Sintoukola Potash Project - Mining Solar evaporation from brine lakes • Approx. 20% of world production: Chile, China, Israel, Jordan • Lowest production costs • Large environmental impact • Limited new resources available Solution Mining • Approx. 10% of world production: Canada, Russia • Generally conversion from flooded conventional mines • High operating costs, power & water requirements • Amenable to deep deposits Conventional Mining • Approx. 70% of world production • Lowest environmental impact • Underground Room & Pillar Mining • Maintaining seal between mine workings and overlying aquifer is critical • Borer Miner or Continuous Miner • Requires ground freezing for shaft sinking

13. The Sintoukola Potash Project - Mining Selected Conventional Mining • Use continuous miners feeding shuttle cars • Underground conveyors to shaft • Convert 573Mt of M&I resource to 152Mt of reserve at 20% K2O • 26% overall extraction ratio • Production of 2Mtpa – 23 mine life with current resource

14. The Sintoukola Potash Project - Processing Hot or cold crystallization • In conjunction with evaporation & solution mining • Required for the processing of carnallite • Energy and water intensive Floatation • Used in conjunction with conventional mining • Chosen at Sintoukola

15. The Sintoukola Potash Project - Infrastructure Existing Camp • Roads • 30km road to the mine site • 12km road to the process plant • Processing Facility at Coast • Central, scalable process plant located at the coast • Facilitates brine disposal in ocean • Material Transport • RoM material via 36km overland conveyor to plant (6.8Mtpa) • Port • Jetty facility at Tchiboula adjacent to plant • Transship product in barges for 10km to ocean going vessels • Infrastructure • Power transmission from existing national grid (50MW required – 200MW available) • Water sourced from ocean and aquifer • 80km Gas line for product drying • Employee facilities for approximately 950 people near the process plant • Infrastructure Funding • Pursuing opportunities to fund these infrastructure packages externally UP 3.17 UP 5.26 Existing Track 1 (ET1-N6) UP 8.01 Dougou REPUBLIC OF CONGO UP 13.59 UP 17.09 UP 23.98 Existing Track 2 (ET1-N5) Electrical Substation UP 27.51 Employees Facilities UP 33.70 LEGEND Existing Roads Existing Tracks Haulage Road New Track Service Road Existing Tracks Upgraded Under Pass Shoreline Buffer Zone Reserve Buffer Zone Process Plant TCHIBOULA Existing Track 2 (ET2) Jetty UP

16. Study and Implementation schedule Plant Basic Engineering Phase 2 Mineral Resource Estimation Detail Engineering Plant Com PFS-level Technical Report Plant Production Ramp-up Infrastructure and plant construction Full production Definitive Feasibility Study Mine ramp up Shaft and mine construction ESIA Process Permitting

17. Capital and Operating Costs – 2.0 Mtpamine NI 43-101 Technical Report, Sintoukola Potash Project, Sep. 17, 2012; available at www.sedar.com Note: Capital estimates exclude sustaining capital costs

18. Benchmarking Elemental vs. Peers Capex Comparison High Grade Sylvinite Resource Source: Company Reports, NI 43-101 Technical Report, Sintoukola Potash Project, Sep. 17, 2012 1. Sulphate of Potash (“SoP”) production Shallow Mineral Resources Depth Source: Company Reports, NI 43-101 Technical Report, Sintoukola Potash Project 1. Sulphate of Potash (“SoP”) production 2. Excludes capital costs of US$530mm due to infrastructure opportunities Source: Company Reports, NI 43-101 Technical Report, Sintoukola Potash Project, Sep. 17, 2012 1. Sulphate of Potash (“SoP”) production

19. Estimated Potash Developer Cost Curve (US$/tonne KCl) Royalties Freight Costs Operating Costs Expected Capacity (Mtpa) (US$/tonne) (1) Project (1) (2) Operating Costs Freight Costs (3) Royalties Sintoukola’s opex per tonne is the lowest when benchmarked against its peers Source: Company Reports, Equity Research, NI 43-101 Technical Report, Sintoukola Potash Project, Sep. 17, 2012; available at www.sedar.com Note: Freight and royalties included where available, excludes Saskatchewan Potash Production Taxes 1. Figures based on weighted average cost over LOM production 2. Includes sales and marketing costs; using Q2 2013 figures 3. Includes 2.5% crown royalty and 3.0% Saskatchewan resource surcharge based on US$450/tonne KCl price

20. Summary & Conclusions • The growing world population underpins strong fundamentals for the potash market • Price levels are likely to remain high due to the controlled concentration of production and the high barriers to entry • The Sintoukola Potash Project hosts a significant high grade resource • Strong cost advantages result in excellent project economics: NPV = $2.97bn, IRR = 29%. • Proven conventional mining, processing and shallow depth • Excellent location to serve the Brazilian market

21. Questions?

22. Appendix

23. PFSMineral Reserves & Resource Estimate Mineral Reserve for sylvinitemineralization only at a 10% K2O cut-off grade Mineral Resource estimate for sylvinite mineralization only at a 10% K2O cut-off grade (1) Mineral Resource estimate for sylvinite and carnallitite mineralization at a 10% K2O cut-off grade (1) Source: NI 43-101 Technical Report, Sintoukola Potash Project, Sep. 17, 2012; available at www.sedar.com 1. Includes resources upgraded to P&P reserves Strategic World Class Potash Project

24. Disclaimer This Presentation contains "forward-looking statements" ‘‘forward-looking information’’ within the meaning of applicable Canadian securities legislation. Wherever possible, words such as ‘‘plans’’, ‘‘expects’’, or ‘‘does not expect’’, ‘‘budget’’, ‘‘scheduled’’, ‘‘estimates’’, ‘‘forecasts’’, ‘‘anticipate’’ or ‘‘does not anticipate’’, ‘‘believe’’, ‘‘intend’’ and similar expressions or statements that certain actions, events or results ‘‘may’’, ‘‘could’’, ‘‘would’’, ‘‘might’’ or ‘‘will’’ be taken, occur or be achieved, have been used to identify forward-looking information. Forward-looking statements in this Presentation may include, but are not limited to, statements regarding: future extraction, methodologies and the exploitation of mineral deposits; capital expenditure requirements; IRR and NPV of the Sintoukola Potash Project; expected production capacity; certain mining assumptions; cost estimates; product market assumptions; market price assumptions; transportation and marketing costs; life of mine production parameters; arable land per capita projections; estimation of Mineral Resources; the Company spending the funds available to it as stated in this Presentation; expectations regarding the Company’s ability to subsequently raise capital; expenditures to be made by the Company to meet certain work commitments; work plans to be conducted by the Company; reclamation and rehabilitation obligation and liabilities; treatment under governmental regulatory regimes with respect to environmental matters; treatment under governmental taxation regimes; government regulation of mining operations; dependence on personnel and competitive conditions. Forward-looking statements are based on the reasonable assumptions, estimates, analysis and opinions of management made in light of its experience and its perception of trends, current conditions and expected developments, as well as other factors that management believes to be relevant and reasonable in the circumstances at the date that such statements are made, but which may prove to be incorrect. Management believes that the assumptions and expectations reflected in such forward-looking statements are reasonable. Assumptions have been made regarding, among other things: the Company executing its project development plans in accordance with its budgets and planning; feasibility and other studies supporting the Company’s development plans; the Company being able to obtain sufficient financing when required and on reasonable terms; the Company being able to convert existing Mineral Resources into Proven or Probable Mineral Reserves; the Company obtaining required licenses and approvals in a timely manner; applicable environmental and other laws and other regulations not being amended; key management continuing to serve in their respective roles with the Company; title to the Sintoukola Potash Project not being challenged; and no changes occurring to the price of potash that might adversely affect the prospects for developing and operating the Sintoukola Potash Project or which might make it uneconomic to proceed with development. Forward-looking statements involve significant risks and uncertainties, should not be read as guarantees of future performance or results, and will not necessarily be accurate indications of whether or not such results will be achieved. A number of factors could cause actual results to differ materially from the results discussed in the forward-looking statements, including risks related to: no history of mineral production; lack of revenue from operations; dependence on the Sintoukola Potash Project; uncertainty of estimates of Mineral Resources; lack of Proven or Probable Mineral Reserves; projections being materially different than results; challenge of title to the Project; failure to obtain approvals and licenses; adverse regulatory requirements; litigation; mining complexities; construction delays; potential for water ingress; potential for ground water access to Mineral Resources; adverse climate conditions; failure to secure suitable waste disposal permits; inadequate infrastructure; delays in gaining access to land; existence of cultural heritage on lands for which access is required; inability to recruit and retain key employees; unknown environmental risks; uninsurable risks; potential officer and director conflict of interest; inability to secure additional capital; global financial conditions; competition in the mining industry; cyclical demand for potash; weather patterns and natural disasters; volatility in potash prices; political and economic risks in the ROC; entitlement of the Congolese government to a stake in the Sintoukola Potash Project; enforcement of contractual rights in the ROC; exchange rate fluctuations; repatriation of funds; failure to declare funds prior to bringing them into the ROC; opposition from non-governmental organizations; lack of dividends; volatility and lack of liquidity of ordinary shares of the Company. Although the forward-looking statements contained in this Presentation are based upon what management of the Company believes are reasonable assumptions, the Company cannot assure investors that future performance and actual results will be consistent with these forward-looking statements. The Company, its directors, officers, agents, employees or advisors, do not represent, warrant or guarantee, expressly or impliedly, that the information in this Presentation is complete or accurate. To the maximum extent permitted by law, the Company disclaims any responsibility to inform any recipient of this Presentation or any matter that subsequently comes to its notice which may affect any of the information contained in this Presentation. These forward-looking statements are made as of the date of this Presentation and are expressly qualified in their entirety by this cautionary statement. Subject to applicable securities laws, the Company does not assume any obligation to update or revise them to reflect new events or circumstances.

25. Disclaimer cont’d This Presentation does not constitute or form part of any offer for sale or solicitation of any offer to buy or subscribe for any securities nor shall it or any part of it form the basis of or be relied on in connection with, or act as any inducement to enter into, any contract or commitment whatsoever in any jurisdiction. Recipients of this Presentation who are considering acquiring securities of the Company are reminded that any such purchase or subscription must not be made on the basis of the information contained in this Presentation but are referred to the entire body of publicly disclosed information regarding the Company. The information contained in this Presentation is derived solely from otherwise publicly available information concerning the Company and does not purport to be all-inclusive or to contain all the information that an investor may desire to have in evaluating whether or not to make an investment in the Company. The information is qualified entirely by reference to the Company’s publicly disclosed information. This Presentation is being supplied to you solely for your information and may not be reproduced, further distributed or published in whole or in part by any other person. Neither this Presentation nor any copy of it may be taken or transmitted into or distributed in Canada, the United States or any other jurisdiction which prohibits the same except in compliance with applicable securities laws. Any failure to comply with this restriction may constitute a violation of applicable securities laws. No representation, warranty or guarantee express or implied, is made or given by or on behalf of the Company or any of their subsidiary undertakings or any of the directors, officers, employees or advisors of any such entities as to the accuracy, completeness or fairness of the information or opinions contained in this Presentation (or of any other written or oral information made or to be made available to any interested party or its advisors) and, to the fullest extent permitted by law, no responsibility or liability, howsoever arising, is accepted by any person for such information or opinions.  In furnishing this Presentation, the Company does not undertake or agree to any obligation to provide the attendees with access to any additional information or to update this Presentation or to correct any inaccuracies in, or omissions from, this Presentation that may become apparent.  The information and opinions contained in this Presentation are provided as at the date of this Presentation.  The contents of this Presentation are not to be construed as legal, financial or tax advice. Each prospective investor should contact his, her or its own legal adviser, independent financial adviser or tax adviser for legal, financial or tax advice. In particular, any estimates or projections or opinions contained in this Presentation necessarily involve significant elements of subjective judgment, analysis and assumptions and each recipient should satisfy itself in relation to such matters. Competent Person / Qualified Person Statement: All scientific or technical information, including information that relates to exploration results and minerals resources (“Information”) in this press presentation is based on information prepared and/or approved by Andrew Scogings, MSc, MAusIMM, MAIG, PhD (CSA), Jean Hector, Senior Geologist (EGIS), Jane Joughin, Pr.Sci.Nat., MSc (SRK), Johan Boshoff, MEng, P.Eng. (SRK), Neal Rigby, CEng MIMMM, PhD (SRK), Paul O’Hara, P.Eng. (AMEC) and Simon Dorling, MSc, MAIG, PhD (CSA) (collectively, the “Qualified Persons”), each of whom are independent of the Company and have sufficient experience which is relevant to the style of mineralization and type of deposit under consideration and to the activity they are undertaking to qualify as a Competent Person as defined in the 2004 Edition of the “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves” (the JORC Code) and as a Qualified Person for the purposes of Canadian National Instrument 43-101. Each of the Qualified Person consents to the inclusion in this press presentation of the Information, in the form and context in which it appears. Further information respecting Elemental’s Sintoukola Potash Project and the PFS is contained in a technical report entitled ‘‘NI 43-101 Technical Report, Sintoukola Potash Project, Republic of Congo’’ dated September 17, 2012 with an effective date of September 17, 2012 (the “Technical Report”). The Technical Report can be accessed on the Company’s profile on SEDAR.

26. Disclaimer cont’d Canada This document may only be provided, and offers and sales may only be concluded in Canada, with or to, persons that are “accredited investors” as defined in National Instrument 45-106 – Prospectus and Registration Exemptions. This document is not, and under no circumstances is it to be construed as, an offer to sell the securities described herein or a solicitation of an offer to buy the securities described herein in any jurisdiction in Canada where the offer or sale of these securities is prohibited. This document is not, and under no circumstances is it to be construed as, an advertisement or a public offering in Canada of the securities referred to in this document. No securities commission or similar regulatory authority in Canada has reviewed or in any way passed upon this document or the merits of the securities described herein and any representation to the contrary is an offence. United Kingdom Neither the information in this document nor any other document relating to the offering described herein has been delivered for approval to the Financial Services Authority in the United Kingdom and no prospectus (within the meaning of section 85 of the Financial Services and Markets Act 2000, as amended ("FSMA")) has been published or is intended to be published in respect of the securities described herein. This document is issued on a confidential basis to "qualified investors" (within the meaning of section 86(7) of FSMA) in the United Kingdom, and the securities referenced herein may not be offered or sold in the United Kingdom by means of this document, any accompanying letter or any other document, except in circumstances which do not require the publication of a prospectus pursuant to section 86(1) FSMA. This document should not be distributed, published or reproduced, in whole or in part, nor may its contents be disclosed by recipients to any other person in the United Kingdom. Any invitation or inducement to engage in investment activity (within the meaning of section 21 of FSMA) received in connection with the issue or sale of the securities described herein has only been communicated or caused to be communicated and will only be communicated or caused to be communicated in the United Kingdom in circumstances in which section 21(1) of FSMA does not apply to the Company. In the United Kingdom, this document is being distributed only to, and is directed at, persons (i) who have professional experience in matters relating to investments falling within Article 19(5) (investment professionals) of the Financial Services and Markets Act 2000 (Financial Promotions) Order 2005 ("FPO"), (ii) who fall within the categories of persons referred to in Article 49(2)(a) to (d) (high net worth companies, unincorporated associations, etc.) of the FPO or (iii) to whom it may otherwise be lawfully communicated (together "relevant persons"). The investments to which this document relates are available only to, and any invitation, offer or agreement to purchase will be engaged in only with, relevant persons. Any person who is not a relevant person should not act or rely on this document or any of its contents. United States This document may not be released or distributed in the United States or to U.S. persons (as defined under the U.S. Securities Act of 1933, as amended (the “U.S. Securities Act”)) (“U.S. Persons”) or to persons acting for the account or benefit of U.S. Persons, except to persons that satisfy the requirements set forth in Rule 501(a)(1), (2), (3) or (7) of Regulation D. This document does not constitute an offer to sell, or a solicitation of an offer to buy, any securities in the United States or to, or for the account or benefit of, any U.S. Persons except to persons that satisfy the requirements set forth in Rule 501(a)(1), (2), (3) or (7) of Regulation D. The securities described herein have not been, and will not be, registered under the U.S. Securities Act or the securities laws of any state or other jurisdiction of the United States. Accordingly, the securities described herein may not be offered or sold, directly or indirectly, in the United States or to, or for the account or benefit of U.S. Persons , unless they have been registered under the U.S. Securities Act, or are offered and sold in a transaction exempt from, or not subject to, the registration requirements of the U.S. Securities Act and any other applicable state securities laws.