Nilefos Minerals Limited Sukulu Hills Project

5

Geologic Setting

5.1

Regional Geology

5-1 Preliminary Assessment and Exploration Report

The Project area is situated within intrusive and extrusive Tertiary alkaline rocks in contact with Precambrian gneiss and schist. The complex is at the southern terminus in eastern Uganda of a larger series of volcanic centers including the Late Miocene Mineralization occurs within a large circular mass of carbonatite 4km in diameter forming a topographic high up to 250m above the surrounding the plain. The carbonatite is ringed by numerous cone sheets of alkali syenite and fenitized granite gneiss. These are all cut radial faults and dikes. Weathering under moist tropical conditions at 1,200m elevation has resulted in the accumulation of residual soils up to 67m thick filling three large valleys over the carbonatite. These soils have been concentrated with accumulations of weather resistant apatite.

5.2

Local Geology

5.2.1 Local Lithology The carbonatites are generally medium grained and vary in composition from relatively pure white sovites to dark brown, ferriginous carbonatities. Other rock types present include alvikites, apatite, dolomitic-alvikites, beforsite-alvikites and nearly pure apatite with magnetite. Below this complex, the basement rock consists of granite, gneiss and schist. 5.2.2 Local Structure The Project overlies a basement composed of granite, gneiss and schist folded and sheared along a major North-South trending axis. The Sukulu crater is the largest of several volcanic ring structures of the same age and similar character that exist in the eastern region of Uganda. The Sukulu Hills represent the remains of the volcanic center, which resulted in radial and concentric faulting around the core. Radial faulting caused relative uplift or depression of blocks or wedgeshaped sections of the volcano, while concentric faulting depressed blocks and tilted them toward the center. The concentric hills are thought to exhibit a greater resistance to weathering due to their relatively homogenous carbonatite rock type, while the complex mixtures of various rock types surrounding the volcanic core make them more liable to hydration and oxidation, thus forming the eroded highly mineralized Sukulu deposit. The Project overlies a basement composed of granite, gneiss and schist folded and sheared along a major North-South trending axis. The deposit is divided into three low-lying structural zones separated by resistant carbonatite hills (Figure 5-1). The three zones are referred to as the North, South and West Valleys. Figure 5-2 shows a typical distribution of P2O5 within a vertical cross section through the South Valley. All three zones contain similar average assay grades between 14.3% P2O5 in the South Valley and 15.7% P2O5 in the West Valley. The South Valley contains more than half of the overall eroded material, with the remaining material divided relatively equally between the North and West Valleys. Mineralization The Sukulu Hills constitute a core of carbonatite of deep-seated origin. Carbonatite is an intrusive volcanic rock with more than 50% calcium carbonate and typically exhibiting a high magnesium and iron content. The carbonatite is intersected by numerous faults and dykes with SRK Consulting (US), Inc. Sukulu Hills.Preliminary Assessment and Exploration Report.154901.KG.028.doc

January 2008

Nilefos Minerals Limited Sukulu Hills Project

5-2 Preliminary Assessment and Exploration Report

inclusions of brecciated igneous material containing magnetite, apatite, quartz, baddeleyite, pyrochlore, zircon, barites and anatase, with traces of copper, gold, and thorium. The thick residual soils that make up the Sukulu deposit formed with leaching of the carbonates and weathering of the various silicate minerals. The resistant minerals have been concentrated to levels four to ten times above those in the original rock. The main constituents in the soil are ferruginous clays, magnetite, hydrated iron oxides and apatite. Apatite is the most common mineral and, on average, makes up over 20% of the soil. Clay, occurring as weathered biotite, iron oxides, and some vermiculite and illite, makes up 20% of the soil. More than 15% of the soil is magnetite, which is often replaced by hematite. Secondary oxides and hydrated oxides of iron are common and goethite and limonite coat and cement rock fragments and other mineral grains forming rounded aggregates. Pyrochlore generally forms less than 5% of the soil and occurs as minute brown, yellow and gray octahedral, cubes, rounded grains, and angular fragments of whole crystals. The niobium content of the pyrochlore averages 67%. Barite is found mainly in the West Valley, and occurs in fine and coarse fractions of the soil as white and light buff-colored crystals. Zircon, baddeleyite, and quartz occur make up several percent of the soil and trace amounts of ilmenite, anatase, feldspar, olivine, vermiculite and gorceixite have also been recognized.

5.3

Exploration and Drilling

The Project deposit was drilled by Mackay and Schnellmann Economic Geologists for the TEC in 1952 and 1953. Initially, a Craelius drill operating with water was used to extract the soil. It was, however, impossible to obtain 100% of the soil by this method. The holes were re-drilled using a rotary Portadrill, which pumped compressed air down the center of the rods and blew the displaced material to the surface. Each 5ft run was bagged separately and labeled. The Portadrill provided complete cores and was used for all 11,262m drilled. Nilefos furnished SRK with all drillhole data in hard copies. The drillhole database consisted of drill collar; northing, eastings, elevation, total depth, assay interval and assay results for P2O5. Figure 5-1 is a drillhole location map of the Project deposit.

SRK Consulting (US), Inc. Sukulu Hills.Preliminary Assessment and Exploration Report.154901.KG.028.doc

January 2008

Sukulu Hills Project, Sukulu, Uganda

Drillhole Location Map with Cross Section Line

SRK Job No.: 154901 File Name: Figure 5-1

Date: Aug. 2006

Approved: EG

Figure: 5-1

Sukulu Hills Project, Sukulu, Uganda

Cross Section through the Sukulu Hills South Valley

SRK Job No.: 154901 File Name: Figre 5-2

Date: Aug. 2006

Approved: EG

Figure: 5-2

Nilefos Minerals Limited Sukulu Hills Project

6

6-1 Preliminary Assessment and Exploration Report

Mineral Resources

Disclaimer The estimate was prepared using historic drilling data completed by Mackay and Schnellman in the 1950s as well as limited pitting and assaying performed by SRK and its contractors during the course of this study. SRK cautions the reader that the work completed and presented in this report does not conform to generally accepted international resource estimating standards for reporting as prescribed by SME or Canadian CIM. Such estimation guidelines require a standard of drilling, logging, assaying and QA/QC procedures, and/or verification of historical data which were beyond the scope and time constraints of this contract. Nevertheless, SRK is confident that a material phosphate resource can be reasonably delineated through a resource estimate conforming with best practice.

6.1

Resource Estimation

The mineral resource for the Project deposit was estimated using Maptek’s Vulcan software. Table 6.1.1: Model Limits East North Elevation

Minimum 625,154 68,155 1,100

Maximum 630,194 73,285 1,454

The blocks are 45m x 45m in plan and 6m high. Figure 6-1 shows the model limit with the Project drillholes and P2O5 block grades. 6.1.1 Topographic Data The topographic surface used for the resource estimate was generated from drillhole collar elevations using Vulcan triangulation software. This was achieved by referencing the drillhole coordinates in local grid reported in the Mackay and Schnellmann Report to a topographic map with UTM3 World coordinates furnished by Nilefos. Once the appropriate translation was calculated the drillholes coordinates were relocated in UTM3 space and a topographic surface was generated. 6.1.2 Drillhole Database The original drillhole database consisted of hard copy logs containing drill collar; northing, eastings, elevation, total depth, assay interval and assay results for P2O5. The assay file contains P2O5 grades labeled percent raw soil and percent de-slimed soil. The raw soil assay values were used for the resource estimate. The assay intervals are almost uniformly 6m. Appendix A is a listing of the drillholes The holes are all vertical and were not surveyed for downhole deviation, but given the average depth of 19m, there should be very little deviation. All drillholes were included in the statistics analysis and modeling of the deposit. The database contains all historic drilling completed by MacKay and Schnellman using the Portadrill. Statistics for the drillholes are given in Table 6.1.2.

SRK Consulting (US), Inc. Sukulu Hills.Preliminary Assessment and Exploration Report.154901.KG.028.doc

January 2008

Nilefos Minerals Limited Sukulu Hills Project

6-2 Preliminary Assessment and Exploration Report

Table 6.1.2: Drillhole Statistics Drillhole Statistics Number of Holes Minimum Depth Maximum Depth Average Depth Median Depth Total M M Sampled Sampled Intervals

164 1 61 19 18 11262 3354 593

6.1.3 Drillhole Sample Statistics The drillhole database consists of 593 assay intervals with a grade of 0.07% or more P2O5; the maximum sample value is 26.96% P2O5. Sample statistics are shown in Table 6.1.3. Table 6.1.3: Sukulu Hills Drillhole Sample Statistics Cut-off (%)P2O5 0 4 8 12 16 20 24

Number Above Cut-off 593 8,868 7,331 5,643 4,432 3,556 2,999

Grade (%)P2O5 0.178 0.534 0.632 0.777 0.923 1.065 1.180

(%) Above Cut-off 100 32 27 20 16 13 11

6.1.4 Compositing It is anticipated that the mine plan for the Project deposit will be on 6m benches. The assay database was therefore composited in straight composites corresponding with the assay lengths, which would comprise one assay block height per bench. As the drillhole lengths match the compositing lengths, the statistics for both databases are the same. At a 100% cut-off, the average grade of the straight composites is 13% P2O5. The straight composites were used to define the block model grade shells and for grade estimation. 6.1.5 Specific Gravity The Mackay and Schnellmann study presents data for specific volumes of soil excavated from various test pits and then weighed to generate tonnage factors. The average tonnage factor was calculated to be 22t/ft3 of dry soil. SRK converted this to a dry tonnage density of 1.63t/m3 for the eroded material. This tonnage factor was applied to all material within the grade shell. 6.1.6 Resource Estimation Strategy The primary mineralization lies within three erosion zones that are bound by more resistant hills of carbonatite and basement rock. Grade shells were defined within the soils using a 4% P2O5 composite cut-off and were limited to the maximum borehole depth except where valley depositional structures have been inferred. A unique grade shell was constructed for each erosion valley. Blocks within each grade shell were estimated for P2O5 by using only the composites within the same grade shell. SRK Consulting (US), Inc. Sukulu Hills.Preliminary Assessment and Exploration Report.154901.KG.028.doc

January 2008

Nilefos Minerals Limited Sukulu Hills Project

6-3 Preliminary Assessment and Exploration Report

6.1.7 Grade Estimation The blocks were subdivided into domains dependent on accumulation zones and grade shell boundaries, Figure 6-1 shows drillhole location with block model limits. The blocks in the three accumulation zones were estimated using inverse distance squared. Inverse Distance Estimation inside the Grade Shell The estimation uses a minimum of one composite and a maximum of five composites. A horizontal search distance of 200m and a vertical search distance of 15m. Model Verification As a verification of the model, the block grades were visually compared to the composite grades. There was generally good correlation. A second check was to compare a histogram of the frequency of samples from the assay database with the block model. The cumulative frequencies also showed very close correlation. Figure 6-2 shows a histogram of the cumulative frequency of samples within the assay database. These were compared with a cumulative frequency histogram of the samples used in the triangulation model for resource estimation and were found to be very similar. The average phosphate grade from this study is slightly higher than the earlier MacKay and Schnellman Report. The resource model grade at an assumed (this is not expressly stated in the report) 100% P2O5 cut-off is 13.1% while the SRK model average grade is 14.6% P205 at a 12% cut-off. Using this cut-off, SRK finds the total measured and inferred resources to be 110.2Mt, while MacKay and Schnellmann’s model found 130Mt. Because the modeling parameters used by SRK are very similar to those used by Mackay and Schnellman, the difference probably lies in the composite databases. It is recommended that the two composite databases be compared to see where the differences lie. 6.1.8 Resource Classification The blocks were classified as measured, indicated, or inferred based on the distance to the closest drillhole and the number of drillholes used in the block estimation as follows: Within the grade shell: Measured:

2 drillholes minimum.

Indicated:

1 drillhole minimum, closest composite within 100m.

Inferred:

1 drillhole minimum, closest composite 100m or greater.

6.1.9 Mineral Resource Statement Resources for the Project are presented at varying a 0.0% CoG, ranging from 0% to 20%, in Table 6.1.4. Resources at varying CoG’s are presented in Appendix B. The resource statement calculated differs from that produced by Mackay and Schnellman for a variety of reasons. There are areas that were not completely drilled and with the more rigorous standards which now have to be applied to resource estimation, this material can no longer be included in the inferred resource as it would have been done previously. The reader is reminded that these results do not comply with generally accepted reporting standards. Nevertheless, SRK is confident that a material phosphate resource can be reasonably delineated through a proper resource estimate. SRK Consulting (US), Inc. Sukulu Hills.Preliminary Assessment and Exploration Report.154901.KG.028.doc

January 2008

Nilefos Minerals Limited Sukulu Hills Project

6-4 Preliminary Assessment and Exploration Report

Table 6.1.4: Sukulu Hills Resources @ 0% CoG Resource (kt)

P2O5 Grade (%)

Contained P2O5 (kt)

North South

35,360 97,218

12.50% 13.10%

4,410 12,695

West

19,390

11.80%

2,290

Measured

151,967

12.80%

19,395

North South West

4,676 6,557 10,852

12.90% 14.60% 13.00%

601 954 1,413

Indicated Measured & Indicated North South

22,084

13.40%

2,968

40,035 103,774

12.50% 13.20%

5,011 13,649

Measured

Indicated

West

30,242

12.20%

3,703

M&I

174,051

12.80%

22,363

North South

3,954 4,074

12.90% 12.80%

511 521

West

23,493

12.60%

2,958

Inferred

31,521

12.70%

3,990

Inferred

Figure 6-3 shows a typical bench plan of the Sukulu Hills deposit on a contour line at elevation 1,229m.

6.2

Mineable Resources

Mineable resources are based on a 10% CoG and are shown in Table 6.2.1. Table 6.2.1: Mineable Resources (10% CoG) Area South Valley North Valley West Valley Combined Mineable Resource

Resource (kt) 89,697 33,460 35,472 158,899

SRK Consulting (US), Inc. Sukulu Hills.Preliminary Assessment and Exploration Report.154901.KG.028.doc

Grade (%) 13.87 13.71 14.68 14.02

Contained (kt) 12,437 4,589 5,246 22,272

January 2008

Sukulu Hills Project Sukulu, Uganda

Drillhole Location Map with Block Model Limits

SRK Job No.: 154901 File Name: Figure 6-1

Date: Aug. 2006

Approved: EG

Figure: 6-1

Frequency

Cumulative Frequency of Assay Samples 300

120.00%

250

100.00%

200

80.00%

150

60.00%

100

40.00%

50

20.00%

0

0.00% 4

8

12

16

20

24

Bin (% P2O5)

Drillhole Statistics

28

Frequency

0

Frequency

Cumulative %

4

11

1.86%

Mean

18.99177

8

51

10.47%

Standard Error

0.519809

12

163

38.01%

Median

18.28806

16

255

81.08%

6.09602

20

83

95.10%

Standard Deviation

12.65818

24

25

99.32%

Sample Variance

160.2295

28

4

100.00%

Kurtosis

-0.27443

Skewness

0.717652

Mode

Range

60.0458

Minimum

0.914403

Maximum

60.9602

Sum Count

Cumulative %

11262.12 593

Sukulu Hills Project, Sukulu, Uganda

Histogram of Cumulative Frequency of Assay Samples

SRK Job No.: 154901 File Name: Figure 6-2

Date: Aug. 2006

Approved: EG

Figure: 6-2

Typical Bench Plan Sukulu Hills Project, Sukulu, Uganda SRK Job No.: 154901 File Name: Figure 6-3

Date: Aug. 2006

Approved: EG

Figure: 6-3

Appendix A Listing of Drillholes

Drillhole Listing DHID NA01P NA02 NA0P NA1P NA2 NA3 NB01P NB02 NB0P NB1P NC01P NC02 NC0P NC1P NC2 NC3 ND01 ND0P ND1P ND2 ND3 NE01P NE0P NE1P NE3 NF01P NF0P NF1P NG01P NG02 NG0P NG1P NG2 NH01P NH02 NH1 NJ01P NJ02 NK01 NL01 SA01P SA02 SA0P SA1P SA2P

EAST 627553.13 627693.48 627413.7 627275.56 627138.08 626998.51 627671.69 627812.08 627531.97 627393.84 627790.02 627930.79 627649.7 627511.25 627372.46 627232.73 627908.24 627767.75 627629.42 627490.26 627350.74 628027.22 627886.5 627748.23 627469.25 628147.05 628007.7 627867.73 628263.56 628403.66 628122.94 627985.34 627845.42 628383.46 628523.57 628105.04 628502.14 628641.49 628620.72 628741.38 627340.94 627215.05 627466.15 627588.89 627714.95

NORTH 72586.15 72707.28 72465.82 72346.6 72227.95 72107.5 72447.82 72568.67 72327.56 72208.67 72309.76 72429.95 72189.95 72071.74 71953.24 71833.94 72171.84 72051.95 71933.92 71815.17 71696.11 72033.01 71913.14 71795.35 71557.7 71893.21 71774.87 71655.99 71757.28 71877.35 71636.75 71518.82 71398.9 71617.39 71737.23 71379.23 71478.92 71598.65 71339.79 71199.8 69425.57 69559.55 69292.31 69161.68 69027.53

ELEV 1215.178 1210.681 1218.862 1227.002 1241.008 1264.162 1221.358 1216.792 1225.308 1233.273 1229.638 1224.219 1231.797 1239.317 1247.862 1263.429 1236.435 1238.977 1244.736 1253.972 1256 1246.063 1248.999 1255.922 1275.223 1253.682 1258.799 1266.098 1264.737 1262.87 1269.796 1283.045 1316.443 1273.211 1273.48 1298.151 1291.377 1288.75 1309.234 1334.625 1218.137 1228.541 1212.736 1209.623 1205.78

TD 41.15 4.72 47.24 9.14 5.31 5.66 48.77 4.04 32.00 42.67 18.29 2.59 29.87 34.44 14.68 6.10 5.38 30.48 28.50 0.91 5.66 18.29 28.50 36.58 2.29 18.29 30.48 35.05 24.38 6.10 18.29 12.19 9.14 35.36 10.82 13.72 34.90 12.12 14.02 3.73 36.58 4.45 30.48 35.05 24.38

AZIMUTH 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0

DIP -90 -90 -90 -90 -90 -90 -90 -90 -90 -90 -90 -90 -90 -90 -90 -90 -90 -90 -90 -90 -90 -90 -90 -90 -90 -90 -90 -90 -90 -90 -90 -90 -90 -90 -90 -90 -90 -90 -90 -90 -90 -90 -90 -90 -90

DHID SA3P SA4P SB01P SB02P SB03P SB04 SB0P SB1P SB2P SB3P SB4P SC01P SC02P SC03P SC04P SC05 SC0P SC1P SC2 SC3P SC4P SD01 SD03P SD04P SD0P SD1P SD2 SE01P SE03 SE04P SE05 SE0P SE1P SE2 SF01 SF03 SF04 SF0P SF1P SF2 SG01P SG04 SG0P SG1P SG2P SG3 SH01

EAST 627838.31 627961.51 627474.11 627348.37 627223.09 627097.33 627599.31 627722.12 627848.07 627971.6 628094.99 627603.34 627477.75 627352.5 627228 627101.9 627728.52 627851.4 627977.24 628100.91 628224.51 627733.65 627482.99 627358.12 627858.82 627981.77 628107.51 627860.69 627609.81 627484.36 627361.43 627986.04 628109.26 628235.09 627992.1 627741.81 627616.18 628117.24 628240.33 628365.86 628121.33 627745.21 628246.46 628369.61 628495.03 628619.24 628252.13

NORTH 68896.18 68765.12 69554.94 69688.76 69822.09 69955.93 69421.7 69291 69156.95 69025.48 68894.16 69680.48 69814.14 69947.44 70079.94 70214.14 69547.26 69416.48 69282.55 69150.93 69019.39 69807.07 70073.84 70206.74 69673.87 69543.02 69409.2 69930.49 70196.67 70329.77 70460.2 69797.49 69666.76 69533.25 70058.15 70324.54 70458.24 69924.97 69793.98 69660.38 70183.69 70583.99 70050.53 69919.46 69785.98 69653.78 70310.76

ELEV 1200.589 1194.355 1222.522 1229.896 1240.686 1260.774 1217.447 1214.985 1210.173 1206.24 1199.412 1227.98 1233.224 1242.053 1252.209 1263.528 1224.646 1222.037 1215.314 1211.611 1205.669 1236.64 1248.975 1254.474 1229.122 1227.159 1228.085 1246.595 1266.716 1264.645 1273.58 1237.506 1235.377 1243.783 1251.274 1295.466 1284.743 1244.439 1245.563 1258.37 1256.953 1303.617 1253.702 1256.089 1267.604 1307.904 1267.643

TD 21.34 15.24 41.15 24.38 16.76 3.15 36.58 33.53 33.53 35.05 24.38 6.10 42.37 42.67 30.48 4.72 41.15 36.58 10.87 24.38 36.58 2.13 24.38 42.67 48.77 36.58 9.07 6.10 3.15 23.90 3.20 51.82 46.63 5.44 14.17 6.10 14.38 47.24 42.67 6.02 18.29 1.52 48.77 51.82 25.91 4.57 3.56

AZIMUTH 0 0 0 0 0 222 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0

DIP -90 -90 -90 -90 -90 -65 -90 -90 -90 -90 -90 -90 -90 -90 -90 -90 -90 -90 -70 -90 -70 -90 -90 -90 -90 -90 -90 -90 -90 -90 -90 -90 -90 -90 -90 -90 -90 -90 -90 -90 -90 -90 -90 -90 -90 -90 -90

DHID SH0P SH1P SH2P SH3 SJ01P SJ02 SJ0P SJ1 SJ2P SJ3P SJ4 SK01P SK02P SK0P SK3P SK4 SL01P SL02 SL0P SL1 SL3P SL4 SM01P SM0P SM1 SM3P SM4 SN0 SN01 SN1 SN3 SN4 WA02P WA03 WA0P WA2P WB03 WB0P WB3 WC02P WC03 WC0P WC2P WC4 WC5 WD03 WD0P

EAST 628377.24 628500.46 628625.78 628750.13 628383.04 628258.37 628508.14 628631.43 628756.65 628881.13 629006.01 628513.93 628389.41 628639.01 629012.1 629137.2 628643.15 628518.79 628768.23 628891.65 629141.41 629266.72 628773.46 628898.52 629022.01 629271.81 629397.33 629026.09 628900.41 629150.28 629401.39 629527.78 626329.11 626392.2 626202.38 626075.02 626564.05 626374.37 626184.91 626673.74 626736.59 626547.87 626421.29 626295.95 626232.42 626906.7 626718.33

NORTH 70177.61 70046.48 69913.1 69780.76 70437.94 70570.62 70304.8 70173.59 70040.33 69907.85 69774.94 70565.09 70697.61 70431.97 70034.91 69901.77 70690.63 70822.99 70557.52 70426.17 70160.36 70026.99 70817.23 70684.13 70552.71 70286.86 70153.27 70808.09 70940.55 70677.21 70412.57 70279.38 71657.58 71830.05 71311.13 70962.94 71766.22 71247.52 70729.44 71529.38 71702.13 71183.36 70835.39 70490.83 70316.18 71638.95 71120.32

ELEV 1262.223 1264.477 1271.8 1293.561 1275.008 1300.265 1268.227 1272.325 1277.972 1295.651 1332.128 1282.316 1293.391 1279.492 1295.028 1312.756 1290.973 1299.473 1292.272 1324.123 1301.981 1314.661 1302.417 1304.265 1325.559 1312.268 1324.216 1316.66 1313.677 1331.23 1325.702 1342.093 1199.251 1202.592 1204.439 1210.657 1218.952 1211.622 1242.007 1221.152 1231.972 1222.76 1228.895 1266.838 1302.05 1238.314 1229.811

TD 47.42 42.67 60.96 6.10 36.58 2.59 48.77 2.54 45.72 60.96 4.32 39.62 20.27 24.38 41.15 11.58 17.07 4.93 30.48 1.88 28.04 18.29 5.79 33.53 6.10 18.29 9.32 11.81 1.52 6.10 15.54 1.52 42.67 3.73 34.44 21.95 2.84 40.54 4.32 30.48 6.10 30.02 45.72 2.82 2.57 3.28 24.08

AZIMUTH 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0

DIP -90 -90 -90 -90 -90 -90 -90 -90 -90 -90 -90 -90 -90 -90 -90 -90 -90 -90 -90 -90 -90 -90 -90 -90 -90 -90 -90 -90 -90 -90 -90 -90 -90 -90 -90 -90 -90 -90 -90 -90 -90 -90 -90 -90 -90 -90 -90

DHID WD5 WD6 WE02P WE03 WE0P WE2P WE4P WE5 WE6 WF03 WF0P WF3 WF5 WF6 WG02 WG0P WG2P WG3 WH0 WH01 WH02 WH1 WJ0 WJ01 WJ02

EAST 626403.29 626340.88 627013.05 627075.67 626887.99 626762.16 626639.78 626573.94 626511.63 627249.7 627061.91 626872.99 626747.47 626685 627357.78 627231.61 627104.57 627040.62 627404.52 627467.74 627531.15 627340.87 627576.65 627639.77 627703.06

NORTH 70252.91 70081.07 71403.16 71576.18 71057.57 70709.83 70363.63 70189.71 70017.54 71511.54 70993.26 70471.88 70125.45 69953.04 71274.92 70930.5 70583.71 70409.13 70866.55 71038.23 71210.43 70693.71 70802.89 70974.45 71146.48

ELEV 1273.223 1292.102 1242.991 1246.434 1240.756 1243.237 1259.118 1271.236 1292.673 1253.704 1253.78 1263.046 1279.384 1300.336 1270.137 1265.661 1264.777 1268.139 1282.287 1283.673 1292.071 1289.042 1306.985 1300.041 1307.791

TD 7.92 1.68 11.43 8.26 16.46 17.37 18.29 12.19 4.57 6.10 35.81 2.46 3.66 4.19 15.93 30.33 15.70 1.68 6.15 3.68 12.32 2.79 4.57 6.10 1.91

AZIMUTH 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0

DIP -90 -90 -90 -90 -90 -90 -90 -90 -90 -90 -90 -90 -90 -90 -90 -90 -90 -90 -90 -90 -90 -90 -90 -90 -90

Appendix B Resource Model Results

Resource Model Results North Valley Product Measured Measured Measured Measured Measured Measured

CoG 0 4 8 12 16 20

Phos 3.05 7.06 10.4 13.77 17.48 20.78

P2O5 3,487 148,750 1,377,961 2,256,452 553,758 69,868

Volume 70,159 1,292,898 8,130,212 10,050,385 1,943,077 206,258

Mass 114,359 2,107,423 13,252,245 16,382,127 3,167,215 336,200

Cumulative Resource (kt) 35,360 35,245 33,138 19,886 3,503 336,200

Indicated Indicated Indicated Indicated Indicated Indicated

0 4 8 12 16 20

3.62 6.63 10.2 13.71 17.03 21.4

854 19,702 109,751 367,802 96,723 6,270

14,479 182,215 660,077 1,645,327 348,483 17,972

23,601 297,010 1,075,925 2,681,882 568,028 29,294

4,676 4,652 4,355 3,279 597,321 29,294

12.86% 12.90% 13.33% 14.36% 17.24% 21.40%

601,103 600,248 580,546 470,795 102,993 6,270

1.63 1.63 1.63 1.63 1.63 1.63

Inferred Inferred Inferred Inferred Inferred Inferred

0 4 8 12 16 20

3.62 7.43 10.28 13.89 17.12 24.47

49 23,850 102,976 284,334 99,437 490

837 197,009 614,305 1,255,976 356,325 1,230

1,364 321,125 1,001,317 2,047,240 580,809 2,004

3,954 3,952 3,631 2,630 582,814 2,004

12.93% 12.93% 13.42% 14.61% 17.15% 24.47%

511,137 511,087 487,238 384,261 99,927 490

1.63 1.63 1.63 1.63 1.63 1.63

Grade (%) 13.06% 13.06% 13.22% 14.34% 17.60% 20.80%

P2O5 (kt) 12,694,645 12,694,214 12,525,227 9,494,494 2,005,019 147,755

ck 1.63 1.63 1.63 1.63 1.63 1.63

South Valley

Grade (%) 12.47% 12.50% 12.85% 14.48% 17.80% 20.78%

P2O5 (kt) 4,410,276 4,406,789 4,258,039 2,880,079 623,626 69,868

ck 1.63 1.63 1.63 1.63 1.63 1.63

Product Measured Measured Measured Measured Measured Measured

CoG 0 4 8 12 16 20

Phos 2.8 6.83 10.63 13.66 17.38 20.8

P2O5 430 168,988 3,030,733 7,489,475 1,857,264 147,755

Volume 9,427 1,517,420 17,491,126 33,634,021 6,554,938 435,756

Mass 15,367 2,473,394 28,510,535 54,823,455 10,684,549 710,282

Cumulative Resource (kt) 97,218 97,202 94,729 66,218 11,395 710,282

Indicated Indicated Indicated Indicated Indicated Indicated

0 4 8 12 16 20

3.75 6.29 11 14.15 17.92 21.84

15 8,321 68,510 619,836 241,997 15,627

241 81,150 381,936 2,686,679 828,629 43,898

393 132,274 622,556 4,379,286 1,350,664 71,554

6,557 6,556 6,424 5,802 1,422 71,554

14.55% 14.56% 14.73% 15.12% 18.11% 21.84%

954,307 954,292 945,971 877,460 257,624 15,627

1.63 1.63 1.63 1.63 1.63 1.63

Inferred Inferred Inferred Inferred Inferred Inferred

0 4 8 12 16 20

0 6.51 10.81 14 17.92 21.9

0 23,824 129,280 294,554 72,161 1,117

0 224,522 733,865 1,290,997 247,070 3,129

0 365,971 1,196,199 2,104,325 402,724 5,100

4,074 4,074 3,708 2,512 407,824 5,100

12.79% 12.79% 13.41% 14.64% 17.97% 21.90%

520,935 520,935 497,111 367,832 73,278 1,117

1.63 1.63 1.63 1.63 1.63

West Valley Product Measured Measured Measured Measured Measured Measured

CoG 0 4 8 12 16 20

Phos 3.29 6.93 9.8 14.07 17.2 21.27

P2O5 341 330,707 555,426 649,983 697,621 55,986

Volume 6,360 2,927,664 3,477,791 2,833,720 2,488,537 161,488

Mass 10,367 4,772,092 5,668,799 4,618,964 4,056,315 263,225

Cumulative Resource (kt) 19,390 19,379 14,607 8,939 4,320 263

Indicated Indicated Indicated Indicated Indicated Indicated

0 4 8 12 16 20

0 6.54 10.49 13.85 17.44 22.25

0 63,401 397,966 515,858 328,972 106,382

0 594,978 2,326,412 2,285,623 1,157,205 293,353

0 969,814 3,792,051 3,725,565 1,886,245 478,165

10,852 10,852 9,882 6,090 2,364 478

13.02% 13.02% 13.65% 15.62% 18.41% 22.25%

1,412,578 1,412,578 1,349,177 951,212 435,354 106,382

1.63 1.63 1.63 1.63 1.63

Inferred Inferred Inferred Inferred Inferred Inferred

0 4 8 12 16 20

1.9 6.52 10.36 13.96 17.62 22.54

2,178 219,487 834,839 972,461 699,180 229,770

70,345 2,064,243 4,944,863 4,273,213 2,434,714 625,475

114,663 3,364,716 8,060,126 6,965,338 3,968,584 1,019,523

23,493 23,378 20,014 11,953 4,988 1,020

12.59% 12.64% 13.67% 15.91% 18.62% 22.54%

2,957,916 2,955,738 2,736,250 1,901,411 928,950 229,770

1.63 1.63 1.63 1.63 1.63 1.63

Grade (%) 11.81% 11.82% 13.41% 15.70% 17.45% 21.27%

P2O5 (kt) 2,290,063 2,289,723 1,959,016 1,403,591 753,607 55,986

ck 1.63 1.63 1.63 1.63 1.63 1.63