Preliminary Economic Assessment Três Estradas Phosphate Project

Effective Date: June 24, 2016
Report Date: July 7, 2016
PREPARED FOR:
Aguia Resources
PREPARED BY:
Mr. Steven B. Kerr, P.G., C.P.G., Principal Consultant (Geology), Millcreek Mining Group
Mr. Douglas R. Moore, Principal Consultant (Mining), Millcreek Mining Group
Mr. Alister D. Horn, Principal Consultant (Mining), Millcreek Mining Group