DJ Carmichael Research Update on Aguia October 12, 2016

SUMMARY INVESTMENT POINTS

AGR has optimised its flagship Três Estradas Project: AGR released an updated PEA in July on its Três Estradas project and is now planning to produce Phosrock (Phosphate Concentrate) and a Calcite co-product as opposed to its original plan which was to produce only SSP (Single Super Phosphate). Phosrock is the upstream feedstock that is used to produce SSP. These key changes have positively impacted project economics and has increased the NPV of the project by 48% from US$207m to US$307m.