CADOUX LIMITED — AGM Information 2015

Nov 26, 2015

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Growing a Potash Business

2015 AGM Presentation

November 2015 I

www.fyiresources.com.au I ASX:FYI

FYI Potash Strategy

• Pursue a commodity that has strong, long term demand and market fundamentals

• Primary objective is the discovery of shallow, high grade, large tonnage potash deposits in SE Asia that can be profitably developed

• Identify projects with technical, economic, geographical and logistical advantages

• • Simple and straightforward metallurgy and process flowsheet

• Short development time & accelerated pathway to production

• Utilise expert in-country potash exploration and development team

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“FYI has a defined potash exploration and development strategy”

• Look to develop a value channel from production to marketing

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Page 1

Progress to Date

• Established a technical / administrative office in Bangkok

• SPL application work program and licence pending on WMM project area in Thailand ( )

• SPL application and work program registered in Thailand ( )

• Concession application and detailed feasibility and environmental impact study in Lao ( )

• Negotiations with owner on trial potash production facility transaction in Lao ( )

• Negotiations with owner to co-develop trial potash production facility in Thailand ( )

• Developing partnerships with technical, mining and marketing (off-take) groups

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Laos
Bangkok

Schematic of project areas
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“FYI are active in S.E. Asia securing a world class potash portfolio”

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Page 2

Benefits of Potash

• Potash is an essential element for plants that:

• promotes plant growth

• increases yield

o improves taste

Some Definitions

Potash: General term for Potassium compounds and potassium-bearing minerals

Sylvinite: Mineral mix of 30% potassium chloride (KCl) and 65% sodium chloride (NaCl)

• increased water retention and pest resistance

o aids synthesis

• Potassium (potash) is fundamental to the growth and functioning of humans and animals (proteins)

• Health benefits from Potassium include lower stress, blood pressure, reduced kidney disorders as well as improved water balance, nervous system and enhanced muscle development

Carnalite: Mineral compound of hydrated potassium magnesium chloride (KMgCl3.6H2O)

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Potash Specimen

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Potash as an Investment

• Excellent long term fundamentals

• Commodity of primary agricultural importance

• Has wide application – consumed in 150 countries

• Long term market pricing fundamentals are sound

• Increasing deficit between demand and actual production (installed capacity is never attained)

• Global production is ~ 50MT pa / market is in deficit

• Demand is growing at ~ 3-4% pa; supply concentrated

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- Potash Application +
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• The United Nations (UN) estimates that the world population will reach 9 billion by 2050, with more than 60% living in Asia alone

• UN further estimates that crop production will have to increase by 70% in the same period to support the burgeoning population

• “ The benefits of

• potash are obvious”

• Higher crop prices allows further re-investment into soil management – increasing potash consumption

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Potash as an Investment (continued)

• Higher demand for food is having to be satisfied by obtaining higher yields from existing acreage, which in turn requires the increased use of fertilisers, such as potash, to maintain thebalanceof nutrientsfound in soil

• The increasing global population and the trend of improving –

• disposable income is resulting in higher food consumption especially of proteins.

• Potash's role in agriculture cannot be replicated by other nutrients and currently there is no commercially viable alternative topotash as a source of potassium fertiliser.

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6 India & China
5 GDP/Capita
4
3
2 China
1
India
0
GDP ($1,000/person)
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Source: IMF
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• Potash is linked to energy pricing. Higher oil prices, environmental concerns and the push for bio-fuels will lead to higher consumption of potash in the long term

• Established potash producers mines and infrastructure is aging and in decline with about 85% of the world’s facilities –

• being more than 25 years old adding to production costs and highlighting the cost benefits of newer more efficient production investments

“Potash exhibits excellent long term fundamentals”

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Page 5

Drivers of Potash

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90 Forecast Production Deficit 10 Global Population Growth
9 1950 - 2050
80
8
70 7
6
60
5
50 4
3
40
2
30
1
2012 2013 2014F 2015F 2016F
1950 1975 2000 2030 2050
Source: FOA
Source: UN
million tonnes
Billion people
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Historic and Forecast Global
Global Consumption of meat
Potash Consumption
per year (kg)
GFC 50
60 45
50 40
35
40
30
30 25
20
20
15
10 10
0 5
0
198019851990199520002005201020152020
Source: FOA
Million cubic tonnes
Kg/person per year
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Source: FOA
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Arable Land per Person
0.6
0.5
0.4
0.3
0.2
0.1
Hectares per person
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Typical Crop Yield Reduction over
Successive Harvest Years
3000
2500
2000
1500
1000
500
0
Yield tonnes/year (corn)
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Source: FOA
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Why Operate in S.E. Asia

• Unparalleled geological setting for potash

• Large tonnage discovery opportunities

• Asia is chronically underinvested in potash

• Asian nations produce only 3.1 million tons while consuming 23.1 million tons

• Strategic geographical advantage over current European and North American production – closer to markets

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Global Potash Consumption
by Region
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• Thailand and Lao are encouraging investment

• Competitive labour, cost regime in relation to Australia – translates to margin advantages

• High skill base – especially technical and services

• “the portfolio of Potash projects has excellent technical and commercial merit”

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India
Other 8%
China
Asia
21%
16%
North
America
Latin
16%
America
21%
Other
18%
Source: FOA
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Potash Project Criteria

• Project areas selected on technical and logistical merit

• ideal positioning within evaporite basin

• All projects located in vicinity of current production and/or successful historic drilling

• Demonstrated shallow mineralised horizon (< 200m)

• Recorded presence of high grade Sylvite and Carnallite in drill core (high grade)

• Large mineralised widths – ideal for conventional mining or ISL

• Close to infrastructure / away from high density or high impact areas

• Demonstrable capex and opex advantages over current production (margin)

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China
India
Burma Laos
Bangkok * Cambodia
The Philippines
Indonesia
Schematic of project areas –
concentrated inside red circle
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“Drilling of the Khorat Basin in north-eastern Thailand has outlined what may develop into one of the world's largest potash deposits” American Geological Institute Economic Geology 1979

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Page 8

Contact Details

For further details please contact:

Roland Hill

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Managing Director FYI Resources info@fyiresources.com.au +61 8 9361 3100 www.fyiresources.com.au 53 Canning Highway Victoria Park WA 6100 ASX: FYI

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