With an average phosphate grade of 23.4% and significant exploration upside, the Tilemsi deposit has the potential to become a world-class high-grade phosphate resource

2. Strategic importance of Phosphorus (P)
 Essential nutrient for all life forms Phosphorus-deficient wheat plants (right)
 Especially important in root development
 Mined phosphate rock is one of the world’s
most important sources of phosphorus
 90% of the world phosphate production is
used in fertilizers
 Its functions cannot be performed by any
other nutrient
 In the natural environment, phosphorus is
supplied to plants through the weathering
and dissolution of rocks – very low solubility
Photo credit: CIMMYT
. Phosphorus is a vital . There are no substitute
resource to global for phosphorus in
food production agriculture 2

3. Geology
Phosphate rock is one PHOSPHATE ROCK TYPES
of the world’s most important
sources of phosphorus  Igneous
₋ As a result of volcanic eruption
₋ Fewer impurities
Economic and potentially economic  Sedimentary
phosphate deposits of the world ₋ Formed ~70 million years ago
₋ Derived from living creatures
and contain organic matter
The two deposits have widely differing
mineralogical, textural and chemical
characteristics
80%
of the world phosphate
production is derived from
sedimentary deposits
Source: FAO 3

4. Sedimentary Rock Characteristics
Group 1 - Boucraa (Morocco), Togo and Senegal
 High grade P₂O₅ – 35-37%
 High Cd level
 Some line problems with Cl level
Group 2 - Khouribga (Morocco), Israel, Jordan
 P₂O₅ grade – 31.5-33.5%
 Preferred for SSP and TSP production
 Can be used for acid production
 Sometimes needs SiO2 and Al2O3 adjustment
The largest sedimentary
 Medium level of organic material
deposits are found in
300
North Africa, China, the
Billion tons – Estimate
Middle East, and the US of world resource of
(Source: USGS)
phosphate rock 4

5. Phosphate Rock Mining & Production
 Over 75% of the world commercial
phosphate deposits is surface-mined
67%
of global production
₋ Utilizes many forms of extraction concentrated
from manual methods to the use of in just 3 countries
highly-mechanized technologies
 Remainder of global production is
recovered by underground mining Global Distribution of Phosphate Reserves
 Mined phosphate rocks can range from
5% to over 40% in grade
 Phosphate rocks is processed to remove
impurities and upgrade the rock quality
 Current world phosphate rock
production capacity is estimated at:
~165-195million tonnes/year; or
~50 million tonnes/year of P₂O₅
(ie. diphosphorus pentoxide) Source: USGS 2009
5

6. Phosphate Rock for Direct Application
Rock Characteristics
 Direct application of un-acidulated
 P₂O₅ content: 28-33% phosphate rock as phosphorus fertilizer
 Solubility in citric acid: 30-33% has received considerable attention in the
 P₂O₅ solubility in formic acid: 50-55% last years
₋ Direct application is advisable only with
Phosphate Rock Producers
some phosphate rocks and under
 Sedimentary Rock specific conditions
Morocco, Jordan, Togo, Israel, China,
Syria, Egypt, Senegal, etc.  The following factors play important role
 Igneous Rock in determining agronomic economic
Russia (Kola Peninsula), South Africa, effectiveness of phosphate rock:
China, DRC, Ethiopia, Canada ₋ Particle size of the rock
Phosphate rock producers like the US, Brazil, ₋ Soil properties and climate of the
Tunisia and Finland target domestic markets region
Phosphate rocks that have a high ₋ Timing and method of application
phosphorus content and are highly ₋ Crop and farming system used
soluble in slightly acidic soils make ₋ Residual effect of the rock
great candidates for direct application ₋ Use of the rock as a soil amendment
6

7. Fertilizers
Fertilizers are combinations of the nutrients that plants must have to grow, in a form
they can use. These plant nutrients can be supplied through organic fertilizers such as
plant residues or livestock manure, or mineral fertilizers, which are chemically
processed to meet crop needs.
Effects of NPK on a poor Zimbabwe soil
Three primary nutrients in
fertilizers are essential
elements to global agriculture
Nitrogen (N)
Phosphorus (P)
Potassium (K)
Source: IPNI
7

8. Phosphate Use in Fertilizers
Phosphorus (P) additions are needed in most areas of the world to improve soil fertility and
crop production. Direct application of unprocessed phosphate rock (PR) to soil may provide a
valuable source of plant nutrients in specific conditions (Source: IPNI)
Fertilizer uses of phosphate rock:
 Phosphoric Acid
 Nitro-Phosphate Fertilizers
 Basic Fertilizers (SSP₁, TSP₂)
 Direct application
Rock Quality for Fertilizers
 SiO₂ – as low as possible to improve
grinding capacity
 CO₂ – high CO₂ gives high reactivity
to the rock
 Al₂O₃, Fe₂O₃, MgO – reduce P₂O₅
availability in the product, but
increase strength during granulation
Note
1 Single Super Phosphate fertilizer
2 Triple Superphosphate 8

9. Producing Phosphate Fertilizers
 Phosphoric acid is produced by attacking
Path to Product
rock phosphate using a wet process, to
facilitate separation and reduce dust
 Nitro-phosphates are fertilizers
produced by attacking phosphate rock
with nitric-acid:
₋ PEC process in which the calcium
nitrate is not separated from the
product
₋ Norsk Hydro or Odda process in which
the calcium nitrate is separated by
cooling and filtration, and is used to
make CAN
 Basic fertilizers are produced by
attacking the rock with:
₋ sulfuric acid to receive SSP; or
₋ phosphoric acid to produce TSP
9

10. Phosphate Rock Beneficiation
 The beneficiation process allows a concentration of ~1.5x but higher ratios up to 9x
are possible with some rocks
 All phosphate ores have to be beneficiated before use
 Evaluation of phosphate quality and level of beneficiation has considerable effect
on economics
₋ CaO/P₂O₅ ratio, rather than P₂O₅ has the main effect on the production cost
₋ Level of impurities in the final product is also important
 Technologies may be used to remove gangue and increase P₂O₅ levels
 Type of beneficiation process depends on:
₋ Nature of Rock
₋ Process in which the rock will be used
₋ Cost
Photo credit – Fox Mining Machinery
10

11. Beneficiation Process
Dry Mechanical Washing Calcination Floatation
The P₂O₅ level in the phosphate rock has different Calcination removes Phosphate is floated out
size fractions which can be presented by a normal organic matter and forming the gangue. Carbonate
curve increases P₂O₅ by and clay are removed by
removing carbonate floatation and the phosphate
rock is removed from the
CaCO₃  CaO + CO₂ bottom of the cell
Used to increase P₂O₅ from
ADVANTAGES 5-6% to 36%+ in Kola, South
 Removes organic matter Africa and Finland
 Boosts P₂O₅ content
 Reduces Cadmium PARAMETERS OF THE PROCESS
DISADVANTAGES  “Liberation” of the rock by
size reduction
 Sulfides formation
 Reduces reactivity which  Reagents
 By screening out the +1mm and -200 mesh
causes instability in  PH control
(74m), it is possible to increase the P₂O₅ level  Level of organic material in
some phosphoric acid
of the rock by 2-3%, 28- 29% to 31-32% P₂O₅ production units the rock
 This operation can be done in both dry and  Cost ADVANTAGES
wet process  The rock is fine (-35 mesh)
and less dusty
 P₂O₅ increases even for
rock with “flat” curve for
particle size distribution 11

12. Industry Trends
 Phosphate reserves depleting globally:
30%
₋ Some estimate 15 million tonnes of phosphate
reserve depletion to occur within the next 75- Morocco’s share
100 years in global exports
 Demand increasing: of phosphate
₋ Annual consumption of 40m tonnes
₋ Global consumption expected to grow 2% per
annum globally (FAO, USGS)
Phosphate Rock Outlook
Improving Global P₂O₅ Demand
Diminishing Year
diets in
arable land (in Mt)
developing
per capita
countries
2008-2009 33.6
Farm yield
Growing food 2009-2010 38.3
enhancement
demand
policies
2010-2011 (e) 40.9
2011-2012 (f) 41.7
Growing Growing
2015-2016 (f) 45.2
Population Average Annual
growth fertilizer biofuel 3.1%
demand Growth Rate
demand
Source: IFA Fertilizer Outlook 2011-2015
(e) estimated, (f) forecast
Growing need to maximise agricultural yield
12

13. Industry Stats
Top 5 Phosphate Producers
(in million tonnes)
Production (2008) Reserves
62%
China 50 4100
of identified recoverable
US 31 1200 phosphate rock reserves
Morocco 28 5700 are in Morocco
Russia 11 200 (Source: CRU)
Tunisia 7.8 100
Source: USGS
Phosphate Supply and Reserves
Supply Demand Reserves
Annual Annual Avg
in Kt Growth in Kt Growth in Mt Grade
Africa 7,498 7.90% 1,393 0.80% 7,106 26%
Americas 11,417 1.30% 11,614 1.60% 5,412 23%
Asia 15,484 4.50% 20,560 3.00% 1,590 24%
Europe 4,708 0.00% 4,031 6.10% 480 7%
Oceania 565 0.90% 859 -0.40% 140 18%
Total 39,672 3.60% 38,456 2.80% 15,528 -
Source: FAO 13

14. Disclaimer
This presentation contains forward-looking statements or forward-looking information within the meaning of applicable
securities legislation (hereinafter collectively referred to as "forward-looking statements") concerning the Company's plans
for its properties, projects, operations, subsidiaries and other matters. These statements relate to analyses and other
information that are based on forecasts of future results, estimates of amounts not yet determinable and assumptions of
management regarding operations of the Company which are subject to a variety of business and market risks, including
political and regulatory risks associated with mining and exploration in Mali.
Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections,
objectives, assumptions or future events or performance (often, but not always, using words or phrases such as "expects" or
"does not expect", "is expected", "anticipates" or "does not anticipate", "plans", "estimates" or "intends", or stating that
certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved) are not
statements of historical fact and may be forward-looking statements.
These forward-looking statements are based on certain assumptions which the Company believes are reasonable, however,
forward-looking statements are subject to a variety of business and political risks and uncertainties. Some of the important
risks and uncertainties that could affect forward-looking statements are also described in the Company's continuous
disclosure filings made with Canadian securities regulatory authorities, which are available at the SEDAR website and on the
Company’s website. Should one or more of these risks and uncertainties materialize, or should underlying assumptions prove
incorrect, they may adversely affect the Company’s business and prospects and actual results may vary materially from
those described in forward-looking statements. Forward-looking statements are made based on management's beliefs,
estimates and opinions on the date the statements are made and the Company undertakes no obligation to update forward-
looking statements if these beliefs, estimates and opinions or other circumstances should change, other than as required by
applicable laws. Investors are therefore cautioned against placing undue reliance on forward-looking statements.
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15. Great Quest Metals Ltd
TSX-V: GQ Tel +1 604.689.2882
Suite 515, 475 Howe Street Toll Free 1.877.325.3838
Vancouver, BC, V6C 2B3 Fax +1 604.684.5854
WWW.GREATQUEST.COM Email info@greatquest.com
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