INDUSTRIAL METALS, MINERALS

AND MINEABLE ENERGY

INVESTMENT SUMMIT 2010

LONDON CHAMBER OF COMMERCE & INDUSTRY ● WEDNESDAY, 30 NOV 2010

www.ObjectiveCapitalConferences.com

1

Exploring Saskatchewan for

world-class potash deposits

John Costigan – VP Corp Dev’t, Western Potash

TSX.V: WPX FSE: AHETSX.V: WPX FSE: AHE

TSX.V: WPX FSE: AHE

The views expressed here contain information derived from publicly available

sources and have not been independently verified.

No representation or warranty is made as to the accuracy, completeness or

reliability of the information.

Any forward looking information in this presentation has been prepared on the

basis of a number of assumptions which may prove to be incorrect. For additional

information on these or other factors, please see the Company’s filings on SEDAR.

This presentation should not be relied upon as a recommendation or forecast by

Western Potash Corp.

Nothing in this presentation should be constructed as either an offer to sell or a

solicitation of an offer to buy or sell shares in any jurisdiction.

Disclaimer

3

TSX.V: WPX FSE: AHE

WPX Milestones

10 Month IPO, Raised over $45M

Potash discovery at Russell South +8 Km, 21.1– 26% K2O / 3m thick

Seismic & Drilling (9 wells) in Milestone, Saskatchewan

Milestone Potash Discovery+15.8 Km, Avg. 18.6% K2O 22.8m thick

Milestone NI 43-101 Resource

Measured: 41 MMTIndicated: 133 MMT Inferred: 560 MMT

Feasibility

4

Scoping Study

Delivered

TSX.V: WPX FSE: AHE

Cash

TSX.V: WPX, FSE: AHE

$6.45 M

104, 300, 383

$85M

40, 228, 600 ($0.75)

$Nil

$0.36 – 0.97

760,000

19%

Oct 29, 2010

Financial Overview

Expiry April 15, 2011

4

TSX.V: WPX FSE: AHE

Why Invest in WPX?

Experienced in Exploration

and Discovery

Experience in Project

Development

Technical Professionals

Supply / Demand Issues in

World Fertilizers

6

TSX.V: WPX FSE: AHE

Management and Directors

7

TSX.V: WPX FSE: AHE

Comparative Consolidation Rates

18%

27% 29%32%

42% 44%48%

56%61%

65%

72%

0%

10%

20%

30%

40%

50%

60%

70%

80%

CarbonSteel

Copper(refined)

Zinc(refined)

Gold Aluminium(refined)

StainlessSteel (slab)

Automotive CookingCoal

(traded)

Nickel(refined)

Potash Iron Ore(traded)

More Competitive

Low Pricing Power

Less Competitive

High Pricing Power

Share of the total production which is attributed to the top 5 companies in the industry.

Source: CRU Strategies

8

TSX.V: WPX FSE: AHE

Arable Land Per Person Declining Per Capita Water Use

Resources Strained

Agriculture is the largest user of water.

9

TSX.V: WPX FSE: AHE

Corn (CBOT) Soybeans (CBOT)

Commodity Rally- Grains

•June – Oct 2010

10

TSX.V: WPX FSE: AHE

Potash Demand Outlook

0

10

20

30

40

50

60

70

80

2000 2002 2004 2006 2008 2010 2012 2014 2016 2018 2020

Historical Operational Capability Projected Potash Capability Historical Shipments Shipment Senerio 1 Shipment Senerio 2

Source: Potash Corp Estimates, 2010

11

TSX.V: WPX FSE: AHE

0

100

200

300

400

500

600

700

800

Global potash gate price range forecast, US$/tonne Low

Global potash gate price range forecast, US$/tonne Average

Global potash gate price range forecast, US$/tonne High

Global Potash Gate Price Range Forecast, US$/tonne

Price Range Forecast

12

Source: CRU Strategies

TSX.V: WPX FSE: AHE

WPX- 3 Month Stock Chart

13

TSX.V: WPX FSE: AHE

Impact of Jansen?

14

TSX.V: WPX FSE: AHE

Why Invest in WPX?

Significant NI 43-101 resource

Only New potash deposit in North

America

>40 year mine life at 2.5Mt/yr

Tier 1 deposit in Sk. Canada

High Grades (30%+ KCL)

High formation temperatures

15

TSX.V: WPX FSE: AHE

Elk Point Basin

WPX Milestone Project

WPX ManitobaProject

16

TSX.V: WPX FSE: AHE

WPX Project Areas

Russell South Property+8 Km, 21.1– 26% K2O / 3m thick

St Lazare Deposit510 Mt @ 18% K2O

Russell Deposit165 Mt @ 24.5% K2O

17

TSX.V: WPX FSE: AHE

Project Infrastructure

18

TSX.V: WPX FSE: AHE

NI 43-101Recoverable Resource 41 Mt Measured + 133 Mt Indicated

560 Mt Inferred

•

19

TSX.V: WPX FSE: AHE

Resource Characteristics

Thickness K2O Grade x Thickness

20

TSX.V: WPX FSE: AHE

Prairie Evaporite, Saskatchewan

21

TSX.V: WPX FSE: AHE

Geothermal Gradients

22

TSX.V: WPX FSE: AHE

Temperature Benefits

Higher formation Temperature yields 9% more

KCl/l by mass dissolved salts from 40-60C

23

TSX.V: WPX FSE: AHE

Temperature Benefits

Higher formation T

reduces OPEX by 8.5%

24

TSX.V: WPX FSE: AHE

Why Invest in WPX?

Solution Mining Advantages

Low CAPEX vs Dry Shaft

Political stability

Significant untested land

Positive Scoping Study

25

TSX.V: WPX FSE: AHE

Solution Mining Method

Sump Connection

26

TSX.V: WPX FSE: AHE

Solution Mining Method

Roof Development

27

TSX.V: WPX FSE: AHE

Solution Mining Method

Primary Mining

28

TSX.V: WPX FSE: AHE

Solution Mining Method

Primary Mining Esterhazy Complete

29

TSX.V: WPX FSE: AHE

Solution Mining Method

Primary Mining Complete

30

TSX.V: WPX FSE: AHE

Solution Mining Method

Secondary Mining

31

TSX.V: WPX FSE: AHE

Why Solution Mining?

Reduced CAPEX

Shorter payback period, higher IRR

Faster timeline to production

Scalability

Ability to mine deep or irregularly shaped

deposits

Lower technical risk

Reduced environmental footprint and safety

risk

Absence of flooding risk

Lower manpower demands

32

TSX.V: WPX FSE: AHE

Project is technically

feasible and financially positive.

40 YR LOM based on NI 43-101 resources

CAPEX CAD$ 2.51 Bn

OPEX

$CAD 62.9/t

Production rate of 2.5 MTY K2O

AMEC Recommends proceeding to

PFS

1.CRU Projected annual prices

2. Flat price ($340 USD FOB Mine Gate)

Scoping Study Highlights

33

AMEC’s EPCM experience with five

Potash Corp mines adds credibility to

the CAPEX estimates for this project.

•(NPV10) 5.22 Bn1 USD: IRR 27.3%

•(NPV10) 2.19 Bn2 USD: IRR 19.2%

TSX.V: WPX FSE: AHE

NPV (10%) and IRR vs. Potash Pricing

$-

$1.0

$2.0

$3.0

$4.0

$5.0

$250 $300 $350 $400

NP

V(1

0)

Billio

n C

AD

Potash Price ($/Tonne)

3.5 MTpA 2 MTpA

0%

5%

10%

15%

20%

25%

30%

$250 $300 $350 $400

IRR

Potash Price ($/Tonne)

2 MTpA 3.5 MTpA

34

TSX.V: WPX FSE: AHE

Water

Evaporator

Primary Mining

Salt Centrifuge

Salt Storage

Crystallizer

Secondary Mining

Crystallization Pond

Granular Product

Potash Centrifuge

Compaction

Screening

Condenser

Drying

Standard Product

Simplified Flow Diagram

35

TSX.V: WPX FSE: AHE

Preliminary Cavern Layout

36

Indicated Area

Class 1 Anomoly

Aquifer

KP 409

Potash Disposition

Notes:

-1.6 km buffer placed on the six Riceton

holes only.

-606 caverns are possible within this area,

with unacquired freehold and class 1

anomolies removed from resources.

TSX.V: WPX FSE: AHE

Deposit Comparables

* Gate Price excludes shipping to market ( $360/T KCl f.o.b.Vancouver)

37

TSX.V: WPX FSE: AHE

Internal Transport

0%

Sustaining & Working Capital

4%

G&A Costs3%

Fuel36%

Consumables20%

Diesel0%

Electricity16%

Labour21%

Milestone’s Expected Conversion Costs

Source: CRU Strategies

38

TSX.V: WPX FSE: AHE

Potash Site Costs, 2015

39

TSX.V: WPX FSE: AHE

WPX Timeline

40

TSX.V: WPX FSE: AHETSX.V: WPX FSE: AHE

Thank you