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Strictly Confidential – Not for Further Distribution

www.gbminerals.com TSX-V: GBL

MineAfrica’s 5th Annual Focus on West Africa

13th October 2015

London

GB Minerals Ltd.



Important notice

1

Disclaimer

Forward Looking Information

This presentation includes statements that are forward-looking. These involve known and unknown risks, uncertainties

and other factors which may cause actual results, performance or achievements to be materially different from the results,

performance or achievements implied by the forward-looking statements. Such factors include, but are not limited to,

general economic, market and business conditions, failure to obtain adequate financing when needed, market prices for

phosphate, estimation of demand for the ore product, ability to convert expressions of interest from potential customers

into definitive sales agreements, risks and uncertainties related to GB Minerals Ltd.’s abilities to successfully develop and

commission mines at its Farim phosphate project, to obtain all necessary permits for development and production as and

when required, estimation of resources and reserves, development and production costs, transportation delays and costs,

delays in construction of the mining operation, accidents, equipment breakdowns, title matters, labour disputes or other

unanticipated difficulties with, or interruptions in, development or production, exchange rate fluctuations, and risks and

uncertainties associated with doing business in Guinea Bissau. In addition, there may be information herein that is

information about prospective results of operations, financial position or cash flows (a “financial outlook”) and which is

provided only to assist in an evaluation of the prospective business outlined herein, but are not to be relied upon as

accurate representations of future results and may not be appropriate for any other purpose. There are no representations

or warranties associated with the financial outlook, and there can be no assurance that it will be attained. Readers are

cautioned that no forward-looking statement or financial outlook is a guarantee of future performance and GB Minerals

Ltd. assumes no obligation to update them except as may be required by law.

Technical Report

The Company filed on SEDAR at www.sedar.com on September 14, 2015 a technical report for the feasibility study on its

Farim Phosphate Project entitled, “NI 43-101 Technical Report on the Farim Phosphate Project” dated effective

September 14, 2015 (the “2015 Technical Report") which supersedes all previously filed technical reports.



Important notice

2

Disclaimer

Cautionary Note Concerning Estimates of Measured and Indicated Resources

This presentation uses the terms “measured” and “indicated” resources which are recognized and required by Canadian

securities regulations but not recognized by the U.S. Securities and Exchange Commission. U.S. investors are cautioned

not to assume that any part or all of mineral deposits in these categories will ever be converted into reserves. In addition,

any mineral resource and mineral reserve figures referred to herein are estimates and no assurances can be given that

the indicated levels of minerals will be produced. Such estimates are expressions of judgment made at a given time based

on knowledge, mining experience, analysis of drilling results and industry practices and may significantly change when

new information becomes available. Although GB Minerals Ltd. believes that the mineral resource and mineral reserve

estimates in respect of its Farim phosphate project are well established, by their nature they are imprecise and depend, to

a certain extent, upon statistical inferences which may ultimately prove unreliable. If such estimates are inaccurate or are

reduced in the future, this could have a material adverse impact on GB Minerals Ltd. Mineral resources that are not

mineral reserves do not have demonstrated economic viability and due to the uncertainty that may be attached to an

inferred resource, it cannot be assumed that all or any part of it will be upgraded to an indicated or measured resource as

a result of continued exploration.

EBITDA

EBITDA consists of the gross sales of production less operating costs before interest, income taxes, depreciation and

amortization. Management believes that, in addition to net earnings, EBITDA is a useful complimentary measure of cash

available prior to debt service, capital expenditures and income taxes. However, EBITDA is not a recognized measure

under, and does not have a standardized meaning prescribed by, Canadian GAAP or IFRS. EBITDA should not be

construed as an alternative to net earnings as an indicator of performance, or to cash flows from operating, investing and

financing activities as a measure of liquidity and cash flows. GB Minerals Ltd.’s method of calculating EBITDA may differ

from the methods used by other entities and its EBITDA may not be comparable to similarly titled measures used by other

entities.

Not an Offering of Securities

This presentation is for information purposes only and does not constitute an offer to sell or a solicitation to buy the

securities of GB Minerals Ltd. or any other securities.


www.gbminerals.com Ι TSX-V: GBL

Guinea Bissau and Project Overview

3



Guinea Bissau is a West African nation with a population of 1.7 million

4

Basic Facts

Area 36,125 km2 or 13,948 sq mi

Population 1.7 mm

Capital Bissau

Languages

Portuguese (official)

Upper Guinea Creole (recognized)

Other native African languages

Ethnic Groups

30% Balanta

20% Fula

14% Manjaca

13% Mandinga

7% Papel

1% Other

Government Unitary semi-presidential republic

Independence from Portugal

1973, declared

1974, recognized

Currency West African CFA franc, tied to the Euro at a

fixed exchange rate of 655.957 per Euro

GDP (PPP) Total: $2.5 bn

Per capita: $1,439

GDP (Nominal) Total: $1.0 bn

Per capita: $598

Gini 35 (medium)

HDI 0.396 (low)

Guinea Bissau is located in West Africa

Guinea Bissau Map



Farim is a low cost, low capital intensity project with significant expansion potential due to an extensive geological reserve base

5

Project Highlights Project Location

Bissau

Farim

GUINEA

SENEGAL

Ponta

Chugue

Atlantic

Ocean

GUINEA

BISSAU

Farim is 100%-owned by GB Minerals Ltd (“GBL” or the “Company”) Mining complex located near Farim, 120 km NE of

Bissau Highest grade phosphate rock greenfield project

Phosphate rock concentrate production of 1.32 Mtpa with a target specification of 34.1% P2O5 25-year mine life Mass recovery of 75.5% 1.75 Mtpa of ore mined to feed plant

Extensive geological deposit with potential to increase capacity of mine life Proven and probable reserves of 44 Mt at a 30%

P2O5 grade Measured and indicated resources of 105.6 Mt

(inclusive of reserves) at a 28.4% P2O5 grade Low cost position and capital cost relative to peers

Life of mine cash costs of $52/t Development capex of $194 mm, comparatively low

capital intensity Access to existing infrastructure: 70 km of paved

road covers most of route from site to port Port located at Ponta Chugue in the mouth of the

Geba river is able to receive 35,000 DWT vessels Strategically located to serve target markets

Freight cost advantage to ship product to the US and Atlantic basin

Potential to duty free export to US Management team and Board with extensive

experience in West African mining projects



Corporate Overview

6



The Company is led by an experienced management team…

7

Source: Company Documents.

Management Team Bios

Luis G. Cabrita da Silva – Director and Chief Executive Officer Experienced international mining engineer with extensive experience in the junior exploration and development space in West Africa,

more recently restructuring Mano River Resources into Afferro Mining, Aureus Mining and Stellar Diamonds. Former President and

CEO of Afferro Mining until its $200 mm acquisition completed in December 2013

Olga Kovalik, MBA and B.Eng (Mining) – Project Director Former Finance Director of the growth division for Alcoa, Board of CBG in Guinea, Production General Manager for Alcoa’s Rod Mill

and Production Superintendent for Alcoa’s ABI smelter in Canada. Also worked in investment banking for UBS, Citigroup, and

Morgan Stanley. Over 20 years of experience in the metals and mining industry with leadership roles in finance, mega project

construction, business development and operations

Angel Law, MBA and CPA, CGA – CFO and Corporate Secretary Former interim CFO and Controller of Lion Energy Corp. Previously worked for Western Prospector Group and instrumental in

completing a $31-milllion acquisition by CNNC International Ltd. Significant experience in the resource industry with leadership roles

in accounting and controllership, finance, acquisitions, and audit and compliance involving multi-jurisdictions

Narjess Naouar, LLM (European Business Law) – In-house Counsel Former In-house Counsel of Afferro Mining, Aureus Mining, and Stellar Diamonds. Experienced legal project leader on sizeable multi-

jurisdictions transactions involving private and public financings, securities, mergers and acquisitions, restructurings and divestitures

Delio Darsamo, MDP and BSc (M/Phys) – Country Manager Former deputy general manager of Kenmare Moma titanium mine in northern Mozambique. Previous experience includes general

manager of tantalum mine in Quelimane, Plant engineer at Kenmare resources starting career as maintenance and production

superintendent of the Carbon plant at BHP Billiton’s Aluminium smelter, Mozal

Luc Adjanor, MBA and M.Sc (Metallurgical Engineering) – Marketing and Business Development Former engineer, management consultant, and M&A specialist. Fifteen years of experience advising mining and metals companies

in Morocco, Republic of Congo and Togo for phosphate, iron ore, precious metals, aluminum, and rare earths production,

transformation, and marketing. Career within Lafarge, OCP, SNIM, and other junior mining companies



… and supported by a solid, independent Board of Directors

8

Source: Company Documents.

Members of the Board of Directors Bios

Owen Ryan – Chairman of the Board of Directors Former head of group business development for Anglo American PLC in London, head of global mining research and sales at UBS

Investment Bank in London, and head of mining and commodity research at Old Mutual Asset Management in Cape Town, South

Africa. Extensive experience on the boards of mining companies

Luis G. Cabrita da Silva – Director and Chief Executive Officer See prior page

Walter Davidson – Director Formerly held senior positions with numerous legislative institutions in British Columbia (Canada). Also has served as a

director/consultant for numerous resource companies

Brent de Jong – Director Managing Partner of De Jong Capital, with significant investment experience in emerging markets. Former head of special situations

and infrastructure investments, and investment committee member at Ashmore Investment Management. Former CEO and Vice

Chairman at AEI. Current board member of RA Holdco and Connacher Oil and Gas

Rob Edwards – Director Former Chairman of metals and mining investment banking at Renaissance Capital, Director of metals and mining research at

HSBC, and Senior Advisor for Royal Bank of Canada. Focused on mining clients in Africa and the CIS. Current board member of

MMC Norilsk Nickel

Kirill Zimin – Director Partner at Aterra Capital. Previously worked as M&A adviser in the junior mining sector, has served on the Board of numerous mining

companies and was previously Head of Business Development in Africa for Severstal Resources, a mining division of Severstal



GBL is mainly owned by Aterra Investments and Alpha Infrastructure

9

2-year Share Price Performance(2)

($C per share)

Highlights

Company Name GB Minerals Ltd.

Ticker (TSX) GBL

Share Price(1) C$0.05

Market Capitalization(1) C$12.6 mm

Cash ~C$1.0 mm

Promissory Notes C$5.6 mm

Note: (1) 52-week average. (2) As of July 28, 2015.

Shares Outstanding

Shares Outstanding 252.8 mm

Options 15.0 mm

Convertible features of notes 13.3 mm

Fully Diluted 281.19 mm

Shareholders

Aterra Investments 54.0%

Alpha Infrastructure 23.7%

Sputnick 4.5%

Mackenzie Investments 4.0%

GBM Mineral Engineering Consultants 3.6%

Amabro Investments 2.8%

Other 7.4%

0

0.05

0.1

0.15

0.2



Feasibility Study Overview

10


www.gbminerals.com TSX-V: GBL 11

Project engaged top tier engineering consulting team

Toronto, Canada

Principle engineering consultant and overall Project Manager

Process plant and infrastructure design

North Bay, Canada and Perth, Australia

KP Canada – ESIA

KP Perth – Tailings design and hydrogeology

Denver, Colorado

Mine plan

Reserve and Resource Estimate

Lakeland, Florida

Process design

Madison, Wisconsin

Marine and port design

KEMWorks

Baird

London, UK

Market study



Mine plan considers 1.75 Mtpa with an optimized pit shell

12

Mine Plan Layout Mine Plan Highlights

Sequencing of South pit de-risks operations: begin in high grade area near process plant: Outside 100 year flood limit Allows adequate time for incremental construction of

bund around perimeter of Cacheu River Appropriate lead in time for pit de-watering Increases strip ratio in initial years

Overburden dumped in 4 locations: In pit back fill (78% of overburden) Surcharge overburden (13% of O/B) Integrated waste landform (IWL)(tailings pond) Overburden storage facilities (OSF) IWL and OSF represent the remaining overburden

volume (small amount will be used to build bund by Cacheu River)



Location and License Area of the Farim Phosphate Project

13



Location of Drill Holes and Reserves



Section along the South Pit shows increasing overburden

15

South Pit View from River toward North Pit



Section along the North Pit shows undulating overburden

16

North Pit view from South pit towards the North West



The Farim deposit has 105.6 Mt of Measured & Indicated resources at 28.4% P2O5 grade

17

Reserves and Economic Assumptions Measured, Indicated and Inferred Resources

44 Mt (dry) of reserves based on 25-year mine plan Resources outside pit shell not considered As per Mineral Resource Estimation Methodology, a cut-

off grade was not applied, but a penalty was added to blocks under 29% P2O5

Economic assumptions based on mine plan input Assumed mine parameters shown on slide 43 Used cost model provided in Golder USA mine plan

Average grade: P2O5 = 30.0% Al2O3 = 2.6% CaO = 41.0% Fe2O3= 4.7% SiO2 = 10.6%

Total Measured, Indicated and Inferred Estimates

Measured & Indicated (including reserves) of 105.6 Mt at 28.4% P2O5 grade and Inferred of 37.6 Mt at 27.7% P2O5 grade Measured & Indicated: areas with samples within 0.5 km

radius from drillholes classified as Point of Observation Indicated: undefined Inferred: areas with samples within 1 km radius from

drillholes classified as Point of Observation

Measured & Indicated have increased from 92.6 Mt in previous report due to revised resource classification criteria and cut-off assumptions Updated geostatistical analyses Minimum FPA thickness of 1 m No strip ratio cut-off

Tonnage, Stripping

dry basis FPA P2O5 Al2O3 CaO Fe2O3 SiO2 Overburden Ratio

Class Block (Mt) (m) (%) (%) (%) (%) (%) (Mbcm) (bcm/t)

North of River 105.6 2.87 28.41 2.68 39.74 5.66 11.24 1,193.1 11.3

South of River - - - - - - - - -

Subtotal 105.6 2.87 28.41 2.68 39.74 5.66 11.24 1,193.1 11.3

North of River - - - - - - - - -

South of River - - - - - - - - -

Subtotal - - - - - - - - -

North of River 105.6 2.87 28.41 2.68 39.74 5.66 11.24 1,193.1 11.3

South of River - - - - - - - - -

Subtotal 105.6 2.87 28.41 2.68 39.74 5.66 11.24 1,193.1 11.3

North of River 11.4 1.71 24.88 2.84 39.63 4.42 10.52 210.9 18.44

South of River 26.2 2.12 28.99 5.37 35.90 5.28 11.58 258.2 9.85

Subtotal 37.6 1.98 27.74 4.60 37.03 5.02 11.26 469.0 12.46

Inferred

Measured

Indicated

Measured &

Indicated



Mine Site General Layout



Tailings and waste dump design – key findings and countermeasures

Mine Adjacent

to Tidal River

Waste Dumps:

Most

Overburden is

Benign but

Designs are in

Place for

Leachable

Waste

Testing of

Tailings

Characteristics

Project site located within the flood plain of Cacheu River Despite being 100 km away from the coast, the river is tidal, ranging approximately 1.5 m at site

Tested percentage solids are expected to settle slowly and release small amounts of water Tailings to be slow to air dry, and to require large beach area with long exposure times Based on grading size, tailings should have low permeability / high compressibility Tailings found to be non-acid forming, but sulphide content could lead to sulphate / saline

drainage (long term tests required to assess this) Contains highly enriched Bi, Cd, P, and Se, as well as slightly enriched Ag, As, Fl, S and Sb,

potentially requiring engineered contained / capping system Because supernatant found to exceed baseline in ground and surface water, IWL(1) to require

controls to limit seepage to ground and surface water (like liner across sides of pond) and storage capacity sufficient to contain storm water run-off

Overburden that may leach metals to be encapsulated in isolated cells in IWL(1), or backfilled in mined out areas and encapsulated

Additional sampling in progress to quantify waste lithologies present within the pit shells Waste dumps to be 30 m above mean see level with 10 m benches, inter bench slope of 1V: 2H

and inter bench berm width of 10 m Waste dump 3a, located by the IWL(1), to contain potentially leachable waste (estimated at 25%

of overburden) in specially designed encapsulation cells contained within the inert waste Design to reduce seepage of contact water into surface and groundwater by using a soil liner beneath

the footprint Seepage/run-off flows at the base of waste dump 3 to report to an environmental control dam that will

direct this flow into the tailings pond Uncontaminated water from waste dumps 1 and 2 to be released into the environment after reducing

the sediment loading

Note: (1) Integrated waste landform.

Site typical of intra-plate regions characterized by low levels of seismic activity For design purposes, Operational Basis Earthquake of 0.04g & Safety Evaluation Earthquake of

0.12g were adopted

Seismicity Risk

Low



Integrated Waste Landform (IWL) is a better solution from a conventional design perspective

20

Tailings Design Parameters Tailings Uplift Schedule

IWL consists of single-cell paddock storage that includes: Containment for 1 in 100 rainfall run-off event Multi zoned embankment HDPE geomembrane lining Under drainage system Upstream toe drain Sub-areal discharge Rotation of active beaches to maximize tailings

density and maintain decant pond around the central decant

Upstream toe drains and under drainage system by gravity To collect to sump at toe of southern embankment Supernatant water to be decanted via tower at

centre of pond Solution recovered from system to be pumped back

to plant for re-use in process circuit Initial construction to use selected overburden or

local borrow to provide 14 months of storage Embankments to be raised biannually thereafter Initial embankments to be 9 m high Final embankments to have a maximum height of

approximately 25 m Final length of perimeter embankment to be 2.8 km

Design consists of an upstream low permeability Zone (A), a transition fill Zone (B) and a downstream structural fill Zone (C)

Construction

Year Stage

Crest

Elevation Raise

Cumulative

storage

(mASL) (m) (Mt)

Yr 0 1 15.0 8.5 0.3

Yr 1 2 16.2 1.2 0.7

Yr 3 3 17.4 1.2 1.2

Yr 5 4 18.6 1.2 1.7

Yr 7 5 19.6 1.0 2.2

Yr 9 6 20.7 1.1 2.8

Yr 11 7 21.7 1.0 3.3

Yr 13 8 22.6 0.9 3.8

Yr 15 9 23.5 0.9 4.3

Yr 17 10 24.4 0.9 4.8

Yr 19 11 25.3 0.9 5.3

Yr 21 12 26.2 0.9 5.8

Yr 23 13 27.1 0.9 6.4

Design Paramaters:

Design Tonnage (million tonnes) 6.4 MT

Life of Mine (tonnes per annum) 256,000

Tailings Beach Sloope 1V: 80H



Water management incorporates findings from semi-transient model

21

Overall Hydrology and Pit Dewatering Surface Water

Southern part of South Pit sits on a flood plain that is underlain by about 15 m to 20 m of clay To reduce degree of hydraulic connection with the

Cacheu River Leakage from the north to south flowing tributaries of the

Cacheu River (Rio de Caur and Rio de Cavara to the west, and Rio de Bunja and Rio de Banin to the east) to constrain the extent of drawdown in an east-west direction, although the tributaries may contribute to pit

Drawdown from pit de-watering could potentially

impact nearby water users South Pit - average inflow: ~13,000 m3/day (150 L/s),

ranging between 9,800 m3/day (113 L/s) and 16,700 m3/day (193 L/s)

North Pit - average inflow: 6,500 m3/day (75 L/s), ranging between 8,900 m3/day (103 L/s) and 5,100 m3/day (59 L/s) at the end of mining (Year 26)

Sediment control to employ source control (reducing sediment generation at the source) and sediment removal of run-off prior to discharge by means of control dams

South Pit to require flood protection bund around entire perimeter of where pit borders Cacheu River To be constructed in stages with temporary bunds

radiating out towards the river to de-lineate the proposed pit staging (deferring construction costs over life of mine)

Flood protection bund to be constructed to a crest elevation of 4 mASL and to a width of 20 m using pre-strip mine waste

Erosion protection layer will be placed on river side of bund

North Pit to require flood protection bunds during initial stages and small dams and diversions for run-off from upstream catchments located upstream from future mining areas .

Process Plant to be protected by the South Pit bund



Comprehensive De-Watering Plan

22

329 dewatering boreholes to be required assuming each hole pumps 16.6 m3/hr To be located at 75 m spacings close

to river and 150 m spacing further away

Average depth for the dewatering holes will be 70 m

In pit sump to be required



Simplified beneficiation process providing maximum recoveries

23

Overall Process Flow Diagram



Plant infrastructure design is in place

24

Plant Infrastructure – Man Buildings Overview

Administration 23 m x 12 m (with reception, conference rooms, medical clinic, offices, kitchenette and toilettes)

Laboratory 12m x 5m to test metallurgical accounting samples

2 Plant Change house (one male, one femaie) 8 m x 7 m each

Combined workshop / warehouse 38 m x 24 m

Mine truck shop with offices for supervision / planning and 4 truck bays To be expanded to 6 bays as fleet expands

Main security gatehouse and separate security gatehouse for process plant



Site roads are not extensive and simple to construct, and public highway from Farim to Mansoa in excellent condition

25

Site Roads Road from Farim to Mansoa

On-site roads to be constructed of crushed waste rock from existing quarries in-country

Farim off-site gravel road of 2 km to connect truck load-out facility to paved highway leading to port

At Ponta Chugue, an off-site, 6 km gravel road to connect the main highway to the port

Public Highways

The current plan is to have trucks driving on public roads during daylight hours only to maintain safety

Road built to EU / ECOWAS standards



Port area to include additional infrastructure to the shiploading area

26

Port Infrastructure – Main Buildings Overview

Administration 15 m x 10 m with reception, offices, medical clinic, toilettes

Wet concentrate shed 109 m x 21 m (expected to house the drier to lower product moisture to 3%)

Dry concentrate shed 150 m x 36 m

Shipping control room and sample testing (to verify product moisture verification) 6 m x 3 m

Kitchen & dining hall for 20 people 8 m x 6 m



Ponta Chugue: Shiploading facility to be largest in country in terms of vessel size that could be received

27

Highlights

Direct ship loading for vessels up to 35,000 DWT without tidal assist Tidal assist only required for ships with laden draft of

>10.1 m

Loading wharf consists of a trestle & infrastructure to support one radial telescoping shiploader Loading rate of 750 t/hr limited to daylight hours due

to warping On average, 3.5 days are expected to be required to

load a 35,000 DWT ship

Conveyor and shiploader sized to load up to 1,200 t/hr

Shiploading



Safe navigation route available 60 nautical miles along Geba River

28

Navigable Options for Vessels



Power is expected to be sourced from on-site diesel gen-sets

29

Farim Ponta Chugue

Diesel plant with 4x 1.2 MW prime rated 11 KV generators 3 on duty, 1 stand-by 3 pre-fabricated main HV switch rooms Plant control room

Installed load: 4,800 KW

Peak load: 2,982 KW

Average load: 2,502 KW

Diesel plant with 3x 0.5 MW prime rated 0.4 KV 2 on duty, 1 stand-by Direct feed to LV switch room

Installed load: 1,500 KW

Peak load: 961 KW

Average load: 769 KW



Project execution plan: EPCM approach for detailed engineering and construction phase

30

Contract Package Description Type

Off-site Fabrication Miscellaneous platework / structural steel Fixed priced schedule of rates

Field Erected Tankage Supply, fabricate and erection Lump Sum

Transport & Logistics Sea & road transport of goods to site Fixed Schedule of Rates

Earthworks Contract Bulk earthworks and detailed earthworks and

drainage, site roadworks, etc. at plant and port Fixed Schedule of Rates

Tailing Pond (IWF) Earthworks and miscellaneous services Fixed Schedule of Rates

Concrete Detailed earthworks, and concrete supply and

installation Fixed Schedule of Rates

Structural, Mechanical and Piping Supply of piping and installation of SMP at

plant and port site Fixed Schedule of Rates

Electrical and Instrumentation Supply of bulk materials and installation at

plant and port site Fixed Schedule of Rates

Process Controls (PLC) Controls - supply and installation Lump Sum and Day Rates

Site Buildings – Pre-Fabricated Supply ex-works Lump Sum

Site Buildings – Steel Framed, Sheeted Supply ex-works Lump Sum

Site Buildings – Concrete Block work Supply and installation Lump Sum

Fencing Contract Supply and installation Lump Sum

Building Installation Contract Install buildings, fit out and services Fixed Schedule of Rates

Overland Piping Contract Supply and installation Lump Sum

Construction packages will likely be bid to various contractors rather than to one lump sum If one contractor falls behind, we would have several options on the ground to potentially pick up the slack



Project schedule: Farim Project is expected to be commissioned 19 months after start of detailed engineering

31

Major Milestone Month Achieved

Start of detailed engineering 1

Award of bulk earthworks 4

Start construction (earthworks) 5

Start concrete works 7

Start field erected tankage 9

Complete bulk earthworks 10

Start SMP installation 10

Detailed engineering complete 11

Start E&I installation 11

Concrete works complete 13

Field erected tankage complete 13

SMP installation complete 17

E&I installation complete 18

Start commissioning 18

Commissioning Complete 19

Highlights

Engineering activities to take about 10 months

Site construction activities to take about 12 months, followed by commissioning



GB Minerals plans to start early works after the rainy season

32

Advantages Planned Early Works

De-vegetation

Security fencing of key areas

Office construction and fit out

Canteen facilities

Purchase of long lead items Mining/earthworks equipment Power generators Boats and tenders

Secure sand /aggregate & stock pile

Build batch plants (Farim only)

Further geotechnical investigation at Ponta Chugue and Farim

Bathymetry checks at Ponta Chugue and Farim (where conveyor crosses Cacheu River)

Build duty free compounds for customs

Accommodations for construction (Farim only)

Allows GBL to work out in-country issues without affecting schedule Familiarizing with custom clearance Assess available in-country contractors Understanding local labor capabilities Instigate safety and other procedures and policies

Excellent PR for project - visibility that project is advancing Once de-vegetation begins, it will be clear to the

government and communities that the project will be pursued

Begin assessing operational readiness



Life of mine cash costs are expected to be $52/t, in the lowest quartile of the phosphate rock concentrate cost curve

33

Life of Mine Cash Cost Breakdown $/tonne

G&A 2.68

Labor (exc. mining and shiploading) 5.01

Consumables 8.53

Mining 25.01

Shiploading 2.37

Corporate Overhead 2.20

Total 52.13

Highlights

Financial projections assume average diesel consumption of approximately 37 mm liters per year and a diesel price of $0.80 per liter

Diesel represents about 40% of total cash costs, and is used in the following processes (in order of use) mine equipment product drying Power plant and port mobile equipment shiploading



A capital investment of $194 mm is required to develop the Farim Project

34

Initial Capex Breakdown ($ mm) Total

Mine 50.14

Pre-strip 15.10

Tailings and Hydrology 10.23

Farim Plant & Infrastructure 42.32

Ponta Chugue Infrastructure 44.99

EPCM 8,36

Indirects 9.08

Contingency 13.63

Total 193.84



The Project has an NPV at 10% of $497 mm and after-tax IRR of 34.5%

35

Main Assumptions

Phopshate prices: $/t (based on CRU)

• 2017 = 127

• 2018 = 127

• 2019 and thereafter = 123

Taxes

• 10 yr tax holiday for first 10 years

• 28% thereafter

Diesel

• $0.80 per litre throughout life of project

Other

• $11m in owner’s costs including resettlement,

insurance and owner’s team

• $50 m in closure costs

Discount rate Pre-tax (US$ M) After Tax (US$M)

5% 1,026 870

8% 658 570

10% 497 437

15% 257 231



Environmental and Social Impact Assessment Overview

36



Update of recent ESIA work: ESIA to achieve compliance with EP III and IFC Performance Standards

37

Engagement of local ESIA

consultant (Eco

Progresso) to meet

national ESIA

requirements

Supplemental baseline

studies at mine; addressed

baseline gaps at road and

port

Supplemental cultural

heritage surveys

Household surveys,

land use mapping,

resettlement policy

framework

Revised air quality and

noise models

(New layouts; CALPUFF

rather than AERMOD)

Supplemental geochemical

evaluations

Recent public

consultation

Development of draft

Environmental and Social

Management Plan (ESMP)

Updated mine reclamation

and closure plan, closure

and environmental

management costs



Summary

38



Farim’s high quality, premium product is expected to deliver significant benefits to customers, thereby conveying a 10% price premium over K10

39

Source: Company estimates.

Component Target Spec Benchmark Spec Spec Difference Est. Prem/(Disc)

P2O5 % 34.1% 32.0% 2.1% 6.5%

CaO / P2O5 1.38 1.60 (0.16) 1.5%

Humidity % 1% 1% -- --

Minor Element Ratio 0.042 0.030 0.008 (0.1)%

C and Organics % 0.30% 0.17% 0.13% (0.7)%

F – Reactive SiO2 % 0.0% (2.55%) 2.55% 2.6%

Total projected price premium 9.7%

Note that this premium applies to the South Pit. Metallurgical sampling currently underway to perform bench scale tests that

will confirm the premium for the North Pit.



0

5

10

15

20

25

30

35

40

50 75 100 125 150 175 200

Reserv

e G

rad

e (

% P

2O

5)

Landed Cost to US Gulf ($/t)

Farim is the highest grade undeveloped phosphate rock project in the world with favorable operating costs and logistics

40

Undeveloped Phosphate Rock Projects Comparison(1)

Source; Company reports and announcements. Note: (1) Landed cost = mine case costs + freight cost.

(Bubble size indicated total Mt of Measured & Indicated resources)

GB Minerals – Farim Guinea Bissau

Ma’aden – Al Khabra Saudi Arabia

Cominco – Hinda Republic of Congo

Phoscan – Martison Ontario, Canada

Vale – Bayovar Peru

Arianne – Lac à Paul Quebec, Canada

Minemakers – Sandpiper Namibia

Minemakers – Wonarah Australia



Farim’s phosphate rock business cost is projected to be in the first quartile of the industry business cost curve in 2018

41

2018 CRU Business Cost Curve

($/t, FOB Morocco 32% P2O5)

Source; CRU.



Farim is strategically located to serve key target markets in the Atlantic Basin

42

Vancouver 27

Tampa 15

Antwerp/Baltics 14

Santos 12

Shipping Rates for 35,000 DWT Vessels(1)

($/t)

Note: Quoted on July 8, 2015, based on handysize/supra vessels.

Kandla 29

West Africa 12

Southern Africa

19



Moving efficiently towards development and production in 2017 with next steps being…

Completion of full ESIA including road and port

Additional metallurgical testwork for phosphoric acid viability

Permitting for mine ESIA to follow

Advancement of debt financing towards final status

EPCM request for proposals and selection

New team hires for construction and for resettlement action plan (“RAP”)

Resettlement MOU with Government of Guinea Bissau (“GoGB”)

Additional geotechnical and hydrology work

Appointment of EPCM contractor

Detailed engineering commences

Early works programme commences

De-vegetation of site

Sept 2015

Q4 2015

Q4 2015

Q1 2016

Q1 2016

Construction commences (bulk earthworks)

Order lead time items (shiploader followed by attrition scrubber, rotary dryer and power

plants)

Detailed engineering complete

Complete bulk earthworks

Commissioning complete

Commercial production commences

Q2 2016

Q4 2016

Q4 2017



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