C R Y S T A L P E A K M I N E R A L S

TSX-V: CPM | OTCQX: CPMMF | Investor Presentation | Q4 2019

Plant nutrition for a healthier world

C R Y S T A L P E A K M I N E R A L S

This presentation is for informational purposes and does not constitute an offer or a solicitation of an offer to purchase securities. This presentation contains "forward-looking information" within the meaning of applicable Canadian securities legislation.

Forward-looking information includes, but is not limited to, statements related to activities, events or developments that Crystal Peak Minerals Inc. (“CPM” or the “Company”) expects or anticipates will or may occur in the future, including, without

limitation; statements related to the economic analysis of the Project; the Feasibility Study; mineral reserves; mineral resource estimate; the permitting process; environmental assessments; business strategy; objectives and goals; and exploration of the

Sevier Playa Project. Forward-looking information is often identified by the use of words such as "plans", "planning", "planned", "expects" or "looking forward", "does not expect", "continues", "scheduled", "estimates", "forecasts", "intends", "potential",

"anticipates", "does not anticipate", or "belief", or describes a "goal", or variation of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved.

Forward-looking information is based on factors and assumptions made by management and considered reasonable at the time such information is provided. Forward-looking information involves known and unknown risks, uncertainties and other factors

that may cause the actual results, performance, or achievements to be materially different from those expressed or implied by the forward-looking information. The Company’s Feasibility Study (the “FS”) should be considered incomplete. It is based upon

details that may change, which would impact costs and estimates. Operating costs for the Project were based upon assumptions including future energy costs, propane and natural gas costs, water costs, labor, and other variables that are likely to

change. Capital costs were based upon a list of equipment thought to be necessary for production. Potassium sulfate and other price forecasts were based upon third-party estimates and management assumptions that may change due to market

dynamics. The mineral resource estimates were based upon assumptions outlined in the “Resource Estimate” section. Some figures were calculated using a factor to convert short tons to metric tonnes. Changes in estimated costs to acquire, construct,

install, or operate the equipment, or changes in projected pricing, may adversely impact project economics. Among other factors, the Company’s inability to obtain sufficient recharge water; the inability to anticipate changes in brine volume or grade due

to recharge or other factors; changes to the economic analysis; the failure to obtain necessary permits to develop the Sevier Playa Project; environmental issues or delays; inability to successfully complete additional trenching and drilling at the Sevier

Playa Project; factors disclosed in the Company's current Management's Discussion and Analysis; as well as information contained in other public disclosure documents available on SEDAR at www.sedar.com may adversely impact the Project.

The information presented herein was approved by management of the Company on December 16, 2019. Although CPM has attempted to identify important factors that could cause actual actions, events, or results to differ materially from those

described in the forward-looking information, there may be other factors that cause actions, events, or results not to be as anticipated, estimated, or intended. There can be no assurance that forward-looking information will prove to be accurate. The

forward-looking information contained herein is presented for the purposes of assisting investors in understanding the Company's plans, objectives, and goals and may not be appropriate for other purposes. Accordingly, readers should not place undue

reliance on forward-looking information. CPM does not undertake to update any forward-looking information, except in accordance with applicable securities laws.

This Investor Presentation should be read in conjunction with the Company’s technical report entitled “NI 43-101 Technical Report Feasibility Study of the Sevier Playa Sulfate of Potash Project, Millard County, Utah” dated effective January 11, 2018 (the

“Technical Report” or “FS”) prepared by Novopro Projects Inc. and Norwest Corporation (Norwest) available at the Company’s website and on its SEDAR profile at www.sedar.com.

The qualified persons for the FS are:

Mr. J. Brebner, P. Eng., QP, (Novopro) is the QP responsible for the infrastructure, market studies and contracts, Capital Cost, environmental studies, permitting, social or community impact portion of the Report, and the overall preparation of the Report.

Mr. A. Lefaivre, P. Eng., QP, (Novopro) is the QP responsible for the mineral processing and metallurgical testing and recovery methods portion of the Report.

Mr. D. Bairos, P. Eng., QP, (Novopro) is the QP responsible for the Capital Cost and Operating Cost estimates, and risk analysis portion of the Report.

Mr. C. Laxer, P. Eng., QP, (Novopro) is the QP responsible for the economic analysis portion of the Report.

Mr. L. Henchel, P. Geo., QP, (Norwest) is the QP responsible for the history, geology, exploration, drilling, sample preparation, analyses and security, data verification, and Mineral Resource estimate portion of the Report.

Mr. R. Reinke, P. Geo., QP, (Norwest) is the QP responsible for the Mineral Reserve estimate, groundwater modeling, and mining methods portion of the Report.

Mr. S. Ennis, P. Eng., QP, (Norwest) is the QP responsible for the geotechnical design and mining methods portion of the Report.

The content of this investor presentation has been read and approved by Dean Pekeski, P. Geo, Vice President - Project Development of the Company, a Qualified Person as defined by NI 43-101.

2

DISCLAIMER

C R Y S T A L P E A K M I N E R A L S

INVESTMENT HIGHLIGHTS

3

Only permitted greenfield brine SOP project in the large Americas market

C R Y S T A L P E A K M I N E R A L S 3*Source: FS and Company reports. Please review FS for details; available on the Company’s website and on sedar.com.

Feasibility Study demonstrates compelling economics*§ $730 million NPV§ 30-year mine life§ 6.8 million tons proven and probable reserves

Proximate to infrastructure and end markets

Strong market outlook for SOP driven by growing demand

Seasoned management team with track record of project development success

Returns upside through project optimisation initiatives underway

Catalysts for near-term value creation including offtake and mine construction

C R Y S T A L P E A K M I N E R A L S

COMPANY PROFILE

4*Source: FS and Company reports

v Crystal Peak Minerals is a development-stage potash company controlling over 124,000 acres on the Sevier Playa in Utah

v Developing the Americas next SOP project to supply a large and growing market

v Situated perfectly to supply SOP into multiple regional markets

v Significant Reserve & Resource underpinning a long mine life and compelling project economics

Intrepid Potash(MOP)

Compass Minerals(SOP)

Intrepid Potash(MOP)

Approximate Outline of Ancient Lake Bonneville

CRYSTAL PEAK MINERALSSevier Playa

SALT LAKE CITY

CPM completing test trench work on the Sevier Playa

`

C R Y S T A L P E A K M I N E R A L S

COMPELLING PROJECT ECONOMICS

5

ECONOMIC INDICATORS*

NPV (after tax, 8%) $730 M

IRR (after tax) 21%

Proven and Probable Reserves 6.802 M tons

Mine Life 30 years

EBITDA at Full Production Rate ~$150 M

Total Initial Capital Costs $398 M

Average Operating Cost (over LoM) $205/ton

SOP Price (ex-works) $575/ton

Production Royalties (% of gross revenues) 5.61%

After-Tax Payback (from initial production) 4.5 years

Feasibility Study (FS) announced January 11, 2018

Material upside potential identified

since completion of FS

(See slide 16)

KEY ASSUMPTIONS:

• 100% equity financing

• SOP production ramp-up over

three years;

from first production of 30,000

tons in 2022 to full capacity of

at least 372,000 tons in 2025

• Mineral resource at four times

reported reserve

*Source: FS and Company reports

C R Y S T A L P E A K M I N E R A L S

SULFATE OF POTASH (SOP): AN ESSENTIAL FERTILIZER

Specialty fertilizer essential for many high value crops

Superior quality, premium-priced potash

Offers important benefits over muriate of potash (MOP)

• increased yields

• improved color, flavor and shelf life

• favorable in arid climates

• preferable for chloride-sensitive crops

• higher drought resistance

Preferred for use in arid or chloride-sensitive soil

6

C R Y S T A L P E A K M I N E R A L S

THE SOP MARKET: A COMPELLING OPPORTUNITY

7

2018 2025

515k

610k*

Source: CRU, Parthenon, and Company reports

CornbeltMOP

Calif.SOP

$315

$615

SOP PRICING PREMIUM: 50-100%

AVG. PRICE PER TON, DECEMBER 2018

Calif.MOP

$440

Source: Green Markets

GLOBAL MARKETTONS PER ANNUM (T.P.A.)

2017 DATA

Potassium fertilizer: 85.8 million t.p.a.

SOP fertilizer: 7.6 million t.p.a.

SOP average growth: 2.2% per year

Source: CRU and Parthenon

NORTH AMERICAN SOP MARKET

(including Mexico - tons per annum)

DEMAND DRIVERS:• Healthier food choices• Organic crops• Increasing population• Reduced arable land• More frequent droughts

2.4%CAGR

* Extrapolated

Significant market opportunity in Americas with majority of supply coming from a single high-cost domestic producer with the balance imported primarily from Europe. Domestic supply is largely constrained leaving supply gap to widen as regional demand grows

C R Y S T A L P E A K M I N E R A L S

DOMESTIC PRICING ADVANTAGE

8

CPM is well positioned to supply the premium California market

300

350

400

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500

550

600

650

700

750

800

Mar

/10

Sep

/10

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/11

Sep

/11

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/12

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/12

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/14

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California SOP Prices vs Northwest Europe SOP Prices (US$/t)

Ca lifornia SOP (midpoint) No rthwest Europ e SOP (midpo int)

Average premium of US$129/t to Europe benchmark

*Source: Greenmarkets

C R Y S T A L P E A K M I N E R A L S

SOP PRODUCTION METHODS

9

BRINE

Extract and harvest sulfate brines

REACTED SALTS

React MOP with high-sulfate salts

MANNHEIM

React MOP with sulfuric acid

Lowest cost

No unfavorable by-products

Medium cost

No unfavorable by-products

Highest cost

Produces CO2, hydrochloric acid

Global production:~ 2.1m tons per annum

Global production:~ 1.4m tons per annum

Global production:~ 3.2m tons per annum

Total Production Source: CRU

C R Y S T A L P E A K M I N E R A L S 10

USA: 57kg/ha

Latin America: 10kg/ha

Europe: 43kg/ha

Africa: 4kg/ha

Middle East:26kg/ha

India:2kg/ha

China:71kg/ha

Southeast Asia: 1kg/ha

Russia: 7kg/ha

Xkg/ha represents kilograms of SOP used

per hectare on SOP-favorable crops

Compass Minerals (Utah)

Crystal Peak Minerals(Utah)

SQM. S.A(Chile)

Colluli (Ethiopia/Eritrea)

Multiple development projects(Western Australia)

Luobupo Potash Co.

(China)

Project status (primary producers)

Producing

DevelopmentSource: Food & Agriculture Organization, CRUU.S. & Canada only

Domestic demand and freight to US limit low

margin Chinese coastal Mannheim producers competing in the US

Domestic demand and freight to US limit competitiveness/incentive for

European SOP to export to US

427*

SOP demand by region (kton) in 2018

349

223

4,648

1,253

306

Rest of World:

388

SITUATED IN LARGE ADDRESSABLE MARKET

Proximate to key US markets, Mexico and South America

Low import competition due to cost of freight

Other prospective development projects are distant from export markets

CPM will have great access to key markets in Central and

South America

Direction of SOP trade

61

Tessenderlo(Belgium)

Evergrow(Egypt)

C R Y S T A L P E A K M I N E R A L S

INFRASTRUCTURE ACCESS

11

Within 20 miles of key transport infrastructure

Rail access across US and into Canada & Mexico

Sevier Lake ProjectIntegrated Rail LinePort Access to Pacific / Atlantic

Rail Loadout Facility ~15 miles from plant Railroad used by

Compass for California SOP shipments

C R Y S T A L P E A K M I N E R A L S

UTAH: PROVEN LOCATION FOR SOLAR EVAPORATION

12

SaltSOPMagnesiumMOP

Five active solar evaporation operations within the ancient footprint of Lake Bonneville:• Two salt (halite) operations• One Sulfate of Potash (SOP) operation • One Muriate of Potash (MOP) operation• One magnesium operation

CPM’s Sevier Playa project will be the sixth mineral extraction operation within the Lake Bonneville footprint.

CRYSTAL PEAK MINERALS

Sevier Playa

C R Y S T A L P E A K M I N E R A L S

Surface brine extraction

Existing infrastructure: rail lines, roads, power and natural gas

Arid location supports solar evaporation

FAVORABLE COST STRUCTURE

13

Proximity to core markets<500 miles to California – largest U.S. SOP market

Stable local workforce

State-of-the-art processing facility

C R Y S T A L P E A K M I N E R A L S

RESULT: BOTTOM-QUARTILE OPEX*$205/ton (per FS) vs. industry average of ~$350/ton

*Source: FS and Company reports

C R Y S T A L P E A K M I N E R A L S

MINIMAL ENVIRONMENTAL IMPACT (AIR, LAND, WATER)

Playa has no groundwater, vegetation, or animal life• Brine not suitable for other

applications

Completed EIS permitting

• Record of Decision signed in 2019

• Construction anticipated to begin in 2020

Project characteristics: • Solar evaporation

• Reduced fuel consumption and air emissions by redesign

• Solar photovoltaic power for brine extraction well pumps

• Simple process methodology

• Certified organic potential

• Robust pond design: 12 feet of highly impermeable clay

14C R Y S T A L P E A K M I N E R A L S

C R Y S T A L P E A K M I N E R A L S

FAVORABLE GOVERNMENT RELATIONS AND LOCAL SUPPORT

15

Mining and agriculture are key drivers of the Utah economy• A top 3 U.S. state for mine operators (Fraser Institute)• Top 10 by % GNP from mining (USGS)

Regulatory developments:• One of the few permitted SOP projects globally, the only new brine

project in the Americas region• Utah Senate Bill 216 – post-performance tax credit of approximately

$112.5 million in support of Governor's rural initiatives

Crystal Peak: economic benefits for 30+ years• Direct employment of 150-200 (200-250 during construction)• Engagement with local communities and stakeholders has helped

cultivate support for the project

C R Y S T A L P E A K M I N E R A L S

PROJECT OPTIMISATIONS

Additional Revenue• Studying potential to produce

magnesium chloride in liquid and solid form

Optimization Strategies• Process improvements –

increasing sulfates for conversion• Capex reductions• Playa operational efficiencies

16C R Y S T A L P E A K M I N E R A L S

• Dust control, snow melt, erosion control, fertilizer

Liquid Magnesium Chloride

• Higher value magnesium product, snow melt, magnesium refining

Flake Magnesium Chloride

Reacted MOP ProductionReduced playa brine flow rate with the option

to maximize Reacted MOP production

CAPEXReduced evaporation pond sizes, initial capex

and sustaining capex

Operational FlexibilityReduce risk from poor evaporation seasons, lack of recharge water, start-up challenges, and provides opportunity to integrate more

flexibility into the Project

C R Y S T A L P E A K M I N E R A L S

NEAR-TERM CATALYSTS FOR VALUE CREATION

Q3 2020Secure Project

Finance

Q3 2019Record of Decision

Q1 2020Secure Offtake

Agreement

Q2 2020Optimised

Development

17C R Y S T A L P E A K M I N E R A L S

Q3 20 / Q1 21Early Works and

Construction

C R Y S T A L P E A K M I N E R A L S

CAPEX AND FINANCING

18

Initial Capital Costs: $398 million1

Direct: $288 million

Indirect: $70 million

Contingency & risk: $40 million

1. Initial CapEx. Source: FS and Company reports2. Numbers and percentages are approximate and rounded

Engaged BNP Paribas as project finance advisor

Project debt: expected to be ≈ 60% of project finance

EMR Capital:• Mining private equity group founded by highly experienced

industry executives with more than 25 years of experience working together across commodity cycles

• Owns 62.63% (on an undiluted basis) and has invested US$59 million to date2

• Highly supportive and committed long-term value investor supporting CPM across technical, financial, commercial, and strategic matters

Alternative sources of financing:• Export credit agencies• Off-take • Infrastructure sale and lease-back• Equipment leasing• Other private equity

C R Y S T A L P E A K M I N E R A L S

Management and Directors, 2.38%

EMR Capital, 62.63%Tata Chemicals,

9.93%

Knox Capital, 3.91%

Other, 21.25%

CAPITAL STRUCTURE

19

CRYSTAL PEAK MINERALS

Ticker – Canada: TSXV: CPM

Ticker – U.S.: OTCQX: CPMMF

Share Price: (approx.) C$0.061

Shares Outstanding:(approx.) 291 million2

Market Capitalization: (approx.)

C$16.0 million1

SHARE OWNERSHIP

1 Source: share price and market cap as of Dec 11, 2019 (Canadian dollars - rounded); other details sourced from FS and Company reports.2 issued and outstanding as of Dec. 11, 2019 – does not include unexercised warrants and options3 Numbers and percentages are approximate and rounded

EMR INVESTMENT (62.63%)3

Specialist resources private equity managerInvested to date: • US$37 million of equity• US$12 million loan (convertible at

C$0.55/share) – converted to equity effective Dec. 2018

• US$10 million loan (convertible at C$0.50/share)

Highly supportive and committed long term value investor, supporting CPM across technical, financial, commercial and strategic matters

C R Y S T A L P E A K M I N E R A L S

INVESTMENT HIGHLIGHTS

20

Only permitted greenfield brine SOP project in the large Americas market

C R Y S T A L P E A K M I N E R A L S 20*Source: FS and Company reports. Please review FS for details, available on the Company’s website and on sedar.com.

Feasibility Study demonstrates compelling economics§ $730m NPV§ 30-year mine life§ 6.8 million tons proven and probable reserves

Proximate to infrastructure and end markets

Strong market outlook for SOP driven by growing demand

Seasoned management team with track record of project development success

Returns upside through project optimisation initiatives underway

Catalysts for near-term value creation including offtake and mine construction

C R Y S T A L P E A K M I N E R A L S

APPENDIX

21C R Y S T A L P E A K M I N E R A L S

C R Y S T A L P E A K M I N E R A L S

PROJECTED CASH FLOWS

22

Project NPV8: US$730 million1

In first year of full production, CPM would have an EBITDA of US$147 million

US$398 million of CapEx to reach full production

1 At $572/ton SOP (inflated) after tax. Source: FS and Company reports2 Sales and costs inflated over mine life. Source: FS and Company reports

-

20,000

40,000

60,000

80,000

100,000

120,000

140,000

160,000

180,000

200,000

2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035

EBITDA2

Robust EBITDA reflective of strong profit margins

$US

thou

sand

s

C R Y S T A L P E A K M I N E R A L S

BELOW-AVERAGE OPERATING EXPENSES

SOP Industry Cost Curve

23

Brine Production

Reacted Salts Production

Mannheim Production

0

100

200

300

400

500

600

0 500 1000 1500 2000 2500 3000 3500 4000 4500 5000 5500 6000

Oper

atin

g cos

t (US

$/t)

Annual production

CPM FS OPEX US$205/ton

* Source: CRU, FS, and company reports

Majority brine production (approximately 2/3 of total) and other cost advantages (see slide 11) expected to enable Crystal Peak to achieve operating expenses below SOP industry averages.

Source: FS and Company reports

C R Y S T A L P E A K M I N E R A L S

LEADERSHIP TEAM

24

MANAGEMENT

JOHN MANSANTI, PRESIDENT AND CEO

• More than 35 years experience in mining

• Senior operations and project roles for Intrepid Potash, Barrick Gold, Placer

Dome, Newmont Mining, and Freeport McMoRan

BLAKE MEASOM, CHIEF FINANCIAL OFFICER

• Finance executive with 25+ years of experience

• Former CFO of Barrick North America

• Former CFO of Kennecott Energy Company, a subsidiary of the Rio Tinto

Group

DEAN PEKESKI, VP PROJECT DEVELOPMENT

• 20+ years as project manager

• Managed development of Milestone Potash Project in Saskatchewan for

Western Potash

WOODS SILLEROY, VP OPERATIONS AND CORPORATE SECRETARY

• More than 30 years of operations and resource experience

• Former VP and Chief Operating Officer, Justice Design Group

DOUG HOADLEY, DIRECTOR OF MARKETING

• 25+ years of market analysis in the fertilizer industry,

5 years marketing and 3 years IR

• CF Industries, Mosaic Company, IMC Global and CRU

HERBERT SCRUGGS, NON-EXECUTIVE CHAIRMAN

• Founding partner of The Cynosure Group

• Former senior executive at Leucadia National Corporation

DE LYLE BLOOMQUIST, LEAD INDEPENDENT DIRECTOR

• Former President of Global Chemicals Business at Tata Chemicals

• Former CEO of General Chemical Industrial Products

DAN BASSE, DIRECTOR

• President of AgResource Company with 40+ years of experience in farming and

commodity industries

DONALD CARROLL, DIRECTOR – EMR REPRESENTATIVE

• Senior executive with BHP Billiton for 30+ years in BHP Japan, BHP India, and BHP

Marketing Asia

ROB CURTIS, DIRECTOR – EMR REPRESENTATIVE

• Geologist with 19+ years experience executing investments in Sandfire, IMX, Toro

Energy, and others

ROD LYLE, DIRECTOR – EMR REPRESENTATIVE

• Corporate lawyer with extensive board, finance, and M&A experience

JOHN MANSANTI, DIRECTOR – CPM PRESIDENT & CEO

• Currently serves as director for Alio Gold

BOARD OF DIRECTORS

C R Y S T A L P E A K M I N E R A L S

Crystal Peak Minerals Inc.

2150 South 1300 East, Suite 550Salt Lake City, UT 84106

Phone: 801-485-0223e-mail: info@crystalpeakminerals.com

website: www.crystalpeakminerals.com

Plant nutrition for a healthier world