Plant nutrition for a healthier world

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

CRYSTAL PEAK MINERALS DISCLAIMER

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.

CRYSTAL PEAK MINERALS 2 INVESTMENT HIGHLIGHTS

Only permitted greenfield brine SOP project in the large Americas market 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

*Source: FS and Company reports. Please review FS for details; available on the Company’s website and on sedar.com. CRYSTALCRYSTAL PEAK PEAK MINERALS MINERALS 33 COMPANY PROFILE

Compass Minerals v Crystal Peak Minerals is a development- (SOP) stage potash company controlling over SALT LAKE CITY 124,000 acres on the Sevier Playa in Utah Intrepid Potash (MOP)

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

CRYSTAL PEAK v Situated perfectly to supply SOP into multiple MINERALS Sevier Playa regional markets ` Intrepid Potash (MOP) Approximate Outline of Ancient v Significant Reserve & Resource Lake Bonneville underpinning a long mine life and compelling project economics

CPM completing test trench work on the Sevier Playa

*Source: FS and Company reports CRYSTAL PEAK MINERALS 4 COMPELLING PROJECT ECONOMICS

Feasibility Study (FS) announced January 11, 2018

KEY ASSUMPTIONS: ECONOMIC INDICATORS* • 100% equity financing NPV (after tax, 8%) $730 M • SOP production ramp-up over IRR (after tax) 21% three years; from first production of 30,000 Proven and Probable Reserves 6.802 M tons tons in 2022 to full capacity of Mine Life 30 years at least 372,000 tons in 2025 • Mineral resource at four times EBITDA at Full Production Rate ~$150 M reported reserve 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% Material upside potential identified After-Tax Payback (from initial production) 4.5 years since completion of FS (See slide 16)

*Source: FS and Company reports CRYSTAL PEAK MINERALS 5 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

CRYSTAL PEAK MINERALS 6 THE SOP MARKET: A COMPELLING OPPORTUNITY

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

GLOBAL MARKET NORTH AMERICAN SOP SOP PRICING PREMIUM: TONS PER ANNUM (T.P.A.) MARKET 50-100% 2017 DATA (including Mexico - tons per annum) AVG. PRICE PER TON, DECEMBER 2018 610k* Potassium fertilizer: $615 85.8 million t.p.a. DEMAND DRIVERS: 515k • Healthier food choices • Organic crops SOP fertilizer: $440 • Increasing population 2.4% $315 7.6 million t.p.a. CAGR • Reduced arable land • More frequent droughts SOP average growth: 2.2% per year 2018 2025 Cornbelt Calif. Calif. MOP MOP SOP

Source: CRU and Parthenon Source: CRU, Parthenon, and Company reports Source: Green Markets

* Extrapolated CRYSTAL PEAK MINERALS 7 DOMESTIC PRICING ADVANTAGE

CPM is well positioned to supply the premium California market

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

800

750 Average premium of US$129/t to Europe benchmark 700

650

600

550

500

450

400

350

300 Mar/10 Mar/11 Mar/12 Mar/13 Mar/14 Mar/15 Mar/16 Mar/17 Mar/18 Mar/19 Sep/10 Sep/11 Sep/12 Sep/13 Sep/14 Sep/15 Sep/16 Sep/17 Sep/18 Sep/19

California SOP (midpoint) Northwest Europe SOP (midpoint)

*Source: Greenmarkets CRYSTAL PEAK MINERALS 8 SOP PRODUCTION METHODS

BRINE REACTED SALTS MANNHEIM Extract and harvest React MOP with React MOP with sulfate brines high-sulfate salts sulfuric acid

Lowest cost Medium cost Highest cost

No unfavorable No unfavorable Produces CO2, by-products by-products hydrochloric acid

Global production: Global production: Global production: ~ 2.1m tons per annum ~ 1.4m tons per annum ~ 3.2m tons per annum

Total Production Source: CRU CRYSTAL PEAK MINERALS 9 SITUATED IN LARGE ADDRESSABLE MARKET

Rest of World: Domestic demand and freight to US 388 limit competitiveness/incentive for Proximate to key US European SOP to export to US Russia: 7kg/ha markets, Mexico and Europe: 43kg/ha 1,253 427* Tessenderlo South America (Belgium) Luobupo 4,648 Compass Potash Co. Minerals (China) (Utah) USA: 57kg/ha Crystal Peak China: Low import competition Minerals Middle East: 71kg/ha (Utah) 26kg/ha Domestic demand and India: due to cost of freight freight to US limit low 2kg/ha margin Chinese coastal Evergrow 223 Mannheim producers (Egypt) Other prospective Africa: 4kg/ha competing in the US Colluli CPM will have great access to (Ethiopia/Eritrea) development projects are key markets in Central and 349 Southeast Asia: South America Latin America: 1kg/ha distant from export 10kg/ha markets SQM. S.A (Chile) 306 Multiple development projects Xkg/ha represents (Western Australia) 61 kilograms of SOP used per hectare on SOP- favorable crops

SOP demand by region (kton) in 2018 Project status (primary producers)

Direction of SOP Producing trade Development Source: Food & Agriculture Organization, CRU U.S. & Canada only CRYSTAL PEAK MINERALS 10 INFRASTRUCTURE ACCESS

Within 20 miles of key transport infrastructure Rail access across US and into Canada & Mexico Rail Loadout Facility ~15 miles from plant Railroad used by Compass for California SOP shipments

Sevier Lake Project Integrated Rail Line Port Access to Pacific / Atlantic CRYSTAL PEAK MINERALS 11 UTAH: PROVEN LOCATION FOR SOLAR EVAPORATION

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 Salt SOP mineral extraction operation within the Lake Magnesium Bonneville footprint. MOP

CRYSTAL PEAK MINERALS Sevier Playa

CRYSTAL PEAK MINERALS 12 FAVORABLE COST STRUCTURE

Surface brine extraction Proximity to core markets RESULT: <500 miles to California – largest U.S. SOP BOTTOM-QUARTILE Existing infrastructure: rail lines, market roads, power and natural gas OPEX* Stable local workforce $205/ton (per FS) vs. Arid location supports solar industry average of evaporation State-of-the-art processing facility ~$350/ton

*Source: FS and Company reports CRYSTAL PEAK MINERALS 13 MINIMAL ENVIRONMENTAL IMPACT (AIR, LAND, WATER)

Completed EIS permitting Project characteristics:

• Record of Decision signed in 2019 • Solar evaporation • Construction anticipated to begin • Reduced fuel consumption and air in 2020 emissions by redesign • Solar photovoltaic power for brine extraction well pumps Playa has no groundwater, • Simple process methodology vegetation, or animal life • Certified organic potential • Brine not suitable for other • Robust pond design: 12 feet of highly applications impermeable clay

CRYSTAL PEAK MINERALS 14 FAVORABLE GOVERNMENT RELATIONS AND LOCAL SUPPORT

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

CRYSTAL PEAK MINERALS 15 PROJECT OPTIMISATIONS

Additional Revenue Optimization Strategies • Studying potential to produce • Process improvements – magnesium chloride in liquid and increasing sulfates for conversion solid form • Capex reductions • Playa operational efficiencies Liquid Magnesium Chloride CAPEX Reduced evaporation pond sizes, initial capex and sustaining capex • Dust control, snow melt, erosion control, fertilizer Operational Flexibility Reduce risk from poor evaporation seasons, lack of recharge water, start-up challenges, Flake Magnesium Chloride and provides opportunity to integrate more flexibility into the Project

Reacted MOP Production • Higher value magnesium product, snow melt, magnesium refining Reduced playa brine flow rate with the option to maximize Reacted MOP production

CRYSTAL PEAK MINERALS 16 NEAR-TERM CATALYSTS FOR VALUE CREATION

Q3 2019 Q1 2020 Q2 2020 Q3 2020 Q3 20 / Q1 21 Record of Secure Offtake Optimised Secure Project Early Works and Decision Agreement Development Finance Construction

CRYSTAL PEAK MINERALS 17 CAPEX AND FINANCING

Initial Capital Costs: $398 million1 Engaged BNP Paribas as project finance advisor Direct: $288 million Project debt: expected to be ≈ 60% of project Indirect: $70 million finance Contingency & risk: $40 million 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 1. Initial CapEx. Source: FS and Company reports • Equipment leasing 2. Numbers and percentages are approximate and rounded • Other private equity CRYSTAL PEAK MINERALS 18 CAPITAL STRUCTURE

CRYSTAL PEAK MINERALS SHARE OWNERSHIP

Management Ticker – Canada: TSXV: CPM and Directors, 2.38% EMR INVESTMENT (62.63%)3 OTCQX: Ticker – U.S.: CPMMF Other, 21.25% Specialist resources private equity manager Share Price: (approx.) C$0.061 Invested to date: • US$37 million of equity Shares Outstanding: • US$12 million loan (convertible at 291 million2 C$0.55/share) – converted to equity (approx.) effective Dec. 2018 Knox Capital, Market Capitalization: C$16.0 3.91% • US$10 million loan (convertible at (approx.) million1 C$0.50/share) Highly supportive and committed long term value investor, supporting CPM EMR Capital, across technical, financial, commercial Tata Chemicals, 62.63% 9.93% and strategic matters

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 options 3 Numbers and percentages are approximate and rounded CRYSTAL PEAK MINERALS 19 INVESTMENT HIGHLIGHTS

Only permitted greenfield brine SOP project in the large Americas market 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

*Source: FS and Company reports. Please review FS for details, available on the Company’s website and on sedar.com. CRYSTALCRYSTAL PEAK PEAK MINERALS MINERALS 2020 APPENDIX

CRYSTALCRYSTAL PEAK PEAK MINERALS MINERALS 21 PROJECTED CASH FLOWS

EBITDA2 1 Project NPV8: US$730 million 200,000 In first year of full production, CPM would 180,000 160,000 have an EBITDA of US$147 million 140,000 US$398 million of CapEx to reach 120,000 full production 100,000

$US thousands $US 80,000

60,000

40,000

20,000

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

Robust EBITDA reflective of strong profit margins

1 At $572/ton SOP (inflated) after tax. Source: FS and Company reports 2 Sales and costs inflated over mine life. Source: FS and Company reports CRYSTAL PEAK MINERALS 22 BELOW-AVERAGE OPERATING EXPENSES

SOP Industry Cost Curve

600 Mannheim Production 500

400 Reacted Salts Production 300 Brine Production CPM FS OPEX 200 US$205/ton Operating cost (US$/t)

100

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

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 * Source: CRU, FS, and company reports CRYSTAL PEAK MINERALS 23 LEADERSHIP TEAM

MANAGEMENT BOARD OF DIRECTORS

JOHN MANSANTI, PRESIDENT AND CEO HERBERT SCRUGGS, NON-EXECUTIVE CHAIRMAN • More than 35 years experience in mining • Founding partner of The Cynosure Group • Senior operations and project roles for Intrepid Potash, Barrick Gold, Placer • Former senior executive at Leucadia National Corporation Dome, Newmont Mining, and Freeport McMoRan DE LYLE BLOOMQUIST, LEAD INDEPENDENT DIRECTOR • Former President of Global Chemicals Business at Tata Chemicals BLAKE MEASOM, CHIEF FINANCIAL OFFICER • Former CEO of General Chemical Industrial Products • Finance executive with 25+ years of experience • Former CFO of Barrick North America DAN BASSE, DIRECTOR • President of AgResource Company with 40+ years of experience in farming and • Former CFO of Kennecott Energy Company, a subsidiary of the Rio Tinto commodity industries Group DONALD CARROLL, DIRECTOR – EMR REPRESENTATIVE DEAN PEKESKI, VP PROJECT DEVELOPMENT • Senior executive with BHP Billiton for 30+ years in BHP Japan, BHP India, and BHP • 20+ years as project manager Marketing Asia • Managed development of Milestone Potash Project in Saskatchewan for ROB CURTIS, DIRECTOR – EMR REPRESENTATIVE Western Potash • Geologist with 19+ years experience executing investments in Sandfire, IMX, Toro WOODS SILLEROY, VP OPERATIONS AND CORPORATE SECRETARY Energy, and others • More than 30 years of operations and resource experience ROD LYLE, DIRECTOR – EMR REPRESENTATIVE • Former VP and Chief Operating Officer, Justice Design Group • Corporate lawyer with extensive board, finance, and M&A experience DOUG HOADLEY, DIRECTOR OF MARKETING JOHN MANSANTI, DIRECTOR – CPM PRESIDENT & CEO • 25+ years of market analysis in the fertilizer industry, • Currently serves as director for Alio Gold 5 years marketing and 3 years IR • CF Industries, Mosaic Company, IMC Global and CRU

CRYSTAL PEAK MINERALS 24 Plant nutrition for a healthier world

Crystal Peak Minerals Inc.

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

Phone: 801-485-0223 e-mail: [email protected] website: www.crystalpeakminerals.com

CRYSTAL PEAK MINERALS