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Potash in Africa

Corporate Presentation
April 2010

Forward Looking Statements | TSX.V: AAA

The information presented contains “forward-looking statements”, within the meaning of the United States Private Securities Litigation Reform Act of 1995, and
“forward-looking information” under similar Canadian legislation, concerning the business, operations and financial performance and condition of the Company.
Forward-looking statements and forward-looking information include, but are not limited to, statements with respect to estimated production, the estimation of
mineral reserves and mineral resources; the realization of mineral reserve estimates; the timing and amount of estimated future production; costs of production;
capital expenditures; success of exploration activities; permitting time lines and permitting, mining or processing issues; government regulation of mining
operations; environmental risks; unanticipated reclamation expenses; title disputes or claims; litigation liabilities; and limitations on insurance coverage.
Generally, forward-looking statements and forward-looking information can be identified by the use of forward-looking terminology such as “plans”, “expects” or
“does not expect”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations 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 statements and forward-looking information are based on the opinions and estimates of management as of the date such statements are made, and
they are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements
of the Company to be materially different from those expressed or implied by such forward-looking statements or forward-looking information. Although
management of the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-
looking statements or forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be
no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such
statements. Accordingly, readers should not place undue reliance on forward-looking statements and forward-looking information. The Company does not
undertake to update any forward-looking statements or forward-looking information that are incorporated by reference herein, except in accordance with
applicable securities laws.

Investors are advised that National Instrument 43-101 of the Canadian Securities Administrators requires that each category of mineral reserves and mineral
resources be reported separately. Mineral resources that are not mineral reserves do not have demonstrated economic viability.

Cautionary Note to U.S. Investors Concerning Estimates of Measured, Indicated or Inferred Resources
The information presented uses the terms “measured”, “indicated” and “inferred” mineral resources. United States investors are advised that while such terms
are recognized and required by Canadian regulations, the United States Securities and Exchange Commission does not recognize these terms. “Inferred
mineral resources” have a great amount of uncertainty as to their existence, and as to their economic and legal feasibility. It cannot be assumed that all or any
part of an inferred mineral resource will ever be upgraded to a higher category. Under Canadian rules, estimates of inferred mineral resources may not form the
basis of feasibility or other economic studies. United States investors are cautioned not to assume that all or any part of measured or indicated mineral
resources will ever be converted into mineral reserves. United States investors are also cautioned not to assume that all or any part of an inferred mineral
resource exists, or is economically or legally mineable. | TSX.V: AAA 2

com | TSX.V: AAA 3 .allanapotash.V: AAA INVESTMENT HIGHLIGHTS $2 million strategic investment from a Chinese investment group completed Entered into off-take/financing agreement talks with the same Chinese group to cover 35% of the construction costs 43-101 Compliant Inferred Resource: 105 million tonnes (20.Investment Highlights | TSX.allanapotash.8% composite grade KCl) Potential to become one of the lowest cost potash producers in the world Fast track to production www.

41 Shares issued (Basic): 114 million 52-week High/Low: $0.04 Market cap (FD): C$ 55 million Cash C$ 8.V: AAA 4 .V Share price(25/03/10): $0.allanapotash.8 million www. Capital Structure | TSX.47 – $ | TSX.V: AAA Stock symbol: AAA – TSX.

V: AAA 5 . .V: AAA Farhad Abasov. Aur Resources and Newmont Mining. over 20 years of experience conducting business in Ethiopia. P. Most recently head of exploration for Lydian and Aur Resources Deborah Battiston. Corporate Development. CEO & Director Over 15 years of business management experience. Senior Vice President.Geo.G. President.allanapotash. Asia and Europe. excellent working relations with the federal and regional governments Jason Wilkinson. Ph.8 Billion in 2007) Peter | TSX. Nejib Abba Biya. Portfolio Management and Vertical Integration for Uranium One. Former member of Energy Metals management team (Energy Metals was sold to Uranium One for $1. Exploration Over 20 years experience in the mining & exploration industry with junior and senior mining companies including Monarch | TSX. www. Project Manager. MBA.allanapotash. with over 20 years of accounting and financial management experience. Senior Vice President. Ethiopia Originally from Ethiopia.A. Most recently served as Senior Vice President at Potash One and Vice President. Ethiopia Over 15 years of exploration and development experience in Africa.D.Strong Management Team & Board www. Chief Financial Officer C.

Halabura.N.V: AAA BOARD OF DIRECTORS TECHNICAL ADIVSORY BOARD Maj. over 30 years of experience in potash and fertilizer business Farhad Abasov. experience consulting to BHP Billiton. Potash Corp of Former Canadian Armed Forces General. President. President and CEO of North Rim Exploration. the Development for Avion Gold Corp. Dr.allanapotash. Bharti is currently the | TSX. Peacekeeping effort in Canpotex. former Board Member of lead the U.V: AAA 6 . CEO & Director www. Mark Stauffer. MBA. Saskatchewan.) Lewis | TSX. and former Chairman of Canpotex Bulk Sarajevo. Senior Advisor Former President of Potash and Phosphate Institute of Canada. Director Mr. with premiere potash expert company. Richard Lacroix. Athabasca Potash and Potash One. 30 years with PCS Rene Bharti. over 25 years operations in Mali. Stephen P. Terminals. Africa . Senior Advisor Director Former Senior Vice President . (Ret. Senior Advisor Mr.Strong Management Team & Board www.-Gen.

Brazil and India in Doing Business Survey Ethiopia is a member of the Multilateral Investment Guarantee Agency (MIGA) and the Convention on the Settlement of Investment Disputes between States and Nationals of Other States Ethiopia Reasonably developed infrastructure: 18 | TSX. Ranks ahead of Russia.Ethiopia: Emerging Mining Country www.V: AAA Stable democratic government with a commitment to foreign investment Allana Potash Revised mining laws to promote development of natural resources Among the top 5 countries in the fastest GDP growth.V: AAA 7 | TSX. hydro and geothermal power plants Close relationship of Allana to government www.

V: AAA 8 .Large Evaporite Basin with known potash mineralization www.Russia Danakil-Ethiopia www.allanapotash.allanapotash.V: AAA Danakil Evaporite Basin has similar geology and twice the size of the world class Urals Basin The Saskatchewan & Urals Basins account for 75% of world s reserves and 50% of global production Less than 10 % of the land package explored Urals .com | | TSX.

V: AAA 9 . Allana can earn 100% interest In a desert area in Northeast Ethiopia.Project Location www. Eritrea 600km road to Djibouti port No sensitive environmental issues BHP Billiton and other players in the region www.allanapotash. approximately 100 km from the Red Sea coast | TSX.allanapotash.V: AAA 150 km² land package staked in Danakil | TSX. 100km to Mersa Fatma Port.

Geothermal power potential | TSX.allanapotash.Local Infrastructure www. 100 km to Red Sea Abandoned rail line to Mersa Fatma used to haul potash and sulphur.V: AAA Road access from Mekele and new road under construction from Djibouti Road access to former sea port of Mersa Fatma. Abundant fresh water in Parsons water wells (up to 700 gal/min) in alluvial | TSX.V: AAA 10 .allanapotash. Additional fresh water sources at Regali River and Lake Afdera.

000 24.V: AAA ERCOSPLAN (Germany) has completed a 43-101 preliminary assessment report (ERCOSPLAN has extensive potash experience in Russia.7% KMg(SO4(*2.43-101 Compliant Inferred Resource www. Central | | TSX.000 61.V: AAA 11 .75H2O All of the above can be used for production of MOP and SOP The report covered less than 10% of the Allana’s property www.300.allanapotash.allanapotash. Africa and Saskatchewan) Elevations as low as 50 m-128 m below sea level COMPANY DEPOSIT TONNAGE GRADE ERCOSPLAN Musley – Allana 31.4% KCI ERCOSPLAN Musley – Allana 73.900.

000. engineering studies available at Geological Survey of Ethiopia in Addis Ababa 16 historic drill holes located on Allana ground Kainitite Member and deep potash horizon virtually unexplored www.V: AAA 12 .V: AAA Parsons exploration 1959-1967. 139 drill holes (14.611 metres) at Musley Deposit Parsons reported | | TSX.Extensive historic exploration www. analytical data.allanapotash.000 tonnes of potash at 31-34% KCl Drill logs.

/22/).allanapotash. /17). /14/). Ayele et al.V: AAA 13 . PEC Engineering Division Mine (1984. (2004. /2/) | TSX. Parsons Company (1966.Stratigraphic Column of Evaporite Sequence | TSX.allanapotash. /17/ and 1986.V: AAA As described in Holwerda & Hutchinson (1968. The Ralph M.

Potentially lowest CAPEX and OPEX Potash Mine | | TSX. solar Expensive underground methods. juniors have to compete against major potash producers attracting workers) Fast track to production (shorter Long permitting process permitting) (18-24 months) Not operating in the backyard of SK-Juniors will have to compete with Canpotex and no port capacity Canpotex for logistics constraints www.allanapotash. evaporation ponds can be used solution mining uses large quantities of resulting in significant energy costs natural gas to evaporate water (energy savings– average temperature is about accounts for over 40% of opex) 40C Significantly lower labor costs High labor costs (in SK especially as in addition to developed world salaries.V: AAA ALLANA’S ETHIOPIAN POTASH PROJECTS IN POTASH PROJECT OTHER REGIONS Unique near-surface potash deposit Comparable deposits are 500 to 2.V: AAA 14 .000 50-100 meters deep (Two drill holes meters deep intersect 45 meters of potash at the depth of 680 meters) Amenable to open pit and solution Not amenable to open pit and higher mining cost for solution mining If solution mining method.

000 through private placement at $0.allanapotash.000.25 CDN per share (25% premium at the time of signing) Negotiations with ChinaCo and additional parties continue as Allana seeks to further reduce the financing risk.V: AAA 15 . limit dilution.allanapotash.Strategic Direction – Off-Take Agreement www. New structure allows Allana to maintain control of the | | TSX. and de- risks 35 % of the Capex www.V: AAA Allana is negotiating Off-Take Agreement to partner with China Mineral United Management (China Mineral) to develop its Ethiopia Potash Project China Mineral will receive up to 20 % of potash production from a 1 M tpy operation and will responsible for 35 % of all the capital costs including solution mine and processing plant construction costs China Mineral made a strategic investment of C$2.

2500 m HQ diamond drilling Interpretation of aerial photographs and Drill holes designed to confirm potash satellite images mineralization in the north. Phase 1 | TSX. and Evaluation of site conditions for further basin centre planning Drill holes engineered to be used for Structural mapping of Danakil Graben down hole seismic survey shoulders Structural mapping of Dallol salt diapirs GEOPHYSICAL SURVEYS Mapping and sampling of hot springs in Down hole vertical seismic profiling to vicinity of Danakil Potash Deposit determine characteristics of potash Evaluation and verification for best seismic horizons survey layout and position Approximately 50 km of surface 2D seismic survey to determine extent of Evaluation and verification for best drilling potash mineralization program layout and position www.allanapotash.V: AAA COMPREHENSIVE PROGRAM INCLUDES: CONFIRMATION DIAMOND DRILLING Under supervision and direction of PROGRAM ERCOSPLAN Approx.V: AAA 16 | TSX. south.


com | TSX. modern kitchen and water facilities UK-based drilling company engaged Road rehab completed Camp construction started Drilling underway | TSX.V: AAA Exploration camp for up to 20 people commissioned and will include air conditioned dorms.V: AAA 18 .February 2010 www.allanapotash. Exploration update.

com | TSX. Exploration | TSX.V: AAA 19 .allanapotash.Drilling www.V: AAA Phase I drill programme underway 2500-3000 metres planned over 7 drill holes Initial drilling on extension of Musley Deposit Deep drilling (2 holes) planned in centre of basin where 45 metres of potash intersected by Parsons www.

V: AAA Reduced World.Allana – Best positioned potash play in the world | | TSX.allanapotash.V: AAA 20 . Fast Track to lowest cost Take agreement Production deposit producer with Chinese partner www. Potential to financing risk – class become negotiating Off.

Peer Comparison Benchmark deal: BHP takeover of Athabasca Potash for $329 MM in 2010 | TSX.allanapotash.V: AAA www.V: AAA 21 .com | TSX.

allanapotash.allanapotash.Analyst Coverage www.V: AAA 22 .com | TSX. McCutcheon $ | TSX.15 Ubika Research $1.V: AAA Analyst 12 Month Target Price Wellington West $0.00 www.02 Dundee Capital Markets $1.Ondaajte.65 Loewen.

Allana’s Recent Visit to Ethiopia www.V: AAA Allana President/CEO and Vice Presidents Met with the Ethiopian President. Minister of Mines and Minister of Transport | TSX.allanapotash.allanapotash.V: AAA 23 .com | TSX. | .V: AAA Potash in Africa Contact Information: Farhad Abasov President and CEO TELEPHONE: EMAIL: 416-845-5904 fabasov@allanapotash.allanapotash.