Investor Presentation

AUGUST 2017

1

Forward-Looking Statements

This presentation contains forward-looking statements. These statements can be identified by the use of forward-looking terminology

including “will,” “may,” “believe,” “expect,” “anticipate,” “estimate,” “continue,” or other similar words. These statements discuss future

expectations including company growth expectations, demand for our products, expectations regarding future prices, capacity expansion

plans, market trends, liquidity, transportation services, commercial product launches and research and development plans and may contain

projections of financial condition or of results of operations, or state other “forward-looking” information. These forward-looking statements

involve risks and uncertainties. Many of these risks are beyond management’s control. When considering these forward-looking statements,

you should keep in mind the risk factors, Management’s Discussion and Analysis of Financial Condition and Results of Operations, and other

cautionary statements in the company’s SEC filings. Forward-looking statements are not guarantees of future performance or an assurance

that our current assumptions or projections are valid. Our actual results and plans could differ materially from those expressed in any forward-

looking statements. We undertake no obligation to publicly update any forward-looking statements, whether as a result of new information or

future events, except as required by law.

This presentation includes certain non-GAAP financial measures, including EBITDA and Adjusted EBITDA. These non-GAAP financial

measures are used as supplemental financial measures by our management to evaluate our operating performance and compare the results

of our operations from period to period without regard to the impact of our financing methods, capital structure or non-operating income and

expenses. Adjusted EBITDA is also used by our lenders to evaluate our compliance with covenants. We believe that these measures are

meaningful to our investors to enhance their understanding of our financial performance. These measures should be considered

supplemental to and not a substitute for financial information prepared in accordance with GAAP and may differ from similarly titled measures

used by other companies. For a reconciliation of such measures to the most directly comparable GAAP term, please see the appendix of this

presentation.

FORWARD-LOOKING INFORMATION

NON-GAAP FINANCIAL MEASURES

2

Two Complementary Business Segments

6.472%

2.528%

2016 VOLUMES(million tons)

Proppant Solutions

Oil & Gas Markets

Resin-Coated Proppants

Propel SSP®

Tier 1 Northern White Sand

Tier 2 Texas Gold Sand

Tier 3 Local Sand

Industrial & Recreational (I&R)

Foundry, Glass, Sports & Recreation, Building and Filtration Markets

Resin-Coated Sand

Custom Blending

High-Purity Sand

Enhanced Resin

Complementary markets throughout business cycles

Complementary products to leverage asset base

Core Differentiators for Long-Term Value Creation

4

Core Differentiators for Long-Term Value CreationFAIRMOUNT SANTROL

Commitment to People, Planet & Prosperity

Technology & Innovation

Broad Product Portfolio

Operational Scale & Efficiencies

Extensive Distribution and Unit Train Capabilities

Core Differentiators for Long-Term Value CreationFAIRMOUNT SANTROL

Propel SSP® – Enhanced Productivity, Operational Efficiency & Flexibility

5

Field Trial Stats

100+ wells

20+ E&Ps

Bakken

Canadian Bakken

DJ

Mississippian Lime

Utica

MarcellusUinta

Permian

Pinedale

Field Trial Areas

Case Study

Eagle Ford

+45%

18 months

TECHNOLOGY & INNOVATION

Strong productivity gains are further enhanced by significant operational efficiencies

Allows service companies to increase utilization of their

resources; important as completion resources tighten

Propel SSP 350® allows for flexibility in water usage,

including brackish and produced water

99.9% pure silica

6

Only Integrated I&R Sand and Resin Solutions Provider BROAD PRODUCT PORTFOLIO – INDUSTRIAL & RECREATIONAL

PRODUCTS/

CHARACTERISTICS

TARGET MARKETS

Construction

Foundries

Glass manufacturing

Golf courses

Colored play sand

Sports turf

Water filtration

+200 engineered sand-

based resin products

Construction

Foundries

Expert custom blends of

minerals, aggregates,

colorants, epoxies and

polymers

Construction

Specialty products

Sports & recreation

HIGH-PURITY SANDSENGINEERED

RESIN-COATED SANDSCUSTOM BLENDINGHIGH-PERFORMANCE

RESIN SYSTEMS

High-quality traditional

foundry resin systems and

proprietary resin

development for advanced

resin-coated proppants

Foundries

Diverse base of over 800 customers contributes to steady dynamics of I&R

7

Products to Address All Well EnvironmentsBROAD PRODUCT PORTFOLIO – PROPPANT SOLUTIONS

High-Purity Northern

White Silica Sands

Tier 2

regional

sand

Precured Resin-

Coated Sand

Highest

strength

Increased

flowback

protection

Curable Resin-

Coated Sand

Highest

flowback

protection

Increased

strength

Texas Gold®

Frac Sand

Tier 1 NWS

99.8% pure silica

Proppant coating that

enhances well productivity and

operational efficiency through

improved proppant transport

and frac geometry optimization

PRODUCTS/

CHARACTERISTICS

APPLICATIONS Lower-cost,

API-certified

sand

applications

High-temperature /

pressure wells where

proppant needs extra

strength & fines

encapsulation

Wells where

flowback is a

challenge

Medium cost,

delivers

higher productivity

versus regional

sands

In any well to optimize

water, chemical and

horsepower required to

place the targeted proppant

volume and mesh size

RAW SAND

Propel SSP®

RESIN-COATED SAND TRANSPORT

TECHNOLOGY

WELL PRESSURE

(Based on 40/70

substrate)

Up to 6,000 psi Up to 9,000 psi Up to 14,000 psi Up to 16,000 psiDependent on

underlying proppant

Tier 3 local

sand

Lowest-cost

option for wells

in Permian basin

Up to 8,000 psi

Regional Frac

Sand

Located in Winkler County, TX (Permian basin) near Kermit

~3,250 acres under lease with reserves of ~165M tons

Fine mesh sand reserves (40/70 and 100 mesh), with ~75% 100 meshPROPERTY

FMSA Kermit – Further Broadening Industry Leading Product OfferingBROAD PRODUCT PORTFOLIO – PROPPANT SOLUTIONS

Kermit low-cost facility further broadens FMSA’s extensive product portfolio

and allows Company to meet growing and changing market demand

Capacity of approximately 3 million annual tons of frac sand

Facility expected to be in operation by beginning of Q2 2018

Manufacturing cost per ton in first quartile of cost curve even with royalty

MINE AND PRODUCTION

FACILITY

Total leasehold interest payments and capex between $100 million to $110

million funded over next 12 months

Royalty structure, which includes water rights, on each ton sold from plant

that will average less than $3 with no minimum royalty

Financing expected to be through cash on hand and/or operating cash flow

FINANCING

Located between both Midland and Delaware basins

Easy access to existing roads

Significant water resources available on site

LOGISTICS

8

9

Broad Asset Base Provides Flexibility and EfficiencyOPERATIONAL SCALE & EFFICIENCIES

Nearly 900 million tons of proven reserves,

allowing for long-term organic growth

Locations, grade mixes and logistic

capabilities provide flexibility to meet changes

in market demand

At full Kermit capacity, 30% of active capacity

will be local/region

When active, low-cost Kermit and Wedron

facilities will represents 2/3 of active frac sand

capacity

Increasing production of 40/70 at Wedron, with

coarser grades supplied by other mines,

highlighting flexibility of footprint

FAIRMOUNT SANTROL STATED ANNUAL

RAW FRAC SAND CAPACITY(in millions of tons)

Northern

White Sand

Mines

Wedron

Menomonie

Maiden Rock

BrewerShakopee

Voca

Kermit

Idled

-

2.0

4.0

6.0

8.0

10.0

12.0

14.0

16.0

18.0

Total Stated Capacity

16.9

10

Leveraging Our Unit Train Capabilities

11 unit-train capable terminals

Unit trains can lower delivered cost by $6-$10/ton and increase delivery speed

Unit trains increase rail car turns and overall efficiency of rail car fleet

All excess railcars have been returned to active fleet

EXTENSIVE DISTRIBUTION AND UNIT TRAIN CAPABILITIES

0%

20%

40%

60%

80%

2014 2015 2016 1H 2017

PERCENTAGE OF NORTHERN WHITE SAND SHIPPED VIA UNIT TRAIN

Expansive Footprint in Key Basins Through Facilities and Terminals

Canada

FMSA Terminal

FMSA Mining & Processing

Unit Train Destination

Unit Train Origin (Mining &

Processing)

Coating Operation

New Kermit facility will strengthen

FMSA’s position in Permian basin

for tier 3 local sands

EXTENSIVE DISTRIBUTION AND UNIT TRAIN CAPABILITIES

11

Performance Update

13

Excellent Proppant Solutions Growth in Q2

VOLUMES

2.1

2.6

0.0

0.4

0.8

1.2

1.6

2.0

2.4

2.8

Mill

ion

s

1Q-17

In Millions of Tons

REVENUES

1Q-17

141.0

198.8

$0

$50

$100

$150

$200

Mill

ion

s

In Millions

GROSS PROFIT

1Q-17

27.3

54.4

$0

$5

$10

$15

$20

$25

$30

$35

$40

$45

$50

$55

Mill

ion

s

In Millions

Increased volumes, pricing and fixed cost leverage all contributed to sequential

gross profit nearly doubling

2Q-17 2Q-17 2Q-17

+24% +41% +99%

PERFORMANCE UPDATE

PROPPANT SOLUTIONS

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Strong I&R Results in Q2

VOLUMES

0.66 0.69

0.0

0.2

0.4

0.6

0.8

Mill

ion

s

2Q-16

In Millions of Tons

REVENUES

2Q-16

32.134.4

$0

$5

$10

$15

$20

$25

$30

$35

$40

Mill

ion

s

In Millions

GROSS PROFIT

2Q-16

13.6

15.7

$0

$4

$8

$12

$16

Mill

ion

s

In Millions

Focus on value-added products led to strong year-over-year profitability growth

2Q-17 2Q-17 2Q-17

+4% +7%

+15%

PERFORMANCE UPDATE

INDUSTRIAL & RECREATIONAL

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Strong Growth in Q2 2017

VOLUMES

2.7

3.3

0.0

0.5

1.0

1.5

2.0

2.5

3.0

3.5

Mill

ion

s

1Q-17

In Millions of Tons

REVENUES

1Q-17

172.6

233.2

$0

$60

$120

$180

$240M

illio

ns

In Millions

GROSS PROFIT

1Q-17

40.8

70.1

$0

$25

$50

$75

Mill

ion

s

In Millions

Pricing improvements and fixed cost leverage in Proppant Solutions and I&R’s

strong value-added results contributed to very strong profitability growth

2Q-17 2Q-17 2Q-17

+22% +35% +72%

PERFORMANCE UPDATE

FMSA TOTAL

ADJUSTED EBITDA

1Q-17

21.7

47.0

$0

$10

$20

$30

$40

$50

Mill

ion

s

2Q-17

+116%

In Millions

Continuing Improvement in Capital Structure

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Mar. 31, 2017 Jun. 30, 2017

Cash $210.7 $178.5

Debt

2015 B-1 Extended Due Sept. 2019 $117.3 $110.0

B-2 Due Sept. 2019 $717.9 $673.3

Other, net $9.9 $12.8

Total Long Term Debt $845.1 $796.1

Net Debt $634.4 $617.6

Capitalization Summary($ in Millions)

All significant debt matures in Sep. 2019

− Expect to address and extend

these maturities in the coming

quarters

Improved cash flow in 2Q 2017 further

reduces net debt

$50 million term debt prepayment in

June reduces total debt

$20 million leasehold interest payment

for Kermit facility made in early Q3

− Remaining $80M - $90M in

leasehold interest / capex over next

12 months

− Funded by cash on hand and free

cash flow generation

PERFORMANCE UPDATE

FMSA Kermit – Timeline for DeliveryPERFORMANCE UPDATE

Q3 ‘17 Q4 ‘17 Q1 ‘18 Q2 ‘18

Lease and capital expenditures ~$70-75M Lease and capital expenditures ~$30-35M

Total investment = $100M-$110M

Finalized leasehold

agreement

Permits filed

Equipment on order

Customer contracts

finalized

Staffing Plant

Plant Construction

Plant

operational by

beginning of

Q2 2018

Plant expected to be at

full capacity by Q4 ‘18

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After rising sharply throughout first six months of 2017, rig count growth has moderated so

far in Q3

Future proppant demand growth expected to be driven by higher proppant intensity per well

and completion percentages

2018 market demand forecasted to reach 100 million tons

AVERAGE PROPPANT TONS

PER U.S. HORIZONTAL WELL (2)

LOOKING AHEAD

Positive Tailwinds for the Proppant Market

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Sources:(1) Baker Hughes(2) FMSA estimates based on public E&P presentations and internal estimates + PacWest Consulting Partners

U.S. HORIZONTAL LAND RIG COUNT (1)

300

400

500

600

700

800

2015 2016 2017 Est.

~ +30%

4,600 -

5,000

5,600 -

6,000

~ +20%

3,600 -

4,000

Permian Market Supply / Demand DynamicsINVESTMENT THESIS

FMSA’s footprint will be well-suited to meet demand for both local/regional sands in the Permian and highest quality Northern White Sand across all basins

Permian basin demand expected to grow

~15-20M tons in 2018 and reach ~45-50M

tons by end of 2018

A number of customers have shown interest

in sourcing fine mesh demand locally

Local Permian supply is largely finer grades

with majority 100 mesh

Estimated ~30-40M tons of in basin Permian

capacity to come on line by the end of 2018

Permian demand will be served concurrently

by new cost-effective Permian capacity (100

mesh in particular) as well as Northern

White and Texas Gold® products

Significant Permian demand for 40/70 as

well as vast majority of coarser grades will

continue to be served cost-effectively by

FMSA’s Northern White or Texas Gold®

Demand for finer grades will grow in other

key basins, which can also be efficiently

served by FMSA’s footprint and logistics

network

As FMSA’s I&R business grows it will

continue to consume more finer grades

particularly 100 mesh

MARKET FACTORS FMSA THESIS

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20

Financial Outlook

Third-quarter 2017 outlook

Total proppant volumes of 2.6 million to 2.8 million tons

− Proppant Solutions volumes expected to be impacted by lack of available supply for finer grades

− Shakopee expected to be operational late in Q3, but will only add minimal capacity in Q3

Raw frac sand pricing expected to increase $5 to $7 per ton on average

Proppant Solutions cost per ton in Q3 2017 expected to be flat to down slightly

― Improved fixed cost leverage and lower excess rail car costs are expected to offset increased

production costs from Maiden Rock and Brewer

After strong first half of the year, I&R volumes expected to be relatively flat in Q3 versus the prior year

period, but with continued profitability growth due to price increases and focus on value-added products

PERFORMANCE UPDATE

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Industry Leader Well-Positioned for GrowthWHY INVEST IN FMSA?

Technology & innovation

Broad product portfolio

Operational scale & efficiencies

Distribution & unit train capabilities

Dynamic onshore completions activity

Increased proppant intensity per well

Increased operator focus on long-term

well productivity and flowback mitigation

Continued solid demand in I&R

STRONG MARKET DRIVERSKEY LONG-TERM DIFFERENTIATORS

AND VALUE CREATORS

Commitment to People, Planet & Prosperity

Appendix

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Appendix: Reconciliation of Non-GAAP Financial Measures

Adjusted EBITDA

Three Months Ended,

(in thousands) Jun. 30, 2017 Mar. 31, 2017

Net income (loss) $10,483 $(11,588)

Interest expense, net 12,983 12,537

Provision (benefit) for income taxes 502 (1,148)

Depreciation, depletion, and amortization expense 19,846 19,442

EBITDA $43,832 $19,243

Non-cash stock compensation expense 2,763 2,416

Write-off of deferred financing costs 389 0

Adjusted EBITDA $46,984 $21,659

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Appendix: Strategic Kermit Location to Serve All of Permian Basin

Oil & Gas Terminals

Unit Train Destination

FMSA Mining & Processing

Well Site

New FMSA Kermit facility is well-

positioned to serve both the

Delaware and Midland basins

Delaware Basin Midland Basin