Investor Presentation

SEPTEMBER 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

Key Markets

Oil & Gas

Industrial & Recreational (I&R)

Key Markets

Foundry

Glass

Sports & Recreation

Building Products

Filtration

Complementary markets throughout business cycles

Complementary products to leverage asset base

3

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

Long-Term Value CreatorsFAIRMOUNT SANTROL

99.9% pure silica

4

Only Fully Integrated I&R Sand and Resin Solutions Provider TECHNOLOGY & INNOVATION AND BROAD PRODUCT PORTFOLIO - INDUSTRIAL & RECREATIONAL

PRODUCTS/

CHARACTERISTICS

TARGET MARKETS

Building products

Foundries

Glass manufacturing

Golf courses

Water filtration

Engineered sand-based

resin products

Foundries

Expert custom blends

of sand, aggregates,

minerals, colorants and

other materials

Building products

Specialty products

Sports & recreation

- Colored play sand

- Sports turf

HIGH-PURITY SANDSENGINEERED

RESIN-COATED SANDSCUSTOM BLENDINGHIGH-PERFORMANCE

RESIN SYSTEMS

Traditional foundry resin

systems & proprietary

resins for advanced

resin-coated proppants

Foundries

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

5

Products to Address All Well Environments

Northern White

Silica Sands

Tier 2, API

Regional

sand

(Voca)

Precured

(Tempered)

Highest

Increased

Curable

Increased

Highest

Texas Gold®

Frac Sand

Tier 1, API

NWS

99.8% pure

silica

Increases:

Reservoir Recovery –Both IP & EUR

(by optimizing well geometry)

&

Operational Efficiencies

RAW SAND

Propel SSP®

RESIN-COATED SAND TRANSPORT

TECHNOLOGY

Permian

Regional

sand

(Kermit)

Permian

Sand

Flowback Protection

Strength

TECHNOLOGY & INNOVATION AND BROAD PRODUCT PORTFOLIO – PROPPANT SOLUTIONS

Conductivity

Value Add

6

Broad Asset Base Provides Efficiency and FlexibilityOPERATIONAL SCALE & EFFICIENCIES

~ 900 million tons of proven reserves

Flexibility to shift with market demand:

− Locations, grade mixes and

logistic capabilities

− i.e.: increasing 4070 production

at Wedron – meeting coarser

grades by other mines

In 2018, regional and low-cost Wedron

represent > 70% of active capacity

Overall fines as a percent of total tons

over 70% with ability to flex

FMSA ANNUAL FRAC SAND CAPACITY

(in millions of tons)

Wedron100 mesh -37%

Kermit 40/70 -37%

Voca

Coarse – 26%

MenomonieMaiden Rock

BrewerShakopee

-

2.0

4.0

6.0

8.0

10.0

12.0

14.0

16.0

Active + Future KermitCapacity

Active + Future KermitCapacity by Grade

15.6

>70%

+ 3.5 million tons of annual I&R

capacityI & R

Competitive Delivery into all Key Basins

FMSA Terminal

FMSA Mining & Processing

Unit Train Destination

Unit Train Origin (Mining &

Processing)

Coating Operation

EXTENSIVE DISTRIBUTION AND UNIT TRAIN CAPABILITIES

7

Terminal placement closer to well sites reduces last mile distance

Leveraging Our Unit Train Capabilities

Focus on Increasing Utilization of Unit Trains

11 unit-train capable terminals

Unit Trains:

− Reduce delivered cost by $6-$10/ton

− Increase railcar turns and overall efficiency of railcar fleet

Railcar Update

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

> 70% $6.29

$3.99

$3.16

$2.01$1.70

~$0$0

$2

$4

$6

$8

2Q 16 3Q 16 4Q 16 1Q 17 2Q 17 3Q 17e

EXCESS RAILCAR COSTS PER TON

8

Current Areas of Investor Focus

9

1) Market Supply and Demand

2) FMSA Kermit

3) Update on Balance Sheet

AVERAGE PROPPANT TONS

PER U.S. HORIZONTAL WELL (2)

CURRENT AREAS OF INVESTOR FOCUS - MARKET DEMAND

Expected Increase in Proppant Demand for 2018

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

500

550

600

650

700

750

800

850

2015 2016 2017 Est. 2018 Est.

4,600 -

5,000

5,600 -

6,000

3,600 -

4,000

6,500 -

7,000

2018 Proppant demand forecasted to reach 100 million tons (vs. ~ 75 million tons in 2017)

Higher average rig count vs. 2017

Increasing proportion of horizontal vs. vertical wells

Higher proportion of wells drilled actually completed

Well inventory drawdowns (reversal of 2017 DUC build)

Increasing Number of Well Completions Higher Proppant Intensity Per Well

Modestly longer laterals

More stages per well

Higher proppant loading per lateral foot

U.S. HORIZONTAL LAND RIG COUNT (1)

Current Tightness on Finer Grades Carries into 2018CURRENT AREAS OF INVESTOR FOCUS – MARKET SUPPLY AND DEMAND

0

20

40

60

80

100

PermianSupply

PermianDemand

Non-PermianDemand

100 Mesh 40/70 Coarse Grades

2018: Even with 100% adoption of

Permian sands, over 75 million tons of

demand for non-Permian supply¹

1- Key assumptions for 2018:

45M tons of Permian demand and 30M tons of nameplate capacity

Permian demand is 40% 100 mesh, 40% 40/70 and 20% coarse grades

Permian production is 80% 100 mesh and 20% 40/70

100% adoption of local Permian sands

Permian Demand

met by Permian

supply

Mill

ions

of t

ons

~25% ~30%~20%

~40%~40%

~30%

~35% ~30%

~50%

0%

20%

40%

60%

80%

100%

DemandAddressable by

Non-PermianSupply

FMSA Supplyex-Kermit

Non-PermianMarket Supply

100 Mesh 40/70 Coarse

FMSA grade mix is well balanced to

meet demand for sand supplied from

outside the Permian

Over 75M tons

of demand

addressable by

non-Permian

supply

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Facility manager already hired

Access to experienced employees at other facilities

Equipment has been on order for several months to

speed construction

Adequate water resources on property

Good access to other utilities

Prime access to Route 115

Ability to leverage existing terminal networks in

Permian

Long-history of protecting native species at our mines

Mine plan will be designed to avoid and preserve

potential DSL habitat

12

FMSA Kermit Addresses Challenges to Producing Permian SandCURRENT AREAS OF INVESTOR FOCUS – FMSA KERMIT

Logistics

Construction & Labor Dunes Sagebrush Lizard

Water and Utilities

FMSA Kermit Location FMSA Kermit Location

FMSA Kermit Location

FMSA has strong track record of operations in all these areas

Continued Improvement in Capital Structure

13

$50 million term debt prepayment in June

reduces total debt

Expect to further reduce net debt through

operating cash flows in both 2H 17 and

FY18

All significant debt matures in Sept. 2019

− Tem Debt: Intend to refinance prior to

the end of 2017 with similar form

− Revolver: (expires in Sept. 2018)

Will also be replaced with a new

facility – likely upsized to provide

more flexibility

CURRENT AREAS OF INVESTOR FOCUS – UPDATE ON BALANCE SHEET

Mar. 31,

2017

Jun. 30,

2017

Cash $210.7 $178.5

Debt

Term Debt Due Sept 2019 $835.2 $783.3

Other, net $9.9 $12.8

Total Long Term Debt $845.1 $796.1

Net Debt $634.4 $617.6

Capitalization Summary($ in Millions)

14

Financial Update and Outlook

Second-quarter 2017 results

Volumes: Total company +22% sequentially; Proppant Solutions +24% sequentially

Adjusted EBITDA: $47.0 million vs. $21.7 million in Q1 2017

Third-quarter 2017 outlook

Proppant volumes of 2.6 million to 2.8 million tons

− FMSA capacity will be constrained in Q3: Shakopee will begin production in Q3, with minimal Q3 impact

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

− Frac sand cost per ton 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

VALUE CREATORS

Commitment to People, Planet & Prosperity

Appendix

17

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