Specialty fertilizers and plant nutrition for a changing world

Corporate Presentation

Q2 2018TSXV: CPM

Forward-Looking Information

2

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" withinthe meaning of applicable Canadian securities legislation. Forward-looking information includes, but is not limited to, statements related to activities, events or developments that Crystal PeakMinerals 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 FeasibilityStudy; 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 involvesknown 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 theforward-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. Capitalcosts 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 assumptionsthat 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 toconvert 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 theeconomic 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 atthe 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 SEDARat www.sedar.commay adversely impact the Project.

The information presented herein was approved by management of the Company on March 13, 2018. 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, orintended. 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 assistinginvestors 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-lookinginformation. 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 websiteand 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.

CPM Highlights – Premium Specialty Fertilizer• Potassium sulfate or sulfate of potash (SOP) is a premium-priced specialty fertilizer

with growing demand and strong pricing

• Advanced stage project – Feasibility Study (FS) completed February 20, 2018

• Completed FS shows CPM is positioned to be one of the highest-margin SOP operations globally with lowest quartile CapEx and OpEx

• Project is located in the U.S. - low political risk and highest price point for SOP

• All infrastructure is nearby including rail with direct routes to world markets

• C$90 million equity financing commitment from EMR Capital Resources (EMR)

• Brine production and solar evaporation are environmentally friendly with a low carbon footprint when compared to Mannheim and other production methods

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4

Sevier Playa Project – Robust FS Completed

Source: FS and Company reports

Economic IndicatorsNPV (pretax, 8%) $ 900 M

NPV (after tax, 8%) $ 730 M

IRR (pretax) 23%

IRR (after tax) 21%

Mine Life 30 years

Initial Direct Capital Costs $ 288 M

Initial Indirect Capital Costs $ 70 M

Contingency (@P50) $ 32 M

Risk (@P50) $8 M

Total Initial Capital Costs1 $398 M

Deferred Capital Costs1 $9 M

Sustaining Capital Costs (LoM) 1 $248 M

Average Operating Cost (over LoM) $222/t

SOP Price @ Rail Loadout Facility $630/t

Production Royalties (% of gross revenues) 5.61%

After- Tax Payback (from initial production) 4.5 years

Proven and Probable K2SO4 Produced Reserves

6.171 Mt

The FS economic analysis is based upon the following assumptions:

• 100% equity financing

• Construction start date of 01/2019; completed in 2022

• SOP production ramp-up over three years; from first production of 27,500 t in 2022 to full capacity of at least 337,500 t in 2025

• Production declines annually to 223,110 t by 2050

• Operating costs and revenues based on ex-works pricing - product delivery to (e.g., MOP) or shipment from (e.g., SOP) CPM’s rail loadout facility

• Effective tax rate of approximately 15.6%

• Annual production royalties estimated at 5.61% of gross revenue, less allowable reagent costs

• Post-performance tax credit from the State of Utah of approximately $112.5 million

1. uninflated

• Project NPV8: US$730 million 1

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

• CapEx to reach full production of US$398 million

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Future Valuation

1 - at $630/tonne SOP (inflated) after tax. 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

2 – Sales and costs inflated over mine life. Source: FS and Company reports

Robust EBITDA reflective of strong profit margins.

Future Cash Flows

• Potassium sulfate (K2SO4 or “SOP”)

– Used in fertilizers

– Provides both potassium and sulfur

– Does not contain chloride

• Potassium chloride or muriate of potash (KCl or

“MOP”) does contain chloride

• MOP is the most widely used potassium-based

fertilizer

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SOP – Premium Fertilizer for Today’s World

SOP must be used for many high-value, chloride-

sensitive, crops

– This includes a variety of fruits, nuts, and vegetables

– Chloride from MOP can be harmful

– Some crops will die if MOP is applied

For most crops, SOP:

– Increases yields

– Stimulates growth

– Improves disease and drought resistance

– Improves color, flavor, and shelf life

• Saline and arid soils often require SOP

– Chloride accumulation may be harmful to crop production

• Less sensitive crops may still require SOP for

optimal growth if soil accumulates chloride from

irrigation water

• Soluble SOP can be delivered directly to plants

– Subsurface irrigation is efficient

– Allows greater control of nutrient delivery

– Soluble SOP sells at a significant premium to standard and

granular SOP

What is SOP? Why Use SOP?

Types of SOP Production

• Brine Processing: turns natural potassium-rich

brines into SOP

– Uses low-cost solar evaporation

– Lowest costs in industry

• KCl + Sulfate Salts: Converts potassium bearing

minerals to SOP

– Requires the addition of sulfate salts

• Mannheim Process: Converts MOP to SOP

– Uses sulfuric acid and a high temperature, energy intensive

process

– Highest costs in industry

• Increasing populations + declining arable land + changing diets = demand for higher crop yields = more SOP

• Increased affluence = people eating better food = more SOP

• Research = new markets (such as potatoes) = more SOP• Climate Change in major growing regions = more SOP

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SOP – Increasing Pricing and Support Levels

• Brine processing: – Key producers: Compass Minerals, SQM, Chinese

• KCl + sulfate salts:– Key producers: K+S, Rusal

• Mannheim process: – Key producers: Tessenderlo Group, Chinese

Price Growth Price Support

5,500 6,5006,0005,0004,5004,0003,5003,0002,5002,0001,5001,0005000

390

248 253261

241

200

175

145

262 264

303

203

2016 SOP site cost curve*

China

(Xinj

iang)

China

(Qing

hai)

SQM

(Chil

e)

SE A

sia

K+S

Kali (

Germ

any)

Belg

ium

India

Egyp

t China Taiw

an

Com

pass

(USA

/Can

ada)

Primary

Raw material cost

Conversion cost

HCl credit

Secondary (Mannheim)

Cumulative production (’000t SOP)

Crys

tal P

eak*

*

1 – Source: CRU, FS, and company reports

Industry Cost Curve

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Sevier Lake Project

Primary Demand

Mid Tier Demand

• Global potassium fertilizer market is about 64 million tonnes per annum

• Global SOP fertilizer market is about 6.1 million tonnes per annum

• Worldwide SOP CAGR: 3.6% through 2020– Additional growth expected as some MOP usage

transitions to SOP

• North America SOP CAGR: 4.8% through 2020

SOP – Market SizeMOP

55mtpa

SOP 6mtpa

NOP 1.4mtpa

SOPM 1.4mtpa

Potassium Fertilizer Market

US Market

• Current U.S. Market is about 400,000 tonnes of SOP per annum

• Growth: Potential up to about 970,000 tonnes per annum over the next 5 years

• California: 1/3 of the U.S. Market (approx.) - Production of high-value, chloride sensitive

crops such as almonds- Continuing water shortages

Source: CRU, Parthenon, and Company reports

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Sevier Playa Project Overview

Location Central Utah

Size About 124,000 acres

Product SOP (potassium sulfate)

Available Reserve K2SO4 (Proven and Probable)

Over 7.7 million tonnes - or more than 30 years of production

Deposit Type: Terminal lake salt brine

Process: Solar evaporation

Stage: FS completed in Q1 2018

1980’s Development:

Evaporation ponds and brine collection trench built. Salt and magnesium chloride brines were produced in 1989 and 1990 and test ponds operated to produce potash salts

Sevier Playa at a Glance

Hous

e Ran

ge

Crick

et M

ount

ainsSevier

Playa

26 m

iles

Source: FS and Company reports

• Utah, U.S. – Mining-friendly state with trained local

workforce– Well documented permitting process with

many key permits already in place– Project has all necessary water rights– CPM has received right to a State of Utah

$112.5 million post-performance tax credit

• Proven potassium fertilizer producing area– Compass Minerals (SOP)– Intrepid Potash (MOP)

• Region is proven evaporation environment– Compass Minerals producing SOP using

brine extraction and evaporation

• Rail line direct access– California, – Main U.S. growing regions – Ports on Atlantic, Pacific, and Gulf coasts

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Sevier Playa – Project Location

Intrepid Potash(MOP)

Compass Minerals(SOP)

Intrepid Potash(MOP)

Approximate Outline of Ancient Lake Bonneville

CRYSTAL PEAK MINERALS

Sevier Playa

SALT LAKE CITY

Utah

• Access by rail to U.S. core markets– Less than 500 miles to largest

U.S. SOP market: California– Ease of access to extensive U.S.

wide rail network• Access by rail and port to

international markets– East and west coast ocean ports

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Sevier Lake ProjectIntegrated Rail LinePort Access to Pacific / Atlantic

Sevier Playa – Project Location

Integrated U.S. Rail System

Excellent Local Infrastructure• Local infrastructure:

– Road to proposed plant site– 15 miles to rail line– 35 miles to natural gas pipeline– 52 miles to power substation

Union Pacific Railroad

Freeway

Legend:

LUMA Leases

CPM Leases

Proposed Plant

Proposed Rail Loadout

Town of Delta

Access Road

Powerline

Gas Pipeline

N

Source: FS and Company reports

• Project debt:– Expected to be approximately

60% of project finance

• Construction equity commitment from EMR:- Larger of C$60m or 1/3 of project

equity

• Alternative sources of financing:- Off-take

- Infrastructure, sale, and lease

back

- Equipment leasing

• CapEx and Production:- FS estimates of low US$398

million1

- Peak of 337,500 tonnes and

average of 298,000 tonnes per

annum for 30-year mine life

- Low level of infrastructure

investment required

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CapEx and FinancingCapEx and Production Achievable Financing

1. Initial CapEx. Source: FS and Company reports

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Sevier Playa Project – Reserve Estimate

1 K+ to K2SO4 production based on ratio of 2.2285 (rounded) based on atomic weights.2 Available Mineral Reserves are estimated prior to losses due to evaporation pond and processing factors Source: FS3 Produced reserves include losses due to evaporation pond and processing factors and are based on overall recovery factor of 79.79%Source: FS

Available Potassium and K2SO4 Reserves

Aquifer

Proven Probable Total

K+ Equivalent K2SO4

1 K+ Equivalent K2SO4

1 K+ Equivalent K2SO4

1

Metric Metric Metric Metric Metric MetricTonnes ‘000 Tonnes ‘000 Tonnes ‘000 Tonnes ‘000 Tonnes ‘000 Tonnes ‘000

Fat Clay 0 0 302 673 302 673Marl Clay 431 961 1,870 4,168 2,301 5,129

Siliceous Clay 39 88 827 1,844 866 1,932Total 471 1,049 3,000 6,685 3,471 7,734

CategoryProven Probable TotalMetric Metric Metric

Tonnes ‘000 Tonnes ‘000 Tonnes ‘000

Available Reserves2 1,049 6,685 7,734

Produced Reserves3 837 5,334 6,171

Available and Produced Reserves of K2SO4

Associated Minerals Usage

Liquid Magnesium chloride Dust control, snow melt, erosion control, fertilizer

Magnesium sulfate Fertilizer, industrial, medical

Calcium sulfate Plaster, stucco

Bromine Flame retardant, oil and natural gas production, water treatment

Salt Snow melt, industrial

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Potential Additional Revenue Streams

Peer Comparables

Potential Additional Revenue Streams

Company Additional Revenue Streams Comment

Compass Minerals SaltMagnesium chloride

1.4 million tonnes per annum700,000 tonnes per annum

SQM Potassium and sodium potassium nitrate

500,000 tonnes per annum

Source: Compass Minerals; SQM

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Financial OverviewCPM

Ticker – Canada: TSXV: CPM

Ticker – U.S.: OTCQX: CPMMF

Share Price: (approx.) C$0.50 1

Shares Outstanding: (approx.) 197 million 2

Market Capitalization: (approx.)

C$99 million 1

Ownership

EMR Investment

Initial commitment: (June 2015) C$10 million at C$0.30/share

Follow on commitment: (May 2016) C$20 million at C$0.42/share

Follow on commitment: (June 2017) US$12 million loan (convertible at C$0.55/share)

Future investment: (at point of construction decision): C$60 million or up to 1/3 of project equity

Valuation methodology: “Stair Step” investment based on project value and achieving milestones

1 –Source: share price and market cap as of 2018-01-11 (Canadian dollars - rounded)other details sourced from FS and Company reports.

2 – issued and outstanding – does not include unexercised warrants andoptions

Management 3.60%

EMR 50.03%

Tata 14.61%

Knox 5.75%

Float 26.01%

Share Ownership

Management and Directors EMR Capital Tata Chemicals Knox Capital Other

Government and Local SupportBroad support from state, county, and local officials• Jobs• Tax Revenue• Tax Credit Bill Approved

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Federal Government BLM assistance on permitting through regular meetings and direct dialogue

State Government Support from Senate Bill 216 “Utah High Cost Infrastructure Development Tax Credits” – up to 50% of CapEx in post performance tax credits

Governor's Office Project helps support the Utah’s Rural Jobs Initiative

County Government Significant support from Millard County Commission and Director of Economic Development. Millard County to maintain 15-mile road to project

Local Community Engagement with local community and stakeholders has helped cultivate support for the Project

Feasibility Study economics show great benefit to State of Utah

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LeadershipManagement

John Mansanti – President and CEO• More than 35 years experience in mining

• Has worked for Intrepid Potash, Barrick Gold, Placer Dome, Newmont Mining, and Freeport McMoRan.

• Currently serves as director for Rye Patch Gold

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 25 years of operations and resource experience

• Former VP and Chief Operating Officer

LeeAnn Diamond – Environmental Manager• Over 30+ years of western U.S. based technical and

compliance experience• Former project manager for Kleinfelder

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

and 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 and CEO• Mining executive with years of experience at Intrepid Potash,

Barrick Gold, Placer Dome, Newmont Mining, and Freeport McMoRan.

Board of Directors

EMR Investment• C$30 million invested to date• Additional commitment of at least C$60 million

or one-third of project equity (in tranches)• Specialist resources private equity manager

– Deep links to Asian markets– Strong relationships with commodity purchasers, investors, and governments

• Focused on four commodities: – Potassium fertilizers

– Gold– Copper

– Metallurgical coal

• Target investments in projects with: – A compelling resource opportunity,– Bottom quartile CapEx and OpEx,

– A stable jurisdiction and proximity to existing infrastructure, and

– A location where target markets already exist and where major operators might pursue M&A

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Environmental RelevanceProcess and products have positive impacts on most precious resources: Air, Water, and Land

Environmentally responsible production process – Solar evaporation allows CPM to harness the sun’s solar energy for

production process– Solar evaporation provides CPM with low-carbon footprint production

process– Solar evaporation means most of CPM’s energy use will come from a

renewable source– Simple process methodology means products will likely be certified for

use on organic farms

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SustainabilityCPM’s products are well-suited for today’s changing environment:• SOP doesn’t have chlorides

– Chlorides are found in standard MOP– Preferred in a world facing water scarcity– Important in dry or drought conditions

• SOP is soluble– Can be used in drip irrigation and fertigation saving valuable fresh water resources

• SOP is the best fertilizer to use on most fruits, vegetables, and nut trees– Important as consumers world-wide rotate to a healthier diet

• CPM’s SOP is natural and has a low carbon footprint– Expected to be certified for use on organic farms– Process is environmentally friendly

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Contact Details

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Crystal Peak Minerals Inc.2180 South 1300 East

Suite 200Salt Lake City, UT 84106

Phone: 801-485-0223

e-mail: info@crystalpeakminerals.comwebsite: www.crystalpeakminerals.com