MBAC Fertilizer Reports FY2014 Results - Seite 3

Q4 2014 AND FY2014 FINANCIAL RESULTS
Prior to reaching commercial production, MBAC capitalizes all costs related to Itafós to property, plant and equipment. Proceeds from sales during this period are offset against capitalized costs. MBAC was a pre-commercial stage company in Q4 2014.

MBAC continues to expect that over the longer-term its future sales growth will be supported by strong market fundamentals and demand trends in Brazil. Fertilizer consumption has continued to be strong, driven by increased intensity of fertilizer application and increased planting area. In the first nine months of 2014, fertilizer consumption was up 7.2% compared to the same period last year according to ANDA (the National Fertilizer Association of Brazil). For FY2014, ANDA stated a record total fertilizer consumption of 32.2 million tonnes and a decrease in fertilizer imports from approximately 870,000 tonnes in 2013 to approximately 470,000 tonnes for 2014 in Brazil.

MBAC incurred a net loss of $8.8 million or $0.06 basic and diluted loss per share in Q4 2014. This compares to a net loss of $11.0 million or $0.08 basic and diluted loss per share for Q4 2013.

For the year ended December 31, 2014, MBAC incurred a net loss of $28.5 million or $0.16 net loss per share, down from a net loss of $32.2 million or $0.22 net loss per share for 2013. The decrease in net loss was primarily due to lower selling, general and administrative expenses and lower unrealized foreign exchange loss. Excluding unrealized foreign exchange loss of $10.4 million as well as other non-cash or non-recurring items totaling an income $0.7 million, MBAC incurred an adjusted net loss of $18.9 million or $0.11 adjusted net loss per share per share for 2014. This compares to an adjusted net loss of $17.0 million or $0.12 adjusted net loss per share for 2013.

Further to the issuance by the Ontario Securities Commission (the "OSC") on April 8, 2015 of the temporary management cease trade order against the Company's Chief Executive Officer and Chief Financial Officer, in connection with the Company's delay in filing its audited annual financial statements, related management's discussion and analysis, annual information form, and accompanying CEO and CFO certifications for the financial year ended December 31, 2014 (collectively, the "Annual Filings"), the Company announces that the OSC issued on April 20, 2015 a permanent management cease trade order prohibiting the direct or indirect trading in the securities of the Company by the Chief Executive Officer and the Chief Financial Officer until the Annual Filings are completed. Such permanent management cease trade order is expected to be revoked within 2 business days following the date hereof as a result of the completion of the Annual Filings.