Brazil Potash, Invest in Food Security Now

With Brazil importing nearly all its 14 million tonne potash demand¹, Brazil Potash (NYSE-A: GRO) is developing the country’s first large-scale domestic mine near its main farming region². The Autazes Project targets a critical gap in a US$30 billion global market³, aiming to deliver reliable local supply and strengthen Brazil’s agricultural independence.

Brazil is one of the world’s largest food suppliers, and its agricultural strength has ramped up in recent years as global trade flows have shifted in its favor. Yet the country relies on imports for over 95% of its potash, a fertilizer nutrient that is critical to grow food efficiently and maintain healthy soil. It doesn’t need to be this way because one of the largest potash deposits in the world lies within Brazil’s borders.

In response to this vulnerability, Brazil Potash is developing the country’s first large-scale domestic mine to close this supply gap, supported by long-term offtake agreements and a fully permitted project footprint. By unlocking this substantial potash deposit, the project aims to deliver reliable local supply at the lowest cost to strengthen Brazil’s food security and shield producers from volatile international markets.

Brazil Potash Corp (NYSE-A: GRO) is a Toronto-headquartered, pre-revenue developer advancing a fully permitted potash project in Brazil². Permitted for construction, the Autazes Project is designed to produce up to 2.4 million tonnes of locally supplied potash per year, supporting Brazil’s agricultural heartland and helping reduce the country’s heavy reliance on imported fertilizer.

Led by former Nutrien and Rio Tinto executives, the company is aligned with Brazil’s national food security objectives and operates under rigorous environmental standards. The project features an underground mine with dry-stacked tailings, a process that removes water from waste material, minimizing water use and surface impact while being developed entirely on non-rainforest cattle farmland.

The project is designed to achieve a delivered cost advantage over imported potash, with internal modeling that indicates potential EBITDA margins above 75%² if developed and operated as planned. Brazil Potash recently raised US$28 million⁶ and aims to secure approximately US$2.5 billion² to fund the mine and processing construction.

The company has signed long-term offtake agreements covering planned production with leading agricultural and fertilizer buyers including Amaggi⁷, one of the world’s largest soybean producers, Keytrade⁸, a leading global fertilizer trading company, and Kimia Solutions⁹, part of Bulkfertz, a Brazilian fertilizer distributor founded in 1978.

Carve-out of key infrastructure elements, including a dedicated power line funded by Fictor Energia¹⁰ and potential third-party financing for port and steam plant construction, are expected to reduce upfront capital requirements and support project development.

These partnerships, together with full construction permitting and independent third-party validation, provide meaningful commercial support and contribute to early de-risking of the Autazes Potash Project.

The company’s shareholder base is anchored by several long-standing investors, giving it a diversified and stable ownership profile. Insider ownership is around 11%.

Brazil Potash’s projected economics place it at the extreme low end of the global cost curve. Its projected margin profile is materially higher than established peers, where mature global producers generally operate in an indicative 45%–60% EBITDA margin range depending on cycle conditions.

When mapped against long-term EV EBITDA trading history for the sector, where major potash producers have averaged roughly 8x to 11x through full cycles, Brazil Potash’s modeled cost position and margin potential imply that, if the project delivers as outlined, it would sit in the upper quality tier of the industry from a valuation standpoint. In other words, its projected economics align with the type of assets that tend to command premium multiples in a market that rewards lowest cost supply, long reserve life, and stable EBITDA generation.

Franco Nevada’s Backing Signals Strong Third Party Validation

Franco Nevada has taken a meaningful position in Brazil Potash through a proposed royalty agreement along with a standalone equity investment at IPO. That level of commitment only comes after deep technical and economic due diligence, something Franco Nevada is known for across the global mining and commodity space. Its involvement tells investors that a top tier royalty company views Autazes as a potential long life, low cost, high return project.

For Brazil Potash, this support helps de-risk development by anchoring financing while quietly reinforcing that the project’s geology, permitting, and economics have been independently vetted.

For investors, Franco Nevada’s participation acts like a credibility stamp on both the asset quality and long-term cash flow potential at a time when Brazil is pushing hard for domestic fertilizer independence.

Brazil Potash’s credibility is grounded in experienced leadership, advanced permitting, and secured commercial partnerships. Supporting infrastructure is another key differentiator, while the project’s proximity to end users provides a strong logistical edge.

These advantages underpin Brazil Potash’s goal of establishing a domestic, cost-efficient source of a critical agricultural mineral.

Source: Brazil Potash. Investor Presentation. Q3 2025¹³

Recognized with an MSCI A sustainability rating¹³, the company stands ahead of many peers and offers investors added reassurance. Its ESG strengths include:

• High Renewable Power Use Above 80%

• Strong Community and Indigenous Engagement

• Robust Governance Practices

The Autazes project’s underground mine design and dry stacked tailings system are engineered to reduce surface impact and water demand. The operation is also expected to avoid significant emissions versus imported potash, including both energy and transport related reductions. Together, these measures align the project with Brazil’s food security priorities and internationally recognized ESG standards for responsible resource development.

MSCI Rating vs. Peers

Source: Brazil Potash. Investor Presentation. Q3 2025¹³

Brazil Potash operates in a market served mainly by large offshore producers whose supply to Brazil depends on long shipping routes, global freight dynamics, and international policy conditions. Developers such as Millennial Potash and Kore Potash are advancing projects outside Brazil, meaning their economics and delivery timelines remain tied to export logistics. In contrast, Brazil Potash is focused solely on the Brazilian market, positioning the company differently from peers whose assets and commercial strategies are built around global sales rather than domestic supply.

The table below compares Brazil Potash with other developers and producers targeting the Brazilian potash market.

Competitive Edge

Brazil Potash’s edge comes from its singular focus on serving the Brazilian fertilizer market directly. While most producers operate far from Brazil and compete across global export channels, Brazil Potash is developing a project aligned specifically to domestic agricultural demand. This creates a distinct strategic position relative to peers whose supply chains, cost structures, and market priorities are shaped by international operations rather than in-country needs.

Brazil consumes about 14 million tonnes of potash per year¹, yet imports over 95% of its supply to meet demand from one of the world’s most productive agricultural sectors. According to BHP, the global potash market could reach US$30 billion annually by the 2040s¹⁴, underscoring the scale of long-term demand. More recent research points to an even bigger market that could reach USD$93 billion in 2032 due to the rising global population¹⁵.

Brazilian farmers apply potash two to three times each planting season, to improve yield and soil health¹⁶. This contributes to durable, recurring consumption patterns that support predictable fertilizer demand.

Brazil is also the largest agricultural exporter to China¹⁷, benefiting from robust farm economics and favorable trade dynamics. Current national priorities around critical minerals, food security, and supply-chain diversification further reinforce the importance of developing a domestic potash source. Brazil Potash’s in-country position aligns directly with these priorities, aiming to convert import dependence into sustainable domestic strength.

The fertilizer sector is propelled by global forces tied to population growth, rising food demand, and supply-chain resilience. As the world moves toward a population approaching 10 billion by 2050¹⁸, fertilizer consumption continues to expand alongside higher-yield farming and dietary shifts toward protein-rich foods. Geopolitical tensions and concentrated production in Russia, Belarus, and Canada¹⁹ have highlighted supply-chain vulnerabilities for import-dependent nations such as Brazil, amplifying the incentive for local production.

World production of potash (potassium chloride), by country, 2023 (p)

Source: Government of Canada¹⁹

At the same time, elevated energy costs, inflation pressures, and the global focus on ESG-aligned real assets have increased investor interest in low-cost, domestic potash projects that strengthen food security while providing tangible inflation protection.

Within this backdrop, Brazil Potash is positioned to advance a low-cost domestic project that supports Brazil’s agricultural independence and long-term resource resilience.

Source: Farmdoc Daily¹⁴

Brazil’s agricultural sector is highly tied to global export markets, and its sales have become more concentrated in a few major buyers, especially China. Developing a domestic and sustainable potash supply could help reduce exposure to outside supply disruptions and support more consistent input quality, offering growers greater long-term stability. It may also lessen cost volatility and improve supply security over time.

Brazil Potash is led by a team of proven operators and capital market veterans with deep roots in global agriculture, mining, and infrastructure. Collectively, the leadership group has built and financed multi-billion-dollar resource projects, executed cross-border M&A and IPOs, and managed large-scale agricultural supply chains.

Their experience spans Nutrien, Rio Tinto, Hydro One, Viterra, Bunge, and SALIC, giving Brazil Potash the technical, financial, and geopolitical expertise needed to deliver one of Brazil’s most strategically important resource developments.

Mayo Schmidt, Executive Chairman

Founding Chairman of Nutrien (TSX: NTR), the world’s largest fertilizer supplier by market cap. Over 30 years leading global agriculture and infrastructure businesses, including Hydro One, Viterra, and VersaCold. Instrumental in the Agrium–PotashCorp merger that created Nutrien. Brings unmatched expertise in global ag supply chains, capital markets, and corporate governance.

Matt Simpson, Chief Executive Officer

Former Rio Tinto iron ore mine General Manager and Hatch engineer with two decades of experience in mine design, construction, and operations. Known for disciplined execution, operational safety, and stakeholder alignment across complex mining developments.

Christian Joerg, Advisor

CEO of VA Intertrading AG, Austria’s leading trading company, and former Head of Global Food Security at SALIC (Saudi Agricultural and Livestock Investment Company). Extensive experience in agricultural supply chains, trade finance, and food security policy. Former executive at Viterra, UBS, and SGS.

Marcello Lessa, Advisor

Former Executive at IFC (World Bank Group) and CFO of Bunge Brazil. Adds prudent depth in project finance, emerging-market investment, and agri-business operations across Latin America.