Potash for the world's largest importer.

What happens next.

• Aug 2024
  Fully permitted for construction
  Mine and processing plant installation licences from Amazonas state
• Dec 2024
  NYSE American listing
  IPO; company rang the opening bell
• May 4, 2026
  US$63.3M public offering closed
  Common shares and pre-funded warrants, underwriters' option fully exercised
• May–Jun 2026
  FEED contracts awarded
  Surface facilities to Wood and Promon; shafts and underground to WSP with Redpath Deilmann
• Aug 21, 2026
  Supreme Federal Court decision in the company's favour
  Follows the Court of Appeal preserving rulings favourable to the project
• Sep 2026
  Federal support for construction financing; 28-year power contract
  Power deal removes ~US$33M of upfront capex and saves ~US$10M
• Oct 2026
  XRT ore-sorting results; water permits made operational
  Sorting screened out ~20% of lower-grade material in initial tests
• Next
  Tax concessions with federal and state governments
  Up to ~US$94M of SUFRAMA savings estimated
• Next
  Equity partner and third-party infrastructure funding
  ~US$350M for powerline, port, steam plant and trucking
• After 30% raised
  Franco-Nevada royalty option proceeds
  ~US$150M once 30% of project cost is funded
• Next
  Construction debt
  ~US$1.8bn targeted from ECAs and DFIs
• Longer term
  Plant expansion evaluation
  23-year reserve from under 10% of the basin drilled

Where the cap table stands.

Per the Q3 2026 investor presentation: share data as of August 20, 2026; cash and debt as of June 30, 2026. Market cap excludes 22.9M pre-funded warrants. Share price will have moved since.

Do your diligence.

The questions investors ask, and where each stands.

• Construction capital — US$2.5bn of capex against US$75.7M of cash at June 30, 2026. Further equity would dilute holders.Where it stands~US$1.8bn targeted from export credit agencies and DFIs, ~US$350M third-party funding for powerline, port, steam plant and trucking, a US$150M Franco-Nevada royalty option once 30% of the project is funded, an equity partner in discussion, and federal support for construction financing announced September 2026.
• Permits and litigation — Licences have been challenged in Brazilian courts and can be suspended or not renewed.Where it standsMine, plant and water permits are in hand; water permits became operational in October 2026. The Supreme Federal Court (Aug 21, 2026) and the Court of Appeal (Aug 11, 2026) ruled in the project's favour.
• Community — The project neighbours Mura indigenous lands and depends on continued local support.Where it standsFree, prior and informed consultation completed under ILO 169; a cooperation agreement with the Mura Indigenous Council was signed in March 2026, and over 90% of consultation participants voted in support.
• Execution — This is the company's first mine, and the economics rest on a 2022 pre-feasibility study by ERCOSPLAN.Where it standsFEED awarded to Wood/Promon (surface) and WSP/Redpath Deilmann (shafts); road construction started; a 28-year BOOT power contract removed ~US$33M of upfront capital; management includes former Nutrien, Rio Tinto IOC and CSP executives.
• Market and counterparties — Costs are in Brazilian reais while revenue follows US-dollar potash prices, and three offtakers hold 91% of capacity.Where it standsOfftake is binding with Amaggi (~550 kt/yr take-or-pay), Keytrade (~900 kt/yr) and Kimia (up to 704 kt/yr); Brazil imports ~98% of its potash, and the federal government has declared it a strategic mineral.