Brazil Potash (GRO) Investor presentation summary

Investment thesis and market positioning

• Potash is a critical, non-substitutable nutrient for food production and is deemed a strategic mineral in Brazil.

• Brazil is the world’s largest potash importer, relying on imports for over 98% of its supply.

• Over 90% of projected production is pre-sold under long-term binding offtake agreements.

• The company is positioned as the lowest-cost producer for the largest import market.

• The Autazes Project is shovel-ready, with main permits and licenses secured.

Market dynamics and strategic advantages

• Global potash supply is highly concentrated, with 52% from countries in conflict, causing price volatility.

• Brazil’s potash consumption CAGR (2023E-27E) is 6.8%, outpacing global growth.

• The company’s location enables access to key farming regions, reducing transportation costs by ~71% compared to foreign competitors.

• Domestic production shortens delivery times by up to 20x versus imports.

• Delivered cost advantage is significant compared to major global exporters.

Project and operational highlights

• The Autazes Project targets 2.4M tons/year, about 17% of Brazil’s consumption.

• Estimated annual run-rate EBITDA is $1 billion, with $2.5 billion CapEx to full production.

• Project life is 23 years, with potential for extension.

• Construction is modular and designed to minimize environmental impact.

• Over $295 million in paid-in capital and $75.7 million in cash as of June 2026.