1. Investment Snapshot
2. Thesis
3. Valuation & Price Target
4. Business & Product Moat
5. People & Governance
6. Market & Macro
7. Financial Quality
8. Risk Register
9. Prediction Market
10. 𝕏 Posts
Discussion
1. Investment Snapshot
2. Thesis
3. Valuation & Price Target
4. Business & Product Moat
5. People & Governance
6. Market & Macro
7. Financial Quality
8. Risk Register
9. Prediction Market
10. 𝕏 Posts
Discussion
1. Investment Snapshot
2. Metrics vs Peers
3. Price Chart
4. Valuation
5. Offer Terms
6. Financial Statements
Discussion
Research report, target price, DCF and forensic scores are for subscribers. View plans
Symbol
GRO
Listed on
2024-11-27
Sector
Materials
Subsector
Metals & Mining
Offer Price
$15.00
first filed $15.00–$18.00Shares Offered
2M
38.34M
$575.1M
5.2%
Implied Upside vs Midpoint
Description
We are a mineral exploration and development company with a potash mining project (which we refer to as the “Autazes Project”) located in the state of Amazonas, Brazil. Our technical operations are based in Autazes, Amazonas, Brazil and Belo Horizonte, Minas Gerais, Brazil, and our corporate office is in Toronto, Ontario, Canada. We are in the pre-revenue development stage and have not yet commenced any mining operations. Our plan of operations for the next few years includes securing all required environmental licenses for the Autazes Project, and, subject to securing sufficient funds, commencing all phases of the construction of the Autazes Project. Once our operations commence, our operating activities will be focused on the extraction and processing of potash ore from the underground mine of the Autazes Project and selling and distributing the processed potash in Brazil. --- Our legal and commercial name is Brazil Potash Corp. We were incorporated on October 10, 2006 under the laws of the Province of Ontario, Canada, and are headquartered in Toronto, Ontario, Canada. We were formed to engage in the exploration and mining of potash in Brazil. Our agent for service of process in the United States is CT Corporation System, located at 28 Liberty Street, New York, New York 10005. Our principal executive offices are located at 198 Davenport Road, Toronto, Ontario, Canada, M5R 1J2, and our main telephone number is +1(416) 309-2963. Our internet website is www.brazilpotash.com.
| Metric | Value | Peer median | Among peers | |
|---|---|---|---|---|
Net cash / market cap | 0.4% | 0.7% | ||
Debt / equity | 0.00 | 0.00 | ||
9 premium metrics: DCF value / price, Growth the price needs: how common, Last 12 months vs full year and 6 more Unlock | ||||
Each filing is plotted ahead of the first trading day on the price chart.
| Filed | Form | Price range | Price | Shares offered | Deal size |
|---|---|---|---|---|---|
| 2024-10-23 | F-1/A | $15.00–$18.00 | — | — | — |
| 2024-11-05 | F-1/A | $15.00–$18.00 | — | — | — |
| 2024-11-18 | F-1/A | $15.00–$18.00 | — | — | — |
| 2024-11-25 | F-1/A | $15.00–$18.00 | — | — | — |
Brazil Potash Corp. income statement and balance sheet, FY Dec 2023 to FY Dec 2025, as reported in SEC filings.
| Metric | FY Dec 2023 | FY Dec 2024after listing | FY Dec 2025after listing |
|---|---|---|---|
| Operating income | ($13.3M) | ($46.6M) | ($54.9M) |
| Net income | ($13.2M) | ($46.4M) | ($52.2M) |
| Metric | FY Dec 2023 | FY Dec 2024after listing | FY Dec 2025after listing |
|---|---|---|---|
| Total assets | — | $141M | $169M |
| Total liabilities | — | $5.6M | $11.2M |
| Total equity | $129M | $135M | $158M |
| Cash & equivalents | $2.5M | $18.9M | $27.8M |