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Brazil Potash NYSE-A: GRO B3: GROP31 Investor Presentation Q1 2026
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2 General This presentation is provided solely for informational purposes and has been prepared to assist interested parties in making their own evaluation with respect to a potential private placement of the securities (the “Private Placement”) of Brazil Potash Corp. No representations or warranties, express or implied, are given in, or with respect to, this presentation. The information in this presentation does not contai n or purport to contain all of the information that may be relevant to an investor’s decision to participate in the Private Plac ement. It is the sole responsibility of each investor to make its own evaluation of the Company and the Private Placement and to ask such additional questions and obtain such additio nal information as such investor deems necessary. The securities to be issued in the Private Placement will not be registered und er the Securities Act of 1933, as amended (the “Securities Act”), or the securities laws of any other jurisdiction. The Company intends to offer such securitie s in reliance on exemptions from the registration requirements of the Securities Act and other applicable laws. Any offer or sal e of such securities will only be made to persons that are institutional “accredited investors” within the meaning of Rule 501(a) under the Securities Act or “qualified instit utional buyers” within the meaning of Rule 144A under the Securities Act. These securities will not be approved or recommended b y any federal, state or foreign securities authorities, nor will any of these authorities pass upon the merits of the Private Placement. Cautionary Note Regarding Forward-Looking Statements This presentation contains forward-looking statements. All statements other than statements of historical facts contained in th is presentation, including without limitation, projections and estimates concerning our possible or assumed future results of operations, financial condition, business strategies and plans, market opportunity, competitive position, i ndustry environment, and potential growth opportunities are forward -looking statements. In some cases, you can identify forward-looking statements by terms such as “may”, “will”, “should”, “believe”, “expect”, “could”, “intend”, “plan”, “anticipate”, “estimate”, “continue”, “predict”, “project”, “potential”, “target”, “goal” or other words that convey the uncertainty of future events or outcomes. The forward-looking statements in this presentation are only predictions and represent our views as of the date of this presenta tion. Although we believe the expectations reflected in such forward -looking statements are reasonable, we cannot guarantee that the future results, performance or events and circumstances reflected in the forward-looking statements will be achieved or occur. The forward -looking statements are subject to a number of risks. Some of the factors that could cause actual results to differ materially from those expresse d or implied by the forward-looking statements in this presentation include: (i) the need for significant capital resources for the development and construction of the Autazes Project; (ii) the cost, timing, and results of our future development, mining and production activities; (iii) our ability to obtain the necessary permits and licenses for the Autazes Project, including that, once obtained, such permits and licenses may be terminated or not renewed by governmental authoritie s; (iv) our ability to purchase the remaining land for the development and operation of the Autazes Project; (v) the result of additional consultations with the local indigenous communities near the Autazes Project; (vi) issues with the urban areas, rural communities, and cultural heritage and traditional communities which surroun d our operations and the procedures required for their prior consultation; (vii) our ability to manage our development, growth and operating expenses; (viii) our lack of operating history on which to judge our business prospects and management; (ix) th e possible material differences between our estimates of mineral reserves and the mineral quantities we will actually recover; ( x) lower than expected metallurgical assumptions; (xi) mining industry operational risk, such as operator errors, mechanical failures and other accidents, includi ng risks relating to tailings impoundments; (xii) environmental, social and governance impacts and risks with respect to the dev elopment and operation of the Autazes Project; (xiii) availability of capable labor near our mine; (xiv) our ability to compete and succeed in competitive potash mining ind ustry; (xv) our ability to raise capital and the availability of future financing; (xvi) changes in Brazilian and international governmental and regulatory policies that apply to our operations; (xvii) fluctuations in the currency exchange rate between the U.S. dollar or Canadian dollar and the Brazilian re al; (xviii) the risks and uncertainties relating to Brazilian and international economic and political conditions; and (xix) pote ntial delays in the different developmental and operational phases of the Autazes Project. Accordingly, readers should not rely upon forward-looking statements as predictions of future events. Except as required by app licable law, we undertake no obligation to update publicly or revise any forward-looking statements contained herein, whether as a result of any new information, future events, changed circumstances or otherwise. No representations or warranties (expressed or implied) are made about the accura cy of any such forward-looking statements. We operate in a very competitive and rapidly changing environment. New risks emerge from time to time, and it is not possible for our management to predict all risks, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements we may make. In light of these risks, uncertainties and assumptions, the forward-looking events and circumstances described in this presentation may not occur and actual results could differ materially and adversely from those anticipated or implied in the forward -looking statements contained in this presentation. These forward-looking statements are subject to various risks and uncertainties. Brazil Potash has provided additional informat ion in its reports on file with the Securities and Exchange Commission concerning factors that could cause actual results to differ materially from those contained in this presentation and encourages you to review these factors. Cautionary Note Regarding Reserves Unless otherwise indicated, all mineral resource estimates included in this presentation have been prepared in accordance wit h, and are based on the relevant definitions set forth in, the SEC’s Mining Disclosure Rules and Regulation S -K 1300 (each as defined below). Mining disclosure in the United States was previously required to comply with SEC Industry Guide 7 under the Exchange Act (“SEC Industry Guide 7”). In accordance with the SEC’s Final Rule 13-10570, Modernization of Property Disclosure for Mining Re gistrant, the SEC has adopted final rules, effective February 25, 2019, to replace SEC Industry Guide 7 with new mining disclosure rules (the “Mining Disclosure Rules”) under sub-part 1300 of Regulation S-K of the Securities Act of 1933, as amended (the “Securities Act”) (“Regulation S -K 1300”). Regulation S-K 1300 replaces the historical property disclosure requirements included in SEC Industry Guide 7. Regulation S -K 1300 uses the Committee for Mineral Reserves International Reporting Standards (“CRIRSCO”) - based classification system for mineral resources and mineral reserves and accordingly, under Regulation S-K 1300, the SEC now recognizes estimates of “Measured Mineral Resources”, “Indicated Mineral Resources” and “Inferred Mineral Resources”, and require SEC-registered mining companies to disclose in their SEC filings specified information concerning their mineral resources, in addition to mineral reserves. In addition, the SEC has amended its definitions of “Proven Mineral Reserves” and “Probable Mineral Reserve s” to be substantially similar to international standards. The SEC Mining Disclosure Rules more closely align SEC disclosure req uirements and policies for mining properties with current industry and global regulatory practices and standards, including the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves, referred to as the “JORC Code”. While the SEC now recognizes “Measur ed Mineral Resources”, “Indicated Mineral Resources” and “Inferred Mineral Resources” under the SEC Mining Disclosure Rules, investors should not assume that a ny part or all of the mineral deposits in these categories will be converted into a higher category of mineral resources or into mineral reserves. For additional information regarding these various factors, you should carefully review the risk factors and other disclosures in the Company’s filings with the SEC. Additionally, we undertake no obligation to comment on third -party analyses or statements regarding our actual or exp ected financial or operating results or its securities. Future Matters This presentation contains reference to certain intentions, expectations, future plans, strategy and prospects of the Company . Those intentions, expectations, future plans, strategies and prospects may or may not be achieved. They are based on certain a ssumptions, which may not be met or on which views may differ and may be affected by known and unknown risks. The performance and operations of the Com pany may be influenced by a number of factors, many of which are outside the control of the Company. No representation or warran ty, express or implied, is made by the Company, or any of its shareholders, directors, officers, advisers, agents or employees that any intentions, expectations or plans will be achieved either totally or partially or that any particular rate of return will be achieved. Given the risks an d uncertainties that may cause the Company’s actual future results, performance or achievements to be materially different from those expected, planned or intended, you should n ot place undue reliance on these intentions, expectations, future plans, strategies and prospects. The Company does not represen t or warrant that the actual results, performance or achievements will be as intended, expected or planned. All information contained in this presentation is provi ded as of the date of the presentation and is subject to change without notice. Neither the Company, nor any other person underta kes any obligation to update or revise publicly any of the forward-looking statements set out herein, whether as a result of new information, future events or otherwis e, except as required by law. This presentation shall not constitute an offer to sell or the solicitation of an offer to sell or the solicitation of an offer to buy any securities of the Company, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. This is presented as a sour ce of information and not an investment recommendation. Market and Industry Data This presentation contains references to market data and industry forecasts and projections, which were obtained or derived f rom publicly available information, reports of governmental agencies, market research reports, and industry publications and su rveys. These sources generally state that the information contained therein has been obtained from sources believed to be reliable, but th at the accuracy and completeness of that information is not guaranteed. Although we believe such information to be accurate, we have not independently verified the data from these sources. Forecasts and other forward-looking information obtained from these sources are subject to the same qualific ations and additional uncertainties and risks regarding the other forward -looking statements in this presentation due to a varie ty of factors, including those described above. These and other factors could cause results to differ materially from those expressed in the forecasts and projections . Non-GAAP Financial Measures This presentation includes projected earnings before interest, taxes, depreciation, and amortization (EBITDA). EBITDA is a su pplemental measure of performance that is neither required by, nor presented in accordance with, accounting principles generall y accepted in the United States of America. Trademarks This presentation contains references to trademarks and service marks belonging to other entities. Solely for convenience, tr ademarks and trade names referred to in this presentation may appear without the ® or symbols, but such references are not intended to indicate, in any way, that the applicable licensor will not assert, to the fullest extent under applicable law, its rights to these trademarks and trade names. We do not intend our use or display of other companies' trade names, trademarks or service marks to imply a relatio nship with, or endorsement or sponsorship of us by, any other companies. Confidentiality The information provided in this presentation is strictly confidential. You must keep any information we provide to you confi dential unless and until we make such information public. Disclaimer GRO GROP31
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3 Brazil Potash’s Investment Thesis a1 ~48% of world’s current potash supply located in countries in conflict1 2 Our deposit is well positioned for supply chain security 3 Lowest cost producer2, for the largest import market, that the world depends on for food security 4 Expected to produce significant cash flow for generations 5 Shovel Ready: Main permits and licenses secured 6 Over $310 million of paid in capital GRO GROP31 Notes: (1) CRU Group – Potassium Chloride Market Outlook November 2022. Countries in conflict refers to Russia, Belarus and Israel ; (2) Technical Report (Update of the Autazes Potash Project – Pre-Feasibility Study) prepared by ERCOSPLAN, dated October 14, 2022
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4 Market Position Source: Company, Bloomberg; Notes: (1) Full potash cycle defined as peak quarterly average price to peak quarterly average pr ice (Q4 2008 to Q1 2024) Shares Outstanding, Basic 38.4M Warrants, Options, DSUs & RSUs 9.6M Shares Outstanding, Fully Diluted 48.0M Average Peer EV/EBITDA Multiple1 GRO GROP31 Key Stats Ticker NYSE-A: GRO Price (14/Jan/2026) $2.41 Shares Outstanding, Basic 53.4M Warrants, Options, DSUs & RSUs 26.9M Shares Outstanding, Fully Diluted 80.2M Market Cap. (14/Jan/2026) $129M Debt NIL Cash (30/Sep/2025) $9M Capital Injection (17/Oct/2025) $28M 10.7x 9.1x 8.5x 9.2x 0.0x 2.0x 4.0x 6.0x 8.0x 10.0x 12.0x Nutrien Mosaic K+S ICL
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5 Key People Selected Management and Board Members Mayo Schmidt, Executive Chairman ▪ Former Chairman and CEO of Nutrien Ltd., world’s largest fertilizer manufacturer ▪ Former CEO of Hydro One and Viterra (sold to Glencore in 2012) ▪ Worked in executive positions for Fortune 100 companies including General Mills and ConAgra Matt Simpson, CEO & Director ▪ Former General Manager Mine at Rio Tinto’s Iron Ore Company of Canada managing over $300M/y spend, all operations, maintenance and technical people to safely move >70M stpa ▪ Worked for Hatch, designing and constructing metallurgical refineries globally Christian Joerg, Member of the Board of Directors ▪ CEO of VA Intertrading Aktiengesellschaft (VAIT), Austria's leading trading company ▪ Former Vice President of Trade at SALIC, CEO of MAG Commodities and Vice President for Viterra ▪ Over three decades of leadership in agricultural commodities, international trade, agriculture finance, and food security throughout Africa and the Middle East Marcelo Lessa, Member of the Advisory Board ▪ Former executive at International Finance Corporation (IFC) / World Bank with over 30 years of executive experience ▪ Mr. Lessa’s experience include agriculture finance, investment strategies and operational transformations across Latin America and Africa GRO GROP31 Raphael Bloise1, Project Director (Engineering/Construction) ▪ 45+ years construction experience including for Vale, Mirabela Nickel, CBM, Alumini Port of Tubarão, Carajás Project, Albrás, Alunorte, Salobo and Sossego Projects, Brucutu Mine, Aimorés Hydroelectric Plant, Renest and Comperj, and 700 kV transmission lines from Belo Monte Notes: (1) Not a named executive officer Sergio Leite, President of Potássio do Brasil ▪ 40+ of executive experience in large-scale industrial, mining and infrastructure projects ▪ His senior roles at Vale S.A. have given him a deep understanding of stakeholder engagement, regulatory navigation, and large project execution in Brazil and abroad ▪ Sergio has successfully delivered and financed complex facilities, including negotiating multi-billion-dollar funding for integrated steel and infrastructure ventures
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6 Brazil: Critical for Global Food Security Sources: Company, FAO, MAPA, CEPEA, Brazilian Secretariat of Foreign Trade, United States Department of Agriculture (“USDA”) – Foreign Agricultural Service; Notes (1) According to FAO, As defined by nominal value of exports minus imports in 2022; (2) According to CEPEA; (3) According to MAPA; (4) CRU Group – Potassium Chloride Market Outlook November 2022 Recent geopolitical events have highlighted Brazil’s need for Potash supply security and Brazil Potash Corp can be a key part of the Solution We believe Brazil's abundant land, water and warm year-round climate can boost global food security 1 >23% of 2024 Brazilian GDP generated by the agriculture sector2 Brazil agricultural exports in 20243$164B #1 Brazil is the largest net exporter1 of agricultural products in the world Brazil produces <1% of global potash supply while also being the largest importer4 (1 of 3 main fertilizers to grow food) 2 22% of global demand for Potash comes from Brazil4 Brazil is ~98% reliant on imports for supply of Potash4 Brazil’s Potash consumption CAGR2023E-27E of 6.8% vs. 5.1% global4 GRO GROP31
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7 Brazil Potash CIS (Uralkali and BPC) ICL (Sdom) Canpotex K+S (Zielitz) Site Costs (Ex Works) Costs Associated With International Shipping Inland Freight Strategic Value: Delivered Cost Advantage Source: Technical Report (Update of the Autazes Potash Project – Pre-Feasibility Study) prepared by ERCOSPLAN, dated October 14, 2022, Brazil Potash; Notes: (1) Stands for Cos t and Freight (2) Represents comparison of delivered costs from Autazes and major incumbent exporters to Rondonopolis, Mato Grosso in nominal terms (2024). All ocean, road freight estimates and port costs are estimated by CRU (3) Costs associ ated with shipping include cost to FOB (reflective of road or rail freight from producing sites of major competitors’ plant), ocean freight costs, port charges (operation and demurrage), ad hoc handling expenses (4) Inland freight to Brasnorte is reflective of either freight cost Paranagua to Brasnote (for imported product), or the inland road transportation from the Autazes Project to Brasnorte. Comparison of CFR1 costs to Mato Grosso, Brazil (in nominal $/ton (2024))2,3,4 GRO GROP31
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8 Brazil Potash’s Location Enables Key Farming Regions Access Sources: DNIT; CNT; Ministry of Transportation, ANTT, Macrologística; Integer; Bradesco BBI; Notes: (1) Area addressed by Brazil Potash as the States of the Center -West (Mato Grosso, Mato Grosso d o Sul, Distrito Federal and Goiás), those of the Matopiba region (Maranhão, Tocantins, Piauí and part of Bahia) and Pará; (2) As of 2015; (3) Considers the relative difference between the logistics cost of the routes: Port of Paranaguá to Rondonópolis; Port of Santo to Alto Araguaia and Port of Itaqui to Porto Nacional between Brazil Potash and the average of the foreign competitors: Uralkali; Belaruskali; Canpotex; ICL and K+S. The differential was calculated by subtracting from the MOP cost the cash cost of production and royalties, resulting in the total logistics cost as of 2017 Logistics footprint for Brazil Potash to access domestic market Blenders from Vila do Conde Roads from Miritituba/Porto Velho Waterway Waterway Terminals Area of major fertilizer consumption addressed by Brazil Potash1,2 Roads from Vila do Conde Blenders from Miritituba/Porto Velho Region represents 46% of total Brazilian fertilizer consumption Brazil Potash’s location results in ~71% lower transportation costs to Brazilian customers versus foreign competitors³ GRO GROP31 Sorriso Rondonópolis Brasília Balsas Querência Anápolis Campo Grande Luiz Eduardo Magalhães Porto Nacional Miritituba Vila do Conde Uruçuí Dourados Catalão Jataí Rio Verde Bom Jesus Nova Mutum Alto Araguaia Caarapó Autazes Porto Velho Campo Novo Legend:
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9 Enabling Supply Security with Shorter Supply Chain Source: Technical Report (Update of the Autazes Potash Project – Pre-Feasibility Study) prepared by ERCOSPLAN, dated October 14, 2022; Integer Research (Sep, 2018); Agroconsult (2016); Notes: (1) Sea freight US$25/tonne + port & handling expenses of US$33/tonne; (2) Freight costs US$89/tonne from Paranaguá port to Rondonópolis; (3) Average time from a potash purchase by Brazilian consumers to receiving it on their property Primary Global Potash Routes Primary KCl Market 11M stpa+ A shorter supply chain means shorter delivery times The total transit time when purchased from Brazil Potash could be 20x shorter Canpotex Purchase Order to Load Vessel 2.5 Days Sea Freight to Brazil 47 Days Demurrage Days ~55 Days Inland Freight to Rondonopolis 2.0 Days Total Canpotex ~107 Days BPC Inland Freight to Rondonopolis 2.5 Days Total Transit Time 2.5 Days Δ ~104 Days from Purchase GRO GROP31
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10 Brazil Potash: Autazes Project Snapshot Sources: Federation of Industries of the State of São Paulo & Institute for International Trade Negotiations – Outlook Brazil 2022 Agribusiness Projections; Technical Report (Update of the Autazes Potash Project – Pre-Feasibility Study) prepared by ERCOSPLAN Ingenieurgesellschaft Geotechnik und Bergbau mbH ("ERCOSPLAN"), dated October 14, 2022 Autazes is a long-life underground mine in early construction, located in one of the world’s largest potash basins near major farms, offering a substantial and sustainable cost advantage under the leadership of the former Chairman of Nutrien and Viterra GRO GROP31 Permitted for construction USD 2.5 billion ▪ Projected Capital Investment to Achieve Full Production Projected production of 2.4M tons per annum ▪ Supply ~17% of Brazil’s consumption ~USD 150 million ▪ Proceeds from Franco-Nevada royalty contract 23 years production with substantial upside ▪ Estimated reserve project life USD 1 billion ▪ Estimated annual run rate EBITDA Potential CapEx reduction ▪ From carve-out of plant components
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11 Permitted, Modular Construction to Minimally Impact Trees GRO GROP31 Initial Land Status Adapted for cattle grazing decades ago by prior landowners Two Mine Shafts Processing Plant Road to port Future Vision Underground mine with minimal surface footprint Current Vision Early works construction have already started
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12 Technical Validation Royalty Option Agreement ▪ In exchange for $1.0 million, option to purchase a perpetual 4.0% GRR ▪ GRR applies to all MOP sold from Autazes along with other affiliated properties ▪ Franco-Nevada is a gold-focused royalty and streaming company globally ▪ Has large and diversified portfolio of royalties and streams by commodity, geography, operator, revenue type, and stage of project ▪ Has a technical team with a strong record of identifying successful projects ▪ Supports leading operators through long-term partnership Terms ▪ Purchase price for the GRR equal to the amount that would return a pre-tax IRR of 12.5% to Franco-Nevada Standalone Equity Investment ▪ Franco Nevada purchased $10M of shares in our IPO @ $15.00 GRO GROP31
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13 ▪ Agreement to sell remaining tons of potash annually ▪ Agreement to ship through river barges the initial planned potash production to inland ports close to major farming regions in Brazil ▪ Signed definite offtake agreement for ~900k ton/yr of potash ▪ Keytrade is one of the world's leading fertilizer trading companies ▪ Binding take or pay terms & conditions for ~550K tons/yr of potash ▪ Amaggi Group is one of the largest private producers of soybeans in the world Agreements with AAA third parties Offtake Agreement 1 Marketing & Transportation Agreement Offtake Agreement 2 GRO GROP31 Offtake Agreement 3 ▪ Signed definite offtake agreement for up to 704k ton/yr of potash ▪ Kimia Agro Solutions is a Brazilian fertilizer trading company that is part of the Razac Group Offtake Agreement 3 Offtake contracts cover 91% of Brazil Potash’s nameplate capacity
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14 0% 5% 10% 15% 20% 25% 30% 35% 40% Canada Russia Belarus Germany Israel Jordan Chile ROW Brazil remains the largest potash market in a changing environment Sources: CRU Group – Potassium Chloride Market Outlook November 2022, ANDA, Company materials; Notes: (1) Based on information from CRU Group – Potassium Chloride Market Outlook November 2022. ▪ Brazil produces <1% of global potash supply ▪ ~80% of supply is highly concentrated between 3 nations ▪ Russia & Belarus account for the largest portion of exports, globally Global Potash Supply Profile KCl Exports (% of Global Exports) 3% 22% 18% 13%5% 11% 12% 19% 62.9M st Brazil North America ChinaIndia Indonesia & Malaysia Europe & CIS Others 1% 4% 6% 6% 22% 20% 39% % of Global KCl Exports Brazil is the largest importer of potash in the world ▪ Brazil is responsible for majority of South American potash consumption ▪ >95% reliant on imports for supply of MOP – why Autazes is 1 of 8 Brazilian National Projects of Importance/Critical Mineral Global Demand: Imports by Country (2021) Opportunity to tap ~48% of world’s current potash supply, currently in jeopardy GRO GROP31
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15 World Class Size and Quality of Amazonas Potash Basin Source: Brazil Potash. Saskatchewan – Canada Urals – Russia 90 miles Amazonas – Brazil Comparison at same scale: South Carolina State GRO GROP31 ▪ Brazil Potash basin potentially has similar scale and geology as largest basin in Canada ▪ Brazil Potash has drilled over 36 miles in 61 holes resulting in four potash discoveries
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16 Compelling Investment Highlights Food Security: Brazil Potash aims to be the world’s lowest-cost producer of potash to Brazil due to strategic in-country location 1 2 3 Geopolitics: Brazil is one of the largest net exporters of food with largest amount of land & freshwater. Domestic, in-market source of potash secures agricultural output & mitigates risk of global food and supply shocks Economics: Geopolitical events have highlighted the need for Potash supply security and we believe Brazil Potash can be a key part of the Solution GRO GROP31
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17 Brazil Potash: Milestones Delivered and What to Expect GRO GROP31 DISCLAIMER: PLEASE REFER TO “CAUTIONARY NOTE REGARDING FORWARD -LOOKING STATEMENTS” Milestones recently delivered: Major upcoming milestones: Funding of major plant components, potentially including: (i) Port, (ii) Steam plant, (iii) Trucking from plant to port – 8 miles and (iv) Construction & backup power Negotiate inclusion on tax concessions with federal and state government officials Equity partner at the asset level Construction debt Binding offtake agreement with Keytrade ✓ Start of early works construction ✓ Signed 13 MoUs for local community training ✓ Binding offtake agreement with Kimia Solutions ✓ Government approved eligibility for tax breaks ✓ Powerline construction