A World-Class Investment in Food Security
Highlights by The Numbers
Brazil
Market
Operation
Financial
Highlights
2nd Largest Consumer
~20%
of global consumption
stems from Brazil
Production at Scale
~2.2 Mt/year¹
~17% of Brazil
demand
EBITDA
~US$1B
Based on mid-cycle
prices4
Import Dependent
>95%
of Brazil's potash
demand is imported
Low Cost
1st Quartile
Delivered cost
Peer Valuation
~8.2x
Average producer
EV/EBITDA multiple
Supply Security
102 Days
Reduction in delivery
time to Brazil farms
Low Capital Intensity²
~$1,000/t³
Based on after-tax
CAPEX of $2.5B
EBITDA Margin
>75%
EBITDA margin over
life of project
Sources: CRU, Management Estimates, Technical Report by Ercosplan; Notes: (1) Mt = Million Tonnes (2) Capital Intensity represents total CAPEX investment divided by annual production capacity
(3) T = tonne (4) Based on ong-term price and netback forecast from CRU estimates as at August 2022 provided in Real US$ 2021 Values for calendar years 2029 to 2051 with CRU price outlook held
constant after 2046, prices adjusted for inflation based on variation of American PPI between July 2021 & July 2022 which was 5.8%
BRAZIL
POTASH
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