Analyst NotesMax Vichniakov, Octagon Capital Corporation(9/26/11)"Verde Potash reported a resource estimate for its Calcario limestoneproject of 89 Mt. in the Indicated category at an average grade of54.71% CaO and 180 Mt. in the Inferred category at an average grade of54.7% CaO. . .the Calcario project is located approximately 100 km. fromthe Cerrado Verde potash project and can provide the necessary rawmaterial component for the commercial production of ThermoPotash.Availability of the internally produced limestone can potentiallyprovide supply security and input-cost price control. . .we rate VerdePotash a Buy with a 12–18-month price target of $10."
Jaret Anderson, Mackie Research(9/26/11)"Verde Potash has announced a very large maiden resource for itslimestone deposit at its Calcario project in Minas Gerais, Brazil: Theheadline resource estimate is 89 Mmt. Indicated and 180 Mmt. Inferred ata composite grade of 54.7% CaO. . .we have valued Calcario at only $25M(
.71 per share) in our net asset value estimate—that figure could belight by several orders of magnitude. . .we view Verde Potash aspotentially having more upside than any other name in our greenfieldcoverage universe."
Robert Winslow, National Bank Financial(9/26/11)"Verde Potash completed a 15 vertical hole drill program at the Calcariolimestone project, reporting an 89 Mmt. Indicated and 180 Mmt. Inferredresource: Grades for both categories were attractive at ~54.7% CaO and~1.0% SiO2 and over 50m thickness, suggesting a high-quality deposit. ..owning a low-cost, reliable limestone source could help derisk rawmaterial supply. In addition, there is the potential for realizingadditional value in the agriculture and construction industries byselling the surplus limestone as a soil conditioner and/or as feedstockfor cement production."