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Research from Water Tower Research

Water Tower Research is a leading equity research firm that provides research on micro, small and mid cap companies.

Water Tower Research was founded by Wall Street veterans after witnessing a fundamental shift in the investment research industry with the result being a declining knowledge base among investors, a lack of awareness and a shrinking pool of fundamental research being conducted on companies across the small-cap and micro-cap spectrum. The same issues are now increasingly occurring in the mid-cap space. This sea change within the investment community is impacting not only the companies themselves but also current shareholders and potential investors. With significantly less active sell-side sponsorship by Wall Street, a substantial information gap has developed between companies and various constituents in the financial community. The net result is fewer channels for insight and information to flow between companies and investors.

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<ul><li>Proven leadership and strategic positioning. Schmidt brings deep fertilizer and commodity experience, including leadership roles in the formation of Nutrien.</li><li>He described GRO as a de-risked, strategically located development project that is designed to address Brazil’s heavy reliance on imported potash.</li><li>The focus is on building long-life, infrastructure-grade fertilizer capacity embedded within the world’s largest agricultural export market.</li></ul>

Proven leadership and strategic positioning. Schmidt brings deep fertilizer and commodity experience, including leadership roles in the formation of Nutrien.He described GRO as a de-risked, strategically located development project that is designed to address Brazil’s heavy reliance on imported potash.The focus is on building long-life, infrastructure-grade fertilizer capacity embedded within the world’s largest agricultural export market.

GRO: Podcast Recap; Building a Strategic In-Market Solution to Brazil's Fertilizer Import Dependence

<div><ul><li>We are initiating coverage of Brazil Potash Corp. (NYSE American: GRO), which is advancing one of the largest undeveloped potash projects globally in Brazil, a major crop producing geography that imports more than 95% of its potash requirements.</li><li>This structural dependence on imports has historically supported premium pricing versus Canada FOB benchmarks. At steady state, the Autazes Project is positioned to supply ~20% of Brazil’s current potash demand, directly displacing imported supply.</li><li>Domestic production creates durable delivered-cost advantage. </li></ul></div>

We are initiating coverage of Brazil Potash Corp. (NYSE American: GRO), which is advancing one of the largest undeveloped potash projects globally in Brazil, a major crop producing geography that imports more than 95% of its potash requirements.This structural dependence on imports has historically supported premium pricing versus Canada FOB benchmarks. At steady state, the Autazes Project is positioned to supply ~20% of Brazil’s current potash demand, directly displacing imported supply.Domestic production creates durable delivered-cost advantage. 

GRO: Breaking Import Dependence to Supply Rapidly Growing Brazilian Ag Industry - 20 January 2026

<div><ul><li>Strategic domestic large-scale potash resource. Brazil Potash Corp. (NYSE AMERICAN: GRO) is developing the Autazes project, an underground mine designed to supply ~2.4MM mt/yr of granular potash (KCl) into Brazil’s rapidly growing agricultural market.</li><li>The company controls potentially one of the world’s largest undeveloped potash basins, with 23 years of economic reserves defined on less than 5% of the area drilled.</li><li>Autazes is positioned to displace a meaningful portion of Brazil’s reliance on imports from Canada, Russia, and Belarus, which collectively supply ~80% of global potash.</li></ul></div>

Strategic domestic large-scale potash resource. Brazil Potash Corp. (NYSE AMERICAN: GRO) is developing the Autazes project, an underground mine designed to supply ~2.4MM mt/yr of granular potash (KCl) into Brazil’s rapidly growing agricultural market.The company controls potentially one of the world’s largest undeveloped potash basins, with 23 years of economic reserves defined on less than 5% of the area drilled.Autazes is positioned to displace a meaningful portion of Brazil’s reliance on imports from Canada, Russia, and Belarus, which collectively supply ~80% of global potash.

GRO: Developing Strategic Resource for Domestic Needs and Beyond

United States

Brazil Potash Corp. operates as a mineral exploration and development company. The Company develops and explores potash properties in the state of Amazonas, Brazil. Brazil Potash serves customers worldwide.

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Brazil Potash (GRO US)

GRO: Podcast Recap; Building a Strategic In-Market Solution to Brazil's Fertilizer Import Dependence

Proven leadership and strategic positioning. Schmidt brings deep fertilizer and commodity experience, including leadership roles in the formation...

Water Tower Research

GRO: Breaking Import Dependence to Supply Rapidly Growing Brazilian Ag Industry - 20 January 2026

We are initiating coverage of Brazil Potash Corp. (NYSE American: GRO), which is advancing one of the largest undeveloped potash projects globally...

Water Tower Research

GRO: Developing Strategic Resource for Domestic Needs and Beyond

The company controls potentially one of the world’s largest undeveloped potash basins, with 23 years of economic reserves defined on less than 5%...

Water Tower Research

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