Research from Water Tower Research, Water Tower Research

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.

Research from Water Tower Research

Equity Research Firm

Equity Bottom-Up

<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