The Energy Report

Verde Potash TICKER: NPK:TSX.TO Visit Company Website Verde Potash, founded by Brazilians, is a mineral exploration and development company focused on fertilizers. The company is developing the Cerrado Verde project in Brazil, a source of potash-rich rock from which Verde plans to produce a slow-release, non-chloride, multinutrient, fertilizer product named 'ThermoPotash.' Founded as Amazon Mining in 2005, it changed its name to Verde Potash in April 2011 to better reflect its main business. The company also is exploring for phosphate and limestone.

The information provided below is from analysts, newsletters and other contributors. Please contact the company and visit its website before making an investment decision.

Expert Analysis

Corey Dias, MGI Securities (5/16/12) "Verde Potash Plc reported its Q1/12 results on Monday; the company announced that it had increased the size of its potash resource estimate to approximately 2.8 Bt @ 14.2% KCl, released a positive PEA for the annual production of 3 Mt of conventional KCl and postponed the development of ThermoPotash. We believe that Verde's decision to pursue conventional KCl should allow the company to rapidly capture domestic market share. . .we continue to view Verde as an ideal investment in the junior potash development sector, especially given that it plans to produce potash by 2015—ahead of many of its peers—in one of the fertilizer‐dependent countries in the world, Brazil."

Anoop Prihar, GMP Securities (5/2/12) "We continue to believe that the Brazilian potash market provides an exciting opportunity for Verde Potash; according to the most recent estimate, the company's Cerrado Verde project contains an NI 43-101 compliant Inferred resource estimate of 2.7 Bt grading 9.37% potassium oxide. Given that the company expects to begin producing in 2015, it has the potential to be a major producer in Brazil; work is currently ongoing and Verde Potash is targeting completion of the bankable feasibility study by Q412."

The Energy Report Interview with Corey Dias (5/1/12) "Verde Potash is a junior potash developer with assets in Brazil. The company plans to produce conventional potash using glauconite, which is a green rock that could be found starting at surface on Verde's property. The company is planning to use a method called the Cambridge process, which was developed as a collaboration between Verde and a professor at the University of Cambridge in the U.K. The company recently released a positive PEA and expects to begin production in 2015, which is still ahead of many other junior developers. Obviously, that should provide Verde with an early-mover advantage in a country that is a major producer of fertilizer-intensive crops and that has very little domestic potash production. Verde seems to have a great opportunity to become one of the major players in the potash space." More >

John Chu, Alta Corp Capital (4/27/12) "The potash market could be tightening up for Q212. . .we view this as positive for Verde Potash, as it reinforces our view of a strong longer-term price for potash; in addition, given recent pullback in the price to ~$5.20/share, we view that the underlying fundamentals for the potash industry in Brazil remain strong. . .we reiterate our Outperform recommendation and $11.50 target."

Anoop Prihar, GMP Securities (4/17/12) "Verde Potash Plc closed a $28.75M offering by issuing 4.45M shares at $6.45/share on March 23; the proceeds will be used to complete the conventional potash bankable feasibility study at its wholly owned Cerrado Verde project located in Minas Gerais State, Brazil. Verde is targeting the completion of the conventional potash bankable feasibility study for Q412; in the interim, we expect the company will announce the completion of various significant milestones, which will allow investors to measure the pace of progress being achieved; we continue to rate Verde Potash as a Speculative Buy."

• Corporate Presentation (9/1/11)

(4/15/11) Verde Potash's Cerrado Verde

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