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IC Potash Corp.


IC Potash Corp. has demonstrated a low-cost method for producing potassium sulfate, also known as sulphate of potash or SOP, from its 100%-owned Ochoa polyhalite deposit in southeastern New Mexico. SOP is the preferred potassium fertilizer for high-value crops—fruits, vegetables, coffee beans, nuts, potatoes and tobacco—and for use in soils that are salty, sandy or located in arid regions. The company has concluded an independent feasibility study that recommends it move forward to implementation, and has received a Record of Decision from the Bureau of Land Management that authorizes construction and operation of the mine and mill.

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 Comments:

Stockhouse (12/17/14) "IC Potash Corp. recently took a big step toward its goal of becoming a leading low cost producer of potassium sulphate by securing a US$10M injection from Cartesian Capital Group. . .an NI-43-101-compliant technical report concluded that the Ochoa property contains significant polyhalite mineralization in quantities and grades that are expected to be attractive for mining and processing under current market conditions."

John Chu, Alta Corp Capital (11/27/14) "Cartesian Capital Group, LLC has made a strategic investment in IC Potash Corp. by purchasing 500K Class A preferred shares for $10M. The preferred shares accrue value through deferred dividends at an annual rate of 12% for two years. . .then may be converted into 7.8% of the outstanding common shares of the company, or may be redeemed at the option of Cartesian. . .IC Potash has now secured the financial means to get to the next step of the development process. . .we are upgrading to Outperform due to our 57% rate of return."

Spencer Churchill, Paradigm Capital (11/27/14) "IC Potash Corp. announced a $10M strategic investment by Cartesian Capital Group, LLC. . .implying a financing at the public company at a 300% premium. . .the first time we have seen a junior in the space receive strategic financing at the project level. . .implies a project value of $130M against the current market cap of $45M. Had IC Potash raised this $10M at the public company level. . .Cartesian would own 20%. . .IC Potash is Cartesian's first junior resource, non-operating company, which speaks to the strategic value. . .Cartesian could be a further source of funds. . .we are impressed with IC Potash's ability to access capital in a tough market for juniors, with little dilution."

Alessandro Bruno, Investor Intel (11/5/14) "IC Potash Corp. is well positioned to lead a market of about 5.5 Mt/year as one of top and lowest-cost sulfate of potash (SOP) manufacturers in the world. . .the company is developing the only new SOP potash in the world and is marked by the lowest capex and opex, as well. The projected opex rate per ton of production at Ochoa is about $150/ton, which is about 65–70% less than the industry average of $500–550/ton."

Spencer Churchill, Paradigm Capital (4/15/14) "The Bureau of Land Management has published a Record of Decision authorizing IC Potash Corp. to construct and operate its Ochoa sulphate of potash (SOP) project in New Mexico. . .this is a very important milestone passed and a key derisking event for the project. . .we maintain our positive view on the strategic value of this project (low-cost production, dearth of greenfield or brownfield SOP projects), which this approval further enhances."

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John Chu, Alta Corp Capital (1/24/14) "Once the potash market starts to recover, we believe IC Potash Corp. should be one of the companies in the sector to rebound."

Spencer Churchill, Paradigm Capital (1/8/14) "IC Potash Corp. is developing a sulfate of potash (SOP) project, which is a niche potash market and does not suffer the same current or potential overcapacity issues compared to the muriate of potash market. . .the company recently completed a ~$5M financing, which when combined with ~$13M in cash (at the end of Q3/13), should give it more than sufficient funds to complete the DFS and environmental permitting."

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