The Energy Report

Passport Potash Inc. TICKER: PPI:TSX.V; PPRTF:OTCQX Visit Company Website Passport Potash Inc.'s experienced leadership combined with potash-rich resources set the company's projects apart from all others in the U.S. With more than 200 years of collective mining experience, its directors have set the stage for Passport to be the first-ever potash producer in Arizona. Passport Potash offers investors the opportunity to benefit from its entry into U.S. and global potash markets and continuing favorable trends in that market.

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

The Energy Report Interview with Corey Dias (1/24/12) "I'm now ramping up coverage in the potash space. My first report was about Passport Potash Inc., a name that I've followed since early 2011. . .I really like this story and the fact that it's in a safe, mining-friendly jurisdiction. An opportunity to build a mine in a potash-rich region—the Holbrook Basin—with only two competitors in the Basin could provide an opportunity for consolidation. It is a story with a great deal of appeal.

. . .like most of the names in the junior developer space, there tends to be a rerating—in terms of valuation—of these types of businesses once milestones are met along the road to production. As Passport meets its milestones, the market will likely provide the company with a more positive valuation via a re-rating of its stock. . .the market now understands that the company is working very hard to meet its current deadline." More >

Siddarth Rajeev, Fundamental Research Corp. (1/21/12) "Passport Potash Inc.'s flagship property is the early stage Holbrook potash project, located in the Holbrook Basin, Arizona. . .a recent NI 43-101 for the property detailed an exploration potential resource ranging between 460 to 500 MMt of KCl. . .results of drilling carried out by Passport have been successful in verifying the grade and thickness of the potash beds identified in the historical data. . .we believe that the access to road, rail and power is a significant advantage to Passport as it will ultimately reduce capital expenditures when it comes to developing a mine. . .we initiate coverage on Passport with a Buy rating and a fair value of $0.51 per share."

The Energy Report Interview with Bob Moriarty (12/20/11) "Passport Potash Inc. has been doing a lot of drilling and is finally coming out with some results. The issue there is not technical. . .they simply have to release more information. . .[Potash stocks] are extraordinarily cheap. I think it's an opportunity of a lifetime."

Bob Moriarty, 321energy (8/29/11) "Passport Potash Inc. continues to march forward with its consolidation of the Holbrook Basin in Arizona. I was looking through some press releases for the company on Friday when I realized that they did an option on 15,000 acres of ground in the Holbrook Basin back in March with Ringbolt Ventures. . .basically Passport holds a commanding position in the Holbrook Basin in Arizona containing an estimated 2.5 Bt. K2O. The company controls over 121,000 acres in the basin or 190 sq. mi. with the recent addition of 41,000 acres with their deal on the Fitzgerald Ranch. . .food and water are going to be giant issues for most of the world over the next 20 years. Potash producers are going to be about as close to a sure thing as happens in investing."

Richard Kelertas, Dundee Securities (8/24/11) "Passport Potash Inc. has signed a letter of intent to acquire the Fitzgerald Ranch, directly adjacent to the company's Twin Buttes Ranch; the acquisition would net Passport Potash an additional 41,000 acres of contiguous royalty-free private land, bringing the company's total interest in the Holbrook Basin to over 121,000 acres. . .further exploration work is needed to properly assess the potential for economic potash extraction, but the Fitzgerald Ranch is great addition as it is contiguous, strategically located and we think can likely be used for surface level facilities as well (it is closeer to railway, highways and a small regional airport)."

• Corporate Presentation (4/8/11)
• Corporate Fact Sheet (2/24/11)

(4/7/11) PPI: In the Field

(5/7/11) Interview with Josh Bleak of PPI

(3/12/11) Interview with the President of Passport Potash

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