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KRO Company Profile

Verde Agritech Ltd (NPK-T)
RSWeb SiteTreeForumSEDARQuoteFree
Trade DateVolumeHighLowCloseChgStatus
October 5, 202293,900$4.870$4.650$4.750($0.180)Trading
Basic Info
Listed On:TSX: NPK11/21/2007Sector:ResourceKey People
Issued:52,234,8446/30/2022Story Type:ProducerCristiano Veloso (CEO), Felipe B. Paolucci (CFO),
Diluted:54,270,158
JK Owns:Yes
Insider Stake:19%6/30/2022Tel:(416) 866-2966
Working Capital:$8,891,0006/30/2022Email:Address
Market Cap:$248,115,509
Web Site:verde.ag47 Colborne St, Suite 307, Toronto, ON, M5E 1P8, Canada
Cash Breakup:($0.27)per shTwitter:@verdeagritech
Spec Value Rating History
Dec 11, 2018 $0.790 Good Spec Value New
Dec 31, 2020 $0.830 Good Spec Value New
Spec Value Rating Overview Updated June 28, 2019
SV Rating: Good Spec Value - Favorite - as of December 31, 2020: Verde Agritech Inc is a Good Spec Value rated Favorite because the junior controls a multi-billion tonne resource of a potassium silicate in Brazil which it is turning into an alternative to conventional potassium chloride for the Brazilian agricultural sector under the brand name Super GreenSand. The greenish rock, called "verdete slate" in Brazil and glauconite in technical circles, runs 9%-11% K2O compared to the 20%-30% K2O that the sylvite from evaporite beds in Saskatchewan runs. Sylvite is a combination of potassium chloride and ordinary salt which gets chemically upgraded to potassium chloride (KCl - 60%-65% K2O), the main fertilizer form applied to crops around the world. Its disadvantage is that crops to which it is applied do not qualify as organic and its salt nature makes it unusable for some crops. Its solubility poses an extra problem in Brazil where a good part of applied KCl disappears as runoff due to torrential rains during the main growing season which runs from November through May. Gluaconite's problem is that as a silicate the potassium is mineralogically locked up and not soluble. The verdete slate formation, which is up to 500 m thick and has a 120 km trend whose blue-green trace is visible from Google Earth, was recognized during the seventies when a process called ThermoPotash was developed to heat treat the material in a rotary kiln which made K2O available for crop uptake. ThermoPotash was a whole rock product that could be supplemented with other fertilizer ingredients such as limestone, but the physical volume that needed to be applied was 5-6 times the weight of KCl. ThermoPotash was never commercialized because its treatment cost could not compete against $100/t KCl, so the verdete slate was abandoned. But in 2008 when a supply squeeze pushed KCl to $1,000/t Cris Veloso, the Brazilian head of a junior that had just gone public to explore for gold in Brazil, staked the entire formation on behalf of the junior and proceeded to revive ThermoPotash as a possible solution to Brazil's 90% potash import dependency. NPK focused on a ThermoPotash PEA in 2009-2010, but in late 2010 shifted its focus to a breakthrough process developed at Cambridge that could convert the verdete slate into conventional KCl. The KCl PEA delivered in Q1 of 2012 showed promise and NPK worked on a feasibility study delivered in H1 of 2013 which proved not to be bankable because the equipment scale required200 tpd pilot plant studies. By then potash prices had dropped below $300/t at which price the Cambridge Process was no longer viable and the stock price crashed. NPK returned to the ThermoPotash plan to market the fertilizer for organic crops and those that could not handle KCl. Throughout this period NPK had run agronomic studies on different crops which demonstrated that ThermoPotash worked as well as KCl as a potassium source, but, it turned out, the control plots to which ground up but untreated verdete slate had been applied fared equally well. Closer investigation revealed that the interaction between micro-organisms and plant roots generated secretions which were somehow liberating the potassium tied up in the silicate. Veloso realized that the expensive effort to demonstrate the feasibility of treating the verdete slate with the ThermoPotash and Cambridge processes had been an unnecessary detour. Out of the realization that the verdete slate simply needs to be quarried, crushed, ground up and applied as a whole rock fertilizer was born the concept of Super GreenSand in 2016. In late 2017 NPK delivered a PFS which envisioned a 36 year mining plan which would start with 600,000 tpa and eventually scale up to 25 million tpa where Super GreenSand (SGS) would displace a large part of conventional KCl usage in Brazil. The financial model assumed an initial CapEx of USD $3 million with expansion costs funded by internal cash flow, which implied an after-tax NPV of USD $2 billion at an 8% discount rate and 290% IRR. The base case price was USD $250/t KCl cfr (landed in a Brazilian port), the lowest it has been since the 2008 runup. The simple flow-sheet made the cost readily identifiable but the key was a pricing model where the SGS would be sold at a price competitive with farmers buying KCl from regional warehouses. The market, however, has ignored the $50 plus price implied by this DCF analysis and the 48 million fully diluted NPK shares because this is not a story about developing a mine and selling the output into a deep market with a stable price, but rather one of developing an offtake market for a product that has never been commercially used by the agricultural sector. NPK built the 45 tph production facility in 2018 but did not get the 170,000 tpa quarrying permit until July which is the start of the planting season in Brazil which runs until November when the rainy season starts and crops are simply left to grow. NPK managed to secure orders for 50,000 tonnes but because of the usual commissioning problems was able to deliver only 29,000 tonnes in 2018. At the start of H2 2019 Verde Agritech is geared up to produce as much as 170,000 tonnes and is awaiting an increase in the mining permit to 400,000 tpa to install a second production line at the current facility. The speculative question is how big will NPK's order book get this summer? While the effectiveness of Super GreenSand is backed by agronomic studies, there is nothing like a farmer applying this alternative to KCl to a portion of the crop and observing first-hand how well it performs and how the costs compare. Some of the 2018 SGS was applied to soybean crops which have a 3-4 month growing cycle and those farmers will be in a knowledge position to make repeat orders. Other crops such as sugar cane and coffee have 12 month plus crop cycles, so it may be 2020 before those farmers are ready for more. The key will be expanded repeat business and new orders generated by word of mouth, with the government providing background support because reducing potash import dependency is a strategic goal for Brazil. Assuming NPK is able to achieve capacity production while maintaining a healthy profit margin, the next stage would be a permit for 1 million tpa and construction of a new facility at the mine site. That milestone will take a few years to reach, but by then the market will no longer be pricing NPK as a longshot market development story. The critical window will be H2 of 2019; will NPK fill its 170,000 tpa capacity with orders, will it deliver the product within the planting window, and will it show a profit in H1 of 2020 demonstrating that the model of cash flow funded internal growth is plausible? In March 2019 NPK completed a $1.7 million private placement consisting of 2,820,114 units at $0.60 of which the CEO Cris Veloso bought 912,416 units while other insiders participated on a smaller scale. The unit came with a half warrant exercisable at $1 for 2 years which no doubt some placees will clip and flip the stock when it comes free trading in July 2019 just as showtime begins for Verde Agritech Inc.
Corporate Change History


#Old for NewLast PricePrior NameSubsequent NameDetails
Apr 1, 2011Name Change1:1$8.39Amazon Mining Holding plc (AMZ-V)Verde Potash PLC (NPK-T)
Apr 11, 2012New Exchange Listing1:1$5.51Verde Potash PLC (NPK-V)Verde Potash PLC (NPK-T)
Jul 28, 2016Name Change1:1$0.39Verde Potash plc (NPK-T)Verde Agritech Plc (NPK-T)
Aug 2, 2022Name Change1:1$8.70Verde Agritech Plc (NPK-T)Verde Agritech Ltd (NPK-T)
Recommendation History
Edition Date Price
Recommendation Gain
BF2009 12/24/2008 $0.15 New BF MP Buy $0.10-$0.19 -21%
BF2009 7/31/2009 $0.80 New BF Spec Cycle Hold 100% 321%
SV2009 12/18/2009 $1.63 Good Absolute Spec Value Buy 0%
SV2009 1/29/2010 $2.03 Confirm Good Absolute Spec Value Buy 24%
SV2009 4/14/2010 $1.94 Confirm Good Absolute Spec Value Buy 19%
SV2009 8/11/2010 $2.08 Confirm Good Absolute Spec Value Buy max $2.00 28%
SV2009 12/21/2010 $4.81 Confirm Good Absolute Spec Value Buy 195%
SV2009 11/30/2011 $7.00 Confirm Good Absolute Spec Value Buy 329%
BF2009 12/30/2011 $7.00 BF Technical Closeout Hold 0% 3,584%
SV2009 12/30/2011 $7.00 SV Technical Closeout Hold 0% 329%
SV2012 12/30/2011 $7.00 Good Relative Spec Value Buy 0%
SV2012 1/31/2012 $6.90 Good Absolute Spec Value Buy @ $6.90 -1%
SV2012 6/27/2012 $3.99 Confirm Good Absolute Spec Value Buy @ $3.99 -43%
SV2012 5/14/2013 $1.30 Fair Absolute Spec Value Hold @ $1.30 -81%
SV2012 12/3/2013 $0.21 Good Relative Spec Value Buy @ $0.21 -97%
SV2012 12/31/2013 $0.44
SV Edition Rollover Closeout -94%
SV2014 1/3/2014 $0.44 Good Relative Spec Value Buy @ $0.44 0%
SV2014 3/21/2014 $1.55 Confirm Good Relative Spec Value Buy $1.55 252%
SV2014 1/2/2015 $0.55 SV Edition Rollover Closeout @ $0.55 25%
SV2015 1/2/2015 $0.55 Good Absolute Spec Value Buy @ $0.55 6%
SV2015 3/26/2015 $0.45 Confirm Good Absolute Spec Value Buy @ $0.445 -19%
SV2015 12/31/2015 $0.19
SV Edition Rollover Closeout -66%
SV2016 12/31/2015 $0.19 Good Absolute Spec Value Buy 0%
SV2016 12/30/2016 $0.26
SV Edition Rollover Closeout 38%
SV2017 12/30/2016 $0.26 Good Relative Spec Value Buy @ $0.255 0%
SV2017 2/13/2017 $0.88 Confirm Good Relative Spec Value Buy @ $0.88 245%
SV2017 12/11/2018 $0.79 SV Technical Closeout 100% 210%
SVF2019 12/31/2018 $0.71 Good Spec Value Favorite 0%
SVF2019 6/28/2019 $0.57 Good Spec Value Favorite Confirmed -20%
SVF2019 12/31/2019 $0.41 Good Spec Value Favorite -42%
SVF2020 12/31/2019 $0.41 Good Spec Value Favorite 0%
SVF2020 12/31/2020 $0.83 Good Spec Value Favorite 102%
SVF2021 12/31/2020 $0.83 Good Spec Value Favorite 0%
SVF2021 12/31/2021 $2.80 SV Technical Closeout 100% 237%
SVF2022 12/31/2021 $2.80 Good Spec Value Favorite 0%
Ranking within Company's Price Range based Group
All TSX-TSXV KRO as of Oct 5, 2022Group MedianCompanyPercentileScore
Price Range:$2.01-$5.00Issued:99,815,45352,234,84480.3%54.9%
Price Group Total:71Working Cap:$23,170,000$8,891,00029.6%
Group figures exclude delisted and suspended companies. The higher the company percentile the better, based on the assumptions that the lowest issued shares and highest working capital are best. The score is the average of the percentiles. A percentile is that percentage of a group that a member ranks higher than. Note that issued and WC reflect latest financials.
Ranking Color Code:Lower than 25%25% to 50%50% to 75%Higher than 75%
Charts & Financing Activity
 Most recent 43-101 resource estimate  Prior resource estimate  PEA  PFS  FS/BFS/DFS
Private Placement Key
less than $500,000 $1,000,000 - $2,000,000 $5,000,000 - $10,000,000 $20,000,000 - $50,000,000
$500,000 - $1,000,000 $2,000,000 - $5,000,000 $10,000,000 - $20,000,000 over $50,000,000
Private placement financing dates and value ranges are based on transactions reported by the TSXV Monthly Review.
Date Company Type Quantity Price FT Units Amount Broker
Nov 21, 2007 Amazon Mining Holding PLC IPO 13,333,333 $1.200

$16,000,000 Cormark Securities Inc.
Jan 24, 2011 Amazon Mining Holding PLC PP 3,478,100 $4.170

$14,503,677
Capital
Financials Dated: June 30, 2022 Reporting Period: 6 months Year End: 12/31 Currency: CAD
Assets Liabilities Income
Cash Equivalents: $1,594,000 Current Liabilities: $15,746,000 Operating Revenues: $36,165,000
Receivables etc: $23,043,000 Tangible LT Debt: $8,059,000 Operating Cash Costs: $7,987,000
Current Assets: $24,637,000 Intangible LT Debt: $0 Operating Cash Flow: $28,178,000
Long Term Assets:$40,871,000Total Liabilities:$23,805,000Operating Non-Cash Costs:$0




Miscellaneous Revenue:$0
Total Assets: $65,508,000 Share Capital: $21,184,000 Cash Expenses: $15,521,000


Shareholder Deficit: $20,519,000 Non-Cash Expenses: $0
Working Capital: $8,891,000 Net Shareholder Equity: $41,703,000 Total Expenses: $15,521,000




Overall Cash Flow:$12,657,000
Monthly Overhead:$2,586,833

Net Income (Loss):$12,657,000

Note:
Capital History
Date PeriodCash EqCurrent
Assets
Total
Assets
Current
Liabilities
Total
Liabiltiies
Share
Capital
GAINOperating
Revenues
Operating
Cash Flow
DilutedWorking
Capital
3/31/2011 3 $13,914,080 $14,048,580 $20,303,485 $400,685 $400,685 $13,258,246
$190,580 $190,580 0 $13,647,895
6/30/2011 6 $9,649,177 $9,811,659 $20,441,025 $571,173 $571,173 $13,369,711
$0 $0 0 $9,240,486
9/30/2011 9 $6,055,349 $6,205,893 $18,698,304 $516,228 $516,228 $13,402,758
$0 $0 35,321,222 $5,689,665
12/31/2011 12 $3,750,000 $3,919,000 $17,669,000 $861,000 $861,000 $13,406,000
$0 $0 35,515,536 $3,058,000
3/31/2012 3 $29,377,000 $29,599,000 $11,140,000 $796,000 $796,000 $15,172,000
$0 $0 40,327,767 $28,803,000
6/30/2012 6 $25,633,000 $26,105,000 $40,116,000 $1,077,000 $1,077,000 $44,276,000
$0 $0 40,661,100 $25,028,000
9/30/2012 9 $21,063,000 $21,291,000 $38,481,000 $951,000 $951,000 $44,331,000
$0 $0 40,997,095 $20,340,000
12/31/2012 12 $18,056,000 $18,428,000 $37,249,000 $875,000 $875,000 $44,331,000 231% $0 $0 41,228,745 $17,553,000
3/31/2013 3 $15,145,000 $15,584,000 $36,909,000 $434,000 $434,000 $44,331,000
$0 $0 41,228,745 $15,150,000
6/30/2013 6 $13,284,000 $13,731,000 $34,616,000 $541,000 $541,000 $44,524,000
$0 $0 41,567,474 $13,190,000
9/30/2013 9 $11,472,000 $11,837,000 $33,487,000 $556,000 $556,000 $44,524,000
$0 $0 41,042,708 $11,281,000
12/31/2013 12 $10,048,000 $10,331,000 $32,786,000 $515,000 $515,000 $44,524,000 0% $0 $0 40,681,044 $9,816,000
3/31/2014 3 $9,086,000 $9,403,000 $33,861,000 $282,000 $282,000 $44,524,000
$0 $0 40,487,710 $9,121,000
6/30/2014 6 $8,011,000 $8,339,000 $33,181,000 $199,000 $199,000 $44,524,000
$0 $0 39,086,632 $8,140,000
9/30/2014 9 $7,147,000 $7,428,000 $31,820,000 $203,000 $203,000 $44,533,000
$0 $0 39,076,632 $7,225,000
12/31/2014 12 $6,085,000 $6,402,000 $30,360,000 $146,000 $146,000 $44,533,000 0% $0 $0 40,723,299 $6,256,000
3/31/2015 3 $5,496,000 $5,773,000 $28,047,000 $181,000 $181,000 $45,475,000
$0 $0 40,470,430 $5,592,000
6/30/2015 6 $4,970,000 $5,242,000 $27,931,000 $158,000 $158,000 $45,475,000
$0 $0 40,252,430 $5,084,000
9/30/2015 9 $4,350,000 $4,562,000 $24,552,000 $264,000 $264,000 $45,475,000
$0 $0 40,362,430 $4,298,000
12/31/2015 12 $3,735,000 $3,958,000 $25,437,000 $147,000 $147,000 $45,475,000 2% $0 $0 40,284,430 $3,811,000
3/31/2016 3 $3,358,000 $3,592,000 $25,391,000 $226,000 $226,000 $45,475,000
$0 $0 40,252,430 $3,366,000
6/30/2016 6 $2,856,000 $3,086,000 $26,831,000 $126,000 $126,000 $45,475,000
$0 $0 40,252,430 $2,960,000
9/30/2016 9 $2,622,000 $2,869,000 $29,105,000 $192,000 $192,000 $15,457,000
$0 $0 40,242,430 $2,677,000
12/31/2016 12 $1,763,000 $1,990,000 $27,169,000 $188,000 $188,000 $15,457,000 -66% $0 $0 41,221,429 $1,802,000
3/31/2017 3 $1,381,000 $1,607,000 $27,500,000 $231,000 $231,000 $15,457,000
$0 $0 41,217,428 $1,376,000
6/30/2017 6 $935,000 $1,318,000 $25,959,000 $564,000 $564,000 $15,457,000
$0 $0 41,277,428 $754,000
9/30/2017 9 $1,784,000 $2,831,000 $28,223,000 $488,000 $1,154,000 $27,069,000
$0 $0 44,731,578 $2,343,000
12/31/2017 12 $645,000 $2,395,000 $26,012,000 $465,000 $465,000 $16,502,000 7% $0 $0 45,579,995 $1,930,000
3/31/2018 3 $398,000 $2,060,000 $26,271,000 $491,000 $491,000 $16,551,000
$0 $0 45,356,995 $1,569,000
6/30/2018 6 $612,000 $1,421,000 $24,060,000 $1,011,000 $1,011,000 $16,576,000
$0 $0 45,991,535 $410,000
9/30/2018 9 $299,000 $2,267,000 $24,108,000 $307,000 $864,000 $17,417,000
$666,000 $265,000 47,981,225 $1,960,000
12/31/2018 12 $836,000 $1,977,000 $31,610,000 $1,197,000 $7,785,000 $17,417,000 6% $1,358,000 $291,000 47,981,225 $780,000
3/31/2019 3 $2,135,000 $3,425,000 $32,568,000 $1,201,000 $7,700,000 $18,718,000
$154,000 $83,000 52,983,820 $2,224,000
6/30/2019 6 $1,022,000 $3,225,000 $32,531,000 $1,431,000 $7,897,000 $18,718,000
$1,483,000 $686,000 52,963,820 $1,794,000
9/30/2019 9 $742,000 $3,496,000 $31,720,000 $6,078,000 $7,955,000 $18,752,000
$4,538,000 $2,333,000 51,216,745 ($2,582,000)
12/31/2019 12 $666,000 $2,597,000 $31,602,000 $1,517,000 $7,690,000 $18,752,000 8% $6,029,000 $1,953,000 49,767,689 $1,080,000
3/31/2020 3 $806,000 $1,995,000 $25,966,000 $1,924,000 $5,174,000 $19,105,000
$510,000 $179,000 52,447,119 $71,000
6/30/2020 6 $607,000 $2,526,000 $24,952,000 $2,057,000 $5,092,000 $19,105,000
$3,001,000 $1,715,000 52,077,744 $469,000
9/30/2020 9 $2,377,000 $6,323,000 $28,101,000 $2,812,000 $7,347,000 $19,699,000
$6,957,000 $4,355,000 53,091,687 $3,511,000
12/31/2020 12 $2,237,000 $5,974,000 $28,732,000 $2,347,000 $7,592,000 $19,699,000 5% $9,167,000 $5,652,000 53,054,575 $3,627,000
3/31/2021 3 $2,021,000 $5,997,000 $27,363,000 $2,199,000 $6,718,000 $20,457,000
$831,000 $341,000 54,207,146 $3,798,000
6/30/2021 6 $1,908,000 $8,655,000 $32,482,000 $4,191,000 $9,114,000 $20,457,000
$6,207,000 $4,219,000 54,279,426 $4,464,000
9/30/2021 9 $2,401,000 $11,648,000 $35,274,000 $4,407,000 $5,802,000 $20,457,000
$16,858,000 $12,418,000 54,227,138 $7,241,000
12/31/2021 12 $1,534,000 $17,685,000 $41,400,000 $9,364,000 $15,042,000 $20,464,000 4% $27,709,000 $20,578,000 54,146,611 $8,321,000
3/31/2022 3 $4,684,000 $25,078,000 $55,189,000 $13,953,000 $22,120,000 $20,536,000
$11,304,000 $8,650,000 54,281,436 $11,125,000
6/30/2022 6 $1,594,000 $24,637,000 $65,508,000 $15,746,000 $23,805,000 $21,184,000
$36,165,000 $28,178,000 54,270,158 $8,891,000
Structure & People
Directors, Officers and Employees: 9,971,187 19.1% AGM: June 30, 2022
Other Insiders: 0 0.0% People Tree Available
Past Reported Shareholders: 5,218,545 N/A
Related Party Occupation Related
Since
Insider Director Officer Capacity Ownership %
Luciana O. C. Coelho
9/13/2022

0 0.0%
Renato Gomes Lawyer 6/25/2009

449,975 0.9%
Alysson Paolinelli Engineer 1/14/2014

69,665 0.1%
Fernando Prezetto
9/13/2022

0 0.0%
Cristiano Veloso Lawyer 8/1/2006 CEO & Chairman 9,451,547 18.1%
Persion Mandetta Geologist


Advisory Board 0 0.0%
Rubens Mendonca Engineer 7/26/2012
VP 0 0.0%
Ysao Munemassa Geologist


Advisory Board 0 0.0%
Felipe B. Paolucci
3/5/2019
CFO 0 0.0%
Patricia Radino Metallurgist 7/26/2012
VP 0 0.0%
Eduardo Spolidorio Engineer 10/13/2010
VP 0 0.0%
Marcello Viega Engineer 6/30/2009

Advisory Board 0 0.0%
Past Insiders and Reported Shareholders - Current Ownership Status unknown - positions may be pre-rollback
Related Party Occupation Related
Since
Insider
Ended
Director
Ended

Capacity Ownership
Jaret Anderson Analyst 10/9/2012 5/14/2014 5/14/2014
Director 0
Henrique B. Cavalcanti Engineer 6/24/2009 9/23/2013 9/23/2013
Director 0
Manoel Cerqueria Accountant 8/1/2007


Insider 0
Jose Coura Engineer 6/5/2013 6/25/2015 6/25/2015
Director 0
Getulio de Paula Fonseca Consultant 6/1/2007 9/9/2022 9/9/2022
Director 479,956
Richard H. T. Garnett Geologist 5/4/2011 1/14/2014 1/14/2014
Director 0
Peter Gundy Mining Executive 6/25/2009 5/13/2013 5/13/2013
Director 80,000
Pedro Ladeira Engineer 10/14/2010 7/15/2013

Insider 0
Simon J. Lawrence Engineer 6/1/2007
6/24/2009
Director 1,752,203
Leonardo Moretzsohn
5/24/2013 12/27/2014 12/27/2014
Director 0
Milson Mundim
8/22/2012


Insider 0
Renmark Financial Communications Inc Investor Relations 4/8/2011 5/19/2020

IR 0
Paulo S. M. Ribeiro Engineer 2/1/2017 9/9/2022 9/9/2022
Director 325,665
Jeddiah K. Richardson Engineer 6/19/2008 5/13/2013 5/13/2013
Director 719,175
Mauricio Sampaio
6/9/2010 12/23/2011

Insider 0
Antonio Schettino
7/15/2013 6/29/2017 6/29/2017
COO 0
Tim Slater Accountant 11/19/2008 3/5/2019

CFO 0
Michael St. Aldwyn Investment Banker 6/30/2020 9/9/2022 9/9/2022
Director 203,217
Joao Batista G. Teixera Geologist 8/1/2007
6/20/2008
Director 160,000
Richard Topham Accountant 6/1/2007
6/24/2009
Director 0
Kevin van Niekerk
6/1/2007
6/24/2009
Director 1,498,329
Share positions of current insiders based on last AGM circular, ownership % based on current Issued. Share positions of past insiders and shareholders have not been adjusted for rollbacks or splits.
Active Index Memberships
Membership Start Date:December 31, 2019Start Price:$0.41
KRO Favorites 2020: Features companies with Bottom-Fish, Fair or Good Spec value ratings that were designated Favorites in 2020, effective December 31, 2019.
Membership Start Date:December 31, 2020Start Price:$0.83
KRO Favorites 2021: Features companies with Bottom-Fish, Fair or Good Spec value ratings that are designated 2021 Favorites, effective December 31, 2020.
Membership Start Date:December 31, 2021Start Price:$2.80
KRO Favorites 2022: Features companies designated 2022 KRO Favorites, based on closing price December 31, 2021.
Membership Start Date:February 6, 2020Start Price:$0.39
KRO Post Boomer Club Index:
Risk Analysis

Click here to view IPV Report

Key to Understanding the Spec Value Hunter Tables
Flagship Play Secondary Plays Other Plays
A Spec Value Hunter table allows speculators to identify which projects offer poor, fair or good speculative value according to the rational speculation model. The speculative value depends on the project stage, the project's implied value as calculated by the company's fully diluted, stock price and net project interest, and the dream target deemed appropriate for the project. A dream target is what a project would be worth in discounted cash flow terms once in production.
Poor Speculative Value - Fair Speculative Value - Good Speculative Value -
Note: narrow arrows indicate IPV is outside the fair value channel but within 25% of the fair value limits
Color Key for Target Outcome Achievability
Ranges in millions
ranked from most to least achievable
below $25 Should be Private: Artisanal, Placer, Mom & Pop Shop
$25-$50 Tiny Scale: underground mine or quarry - not worth the bother
$50-$100 Small Scale: junior needs to self-develop
$100-$250 Buyout Target: by Lower Tier Producers
$250-$500 Buyout Target: by Mid-Tier Producers
$500-$1,000 Ideal Target for Junior: Buckhorn, Sleeper
$1,000-$2,000 Almost World Class: Ekati, Red Chris, Brucejack, Juanicipio, Stibnite
$2,000-$5,000 World Class: Eskay Creek, Hemlo, Hermosa-Taylor, Oyu Tolgoi, LaRonde, McArthur
$5,000-$10,000 Giants: Escondida, Sullivan, Carlin Trend, Kidd Creek, Orapa, Kamoa-Kakula
above $10,000 Off the Scale District: Wits 1.0, Araxa, Sudbury Basin, Bayan Obo
The target outcome range required for the current implied project value to represent fair speculative value is based on the upper and lower certainty limits associated with the project stage. The color coding is based on the target outcome using the mid-point of the certainty range.
Active Company Projects
Project Location Net
Interest
Stage IPV $
MM
Fair Spec Value
Required Target
Outcome Range

$100
UPV
$500

$2000
Target Metals Deposit Style
Cerrado Verde Brazil - Minas Gerais 100% WI 9-Production $258 $258 - $258 PotashSediment-hosted
Calcario Brazil - Minas Gerais 100% WI 5-PEA $258 $1,031 - $2,578 LimestoneSediment Hosted
Company Projects

Cerrado Verde Project
Featured in Share Collective
Cerrado VerdeBrazilOTMinas Gerais55,405 ha
Net Interest: 100% WI
Vested: Yes
Uncapped NSR/GOR: 0.00%
Ownership Terms: Staked in collaboration with Ysao Munemassa who will receive US $400,000 upon apporval of a bankable feasibility study and a 3% royalty which can be bought back for USD $1 million per 1%.
Target Metals: PotashModel: Sediment-hostedStage: 9-Production
See Reliable Project Location Google Map in free Corporate Profile
Milestone Timeline
ProgramStartEndMilestone
Economic Study - PEA2010 Q4 October2010 Q4 OctoberPreliminary economic assessment (PEA) that establishes the cost structure of the pyro-metallurgical process used to convert glauconite into Thermo-Potash.
Delineation2010 Q42010 Q4Identification of other high grade zones within Cerrado Verde land package similar to Funchal Norte with locations ideal for processing infrastructure and transportation.
Delineation2011 Q1 Mid February2011 Q1 Mid FebruaryWide-spaced 15,000 m drilling program begins, aimed at producing an NI 43-101-compliant resource estimate for the entire 100km strike length of the deposit. An infill drill program is also underway to upgrade inferred resources to measured and indicated.
Other2011 Q12011 Q1Passing of legislation which creates tax breaks for certain input costs related to ThermoPotash production.
Metallurgical Study2011 Q22011 Q2Initiate independent engineering study of process developed by Cambridge's Dr Fray for converting glauconite into conventional salt based potash products.
Metallurgical Study2011 Q22011 Q2Decision to construct and fund a pilot plant to establish the feasibility of commercial scale ThermoPotash production from glauconite, if required.
Metallurgical Study2011 Q22011 Q2Results of agronomic studies initiated in September 2010 by third parties applying ThermoPotash to crops with short growth cycles (max 180 days) such as carrots. (Carrot study inconclusive, coffee and cotton due Q3).
Initial Resource Estimate2011 Q3 July2011 Q3 JulyAnticipated completion of a 43-101-compliant resource estimate for the central and southern zones of Cerrado Verde.
Updated Resource Estimate2011 Q42011 Q4Updated resource calculation expected, incorporating the entire 26,000 meters of 2011 drilling that were the basis of an updated resource calculation reported in August 2011.
Economic Study - PEA2012 Q1 January2012 Q1 JanuaryPEA expected for the production of potassium chloride (KCl). If positive, doing a PFS for the Cambridge process will take priority over the PFS for ThermoPotash.
Economic Study - PFS2012 Q32012 Q3Anticipated completion of a pre-feasiblity study for the production of ThermoPotash at Cerrado Verde.
Economic Study - FS2012 Q42012 Q4Potential date for the expected completion of a feasibility study for the production of conventional KCl, dependant in part upon conclusions from PEA expected in Q1 2012. In May 2012 expected completion date was pushed back to H1 2013.
Construction2013 H12013 H1Original potential start date for construction of conventional KCl plant, pending completion of PFS in late 2012. No longer applicable.
Economic Study - PEA2013 Q3 Mid August2013 Q3 Mid AugustRevised project development plan announced. Company intends a two stage development, with a 1,000 TPD Thermopotash plant also allowing tests on KCL production and informing stage II efforts to develop a 12,000 TPD KCL plant subsequently.
Economic Study - PFS2014 Q1 Late March2014 Q1 Late MarchRevised date for PFS on two-stage development plan announced in August 2013.
Environmental Study2014 H22016 H1Environmental license for ThermoPotash operation with 30 ha footprint, feasibility study as required by Inova.
Project Financing2016 Q32016 Q4Confirmation of development bank loans and raising of equity portion.
Construction20172017
Base Case Resource Estimates
Project Resource Estimate - Cerrado Verde
Mar 20, 2014NI 43-101Bradley Ackroyd (MAIG(CP)), Andes Mining Services Ltd, SRK ConsultingCutoff: 7.5% K2O
Resource CategoryTonnageTotal
Rock Value
MetalGradeRecoveryContained Metal% of GMV
Measured Resource83,000,000$90/tPotash10.100%100.0%13,270,540 t100%
Indicated Resources1,388,000,000$82/tPotash9.200%100.0%202,146,589 t100%
Inferred Mineral Resources1,849,000,000$77/tPotash8.600%100.0%251,723,920 t100%
All Categories Spot3,320,000,000$79/tPotash8.888%
467,141,048 t100%
Spot Gross Metal ValueMarket Cap as % of Net GMVSpot Prices Used
$262,766,839,4810.1%Potash $562.50/t

Calcario Project
CalcarioBrazilOTMinas Gerais0 ha
Net Interest: 100% WI
Vested: Yes
Uncapped NSR/GOR: 0.00%
Ownership Terms:
Target Metals: LimestoneModel: Sediment HostedStage: 5-PEA
Notes on Calcario Project
The Calcario limestone project is located within the Bambui metasedimentary group of rocks which host the company's Cerrado Verde potash project located approximately 100 kilometres away by road. The limestone is characterized by a dolomitic limestone overlaying a darker calcitic limestone unit; it is over 50 metres thick and has been defined by drilling over a four-kilometre strike. The fine-grained limestone is characterized by a low silica content.
Milestone Timeline
ProgramStartEndMilestone
Economic Study - PEA2011 Q3 August2011 Q3 AugustPending completion of a resource calculation, a PEA is expected to be completed during the third quarter.
Initial Resource Estimate2011 Q32011 Q3Initial 43-101 compliant resource calculation expected for limestone resource where intial drilling of 20 RC holes have been completed on approximately 200 to 570 metre spacing over an 8km2 strike length.
Economic Study - FS2012 Q22012 Q2BFS expected to be completed for limestone production scenarios at Calcario during the first half of 2012.
Base Case Resource Estimates
Project Resource Estimate - Calcario
Sep 26, 2011NI 43-101Beau NichollsCutoff:
Resource CategoryTonnageTotal
Rock Value
MetalGradeRecoveryContained Metal% of GMV
Indicated Resources89,000,000n/aLimestone54.710%100.0%48,691,900 tn/a
Inferred Mineral Resources180,000,000n/aLimestone54.650%100.0%98,370,000 tn/a
All Categories Spot269,000,000n/aLimestone54.670%
147,061,900 tn/a
Company Related KRO Comments
Sep 16, 2022Kaiser Watch - 0:14:04
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Feb 17, 2022Kaiser Watch - 0:08:16
Feb 3, 2022Kaiser Watch - 0:20:05
Dec 29, 2021Discovery Watch with HoweStreet.com - 0:20:28
Nov 17, 2021Discovery Watch with HoweStreet.com - 0:00:01
Jan 8, 2021Discovery Watch with HoweStreet.com - 0:20:31
Mar 26, 2020Discovery Watch with HoweStreet.com - 0:14:20
Nov 21, 2019Discovery Watch with HoweStreet.com - 0:28:58
Nov 21, 2019Tracker: Poor spin control makes Verde Agritech a bargain
Jun 28, 2019Tracker: Spec Value Rating for Verde Agritech Plc (NPK-T)
Jun 6, 2019Discovery Watch with HoweStreet.com - 0:00:00
May 22, 2018Discovery Watch with HoweStreet.com - 0:08:17
Mar 12, 2018Discovery Watch with HoweStreet.com - 0:25:16
Nov 28, 2017SVH Tracker: Verde Agritech spells out Super GreenSand game plan
Nov 24, 2017Discovery Watch with HoweStreet.com - 0:15:23
Jun 2, 2017Discovery Watch with HoweStreet.com - 0:06:36
May 3, 2017Discovery Watch with HoweStreet.com - 0:14:54
Feb 17, 2017Discovery Watch with HoweStreet.com - 0:00:00
Feb 13, 2017SVH Tracker: Recommendation Strategy for Verde Agritech Inc
Jul 22, 2016SVH Tracker: Verde Potash plans to market Super GreenSand as cat litter
Mar 21, 2014Spec Value Hunter Comment: Recommendation Strategy for Verde Potash plc
Mar 11, 2014Spec Value Hunter Comment: Verde Potash gets specialty coffee designation for ThermoPotash fed beans
Dec 3, 2013Spec Value Hunter Comment: Recommendation Strategy for Verde Potash plc
May 14, 2013Spec Value Hunter Comment: Verde Potash BFS needs 200 tpd demonstration plant for critical performance guarantees
Jun 27, 2012Spec Value Hunter Comment: Reuters tries to rattle Brazilian resource stocks with alarmist talk about resource nationalism
Mar 27, 2012Spec Value Hunter Comment: Analysis of the Verde Potash PEA
Jan 31, 2012Spec Value Hunter Comment: Verde Potash PEA flashes green light for game changer Cambridge Process
Nov 30, 2011Spec Value Hunter Comment: Verde Potash working on PEA for Cambridge process
Apr 25, 2011Spec Value Hunter Comment: Amazon changes name to Verde Potash Plc
Jan 16, 2011Express 2011-01: Research Report Focus - Amazon Mining Holding plc
Dec 21, 2010Spec Value Hunter Comment: Amazon files a patent application for a process that could be a game changer
Aug 11, 2010Spec Value Hunter Comment: Amazon study shows release rates comparable between KCl and ThermoPotash
Apr 14, 2010Spec Value Hunter Comment: Amazon pursuing marketing study ahead of PEA completion
Jan 29, 2010Spec Value Hunter Comment: Amazon's glauconite drilling outlines initial resource footprint
Dec 18, 2009Bottom-Fish Comment: Amazon reports initial drill results for Cerrado Verdete potash project in Brazil
Oct 2, 2009Bottom-Fish Comment: Amazon's ThermoPotash attracts steel giant ArcelorMittal
Jul 31, 2009Bottom-Fish Comment: Market starting to appreciate security of supply aspect of Amazon's non-chloride potash
May 24, 2009Bottom-Fish Action Report for May 17-23, 2009
May 22, 2009Bottom-Fish Comment: Amazon's "green slate" potash project attracts government support
Mar 18, 2009Bottom-Fish Comment: Recommendation Strategy for Amazon Mining Company plc

Company News Releases - Members Only
Sep 27, 2022To Present at the Morgan Stanley Global Chemicals, Agriculture, and Packaging Conference
Sep 20, 2022Madeleine Lee Joins Verdes Board of Directors
Sep 13, 2022Luciana de Oliveira Cezar Coelho and Fernando Prezzotto Join Verdes Board of Directors
Sep 9, 2022Provides Update
Aug 31, 2022Commissioning of its Plant 2
Aug 16, 2022Strategic sales partnership with Lavoro, Latin Americas largest distributor of agricultural inputs
Aug 10, 2022Achieves 782% EBITDA and 362% Revenue Growths in Q2 2022
Jul 29, 2022Completion of redomiciliation process to Singapore
Jul 21, 2022Update: Scheme of Arrangement
Jul 15, 2022Automatic Securities Disposition Plan Established by Verde AgriTech Chief Executive Officer
Jul 14, 2022Redomiciliation to Singapore approved by Verde's shareholders
Jun 30, 2022Results of the 2022 Annual General Meeting of Shareholders
Jun 2, 2022Confirms Start Time for Annual Shareholders Meeting
May 31, 2022Cristiano Veloso increases ownership of Verde AgriTech to 19%
May 24, 2022Plans for First Distribution of Gains and Restructure
May 16, 2022Pre Feasibility study
May 11, 2022Q1 2022 Revenue Grows 1,260%
May 3, 20222022 guidance and two year outlook revised upwards
Apr 26, 2022Launches Bio Revolution
Apr 21, 2022Releases Market Study and Provides Update on New Pre Feasibility Study
Apr 4, 2022Details Plant 3 Construction Plans
Mar 3, 2022To Reach 3 Million Tonnes Potash Production Capacity in 2022
Feb 22, 2022Creation of Independent Special Committee of the Board of Directors
Feb 10, 20222.5 million tonnes per year potash mining concession granted to Verde
Feb 8, 2022Doubles Year on year Earned Growth Rate
Jan 24, 2022Launches P4G Shareholder Earnings Strategy after Securing Banco do Brasil Financing Backed by Future Sales Contracts
Jan 10, 20222022 guidance and two year outlook
Nov 15, 2021Eearns $3.18 million in Q3 2021
Nov 5, 2021Files Amended Interim Financial Statements and MD&A
Sep 27, 2021Revises Upwards Its 2021 Revenue Target, and Provides Update on Sales and Plant 2 Construction
Aug 16, 2021Increases revenue by 116% with a gross margin in 72%
Jul 2, 2021Results of the 2021 Annual General Meeting of Shareholders
Jun 28, 2021Updates Covid 19 Procedures for Upcoming Annual Meeting of Shareholders
Jun 2, 2021N Keeper technology to boost agricultural productivity and help fight climate change
May 17, 2021Grows Sales by 63% and Revises Upwards its 2021 Sales Target
Apr 7, 2021Chairman, Independent Lead Director and Composition of Board Committees
Mar 31, 2021Delivers 97% Gross Profit Growth with 62% Gross Margin for 2020, and First Full Year Profit
Mar 15, 2021Receives $1.4 Million Through Warrant Exercise and Provides Corporate Update
Mar 1, 2021Grows 103% in 2020, Achieves Sales Target and Provides Corporate Update
Jan 11, 2021Change of Auditor
Nov 16, 2020Revises 2020 Guidance Upwards and Announces $1.09M Net Profit in Third Quarter
Aug 20, 2020233,000 Tonnes per Year License Granted to Verde
Aug 17, 2020Sales Grow 202% With Gross Margin Over 60% in the Second Quarter of 2020
Jul 13, 2020Cristiano Veloso Acquires Securities of Verde AgriTech Plc
Jul 2, 2020Results of the 2020 Annual and Special Meeting of Shareholders
May 19, 2020Grows 830% in the First Quarter of 2020 and is Positioned to Meet Its 2020 Target
Mar 31, 2020Correction Secures 48% Gross Margin and Grows 344% in 2019
Mar 31, 2020Secures 48% Gross Margin And Grows 344% In 2019
Nov 14, 20192019 Third Quarter Results
Aug 14, 2019Sells 38,585 Tonnes of Super Greensand(R) During First Half 2019
Apr 4, 2019Appoints Vice President of Sales
Mar 13, 2019Placement with Insider Participation
Mar 5, 2019Appoints New CFO and Provides Sales Update
Feb 26, 2019Non Brokered Private Placement to Existing Shareholders and Other Investors
Oct 17, 2018Is Sold Out for 2018 and Announces 2019 Expansion Plan
Aug 14, 2018Second Quarter 2018 Results
Aug 1, 2018Successful Start Up of Processing Plant
Jul 11, 2018Joins Bonsucro to Increase Sustainability in Sugar Cane Production
Jun 25, 2018Major Order Made by Repeat Customer, 15 Times Larger Than First Purchase
Jun 18, 2018New Processing Plant on Budget and on Schedule
Jun 1, 2018Michael St Aldwyn as Board Member and Results from 2018 AGM
May 28, 2018New Product: Super Greensand Granular(r)
May 22, 2018Secures Funding from BNDES
Apr 6, 2018Awarded a 50,000 tons Mining Permit
Apr 6, 2018Halted Security
Mar 27, 2018Super Greensand(r) Now Available at Amazon.com
Mar 19, 2018Environmental Licenses for Mining up to 150 Thousand Tons per Annum Granted to Verde
Mar 7, 2018Turnkey Agreement for 45 Tons Per Hour Super Greensand(r) Production Facility Signed by Verde
Nov 27, 2017US$1.98 Billion NPV & US$3 Million Capex (Phase 1)
Nov 21, 2017Responds to Request from Market Surveillance
Nov 20, 2017Examines An AgriTech Company Selling to Organic and Cannabis Markets
Sep 14, 2017Dual Listing On The OTCQB Marketplace
Jul 25, 2017Closes Oversubscribed Private Placement for Proceeds of C$1.8 Million, including C$800,000 Investment from Palisade Global Investments Ltd.
Jul 4, 2017Results Of The 2017 Annual And Special Meeting Of Shareholders
Jun 21, 2017Non Brokered Private Placement to Existing Shareholders and Other Investors
Jun 20, 2017Appoints USA Distributor
May 23, 2017Starts Pre Feasibility Studies for expanded production and announces field trials results for tobacco
May 16, 2017Sells to Cannabis and Organic Agriculture Markets in the United States
Apr 27, 2017Awarded Mining Permit: Production To Start In 20 Days
Feb 9, 2017Environmental License Granted: Verde Agritech En Route To Production
Jul 26, 2016Bulletin 2016 0769: Name Change
Jul 21, 2016Environmental Agency Workers End Strike
Jun 16, 2016Results Of The 2016 Annual And Special Meeting Of Shareholders
May 25, 2016Tk47 Boosts Crop Protection In Independent Agricultural Tests
May 2, 2016Environmental License For Verde's Project Discussed At Public Audience Held In Sao Gotardo
Apr 20, 2016Verde Introduces Alpha: An All Natural Product For Crop Protection
Feb 29, 2016Super Greensand(tm): A New Product For Organic And Sustainable Agriculture
Nov 17, 2015Files Third Quarter Financials
Oct 19, 2015Technological Achievements Pave The Way For Entrance Into The Agri Tech Market
Jul 7, 2015Independent Study Demonstrates Economic Benefits to Farmers by Adopting TK47
Jun 2, 2015TK47(r) Increases Crop Productivity, Reduces Pesticide Use and Improves Soil Conditions
May 26, 2015TK47(R): An Advanced and Integrated Solution for Sustainable Agriculture
Mar 24, 2015Update on the Research Grant for ThermoPotash and Development of its Cerrado Verde Project
Oct 29, 2014To Expand ThermoPotash Market Development Under Brazil's Agricultural Innovation Program
Oct 6, 2014Public Funding Received to Expand ThermoPotash Development Activities
Sep 15, 2014To Showcase ThermoPotash at Brazil's Largest International Coffee Trade Fair
Aug 13, 2014Advances Potash Greenfield Plant
Jun 20, 2014Results of the 2014 Annual General Meeting of Shareholders
Apr 30, 2014Sugarcane Yields Significantly Benefit from ThermoPotash Compared to KCl
Apr 23, 2014BNDES to Structure Verde's Funding Plan
Apr 1, 2014ThermoPotash Pre Feasibility Study Confirms Low Capex And Robust Economics
Mar 20, 2014Measured and Indicated Resource Estimate Increases To 1.47 Billion Tonnes at 9.2% K2O
Mar 19, 2014Inova Agro's Funding Decision Confirmed
Mar 11, 2014ThermoPotash Improves the Quality of Coffee
Feb 19, 2014Provides Additional Information on Inova Agro
Feb 18, 2014Selected to Obtain Financing from Inova Agro
Feb 13, 2014Responds to Stock Trading Activity
Feb 4, 2014Inova Agro's Results Postponed Until February 18th
Jan 14, 2014Mr. Alysson Paulinelli Joins Verde's Board of Directors
Dec 26, 2013Cost Reductions and Mr. Leonardo Moretzsohn's Resignation
Dec 6, 2013Responds To Stock Trading Activity
Nov 25, 2013ThermoPotash Approved for Use on Organic Crops by IBD Certifications
Sep 23, 2013Selected to Advance in Inova Agro Funding Process
Sep 12, 2013EPAMIG and Verde Potash Demonstrate the Benefits of ThermoPotash for Coffee Crops


 

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