Agreement establishes a framework for social development, cultural appreciation, income generation and institutional strengthening for the Mura Indigenous communities of AutazesStructured governance and continuous dialogue mechanisms to monitor implementation across all 37 Mura villages MANAUS, Brazil, March 23, 2026 (GLOBE NEWSWIRE) -- Brazil Potash Corp. (“Brazil Potash” or the “Company”) (NYSE-American: GRO), a mineral exploration and development company advancing the Autazes potash project in Amazonas S ...

OR ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 FORM 20-F ☐ REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2025 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 OR ☐ SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT ...

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Core Viewpoint - Brazil Potash Corp. is recognized for its strategic role in enhancing Brazil's food security through domestic potash production, particularly with its Autazes Project, which aims to reduce the country's reliance on fertilizer imports [2][4][5]. Company Overview - Brazil Potash Corp. is focused on developing the Autazes Project, which is expected to produce up to 2.4 million tonnes of potash annually, potentially supplying approximately 17% to 20% of Brazil's current potash demand [5][6]. - The company aims to mitigate approximately 1.4 million tonnes of greenhouse gas emissions per year through its operations [5][8]. Industry Context - Brazil is a leading agricultural exporter, generating around $167 billion annually from agricultural products, yet it imports over 85% of its fertilizer needs, including more than 95% of its potash [4][6]. - The reliance on imported fertilizers exposes Brazil's food production system to geopolitical disruptions and global supply shocks, highlighting the importance of domestic potash production [4][5]. Strategic Importance - The invitation for the CEO to speak at the IDB's Annual Meeting of Governors underscores the growing international recognition of Brazil Potash's role in addressing Brazil's agricultural vulnerabilities and contributing to global food security [2][3][7]. - The Autazes Project is positioned as a strategic national asset that not only supports Brazil's agricultural sector but also serves as a potential supplier outside of conflict zones, which currently produce about 48% of the world's potash [5].

Core Insights - Brazil Potash Corp. has made significant progress on the Autazes Potash Project, including obtaining federal water extraction rights, initiating partnerships with indigenous communities, and advancing construction financing initiatives [1][2]. Water Extraction Rights - Brazil Potash has received approval from Brazil's National Water and Sanitation Agency (ANA) to extract up to 2,400 cubic meters of water per hour from the Rio Madeira for potash processing, amounting to approximately 10.5 million cubic meters annually for a 10-year term [3]. - This approval allows the company to optimize its design by eliminating the need for sixteen deep groundwater wells, thereby reducing construction costs [4]. Indigenous Community Partnership - WSP Global has begun technical support activities with the Mura Indigenous communities to refine their development priorities and enhance community wellbeing [6][7]. - The initiative aims to respect the autonomy and cultural values of the Mura communities while ensuring they benefit from the project [8]. Infrastructure Financing - Brazil Potash has received proposals for third-party funding to Build, Own, Operate and Transfer (BOOT) key infrastructure components, which could lower the company's capital requirements [9]. - Discussions with Global Development Finance Institutes (DFIs), Export Credit Agencies (ECAs), and major equipment suppliers for construction financing are progressing well [10]. Project Significance - The Autazes Project is positioned to supply sustainable fertilizers to Brazil, which currently imports over 95% of its potash fertilizer, despite having significant undeveloped potash resources [11]. - The project aims for an initial annual production capacity of up to 2.4 million tons, potentially meeting approximately 20% of Brazil's current potash demand and reducing greenhouse gas emissions by about 1.4 million tons per year [11].

Group 1: Company Overview - Brazil Potash Corp. aims to become Brazil's largest potash fertilizer mining company, presenting a unique investment opportunity in a market traditionally reliant on imports [1] - The Autazes project has a mining capacity of 2.4 million tons, which could supply approximately 17% of Brazil's current potash demand, challenging foreign importers [2] Group 2: Business Strategy - The company employs an import-substitution strategy, leveraging the Autazes project's strategic positioning to offer potash at approximately half the cost of imported alternatives, ensuring a comfortable margin [3] - With an estimated 43 times shorter delivery time, the project provides significant supply chain flexibility for Brazilian farmers, leading to 91% of planned annual production secured through binding agreements [4] Group 3: Financial Outlook - Currently in the pre-revenue stage, the company is focused on securing construction financing and advancing infrastructure development, backed by an experienced executive team [5] - The current market cap of $135 million may undervalue the company, with management projecting a steady annual EBITDA of $1 billion at full production, indicating potential for share rerating if project execution is successful [6]

Core Viewpoint - The article discusses the recent developments in the industry and their implications for investment opportunities and risks [1] Group 1 - The industry is experiencing significant changes due to regulatory shifts and market dynamics [1] - Companies are adapting their strategies to align with new consumer preferences and technological advancements [1] - Financial performance metrics indicate a mixed outlook, with some companies reporting strong growth while others face challenges [1] Group 2 - Investment trends are shifting towards sustainable and socially responsible companies, reflecting changing investor priorities [1] - Mergers and acquisitions activity is expected to increase as companies seek to enhance their competitive positions [1] - Analysts are closely monitoring key performance indicators to identify potential investment opportunities [1]

Core Viewpoint - Brazil Potash Corp. (NYSEAMERICAN:GRO) is recognized as one of the best new penny stocks to invest in, with Cantor Fitzgerald initiating coverage and assigning a Speculative Buy rating with a price target of $2.75 [1][2]. Group 1: Project Development - Brazil Potash Corp. is advancing its 100%-owned Autazes potash mining project, targeting initial production in 2030 or later [2]. - The Autazes project aims to supply potash to Brazil, the largest global importer of this essential agricultural nutrient [2]. Group 2: Tax Incentives - The company's subsidiary, Potássio do Brasil Ltda., has received official registration from SUFRAMA, allowing it to operate under tax incentive programs in the Manaus Free Trade Zone [3]. - This registration could lead to approximately $94 million in estimated tax savings during the construction phase, contingent on meeting all requirements and approvals [4]. - The milestone supports key financial assumptions in the project's economic model and indicates ongoing support from Brazilian federal authorities [4]. Group 3: Company Overview - Brazil Potash Corp. focuses on developing the Autazes Project to provide sustainable fertilizers to Brazil, a major agricultural exporter [5].

Core Viewpoint - Brazil Potash Corp. has received official registration from SUFRAMA, enabling access to federal tax incentives, which could lead to estimated tax savings of up to approximately US$94 million during the construction phase of the Autazes Project, demonstrating strong support from Brazilian federal authorities [1][5][4]. Group 1: SUFRAMA Registration - The registration allows Brazil Potash's subsidiary, Potássio do Brasil Ltda., to operate under SUFRAMA-administered tax incentive procedures, subject to applicable rules and approvals [1][4]. - The Superintendent of SUFRAMA recognized this milestone by inviting Brazil Potash representatives to a formal ceremony, highlighting the collaborative relationship between the federal government and the Autazes Project [3][5]. Group 2: Financial Implications - The estimated tax savings of up to US$94 million validate key financial assumptions in the project's economic model and enhance visibility and predictability in financial planning [1][4]. - The tax incentives include potential exemptions or reductions on import duties and industrialized product taxes for qualifying goods under the Manaus Free Trade Zone framework [6][7]. Group 3: Project Overview - Brazil Potash is developing the Autazes Project to supply sustainable fertilizers, aiming to reduce Brazil's reliance on potash imports, which exceeded 95% in 2024 [8]. - The project plans an initial annual potash production of up to 2.4 million tons, potentially supplying around 20% of Brazil's current potash demand while mitigating approximately 1.4 million tons of greenhouse gas emissions per year [8].

Brazil Potash Conference Summary Company Overview - **Company**: Brazil Potash (NYSEAM:GRO) - **Project**: Developing Brazil's largest potash fertilizer project, the Autazes Project - **Objective**: To supply sustainable fertilizers and reduce Brazil's reliance on imported potash, which exceeds 95% [1][4] Industry Context - **Potash Sector**: A critical nutrient for food production with no substitutes - **Market Dynamics**: - The U.S. and Brazil both import approximately 95% of their potash, primarily from Canada, Russia, and Belarus [4][5] - Recent U.S. government actions, including a $12 billion subsidy for farmers and potential tariffs on Canadian fertilizers, could lead to a global price increase of up to 25% [11] - Brazil is the world's largest consumer of potash, making the project strategically important [4][5] Project Details - **Production Capacity**: Initial production target of 2.4 million tons per year, covering nearly 20% of Brazil's potash needs for 23 years [5] - **Financial Projections**: Expected to generate approximately $1 billion annually in free cash flow once operational [6] - **Construction Costs**: Estimated at $2.5 billion, with plans to secure $1.8 billion in debt financing [6] Strategic Partnerships and Funding - **Key Investors**: Franco-Nevada is expected to invest $150 million, and an MOU with Fictor aims to reduce costs by $200 million for power line construction [6][10] - **Board Enhancements**: New board members with significant industry experience, including Mayo Schmidt and Christian Jörg, to aid in funding and strategic direction [7] Milestones and Achievements - **Pre-sold Production**: 91% of production is pre-sold under binding take-or-pay contracts, providing financial security for debt financing [8][13] - **Construction Progress**: Major milestones achieved, including site preparation and community training initiatives [8][10] Technological Innovations - **AI Optical Sorting Technology**: Potential to reduce processing costs by rejecting lower-quality ore before processing, based on successful trials in Germany [16][18][19] Investment Thesis - **Market Opportunity**: Brazil's unique agricultural capacity (growing 2.5 crops per year) and reliance on imported potash create a compelling investment opportunity [20] - **Long-term Demand**: As global population grows, the need for potash will increase, reinforcing the project's importance [20] Conclusion - Brazil Potash is positioned to become a key player in the potash market, addressing both local and global demand while reducing Brazil's dependency on imports. The strategic partnerships, technological advancements, and strong pre-sales provide a solid foundation for future growth and profitability [21]