a quick back of envelope comparison, page-4

From the RM research report on TRH website:


"Strong markets for potash and potash explorers/developers have resulted in strong investor interest and rapidly increasing share market valuations. Companies such as South Boulder Mines with their near surface high grade mineralisation stand out with enterprise/tonne valuations approaching A$5.0 with the more common/deeper resources such as Potash One and IC Potash which require capital expenditures greater than US$1.5B trading in the range of 30 to 40 cents per tonne of Potash."


Always more to it, but even at $0.30/T the TRH target is low $2.00's - regardless of capex