Ann: Scoping Study for the Colluli Potash Project, page-19

re: Ann: Scoping Study for the Colluli Potash... Panda,
Some examples of P/E ratios for potash producers.
1. Interprid Potash – P/E = 16.92; Market cap = $1.73B; Annual production capacity = ~0.75Mtpa

2. Arab Potash – P/E of 13.1; Market cap = $3.4B; Annual production capacity = ~2Mtpa

3. Potash Corp – P/E of 12.74; Market cap = $36.1B; Annual production = ~10.5Mtpa
(Note that Potash Corp also has investments in Arab Potash, Israel Chemicals, Sinofert Holdings, Sociedad Minera)