my thoughts, page-4

Hi El,

I agree with many of your points.

It is difficult to value a potash junior since a potash mine has not been brought into production for decades.

Also, as you have indicated assigning a risk discount is not straightforward, especially in countries that are just begining to develop their resources.

In consideration of the above, then comparing to the comps provides a further basis for valuation. The closest comps are Allana, NGex Resources and Ethiopian Potash Corp. Having BHP in the area and developing their projects also gives the juniors more credibility.

I invest in a number of asset classes and stock sectors, so the volatility in my investment portfolio, overall, gets smoothed out over time. This allows me to hold my investments for the long term and sleep very well at nite. In my younger days, I did not have this balanced perspective, that is for sure.

Sam