Initiation: Uncovering attractive, low-capex potash potential in Spain (By RBC Capital Markets)

Our view:
We believe Highfield Resources’ potash properties are among the best undeveloped greenfield projects globally.

Our base case analysis returns an attractive 29% IRR at the company’s flagship Muga project, driven by near-surface mineralization, low-capex requirements, nearby infrastructure, very competitive delivered costs, and low geo-political risk in Spain. Additionally, our scenario analysis indicates asymmetric upside potential based on very achievable targets.

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