Posted by Joshua Mayfield, with Hallgarten+Co
Growth Minerals Review: https://hallgartenco.com/wp-content/uploads/2025/11/Growth_Minerals_Review_Nov2025.pdf
There were two positive drivers for PhosCo (ASX: PHO) at the end of October. The company reported another significant series of phosphate (P205) drilling results at the Gasaat Phosphate Project in Tunisia, which add on to the drilling results that we covered in the last monthly. The new results were located within the KM prospect, where a significant discovery was made for phosphate production. KM is north
of the company’s other phosphate rock deposit in the SAB prospect. The KM prospect results gave the company new discovery data within the intersections, including 53 meters of phosphate at the GADD-03 hole and 50.5 meters of phosphate at the GADD-11 hole. The SAB prospect has nine drill holes, so it will be the focus for the company’s phosphate mining project going forward.
PhosCo was also awarded a €1 million (AUD$1.8 million) grant by the European Bank for Reconstruction and Development (EBRD) to advance plans at the Gasaat Phosphate Project in Tunisia. The funds will go toward speeding up the bankable feasibility study (BFS) as well as the inclusion of the KM discovery into the resource scoping study. PhosCo’s phosphate project is intended to make the company one of the world’s lowest-cost phosphate fertilizer producers, so the company has prioritized low strip ratios as
part of the mine development plans. The Gasaat Phosphate Project currently stands at 146.4mn tonnes at 20.6% P2O5 for the phosphate resource base.
The PHO stock has been on an upward trend since the beginning of October (+54%) which is a testament to the strong investor interest in new phosphate mining projects. Any changes to the BFS, previously mentioned above, would have a direct effect on the company’s phosphate scoping study and resource base.
In the junior potash space, Brazil Potash (NYSE: GRO) outshone the rest with its announcement of a final offtake agreement for the Autazes Potash Project. The third offtake agreement with Kimia Solutions puts at least 90% of the company’s potash production under binding take-or-pay arrangements. The other two agreements had previously been made with Keytrade and AMAGGI. The last agreement with Kimia is significant because it has agreed to purchase 704,000 of potash on an annual basis, over a period of ten years.
Brazil Potash’s final offtake agreement hasn’t moved the stock price upward. GRO has seen a decline of 11.74% since the beginning of October. The initial timing of the offtake agreement did give the stock a boost, hitting 3.00 per share on 28 October, but it has been on a steady decline ever since.
Follow the junior phosphate and potash mining space in the Growth Minerals portfolio: https://hallgartenco.com/?page_id=1036
