Fertoz looks like it's in an ideal position to take advantage of the rapidly growing North American organic agriculture industry, by virtue of its key direct application phosphate assets located in British Columbia, close to target markets. Production has already commenced (making it Canada’s only phosphate producer) by virtue of the permitting thus far of two 10,000t bulk samples, and IIR expect that the organically certified product should attract premium prices. Project economics are very attractive due to relatively low opex through grinding and milling being the only post mining processing required, and with the planned 75,000tpa operation only requiring minimal capex, largely funded out of cash flow. VALUATION: IIRs base case undiluted valuation of A$21.1m is $0.34 per share, a 110% premium to the current market price, and is based on a risked NPV8 valuation of the company’s phosphate assets and actual cash figure. The valuation is most sensitive to changes in phosphate price – a 10% increase increases the valuation from $0.34/ share to 0.44/share. For more detail see report attached.