There are currently 177 million shares outstanding. The $105 million private placement done in June will add another 42 million shares, once the registration statement is declared effective from the SEC.( It has not even been filed yet,but should be within the next 45 days,imo)Today,IFFCO was granted 30 million options. Company insiders(read through the 8-K filed today)have an additional 20 million options,although they are not all vested.

So we might end up with a grand total of around 269 million shares outstanding at some point.(Pending any future financings, which hopefully will be done in double digit price range) For argument sake let's call it 300 million shares.

IFFCO agreed to buy 4 MILLION tons of phosphate/year at a small discount.Let's say phophate prices fall drastically and are at $250/ton by the time we actually are shipping rock. That's a cool billion in revenues, at a cost of $50/ton or $200 million. Add that to the other 1 million tons that we will be producing and selling and you end up with 1.25 BILLION in revenues with a cost of $250 Million. $1 Billion cash divided by 300 million shares = $3.33/share in earnings. How about a nice low multiple of 5?? That equates to a stock price of $16.65/share.

This is the absolute WORST case scenario!!!! If phosphate prices are double or triple the extremely conservative estimate I am using of $250/ton.........You can do the math. This is, in my opinion, the biggest "no brainer" I have seen in my professional life.

We have 2 incredibly large and powerful shareholers in IFFCO and Atticus Capital,aside from great internal leadership.Keep your eye open for the registration statement to be filed with the last private placement as we will then find out who the other investors are that participated. And hopefully, we will get off this OTCBB and onto the AMEX. It can only help.Keep the faith boys and girls!!!