Categories:
Base Metals
Topics:
General Base Metals
Potash Ridge Set (TSX: PRK) Set to Enter the SoP Market with Low-Cost Production
Potash Ridge Set (TSX: PRK) Set to Enter the SoP Market with Low-Cost Production
Outsider Club Founder Nick Hodge interviews Ross Phillips and Robert Cross of Potash Ridge (TSX: PRK)(OTC: POTRF):
Nick Hodge: Hi, this is Nick Hodge, the founder of the Outsider Club here, and today we're talking with two gentlemen from a company called Potash Ridge. That's ticker PRK on the Toronto Stock Exchange. I have with me Ross Phillips, the chief financial officer and chief operating officer. He's got 10 years of experience in the resource and energy sectors. From 2009 to 2011, he was a senior manager of financial analytics, and later director of business development at Capital Power Corporation, and from 2003 to 2009, Ross held various senior roles at Sherritt International Corporation, which is a company that produces and sells thermal coal, nickel, cobalt, oil, and electricity.
We're also honored to have Robert Cross with us today. He's a corporate advisor to Potash Ridge, and also a significant shareholder that came into the story earlier this year. Mr. Cross has more than 25 years of experience as a financier in the natural resource sector, and he's also a co-founder and non-executive chairman of both Bankers Petroleum and B2Gold. Gentlemen, thank you for joining the call today and helping share the story of Potash Ridge with my readers a little bit.
Bob Cross: Great, pleasure to be here, Nick.
Nick Hodge: Robert, I wanted to start with you. I wanted you to just lay out for us a little bit why you came into the story, what attracted you to Potash Ridge in the assets, and what led you to become an advisor and large shareholder in the company?
Bob Cross: Sure, thanks, Nick. When I was introduced to the story very early this year, first of all it was sort of an orphaned company that had had significant funds spent on the resources in a previous time prior to this. In the recent recession in the whole resource market, it had approached $65-$70 million spent on Blawn Mountain at the Utah project. I don't like taking a lot of geological risk in life because I find you can make a lot of money by taking advantage of situations that are just priced way out of any kind of normal sense of value.
We had a situation where we had a wonderful SOP potash deposit drilled up, and the stock had been just crushed. I entered the story at about 5 cents a share. I like the geology, I like the asset base it had, but the other thing is the management team, both Guy and Ross, have significant experience in financing for large projects and all those complexities. That alone wasn't it. I think what really sold me on the story, other than the price, and I've been accumulating from 5 cents up, I participate in all the financing. I have a significant position. My intention is to go pretty close to 10% of the company over time, as management derisks the story.
The thing that really got me interested though was...