SCHEDULE: Sentient Funds Fully Divest Brazil Potash Holdings

Sentient Global Resources Fund IV and its affiliates have completed the disposition of all their common stock and unexercised options in Brazil Potash Corp.

Summary

• Sentient Global Resources Fund IV, L.P., Sentient GP IV, L.P., and Sentient Executive GP IV, Limited (collectively, the "Reporting Persons") have disposed of all beneficially owned shares of Brazil Potash Corp.
• All options previously granted to the Reporting Persons have expired unexercised.
• As a result of the disposition and expired options, the Reporting Persons now hold 0% of the class of common stock of Brazil Potash Corp.
• The Reporting Persons were released from a Lockup Agreement dated October 23, 2024.
• The principal business of Fund IV is making investments in public and private companies engaged in mining and other natural resources activities.

Sentiment

Score: 3

Explanation: The complete exit of a major institutional investor is generally viewed as a negative development for the issuer, potentially signaling a lack of confidence or a strategic re-evaluation by the investor.

Positives

• For the Reporting Persons, the successful completion of their investment cycle in Brazil Potash Corp. through the disposition of all holdings.

Negatives

• A significant institutional investor, Sentient Global Resources Fund IV, has completely divested its entire stake in Brazil Potash Corp.
• All options granted to the Reporting Persons expired unexercised, which could imply that the stock price did not reach a profitable threshold for those options.

Risks

• The complete exit of a major institutional investor like Sentient Global Resources Fund IV could negatively impact market perception and potentially lead to downward pressure on Brazil Potash Corp.'s stock price.
• The unexercised options suggest that the investment did not perform as expected for the Reporting Persons, which could be a concern for other investors.

Future Outlook

The filing does not contain any forward-looking statements or guidance from Brazil Potash Corp. or the Reporting Persons regarding the issuer's future performance.

Management Comments

• Mike de Leeuw, Director, signed the filing on behalf of Sentient Global Resources Fund IV, L.P., SENTIENT GP IV, LP, and SENTIENT EXECUTIVE GP IV LTD, certifying the information as true, complete, and correct.

Industry Context

Sentient Global Resources Fund IV specializes in investments in public and private companies within the mining and natural resources sectors. Their complete divestment from Brazil Potash Corp. could reflect a strategic portfolio rebalancing, a specific view on the potash market, or a re-evaluation of Brazil Potash Corp.'s prospects within the broader natural resources industry.

Comparison to Industry Standards

• NA

Stakeholder Impact

• Shareholders of Brazil Potash Corp. may react negatively to the news of a major institutional investor completely divesting its stake, potentially leading to decreased investor confidence and share price volatility.

Next Steps

• The filing agreement dated December __, 2025, by and among the Sentient entities, is to be filed as an exhibit.

Key Dates

Recommendation

The complete divestment by a significant institutional investor like Sentient Global Resources Fund IV typically signals a lack of long-term conviction or a strategic re-allocation of capital away from Brazil Potash Corp. While not a direct indictment of the company's fundamentals, it introduces uncertainty and could pressure the stock. Investors should exercise caution and re-evaluate their positions, considering this significant change in institutional ownership.

Keywords

Brazil Potash Corp, Sentient Global Resources Fund, Schedule 13D, beneficial ownership, divestment, common stock, options, mining, natural resources