Australian Potash Ltd (ASX:APC) has been granted a trading halt by the ASX with a project development funding announcement pending.
The halt will remain in place until the beginning of regular trade on March 2, or when an announcement is released to the market, whichever occurs earliest.
APC has a market cap of approximately $96.8 million and shares last traded at 16.5 cents.
Since the end of the 2020 financial year shares have risen from 5.2 cents, reaching 20 cents earlier this month.
Organic certification
Recently, the company’s K-Brite sulphate of potash (SOP) products were reviewed by European organic certification agency ECOCERT and classified as suitable for use in international organic farming in compliance with European regulations.
Organically certified K-Brite from the Lake Wells SOP Project (LSOP) in Western Australia will now be distributed through a take-or-pay offtake agreement with Helm AG through European jurisdictions where organic certification carries a premium.
“Opens premium markets”
According to managing director and CEO Matt Shackleton: “Organic certification opens premium markets across the globe that demand environmentally friendly inputs.
“Our distribution partners will be able to position K-Brite into these markets, targeting premium price points across the horticultural, viticultural and flower sectors, and high-value broad-acre crops.”