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"IPI: 100% US potash producer at 0.78x P/B vs historical 1.5x-3.5x during booms. Potash $356/ton vs $1200 peak; $100M revenue could hit $530M next boom = $400M profit (1x current $388M market cap). Debt-free, $6.50/share cash. Permian Basin royalty from Exxon ($50M rec'd, $50M more due)."
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