Monday, shares closed at $0.30. For the past 12 months, the stock is up 9.26 percent.
Passport Potash is a potash exploration and development company based in Vancouver, British Columbia and Phoenix, Arizona.
Its flagship property is the 329 square kilometre early-stage Holbrook potash project, located in the Holbrook Basin of Arizona. The project has excellent access to existing road, rail and power infrastructure.
In November 2011, SRK Consulting completed a report on the exploration potential of Holbrook.
The report stated that recent drilling has shown that evaporate layers containing potash range in thickness from 2.6 to 18.4 metres, with an average thickness of 6.4 metres. Grades range from 3.2 to 9.4 percent potassium oxide, with an average weighted grade of 5.3 percent potassium oxide.
The above equates to an exploration potential resource on the property of between 290 and 315 million tonnes of potassium oxide, with a two percent potassium oxide threshold, which is equivalent to a range between 460 to 500 million metric tonnes of potassium chloride.
In a research note, Fundmental Research's analyst, Siddharth Rajeev, said: "We believe Arizona is a favorable environment for mining, with generally positive land use policies and taxation structures.
"Although this is not a NI 43-101 compliant resource estimate, we believe this is a positive step for PPI as it demonstrates the value of verification drilling carried out in 2011."
Passport Potash has been actively exploring the Holbrook property since 2009 with a total of 30 holes - 12,406 metres - drilled up to the end of 2011.
Management has indicated that they have obtained permits to drill 10 holes on the property in 2012, eight of which will be drilled on the Holbrook Holdings area, and two on the Twin Buttes Ranch.
The company plans to complete an initial resource estimate for the Holbrook property holdings by the end of the first quarter of 2012.
Passport Potash currently has "about $10.50 million in cash, which, we believe, should be sufficient for the next 12 months," Fundamental's Rajeev concluded.