Picture of Kore Potash logo

KP2 Kore Potash News Story

0.000.00%
gb flag iconLast trade - 00:00
Basic MaterialsHighly SpeculativeSmall CapNeutral

REG - Kore Potash PLC - Financial Results for Half Year Ended 30 June 2025

For best results when printing this announcement, please click on link below:
https://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20250912:nRSL0429Za&default-theme=true

RNS Number : 0429Z  Kore Potash PLC  12 September 2025

 

 

 

12 September 2025

 

Kore Potash Plc

("Kore Potash" or the "Company")

("Group" refers to Kore Potash Plc and its subsidiaries)

 

Financial Results for Half Year Ended 30 June 2025

 

 

Kore Potash, the potash development company with 97%-ownership of the Kola and
DX Potash Projects in the Sintoukola Basin, located within the Republic of
Congo ("RoC"), today reports its unaudited financial results and operational
highlights for the half year ended 30 June 2025 ("the Period").

 

The full financial report is available online at the Company's website
at https://korepotash.com/wp-content/uploads/2025/09/Half-Year-Report-June-2025.pdf
(https://korepotash.com/wp-content/uploads/2025/09/Half-Year-Report-June-2025.pdf)
. The financial statements contained within this announcement should be read
in conjunction with the notes contained within the full financial report.

 

 

SUMMARY OF KEY DEVELOPMENTS

 
HIGHLIGHTS

·   Optimised DFS was announced on 27 February 2025. Unlike the DFS and the
Optimisation Study, the Optimised DFS is based on a production period which
utilizes all Proved and Probable Ore Reserves and only 6% of Inferred Minerals
Resources, giving a LoM of 23 years. The prior DFS and Optimisation Study
disclosures included an additional 20% of Inferred Mineral Resources after the
Ore Reserves were depleted. Kore Potash considers there is strong potential
for the mine plan on which this Optimised DFS is based to be extended beyond
23 years by upgrading a portion of the 340Mt of Inferred Mineral Resources to
Measured or Indicated Resources through further exploration during the 23
years of operations.

·      On 27 February 2025, the Company also announced a restatement of
the Mineral Resource estimate for the Kola deposit. No material changes were
made to the original Mineral Resource estimate dated 6 July 2017.

·      Successful completion of USD10 million fundraise as announced on
21 March 2025 with a further USD500K conditionally raised subject to
shareholders approval and subsequently approved by shareholders at a General
Meeting held on 11 June 2025.

·    Following a recommendation from the Company's Remuneration and
Nomination Committee, the Board resolved to grant options to the Company's
Non-Executive Directors. While this is not compliant with the UK Corporate
Governance Code, the committees considered this appropriate for the group
considering the contribution made by the individuals, the stage of the
company's lifecycle and to conserve cash. On 22 April 2025:

o  the Company granted options over 4,000,000 new Ordinary Shares to the
Company's Non-Executive Directors.

o  the Company granted options over 2,000,000 new Ordinary Shares to the
Company's Chairman.

o  the Company also granted options over 9,000,000 new Ordinary Shares which
were reported as issued in June 2022 and subsequently approved by shareholders
at the AGM dated 11 June 2025 as the vesting conditions were successfully met.

These were subsequently approved by shareholders at a General Meeting held on
11 June 2025.

·    On 10 June 2025, the Company announced that it signed non-binding Term
Sheets for availing the total funding requirement for the Kola Project with
OWI-RAMS GMBH. Pursuant to the non-binding Term Sheets, OWI-RAMS GMBH has
indicated its intention to arrange and then provide a funding package for the
Kola Project, amounting to approximately USD2.2 billion, through a blend of
senior secured project finance and royalty financing.

·      The Company held its Annual General Meeting on 11 June 2025, at
which all resolutions were duly passed.

·     Net operating loss after tax for the 6 months ended 30 June 2025 was
USD435,428 (H1 2024: USD528,636).

·      Cash and cash equivalents held at 30 June 2025 was USD3,499,143
(31 Dec 2024: USD1,339,321).

·   The exploration and evaluation assets at 30 June 2025 were
USD196,123,524, an increase of USD26,775,654 from USD169,347,870 at 31
December 2024. During the Period the Company capitalised USD6,368,341 in
exploration and evaluation expenditure and further the expenditure increased
by USD20,407,313 as a result of the weakening of the USD against the currency
of the RoC.

 

Kola Potash Project

 

·    The Company signed a non-binding MoU with the Summit, on behalf of a
consortium of investors and engineering firms on 6 April 2021, to arrange the
total financing required for the construction of Kola, in the presence of the
Minister of Mines of the RoC and his key staff in Brazzaville.

·    On 27 June 2022, the Company announced the Optimisation Study was
completed with an optimised construction cost of USD1.83 billion and a
shortened construction schedule of 40 months.

·     On 28 June 2022, Kore Potash signed a HoA for the construction in
the presence of the Minister of State and Minister of Mining Industry and
Geology of the RoC, Mr Pierre Oba.

·    On 8 August 2023, Kore Potash entered into a revised agreement with
SEPCO to provide the Company with an EPC contract for the construction of the
Kola Project. Following the completion of SEPCO's parent company,
PowerChina's, review of the Kola design and construction schedule, one of the
agreed outcomes was that further engineering design works must be completed
before PowerChina and SEPCO jointly presenting an EPC proposal and EPC
contract to the Group.

o  PowerChina subcontracted five technical groups who commenced additional
design and engineering works. Specific design areas included the underground
mine, mineral processing jetty and transhipment operations, energy
transportation and storage, conveyor systems and material handling. PowerChina
advised the Company that the Works would cost in excess of USD10 million to
complete. Illustrating PowerChina's commitment to Kola, it capped Kore
Potash's contribution at a maximum of USD5 million, with the balance of the
costs to be paid by PowerChina.

o  Two payments of USD1.0 million each were made in August and November 2023
as required under the Agreement. USD800,000 was paid in April 2025. The
remaining USD2.2 million to be paid not later than 12 months of the signing of
the EPC on 19 November 2024.

·      PowerChina delivered the EPC proposal and draft EPC contract on 6
February 2024.

·     The EPC contract for the Kola Project with PowerChina was signed in
Brazzaville in the presence of the RoC Minister of Mines and Geology on 19
November 2024.

·     The EPC is a fixed price contract worth USD1.929 billion. This fixed
price is of significant benefit to the Company as it minimises the risk of
cost overruns for the Company. The EPC also includes provisions for penalties
in the event of delayed completion and non-compliance to performance metrics.
The EPC remains subject to Financial Close.

·     To accelerate progress during the financing process, Kore Potash and
PowerChina have committed to an Early Works Agreement, which forms part of the
EPC and is targeted to be completed within 6 months of signing. Kore Potash
paid USD5 million to PowerChina in April 2025 as part of the total EPC
Contract Price to undertake supplementary geological work, consisting of
drilling at the shaft works and marine works locations and additional FEED
relating to the mining section shaft works. This will enable construction to
commence after Financial Close. In addition, PowerChina will undertake
Beneficiation Tests to identify opportunities to improve the plant design or
adapt the product specifications. The Beneficiation Tests will be done on
existing core samples to confirm the ore grade information provided by Kore
Potash and is a condition precedent to the EPC. This is not considered to be a
high-risk condition, given that Kore Potash has drilled 50 resource related
drill-holes and has completed seismic surveys, the data of which has been
assessed by two renowned independent experts as previously announced by the
Company on 29 January 2019.

·      Entry into the EPC reaffirms the Board of Directors' strategy for
Kore Potash to become one of the lowest cost producers globally for the
Brazilian agricultural market and high growth African markets.

·    Following signing of the EPC contract, the Company undertook an
exercise to optimise the DFS to account for the EPC contract, including
updating the Kola production schedule and the forecast financial information

·     The results of the Optimised DFS incorporate the most current
information available to the Company and have been updated from the DFS and
Optimisation Study to ensure compliance with the latest applicable listing
rule requirements and other regulatory policies of the ASX and therefore
should be considered as superseding the results of both the DFS and the
earlier Optimisation Study.

·    Unlike the DFS and the Optimisation Study, the Optimised DFS is based
on a production period which utilizes all Proved and Probable Ore Reserves and
only 6% of Inferred Minerals Resources, giving a LoM of 23 years. Optimised
DFS was announced on 27 February 2025 with the successful outcomes:

o  Capital cost of USD2.07 billion (nominal basis) on a signed fixed price
EPC basis, including owner's costs.

o  Construction period of 43 months.

o  Kola designed with a nameplate capacity of 2.2 million tonnes per annum of
MoP.

o  Average MoP production per year of 2.2Mtpa of MoP for total MoP production
of 50Mt over a 23-year life of mine.

o  Average cost of MoP delivered to Brazil is USD128/t. Based on an
independent MoP market study commissioned by the Company, management considers
Kore Potash is projected to become one of the lowest cost producers in the
global agricultural market to Brazil.

o  Average annual EBITDA is approximately USD733 million. Kore Potash is
projected to continue to enjoy a very high average EBITDA margin of 74%.

o  Key financial metrics, at MoP CFR Brazil pricing averaging USD449/t and on
a 90% attributable basis (reflecting Kore's future holding of 90% and the RoC
government 10%):

o  Kola NPV(10%) (real) post-tax USD1.7 billion

o  IRR 18% (real) on ungeared post-tax basis

o  Kola is designed as a conventional mechanised underground potash mine with
shallow shaft access. Ore from underground is transported to the processing
plant via an approximately 25.5 km long overland conveyor. After processing,
the finished product is conveyed 8.5 km to the marine export facility. MoP is
transferred from the storage area onto barges via a dedicated barge loading
jetty before being transhipped into ocean-going vessels for export.

·   The prior DFS and Optimisation Study disclosures included an additional
20% of Inferred Mineral Resources after the Ore Reserves were depleted.

·      Kore Potash considers there is strong potential for the mine plan
on which this Optimised DFS is based to be extended beyond 23 years by
upgrading a portion of the 340Mt of Inferred Mineral Resources to Measured or
Indicated Resources through further exploration during the 23 years of
operations.

·     On 27 February 2025, the Company also announced a restatement of the
Mineral Resource estimate for the Kola deposit.

·      This announcement is a restatement of the Mineral Resource
estimate for the Kola deposit. The Mineral Resource estimate was originally
released by the Company's wholly-owned subsidiary, Kore Potash Limited, which
was formerly listed on the ASX under the ticker "K2P". The original
announcement was entitled "Updated Mineral Resource for the High Grade Kola
Deposit" dated 6 July 2017. This announcement contains additional information
summarising the material information relating to the Kola Mineral Resource in
accordance with ASX Listing Rule 5.8.1. No other material changes have been
made to the original announcement.

 

·     On 10 June 2025, the Company announced that it signed non-binding
Term Sheets for availing the total funding requirement for the Kola Project
with OWI-RAMS GMBH. Pursuant to the non-binding Term Sheets, OWI-RAMS GMBH has
indicated its intention to arrange and then provide a funding package for the
Kola Project, amounting to approximately USD2.2 billion, through a blend of
senior secured project finance and royalty financing.

 

·    OWI-RAMS GMBH is an investment platform headquartered in Zug,
Switzerland, and is part of the portfolio of listed Record PLC (Record
Financial Group - https://recordfg.com (https://recordfg.com) ), which as at
31 March 2025 had assets under management of approximately USD100 billion.
OWI-RAMS GMBH deploys a bespoke investment strategy focused on advancing
global food security and accelerating the energy transition through strategic
investments in food system enablers and next-generation critical energy
infrastructure. Its strategy includes providing capital solutions across the
risk spectrum, from equity and structured loan offerings to bespoke senior and
whole-loan facilities for sponsors and operating companies. In relation to the
Kola Project, this includes contributing to global food security and
stimulating economic growth for the RoC.

 

·      A major milestone for the Company was the signing of the
fixed-price EPC contract with PowerChina for the development of Kola as
announced by the Company on 20 November 2024. The subsequent signing of the
non-binding Term Sheets represents yet another important milestone in
advancing the project. OWI-RAMS GMBH's proposed investment in the Kola Project
will be structured through a Luxembourg fund. The Company confirms that
neither PowerChina nor OWI-RAMS GMBH is a related party of the Company
pursuant to the ASX Listing rules and the AIM Rules of Companies.

 

·      The Financier and the Company acknowledge and agree that the
financing arrangements to be explored under the non-binding Term Sheets shall
ultimately be structured in accordance with Shariah principles. The final
structure shall be determined in consultation with suitably qualified and
experienced Shariah advisors appointed by the Financier. The financing
arrangements shall consist of two components, a Senior Secured Project
Facility and a Royalty Finance Facility.

 

·      The immediate focus is now on addressing the key steps to
financial close; the first step being technical support for the construction
phase with the Request for Proposals sent out and currently evaluating those
which have been received. Further details of this are provided in the Early
Works section below. The second step will be negotiating an operator
contract's proposal on a cost plus basis.

 

Dougou Extension (DX) Sylvinite Defined Feasibility Study Phase 1

 

·    The DX Project update of the JORC (2012) compliant Mineral Resource,
Ore Reserve, PFS information and Production Target was announced on the 24
January 2023.

 

·    The updated information confirms that the DX Project is a financially
attractive, low capital cost project with a shorter construction period than
Kola.

 

·    At present, the Company remains focused on completing the financing
of Kola and moving forward to construction of Kola as soon as possible. The
Company is also exploring what strategic options are available for the DX
project, including a potential sale.

 

CONDENSED CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME FOR THE 6 MONTHS ENDED 30 JUNE 2025

 

 

                                                                              6 months ended                6 months ended               Year ended
                                                                30 June 2025                  30 June 2024                  31 Dec 2024
                                                                USD                           USD                           USD
                                                                Notes         Unaudited                     Unaudited                    Audited
 Directors' remuneration                                                      (76,175)                      (71,750)                     (143,500)
 Equity compensation benefits                                   5             (57,370)                      (34,560)                     (34,560)
 Salaries, employee benefits and consultancy expense

                                                                              (145,374)                     (134,553)                    (252,097)
 Administration expenses                                        6             (388,794)                     (280,780)                    (688,430)
 Interest income                                                              68,527                        2,894                        32,468
 Interest and finance expenses                                                (2,311)                       (1,695)                      (3,363)
 Net realised and unrealised foreign exchange gain/(loss)

                                                                              166,069                       (8,192)                      (57,053)
 Loss before income tax expense                                               (435,428)                     (528,636)                    (1,146,535)
 Income tax income/(expense)                                    7             -                             -                            -
 Loss for the period                                                          (435,428)                     (528,636)                    (1,146,535)

 Other comprehensive income/(loss)
 Items that may be reclassified subsequently to profit or loss

 Exchange differences on translating foreign operations

                                                                              20,252,180                    (4,864,377)                  (9,608,251)
 Other comprehensive profit/(loss) for the period

                                                                              20,252,180                    (4,864,377)                  (9,608,251)
 Total comprehensive profit/(loss) for the period

                                                                              19,816,752                    (5,393,013)                  (10,754,786)

  Loss attributable to:
 Owners of the Company                                                        (434,804)                     (528,571)                    (1,146,179)
 Non-controlling interest                                                     (624)                         (65)                         (356)
                                                                              (435,428)                     (528,636)                    (1,146,535)
 Total comprehensive profit/(loss) attributable to:
 Owners of the Company                                                        19,817,376                    (5,392,948)                  (10,754,430)
 Non-controlling interest                                                     (624)                         (65)                         (356)
                                                                              19,816,752                    (5,393,013)                  (10,754,786)
 Loss per share
 Basic and diluted loss per share (cents per share)             14            (0.01)                        (0.01)                       (0.03)

 

The above Condensed Consolidated Statement of Profit or Loss and Other
Comprehensive Income should be read in conjunction with the accompanying
notes.

 

CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION AS AT 30 JUNE 2025

 

                                                    30 June 2025      30 June 2024      31 Dec 2024

                                                    USD               USD               USD
                                             Notes  Unaudited         Unaudited         Audited
 ASSETS
 Current Assets
 Cash and cash equivalents                          3,499,143         959,956           1,339,321
 Trade and other receivables                        132,587           130,181           173,874
 Total Current Assets                               3,631,730         1,090,137         1,513,195

 Non-Current Assets
 Trade and other receivables                        40,427            37,072            36,085
 Property, plant and equipment                      417,724           330,122           326,591
 Exploration and evaluation expenditure

                                             8      196,123,524       172,738,487       169,347,870
 Total Non-Current Assets                           196,581,675       173,105,681       169,710,546
 TOTAL ASSETS                                       200,213,405       174,195,818       171,223,741

 LIABILITIES
 Current Liabilities
 Trade and other payables                    9      2,739,444         1,484,108         3,919,672
 Derivative financial liability                     26                26                26
 Total Current Liabilities                          2,739,470         1,484,134         3,919,698

 Non-Current Liabilities
 Design optimisation works                          -                 2,200,000         -
 TOTAL LIABILITIES                                  2,739,470         3,684,134         3,919,698

 NET ASSETS                                         197,473,935       170,511,684       167,304,043

 EQUITY
 Issued share capital - Ordinary Shares      11     4,856,249         4,260,626         4,377,870
 Reserves                                           251,924,083       224,812,384       221,797,142
 Accumulated losses                                 (58,741,409)      (57,997,253)      (58,306,605)
 Equity attributable to the shareholders of

 Kore Potash plc

                                                    198,038,923       171,075,757       167,868,407
 Non-controlling interests                          (564,988)         (564,073)         (564,364)
 TOTAL EQUITY                                       197,473,935       170,511,684       167,304,043

The above Condensed Consolidated Statement of Financial Position should be
read in conjunction with the accompanying notes.

 CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THE 6 MONTHS ENDED
 30 JUNE 2025

                                  Notes             Ordinary Shares   Share Premium Reserve  Merger Reserve    Accumulated   Option Reserve  Foreign Currency      Owners of the Parent  Non- controlling Interest  Total Equity

                                                    USD               USD                    USD               Losses        USD             Translation Reserve   USD                   USD                        USD

                                                                                                               USD                           USD
 Balance as at 1 Jan 2025                           4,377,870         49,854,531             203,738,800       (58,306,604)  189,705         (31,985,896)          167,868,406           (564,364)                  167,304,043
 Loss for the period                                -                 -                      -                 (434,804)     -               -                     (434,804)             (624)                      (435,428)
 Other Comprehensive (loss)/gain
                                  -                                   -                      -                 -             -               20,252,180            20,252,180            -                          20,252,180
 Total Comprehensive (loss)/gain
                                  -                                   -                      -                 (434,804)     -               20,252,180            19,817,376            (624)                      19,816,752
 Transactions with owners:
 Issue of Shares                  11                478,379           10,006,202             -                 -             -               -                     10,484,581            -                          10,484,581
 Share issue cost                 11,15             -                 (266,377)              -                 -             -                                     (266,377)                                        (266,377)
 Share Based payments             15                -                 -                      -                 -             134,936         -                     134,936               -                          134,936
 Balance at 30 June 2025                            4,856,249         59,594,356             203,738,800       (58,741,408)  324,641         (11,733,716)          198,038,923           (564,988)                  197,473,935

 

 

 

 

The above Condensed Consolidated Statement of Changes in Equity should be read
in conjunction with the accompanying notes.

 

 CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THE 6 MONTHS ENDED

 30 JUNE 2024

                                     Notes             Ordinary Shares   Share Premium Reserve  Merger Reserve    Accumulated   Option Reserve  Foreign Currency      Owners of the Parent  Non- controlling Interest  Total Equity

                                                       USD               USD                    USD               Losses        USD             Translation Reserve   USD                   USD                        USD

                                                                                                                  USD                           USD
 Balance as at 1 Jan 2024                              4,119,667         47,301,569             203,738,800       (57,694,772)  565,688         (22,377,645)          175,653,307           (564,008)                  175,089,299
 Loss for the period                                   -                 -                      -                 (528,571)     -               -                     (528,571)             (65)                       (528,636)
 Other Comprehensive (loss)/gain
                                     -                                   -                      -                 -             -               (4,864,377)           (4,864,377)           -                          (4,864,377)
 Total Comprehensive (loss)/gain
                                     -                                   -                      -                 (528,571)     -               (4,864,377)           (5,392,948)           (65)                       (5,393,013)
 Transactions with owners:
 Issue of Shares                     11                140,959           539,041                -                 -             -               -                     680,000               -                          680,000
 Cancellation of performance rights  15                -                 -                      -                 226,090       (226,090)       -                     -                     -                          -
 Share issue cost                    11,15             -                 (12,849)               -                 -             -                                     (12,849)                                         (12,849)
 Share Based payments                15                -                 -                      -                 -             148,247         -                     148,247               -                          148,247
 Balance at 30 June 2024                               4,260,626         47,827,761             203,738,800       (57,997,253)  487,845         (27,242,022)          171,075,757           (564,073)                  170,511,684

 

 

The above Condensed Consolidated Statement of Changes in Equity should be read
in conjunction with the accompanying notes.

 

 

 

 

 

 

 CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31
 DECEMBER 2024

 Consolidated Entity                                          Ordinary Shares  Share-Based Payments Reserve      Share Premium Reserve     Foreign Currency Translation Reserve      Merger Reserve          Accumulated Losses  Equity Attributable to the Shareholders of Kore Potash plc      Non-Controlling Interest      Total

                                                                                                                                                                                                                                                                                                                               Equity

                                                 Note         USD              USD                               USD                       USD                                       USD                     USD                 USD                                                             USD                           USD
 Balance at 01 January 2024                                   4,119,667        565,688                           47,301,569                (22,377,645)                              203,738,800             (57,694,772)        175,653,307                                                     (564,008)                     175,089,299

 Loss for the period                                          -                -                                 -                         -                                         -                       (1,146,179)         (1,146,179)                                                     (356)                         (1,146,535)
 Other comprehensive income for the year         11           -                -                                 -

                                                                                                                                           (9,608,251)                               -                       -                   (9,608,251)                                                     -                             (9,608,251)
 Total comprehensive (loss)/income for the year               -                -                                 -                         (9,608,251)                               -                       (1,146,179)         (10,754,430)                                                    (356)                         (10,754,786)

 Transactions with shareholders
 Cancellation of performance rights                           -                                 (534,347)                     -                                 -                                -           534,347             -                               -                                              -
 Share issues                                    10,11        258,203                           -                             2,596,715                         -                                -           -                   2,854,918                       -                                              2,854,918
 Share issue expenses                                         -                -                                     (43,753)                         -                                       -                     -            (43,753)                                                             -                        (43,753)
 Share based payments                                         -                158,364                           -                         -                                         -                       -                   158,364                                                              -                        158,364
 Balance at 31 December 2024                                  4,377,870        189,705                           49,854,531                (31,985,896)                              203,738,800             (58,306,604)        167,868,406                                                     (564,364)                     167,304,043

 

 

 

 

The above Condensed Consolidated Statement of Changes in Equity should be read
in conjunction with the accompanying notes.

 

 CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE 6 MONTHS ENDED 30 JUNE
 2025

                                                                                              6 months ended           6 months ended           Year ended

                                                                                              30 June 2025             30 June 2024             31 Dec 2024
                                                     USD                                                          USD                      USD
                                                     Notes                                    Unaudited                Unaudited                Audited
 Cash Flows from Operating Activities
 Payments to suppliers and employees                                                          (835,158)                (185,492)                (622,313)
 Net cash flows (used in) operating activities       16

                                                                                              (835,158)                (185,492)                (622,313)

 Cash Flows from Investing Activities
 Payments for plant and equipment                                                             (67,202)                 -                        -
 Payments for exploration and evaluation                                                      (7,407,571)              (1,108,548)              (2,410,980)
 Interest received                                                                            68,527                   2,894                    32,468
 Net cash flows (used in) investing activities

                                                                                              (7,406,246)              (1,105,654)              (2,378,512)

 Cash Flows from Financing Activities
 Proceeds from issue of shares                                                                10,484,581               680,000                  2,854,918
 Payment for share issue costs                                                                (266,377)                (12,849)                 (43,753)
 Net cash flows generated from financing activities

                                                                                              10,218,204               667,151                  2,811,165

 Net increase / (decrease) in cash and cash
 Equivalents                                                                                  1,976,800                (623,995)                (189,660)
 Cash and cash equivalents at beginning of Period

                                                                                              1,339,321                1,583,657                1,583,657
 Foreign currency differences                                                                 183,022                  294                      (54,676)
 Cash and Cash Equivalents at Period End

                                                                                              3,499,143                959,956                  1,339,321

 

 

 

The above Condensed Consolidated Statement of Cash Flows should be read in
conjunction with the accompanying notes.

Market Abuse Regulation
This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 ("MAR"), and is disclosed in accordance with the Company's obligations under Article 17 of MAR.
 
This announcement has been approved for release by the Board of Kore Potash.
 
 
 

 

 

ENDS

 

For further information, please visit www.korepotash.com
(http://www.korepotash.com) or contact:

 

 

 Kore Potash                                          Tel: +44 (0) 20 3963 1776

 André Baya, CEO

 Andrey Maruta, CFO

 Tavistock Communications                             Tel: +44 (0) 20 7920 3150

 Nick Elwes

 Emily Moss

 SP Angel Corporate Finance - Nomad and Joint Broker  Tel: +44 (0) 20 7470 0470

 Ewan Leggat

 Charlie Bouverat

 Shore Capital - Joint Broker Toby Gibbs              Tel: +44 (0) 20 7408 4050

 James Thomas

 Questco Corporate Advisory - JSE Sponsor             Tel: +27 (63) 482 3802

 Doné Hattingh

 

 
 
 

Forward-Looking Statements

 

This release contains certain statements that are "forward-looking" with
respect to the financial condition, results of operations, projects and
business of the Company and certain plans and objectives of the management of
the Company. Forward-looking statements include those containing words such
as: "anticipate", "believe", "expect," "forecast", "potential", "intends,"
"estimate," "will", "plan", "could", "may", "project", "target", "likely" and
similar expressions identify forward-looking statements. By their very nature
forward-looking statements are subject to known and unknown risks and
uncertainties and other factors which are subject to change without notice and
may involve significant elements of subjective judgement and assumptions as to
future events which may or may not be correct, which may cause the Company's
actual results, performance or achievements, to differ materially from those
expressed or implied in any of our forward-looking statements, which are not
guarantees of future performance. Neither the Company, nor any other person,
gives any representation, warranty, assurance or guarantee that the occurrence
of the events expressed or implied in any forward-looking statement will
occur. Except as required by law, and only to the extent so required, none of
the Company, its subsidiaries or its or their directors, officers, employees,
advisors or agents or any other person shall in any way be liable to any
person or body for any loss, claim, demand, damages, costs, or expenses of
whatever nature arising in any way out of, or in connection with, the
information contained in this document.

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  IR DFLFFEKLFBBZ

Recent news on Kore Potash

See all news