REG - Kore Potash PLC - Financial Results for Year Ended 31 December 2024
31/03/2025 07:15
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RNS Number : 7944C Kore Potash PLC 31 March 2025
31 March 2025
Kore Potash Plc
("Kore Potash" or the "Company")
("Group" refers to Kore Potash Plc and its subsidiaries)
Financial Results for Year Ended 31 December 2024
Kore Potash, the potash exploration and development company whose flagship
asset is the 97%-owned Sintoukola Potash Project ("Kola" or the "Kola
Project"), located within the Republic of Congo ("RoC"), is pleased to
announce its audited financial results and operational highlights for the year
ended 31 December 2024 (the "Period").
The full financial report including its Corporate Governance Statement is
available online at the Company's website at
https://korepotash.com/investors/results-and-reports/
(https://korepotash.com/investors/results-and-reports/) . 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
• PowerChina delivered the EPC proposal and draft EPC contract to the
Company 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.
• 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.
David Hathorn, Chairman of Kore Potash, commented:
"This past year has been one of marked progress for the Company, with the
achievement of several important milestones being reached in our flagship Kola
Project.
At the beginning of the year the Company received the Engineering,
Procurement and Construction (EPC) proposal and draft contract from
PowerChina, a highly respected international engineering group with extensive
experience in large-scale projects, culminating in the finalisation of the EPC
contract in November 2024. This is a very significant inflection point for us.
The contract, signed in the presence of representatives of the Republic of
Congo's Ministry of Mines and Geology, is a fixed-price construction agreement
which will significantly mitigate the Project's risk. Large projects like Kola
often face challenges in terms of cost and time overruns, however the
structure of our EPC contract allows us to accelerate financing and positions
us well for a practical and efficient construction process.
During the year we were also delighted to welcome André Baya as Chief
Executive Officer. André brings a wealth of experience from both the mining
and global agricultural sectors, alongside a deep understanding of francophone
Africa. His leadership has already made a tangible impact in his short time
with us, and we are confident that under his guidance, the Company will
continue to progress towards delivering the Kola Project as well as our goal
of becoming a leading global potash producer.
The Kola Project is of global significance, as shown by our recent optimised
DFS, and we believe that the year ahead will be an exciting and transformative
one for the Company as we deliver financial close and start construction on
the project.
I would also like to take this opportunity to thank all of our shareholders
for their continued support, as well as the Government of the Republic of
Congo and local communities where we operate, for their continued trust and
support as we progress Kola into the next stages of its development."
Summary of financials
• During the Period, the Group's Total Comprehensive loss was
USD10,754,786 (2023: income was USD3,955,201), and the Group experienced net
cash outflows from operating and investing activities of USD3,000,825 (2023:
USD6,983,319). Cash and cash equivalents totalled USD1,339,321 as at 31
December 2024 (2023: USD1,583,657).
• Group net assets decreased in the year to USD167,304,043 (2023:
USD175,089,299). This was primarily driven by a USD7,023,387 decrease in
exploration capitalised which is denominated in the local functional currency,
XAF, and XAF exchange rate have weakened against the USD. During the year 2024
the Group incurred foreign exchange loss of USD9,543,967 (2023: foreign
exchange gain of USD4,799,685).
• As at 31 December 2024 the Directors' fees accrued were USD365,400
(2023: USD121,800).
• The Directors prepared a cash flow forecast for the period ending 31
March 2026, which indicates that the Group will not have sufficient liquidity
to meet its working capital requirements to the end of the going concern
period (March 2026). Please refer to Note 1 to the financial statements for
more detail on the going concern statement.
• The Company will be required to raise funds in Q4 2025 for the
working capital requirements for Kore Potash for the period up to Financial
Close to ensure the realisation of assets on an orderly basis and the
extinguishment of liabilities as and when they fall due.
• Upon receiving the financing proposal for the complete construction
of Kola from the Summit Consortium and financing for the construction of Kola
additional capital will be required until the commencement of production.
• The Directors have considered various mitigating actions, which
include raising additional capital to enable the Group to continue to fund
its working capital requirements.
Corporate activities
• Successful completion of USD530,000 fundraise with a further
USD150,000 conditionally raised and subsequently approved by shareholders at a
General Meeting held on 13 May 2024.
• André Baya, appointed as Chief Executive Officer on 4 April 2024,
effective from 15 April 2024.
• On 15 April 2024, the Company granted options over 35,000,000 new
Ordinary Shares to senior management.
• On 7 May 2024, the Company announced a secondary listing on the A2X
exchange with effect from 14 May 2024.
• The Company held its Annual General Meeting on 6 June 2024, at which
all resolutions were duly passed.
• Amit Mehta, nominated by OIA, was appointed as a non-executive
director with effect from 27 June 2024.
• Successful completion of USD1.221 million fundraise on 1 July 2024
with a further USD60,000 conditionally raised and approved by shareholders at
a General Meeting held on 23 August 2024.
• The EPC 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.
• Lodgement of the cleansing prospectus on 22 November 2024 to remove
any on-sale restrictions in relation to the shares to be issued pursuant to
the Company's USD0.9 million placement.
• On 26 November 2024, the Company successfully completed a USD0.9
million placement.
• As of 31 December 2024, the Company held USD1.34 million in cash.
• Successful completion of USD10.1 million fundraise with a further
USD500,000 to be conditionally raised and subject to shareholders' approval at
a general meeting of the Company.
Operational and exploration activity
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.
The Summit Consortium includes:
o OWI Global, headquartered in Abu Dhabi, who will provide royalty financing
in conjunction with product offtake.
o SEPCO, an international engineering and construction group headquartered
in Jinan, China and with offices in Dubai which is a wholly owned subsidiary
of PowerChina. SEPCO will be the EPC contractor for Kola within the Summit
Consortium. SEPCO has significant construction experience globally across a
range of industries, including power, oil and gas chemical, energy-reduction
and environmental protection and infrastructure projects. SEPCO has completed
major construction projects in 25 countries, including 44 EPC contracts in 11
countries with seven of these in Africa, in addition to its construction
capability, SEPCO will also assist in arranging the debt financing: and
o China ENFI Engineering Corporation, subcontracted by SEPCO and
headquartered in Beijing, is a significant engineering group with specific
mining, processing, and potash experience. ENFI is a mining technology leader
in China and has provided technical services for the design and construction
of more than 400 mining operations around the world. ENFI's potash specific
experience includes design and construction of an underground potash mine in
southeast Asia.
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. The remaining USD3 million of which
USD800,000 payable up to 6 weeks from the date PowerChina and SEPCO having
presented to Kore a "complete contractual document capable of finalising the
financing arrangement of the Kola Project and capable of acceptance by Kore to
form a binding construction contract" and USD2.2 million to be paid subject to
Kore concluding its fund raise with a target date of no later than 12 months
of the signing of the EPC.
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
will pay USD5 million to PowerChina 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 USD 2.07 billion (nominal basis) on a signed fixed price
EPC basis, including owner's costs.
o Assumed construction start date of 1 January 2026, with 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/tonne
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.
Next Steps for Kola Potash Project
While the signing of the EPC represents a significant milestone for the
Company, the Company notes that there is still a significant number of major
milestones that need to be satisfied before the commencement of first
production at the Kola Project.
The indicative timeline of these major milestones to first production from
Kola Project is as follows:
o End of March 2025 Summit Consortium is targeting to deliver a non-binding
financing term sheet.
o End of June 2025 completion of the Early Works under the Early Works
Agreement.
o Second half of 2025:
o Financial Close under the EPC.
o Full Notice to Proceed issued under the EPC.
o Commencement of construction under the EPC.
o First half of 2029 - first production at the Kola Project.
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 Mineral Resource incorporates the most recent
drilling results and interpretation of the geophysical data. A summary of the
results is presented below:
o Production Target of 15.5Mt sylvinite at a grade of 30.63 % KCl
demonstrates initial project life of 12 years at a production rate of 400,000
tpa MoP.
o Production Target based on Proven and Probable Ore Reserves and 13% of the
Inferred Mineral Resources that represents 30% of the life of project MoP
production.
o NPV(10) (real) of USD275 million and 27% IRR on a real post tax basis at
life of project average granular MoP price of USD450/t.
o Approximately 2.9 years post-tax payback period from first production.
o Proven and Probable Ore Reserve of 9.31Mt sylvinite at an average grade of
35.7% KCl.
o Mineral Resource of 129Mt at an average grade of 24.9% KCl.
o Higher confidence in the distribution of Sylvinite within the Top Seams
and improved understanding of the Sylvinite/Carnallite boundary within the
Hanging Wall Seam.
The latest 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.
The financial statements below should be read in conjunction with the notes
contained within the full financial report which is available online at the
Company's website at https://korepotash.com/investors/results-and-reports/
(https://korepotash.com/investors/results-and-reports/) .
STATEMENTS OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024
Parent Consolidated Entity
Dec 2024 Dec 2023 Dec 2024 Dec 2023
Continuing operations USD USD USD USD
Other Revenue 613,835 1,195,008 - -
Directors' remuneration (243,500) (795,566) (143,500) (252,602)
Equity compensation benefits (34,560) - (34,560) -
Salaries, employee benefits and consultancy expense
(710,129) (783,023) (252,097) (239,615)
Administration expenses (676,570) (601,727) (688,430) (644,850)
Interest income 32,468 54,107 32,468 54,107
Interest and finance expenses (3,363) (2,991) (3,363) (2,991)
Net realised and unrealised
foreign exchange losses
(57,053) (5,104) (57,053) (5,104)
Loss before income tax expense (1,078,872) (939,296) (1,146,535) (1,091,055)
Income tax - - - -
Loss for the year (1,078,872) (939,296) (1,146,535) (1,091,055)
Other comprehensive income/(loss)
Items that may be classified subsequent to profit or loss
Exchange differences on translating foreign operations
- - (9,608,251) 5,046,256
Other comprehensive income/(loss) for the year
- - (9,608,251) 5,046,256
TOTAL COMPREHENSIVE INCOME / (LOSS) FOR THE YEAR
(1,078,872) (939,296) (10,754,786) 3,955,201
Loss attributable to:
Owners of the Company (1,078,872) (939,296) (1,146,179) (1,089,761)
Non-controlling interest - - (356) (1,294)
(1,078,872) (939,296) (1,146,535) (1,091,055)
Total comprehensive income / (loss) attributable to:
Owners of the Company (1,078,872) (939,296) (10,754,430) 3,956,495
Non-controlling interest - - (356) (1,294)
(1,078,872) (939,296) (10,754,786) 3,955,201
Basic and diluted loss per share (cents per share)
(0.03) (0.03) (0.03) (0.03)
STATEMENTS OF FINANCIAL POSITION
AS AT 31 DECEMBER 2024
Parent Consolidated Entity
Dec 2024 Dec 2023 Dec 2024 Dec 2023
USD USD USD USD
CURRENT ASSETS
Cash and cash equivalents 1,309,755 1,561,869 1,339,321 1,583,657
Trade and other receivables 66,409 74,189 173,874 180,532
TOTAL CURRENT ASSETS 1,376,164 1,636,058 1,513,195 1,764,189
NON CURRENT ASSETS
Trade and other receivables 169,921,139 167,313,290 36,085 38,147
Property, plant and equipment - - 326,591 356,259
Exploration and evaluation expenditure - - 169,347,870 176,371,257
Investment in subsidiary 69 69 - -
TOTAL NON CURRENT ASSETS 169,921,208 167,313,359 169,710,546 176,765,663
TOTAL ASSETS 171,297,372 168,949,417 171,223,741 178,529,852
CURRENT LIABILITIES
Trade and other payables 3,702,211 1,044,913 3,919,672 1,240,527
Derivative financial liability 26 26 26 26
TOTAL CURRENT LIABILITIES 3,702,237 1,044,939 3,919,698 1,240,553
NON CURRENT LIABILITIES
Design optimisation works - 2,200,000 - 2,200,000
TOTAL LIABILITIES 3,702,237 3,244,939 3,919,698 3,440,553
NET ASSETS 167,595,135 165,704,478 167,304,043 175,089,299
EQUITY
Contributed equity - Ordinary Shares 4,377,870 4,119,667 4,377,870 4,119,667
Reserves 177,771,912 175,594,933 221,797,142 229,228,412
Accumulated losses (14,554,647) (14,010,122) (58,306,605) (57,694,772)
EQUITY ATTRIBUTABLE TO OWNERS OF THE COMPANY
167,595,135 165,704,478 167,868,407 175,653,307
Non-controlling interests - - (564,364) (564,008)
TOTAL EQUITY 167,595,135 165,704,478 167,304,043 175,089,299
STATEMENTS 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
USD USD USD USD USD USD USD USD USD
Balance at 01 January 2023 3,420,177 734,259 44,537,309 (27,423,901) 203,738,800 (56,793,651) 168,212,993 (562,714) 167,650,279
Loss for the period - - - - - (1,089,761) (1,089,761) (1,294) (1,091,055)
Other comprehensive income for the year - - - 5,046,256 - - 5,046,256 - 5,046,256
Total comprehensive (loss)/income for the year - - - 5,046,256 - (1,089,761) 3,956,495 (1,294) 3,955,201
Transactions with shareholders
Conversion of performance rights - -
- (188,640) - - 188,640 - -
Share issues 699,490 - 2,764,260 - - - 3,463,750 - 3,463,750
Share based payments - 20,069 - - - - 20,069 - 20,069
Balance at 31 December 2023 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 - - -
(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
Options expired - (534,347) - - - 534,347 - - -
Share issues 258,203 - 2,596,715 - - - 2,854,918 - 2,854,918
Share issue expenses - - (43,753) - - - (43,753) - (43,753)
Share based payments - 158,365 - - - - 158,365 - 158,365
Balance at 31 December 2024 4,377,870 189,706 49,854,531 (31,985,896) 203,738,800 (58,306,605) 167,868,407 (564,364) 167,304,043
STATEMENTS OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
Parent Ordinary Shares Share Based Payments Reserve Share Premium Reserve Merger Reserve Reorganisation Accumulated Losses Total
Reserve Equity
USD USD USD USD USD USD USD
Balance at 01 January 2023 3,420,177 734,259 44,537,309 203,738,800 (76,011,124) (13,259,466) 163,159,955
Loss for the year - - - - - (939,296) (939,296)
Total comprehensive loss for the year - - - - - (939,296) (939,296)
Transactions with shareholders
Conversion of performance rights - (188,640) - - - 188,640 -
Share issue 699,490 - 2,764,260 - - - 3,463,750
Share based payments - 20,069 - - - - 20,069
Balance at 31 December 2023 4,119,667 565,688 47,301,569 203,738,800 (76,011,124) (14,010,122) 165,704,478
Loss for the year - - - - - (1,078,872) (1,078,872)
Total comprehensive (loss)/income for the year - - - - - (1,078,872) (1,078,872)
Transactions with shareholders
Conversion of performance rights - - - - - - -
Cancellation of performance rights - (534,347) - - - 534,347 -
Share issue 258,203 - 2,596,715 - - - 2,854,918
Share issue expenses - - (43,753) - - - (43,753)
Share based payments - 158,364 - - - - 158,364
Balance at 31 December 2024 4,377,870 189,705 49,854,531 203,738,800 (76,011,124) (14,554,647) 167,595,135
STATEMENTS OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2024
Parent Consolidated Entity
Dec 2024 Dec 2023 Dec 2024 Dec 2023
USD USD USD USD
CASH FLOWS FROM OPERATING ACTIVITIES
Payments to suppliers (70,566) (120,023) (441,677) (907,915)
Payments to employees (484,083) (984,931) (180,636) (348,798)
Net cash (used in) operating activities (554,649) (1,104,954) (622,313) (1,256,713)
CASH FLOWS FROM INVESTING ACTIVITIES
Payments for plant and equipment - - - (1,527)
Payments for exploration activities - - (2,410,980) (5,779,186)
Amounts advanced to related parties (2,484,045) (5,889,106) - -
Interest received 32,468 54,107 32,468 54,107
Net cash (used in) investing activities (2,451,577) (5,834,999) (2,378,512) (5,726,606)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from issue of shares 2,854,918 3,504,618 2,854,918 3,504,618
Payment for share issue costs (43,753) - (43,753) -
Net cash provided by financing activities 2,811,165 3,504,618 2,811,165 3,504,618
Net (decrease)/increase in cash & cash equivalents held (195,061) (3,435,335) (189,660) (3,478,701)
Cash and cash equivalents at beginning of financial year
1,561,869 4,999,889 1,583,657 5,046,629
Foreign currency differences (57,053) (2,685) (54,676) 15,729
Cash and cash equivalents at end of financial year
1,309,755 1,561,869 1,339,321 1,583,657
( )
Enquiries:
( )
Kore Potash Tel: +44 (0) 20 3963 1776
Andre Baya - CEO
Andrey Maruta - CFO
SP Angel - Nomad, Joint Broker and Joint Bookrunner Tel: +44 (0) 20 7470 0470
Ewan Leggat
Charlie Bouverat
Shore Capital - Joint Broker and Joint Bookrunner Tel: +44 (0) 20 7408 4050
Toby Gibbs
James Thomas
Tavistock Communications
Tel: +44 (0) 20 7920 3150
Emily Moss
Nick Elwes
Questco Corporate Advisory - JSE Sponsor Tel: +27 (63) 482 3802
Done 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.
In particular, statements in this release regarding the Company's business or
proposed business, which are not historical facts, are "forward-looking"
statements that involve risks and uncertainties, such as Mineral Resource
estimates market prices of potash, capital and operating costs, changes in
project parameters as plans continue to be evaluated, continued availability
of capital and financing and general economic, market or business conditions,
and statements that describe the Company's future plans, objectives or goals,
including words to the effect that the Company or management expects a stated
condition or result to occur. Since forward-looking statements address future
events and conditions, by their very nature, they involve inherent risks and
uncertainties. Actual results in each case could differ materially from those
currently anticipated in such statements. Shareholders are cautioned not to
place undue reliance on forward-looking statements, which speak only as of the
date they are made. The forward-looking statements are based on information
available to the Company as at the date of this release. Except as required by
law or regulation (including the ASX Listing Rules), the Company is under no
obligation to provide any additional or updated information whether as a
result of new information, future events, or results or otherwise.
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. END FR FLFEIVEIAFIERecent news on Kore Potash
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