Wrap Text
Extracts from Financial Report for the Half Year Ended 30 June 2025
Kore Potash Plc
(Incorporated in England and Wales)
Registration number 10933682
ASX share code: KP2
AIM share code: KP2
JSE share code: KP2
A2X share code: KP2
ISIN: GB00BYP2QJ94
CDI ISIN: AU000000KP25
("Kore Potash" or the "Company" or the "Group")
12 September 2025
Extracts from Financial Report for the 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. The financial statements contained within
this announcement should be read in conjunction with the notes contained within the full financial
report.
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.
Salient financials required to be disclosed under the JSE Listings Requirements:
Six months ended Six months ended
30 June 2025 30 June 2024 Change
Interest income (USD) 68,527 2,894 65,633
Loss for the Period (USD) (435,428) (528,636) 93,208
Headline loss per share (USD cents) (0.01) (0.01) 0.00
Basic loss per share (USD cents) (0.01) (0.01) 0.00
Diluted loss per share (USD cents) (0.01) (0.01) 0.00
Short-form announcement
This short-form announcement is the responsibility of the board of directors of Kore Potash and is a
summarised version of the Group's full announcement and financial report and as such, it does not
contain full or complete details pertaining to the Group's half-year results for the Period ended
30 June 2025.
Any investment decision should be made after taking into consideration the full announcement and
the financial report for the half-year ended 30 June 2025. The full announcement and the financial
report for the half-year ended 30 June 2025 is available on the JSE's website at:
https://senspdf.jse.co.za/documents/2025/jse/isse/kp2e/KP2HY25.pdf and on the Group's website at
https://korepotash.com/investors/results-and-reports/.
The full announcement and financial report for the half-year ended 30 June 2025 can be requested via
direct message under the contact section on the company website at
http://www.korepotash.com/contacts/.
END
For further information, please visit www.korepotash.com or contact:
Kore Potash Tel: +44 (0) 20 3963 1776
André Baya, CEO
Andry Maruta, CFO
Tavistock Communications Tel: +44 (0) 20 7920 3150
Nick Elwes
Josephine Clerkin
SP Angel Corporate Finance – Nomad and Broker Tel: +44 (0) 20 7470 0470
Ewan Leggat
Charlie Bouverat
Shore Capital – Joint Broker Tel: +44 (0) 20 7408 4050
Toby Gibbs
James Thomas
Questco Corporate Advisory – JSE Sponsor Tel: +27 (63) 482 3802
Doné Hattingh
Date: 12-09-2025 08:00:00
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