Wrap Text
Extracts from Financial Report for the Half Year Ended 30 June 2022
Kore Potash Plc
(Incorporated in England and Wales)
Registration number 10933682
ASX share code: KP2
AIM share code: KP2
JSE share code: KP2
ISIN: GB00BYP2QJ94
(“Kore Potash” or the “Company”)
(The “Group” refers to Kore Potash Plc and its subsidiaries)
13 September 2022
Extracts from Financial Report for the Half Year Ended 30 June 2022
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 2022 (“the
Period”).
The full financial report is available online at the Company's website at https://korepotash.com/wp-
content/uploads/2022/09/Kore-Half-Year-Interim-Report-2022.pdf The financial statements
contained within this announcement should be read in conjunction with the notes contained within
the full financial report.
Highlights
• The process to potentially finance the construction of Kola progressed in line with the
Memorandum of Understanding (“MoU”) signed with the Summit Consortium in April 2021.
• Receipt of the Optimisation Study on the Kola Project was announced to shareholders on 1
April 2022.
• Kore Potash completed its detailed review of the Optimisation Study and announced the
outcomes of the Study to shareholders on 27 June 2022.
• On 28 June 2022, the Company announced it had signed a Heads of Agreement (“HoA”) for
the construction of Kola.
Cash and cash equivalents, at 30 June 2022 was USD 7,628,417.
• The exploration and evaluation asset at 30 June 2022 was USD 157,518,638, a decrease of
USD 9,095,267 from USD 166,613,902 at 31 December 2021. During the Period the
Company capitalised USD 2,921,600 in exploration and evaluation expenditure and the
expenditure decreased by USD 12,016,864 as a result of the strengthening of the USD
against the currency of the RoC.
• Despite the on-going Russian/Ukraine conflict, the Covid-19 pandemic and increasing fuel
prices, the Group's operations have not been materially impacted by these during the
Period.
Brad Sampson, Chief Executive of Kore Potash, commented:
"We have made good progress during the first half of 2022, having taken receipt of the Kola
Optimisation Study and shared the outcomes with the market, including the US$520 million reduction
in the capital cost of Kola and a reduction in the expected construction timeline to 40 months. We are
also proud to have signed a Heads of Agreement for Kola’s construction, advancing the Kola project at
pace despite the difficult circumstances facing the global economy.
“Recent geopolitical and extreme weather events, which have led to food security concerns and a
dramatic increase in the potash price, only reinforce the need for the development of new low-cost
potash production from high quality potash deposits located close to customers, such as our projects
in the Sintoukola basin. The progress towards financing our Kola Project is exciting and we look forward
to receiving the financing proposal.”
Salient financials required to be disclosed under the JSE Listings Requirements
Six months ended Six months ended
30 June 2022 30 June 2021 Change
Interest income (USD) 17,029 9,803 7,226
Loss for the period (USD) (903,210) (1,290,440) 387,230
Headline loss per share (USD cents) (0.03) (0.05) 0.02
Basic loss per share (USD cents) (0.03) (0.05) 0.02
Diluted loss per share (USD cents) (0.03) (0.05) 0.02
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 2022.
Any investment decision should be made after taking into consideration the full announcement and
the financial report for the half-year ended 30 June 2022. The full announcement and the financial
report for the half-year ended 30 June 2022 is available on the JSE’s website at:
https://senspdf.jse.co.za/documents/2022/jse/isse/kp2e/KP2HY22.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 2022 can be requested
via direct message under the contact section on the company website at
https://korepotash.com/contact/ir-contacts/
END
For further information, please visit www.korepotash.com or contact
Kore Potash Tel: +27 84 603 6238
Brad Sampson - CEO
Tavistock Communications Tel: +44 (0) 20 7920 3150
Emily Moss
Adam Baynes
SP Angel Corporate Finance – Nomad and Joint 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 (11) 011 9205
Doné Hattingh
Date: 13-09-2022 08:00:00
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