Wrap Text
Review of Operations for the Quarter ended 31 March 2026
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
CDI ISIN: AU000000KP25
("Kore Potash" or the "Company")
30 April 2026
Review of Operations for the Quarter ended 31 March 2026
Kore Potash (AIM: KP2, ASX: KP2, JSE: KP2, A2X: KP2), the potash development company with 97.46%
ownership of the Kola Potash Project ("Kola" or the "Kola Project") and Dougou Extension ("DX")
Potash Project in the Sintoukola Basin, located in the Republic of Congo ("RoC"), provides its quarterly
update for the period ended 31 March 2026 (the "Quarter").
Quarterly Highlights
Projects
• Kola Project has seen continued progress in the quarter.
• Marine drilling work and bathymetric studies covering some 129 hectares of sea area and
topographic studies, essential to jetty design, covering another 15 hectares of the coastline
were successfully completed during the Quarter to the satisfaction of all parties.
• Completion of the Beneficiation Test condition precedent in the Construction contract.
• Shaft and underground mining Front End Engineering Design ("FEED") work between
PowerChina International Group Limited ("PowerChina") and United Mining Services Group
("UMS") is ongoing, with changes having been made to the shaft design, as the vertical
conveyor system is no longer manufactured by the approved supplier. Alternative designs
with some minor redesigns are being considered.
• The Environmental and Social Impact Assessment ("ESIA") resumed this month after a brief
hiatus.
Corporate
• On 4 November 2025, the Company announced that it had commenced a Formal Sale Process
("FSP"). Kore Potash announced that it had received approaches from two parties, each of
which were evaluating the possible acquisition of the entire issued, and to be issued, share
capital of the Company.
• On 27 February 2026, the Company was notified by one of the parties in the FSP that it has
now decided to suspend its interest in acquiring the Company and was unable to proceed in
the FSP for internal reasons. However, the other party referred to above remains engaged in
the FSP and is continuing its due diligence exercise.
• On 2 March 2026, the Company announced the purchase of a 0.46% interest in the share
capital of Sintoukola Potash SA ("SPSA") and a conditional right to acquire the remaining
outstanding minority shares in SPSA.
• On 25 March 2026, the Company released its Financial Results and Annual Report for the Year
Ended 31 December 2025.
• As at 31 March 2026, the Company held c.US$8.3 million in cash.
André Baya, CEO of Kore Potash, commented:
"The first quarter of the year has seen the Kore team continue to make excellent progress, with all
our partners, towards delivering the key milestones on the way to commencing first production at
Kola.
"Kola's importance, scale and its geographical location should not be underestimated at a time
when the security of the world's food supply remains at the mercy of global disruptions. Kola is a
globally significant potash project with a team intent on driving it towards production and making
a difference to this.
"The remainder of 2026 promises to be a highly significant one for Kore as we look forward to
further progressing Kola. I look forward to providing further updates in due course."
Operational Activities
Kola Financing
On 10 June 2025, the Company announced that it signed term sheets for availing the total funding
requirement for the Kola Project with OWI-RAMS GmbH ("OWI-RAMS") ("Term Sheets"). As
previously announced, the main focus of the overall financing package has been on enhancing Kore
Potash's managerial capacity to deliver on the Kola Project.
The Company continues to engage with OWI-RAMS regarding the financial package for the Kola
Project, on the basis set out in the previously announced Term Sheets.
The appointment of a suitable contract operator and the partnering of an appropriately experienced
strategic partner in potash mining and processing, as detailed in the Term Sheets, remain key
priorities.
In parallel, OWI-RAMS has continued selected workstreams, including engagement with two
development finance institutions (the "Potential Financiers") in relation to key components typically
required for a project financing package, such as political risk insurance and debt funding. Both the
Potential Financiers have indicated a continued interest in supporting the Kola Project financing and
have emphasised the importance of Kore appointing a suitable contract operator and securing an
appropriately experienced strategic partner.
The contract with UMS Projects, a subsidiary of UMS, the winner for the Owner's Project Team
Request for Proposal, has not yet been concluded. The Kore Potash management team is awaiting
approval from the Potential Financiers before any contract execution.
In addition, regarding post-construction operations, further discussions were held with two new
Chinese contractors about a contract operator proposal. This was a requirement of the Potential
Financiers to derisk the Kola Project further.
KOLA PROJECT
Environmental and Social Impact Assessment ("ESIA")
Initiated in 2025, the update of the ESIA for the Kola Project was necessitated by design optimisations
introduced by PowerChina. The process went through a collection of updated environmental baseline
data which was completed early October 2025 by consulting firms SRK, FFMES and ELINA.
The social baseline data collection by Synergy and ELINA was intentionally left incomplete in October
2025 as it was understood that a new investor might request some design modifications which could
impact the Relocation Action Plan ("RAP"), essential to the subsequent Déclaration d'Utilité Publique
("DUP"). The DUP is a RoC Government-led exercise, which is a prerequisite for land acquisition by the
Company.
It should be noted that this hiatus was just a short-term pause. All ESIA activities resumed in April
2026.
Congo Government Relations
The Minister of Mines of the RoC is aware of the FSP and has expressed the Government's continuing
support of the Company and the Kola Project.
The Company is still awaiting formal instructions from the RoC authorities as to the Government-
owned entity that will hold the Government's 10% free carry stake. This requirement will be formally
addressed by a new Mining Code which is expected to be promulgated in the second quarter of 2026.
Early Works
During the 2018 Definitive Feasibility Study ("DFS"), a French Consortium ("FC") composed of Technip,
Vinci Construction Grands Projects, Egis and Louis Dreyfus Armateurs carried out a metallurgical
testing program at the Saskatchewan Research Council ("SRC") in Saskatoon, SK.
The EPC contract between Kore Potash and PowerChina stipulated a series of Early Works that include
Validation Tests intended to replicate the tests results obtained during the DFS stage. This testing
program was intended to validate a potash recovery process composed of four flotation steps with an
intermediate re-crushing step.
The validation tests were conducted using similar equipment (a Denver MD12 bench scale flotation
machine) and the same reagents used in 2018.
These Tests carried out at ENFI China laboratories produced a combined concentrate grade of 96.91%
KCl (61.2% K2O) which is actually 3.12 percentage points higher than what was obtained in 2018. On
the other hand, the combined KCl recovery was 83.46%, which is basically the same as in 2018.
More importantly, the tests at ENFI produced much better first-pass rougher grades and recoveries,
at 96.17% KCl (60.75% K2O) and 85.85% respectively, which compares favourably to the 93.85% KCl
and recoveries of 78.55% obtained in 2018.
A consequence of the much better rougher flotation performance was the locked-cycle tests
stabilizing after only two cycles, compared to the eight cycles it took in 2018.
The results of the Validation Tests at China ENFI can thus be summarized as follows:
• 2018 results were validated and even improved upon.
• The newly acquired data provide input that will be used in further optimizing the circuit design
to improve efficiency and costs.
• As expressed by Mr Carlos Perucca, one of the world-leading experts in potash processing, the
tests have "Proved beyond any doubt the optimum metallurgical response of a world-class ore
quality".
• As the Validation Tests were the most crucial part of the overall Beneficiation tests referred
to in the Early Works Agreement with PowerChina, the parties have agreed that the
Beneficiation test Condition Precedent is now fully satisfied.
Shaft and underground mining FEED work are ongoing between PowerChina and UMS but changes
have to be made to the shaft design as the vertical conveyor system is no longer manufactured by
Continental. Alternatives from a couple of suppliers have been considered but require some minor
redesign.
DX Potash Project
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 considering some strategic options which
are available for the Dougou Extension ("DX") project. The DX project and Dougou deposit have
however been closely reviewed as part of the FSP.
Corporate
On 4 November 2025, the Company announced that it had commenced a FSP. Kore Potash announced
that it had received approaches from two parties, each of which were evaluating the possible
acquisition of the entire issued, and to be issued, share capital of the Company.
On 27 February 2026, the Company was notified by one of the parties in the FSP that it has now
decided to suspend its interest in acquiring the Company and was unable to proceed in the FSP for
internal reasons. However, the other party referred to above remains engaged in the FSP and is
continuing its due diligence exercise.
On 02 March 2026, the Company announced the purchase of a 0.46% interest in the share capital of
SPSA and a conditional right to acquire the remaining outstanding minority shares in SPSA.
On 25 March 2026, the Company released its Financial Results and Annual Report for the Year Ended
31 December 2025.
As at 31 March 2026, the Company held c.US$8.3 million in cash.
There were no mining production or construction activities during the Quarter.
Quarterly cashflow report
In accordance with the ASX Listing Rules, the Company will also lodge its cashflow report for the
Quarter today.
The Company invested US$694,000 in exploration in the Quarter, which comprised US$691,000
related to the Kola Study and US$3,000 for the DX DFS Study. The Company ended the Quarter with
c.US$8.3 million in cash.
This announcement has been approved for release by the Board of Kore Potash.
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.
ENDS
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
Emily Moss
Nick Elwes
SP Angel Corporate Finance – Nomad and Broker Tel: +44 (0) 20 7470 0470
Ewan Leggat
Charlie Bouverat
Richard Morrison
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
Tenement Details and Ownership
The Company is incorporated and registered in England and Wales and wholly owns Kore Potash
Limited of Australia. Kore Potash Plc has a 97.46% shareholding in Sintoukola Potash SA ("SPSA") in
the RoC. SPSA has 100% ownership of Kola Potash Mining SA ("KPM"). KPM has 100% ownership of
the Kola Mining Lease on which the Kola Deposit is situated. The Kola Deposit is located within the
Kola Mining Lease. SPSA is also the 100% owner of the Dougou Mining Lease. The Dougou Mining lease
hosts the Dougou Deposit and the DX Deposit.
Under the existing Mining Convention, the RoC Government is entitled to 10% ownership in the Kola
and DX Projects. The transfer of this 10% awaits instructions from the Government and the Mineral
Resources and Ore Reserves are shown below in gross and 90% attributable bases.
Table 1: Schedule of mining tenements (Republic of Congo)
Project & Type Tenement Issued Company Interest Title Registered to
Kola Decree 2013-412 100% Kola Potash Mining S.A.
Mining of 9 August 2013 potassium rights only
Dougou Decree 2017-139 100% Sintoukola Potash S.A.
Mining of 9 May 2017 potassium rights only
Revised Decree No
2021-389 of 2 August
2021
Kore Potash Mineral Resources and Ore Reserves - Gross and according to future 90% interest (10% by the RoC government)
KOLA SYLVINITE DEPOSIT
Gross Net Attributable (90% interest)
Contained KCl Contained KCl
Mineral Resource Sylvinite Million Average Grade Sylvinite Million Average Grade
million million
Category Tonnes KCl % Tonnes KCl %
tonnes tonnes
Measured 216 34.9 75.4 194 34.9 67.8
Indicated 292 35.7 104.3 263 35.7 93.9
Sub-Total Measured
+ 508 35.4 179.7 457 35.4 161.7
Indicated
Inferred 340 34.0 115.7 306 34.0 104.1
TOTAL 848 34.8 295.4 763 34.8 265.8
Gross Net Attributable (90% interest)
Contained KCl Contained KCl
Sylvinite Million Average Grade Sylvinite Million Average Grade
Ore Reserve Category million million
Tonnes KCl % Tonnes KCl %
tonnes tonnes
Proved 62 32.1 19.8 56 32.1 17.9
Probable 91 32.8 29.7 82 32.8 26.7
TOTAL 152 32.5 49.5 137 32.5 44.6
Ore Reserves are not in addition to Mineral Resources but are derived from them by the application of modifying factors
DOUGOU EXTENSION SYLVINITE DEPOSIT (HWSS and TSS)
Gross Net Attributable (90% interest)
Contained KCl Contained KCl
Mineral Resource Sylvinite Million Average Grade Sylvinite Million Average Grade
million million
Category Tonnes KCl % Tonnes KCl %
tonnes tonnes
Measured 20 32.4 6.5 18 32.4 5.9
Indicated 8 23.1 1.8 7 23.1 1.6
Sub-Total Measured
+ 28 29.9 8.3 25 29.9 7.5
Indicated
Inferred 101 23.5 23.8 91 23.5 21.4
TOTAL 129 24.8 32.1 116 24.8 28.9
Gross Net Attributable (90% interest)
Contained KCl Contained KCl
Sylvinite Million Average Grade Sylvinite Million Average Grade
Ore Reserve Category million million
Tonnes KCl % Tonnes KCl %
tonnes tonnes
Proved 6.1 32.5 2.0 5.5 32.5 1.8
Probable 3.2 41.8 1.3 2.9 41.8 1.2
TOTAL 9.3 35.7 3.3 8.4 35.7 3.0
Ore Reserves are not in addition to Mineral Resources but are derived from them by the application of modifying factors
DOUGOU CARNALLITE DEPOSIT
Gross Net Attributable (90% interest)
Contained KCl Contained KCl
Mineral Resource Million Tonnes Average Grade Million Tonnes Average Grade KCl
million million
Category carnallite KCl % carnallite %
tonnes tonnes
Measured 148 20.1 29.7 133 20.1 26.8
Indicated 920 20.7 190.4 828 20.7 171.4
Sub-Total Measured
+ 1,068 20.6 220.2 961 20.6 198.2
Indicated
Inferred 1,988 20.8 413.5 1,789 20.8 372.2
TOTAL 3,056 20.7 633.7 2,750 20.7 570.3
KOLA CARNALLITE DEPOSIT
Gross Net Attributable (90% interest)
Contained KCl Contained KCl
Mineral Resource Million Tonnes Average Grade Million Tonnes Average Grade KCl
million million
Category carnallite KCl % carnallite %
tonnes tonnes
Measured 341 17.4 59.4 307 17.4 53.5
Indicated 441 18.7 82.6 397 18.7 74.4
Sub-Total Measured
+ 783 18.1 142.0 705 18.1 127.8
Indicated
Inferred 1,266 18.7 236.4 1,140 18.7 212.8
TOTAL 2,049 18.5 378.5 1,844 18.5 340.6
Competent Persons Statements
All Mineral Resource and Ore Reserves are reported in accordance with the JORC Code (2012 edition).
Numbers are rounded to the appropriate decimal place. Rounding 'errors' may be reflected in the
"totals".
The Kola Mineral Resources were reported 6 July 2017 in an announcement titled 'Updated Mineral
Resource for the High - Grade Kola Deposit'. It was prepared by Competent Person Mr. Garth Kirkham,
P.Geo., a member of the Association of Professional Engineers and Geoscientists of British Columbia.
The Ore Reserves for sylvinite at Kola was first stated on 29 January 2019 in an announcement titled
"Kola Definitive Feasibility Study" and was prepared by Met-Chem. The Competent Person for the
estimate was Mr Mo Molavi, member of good standing of Engineers and Geoscientists of British
Columbia. The Ore Reserves were reviewed when the changes to the underlying assumptions (as
detailed in the 27 June 2022 announcement "Kola Project optimisation study outcomes") were made
and Mr Molavi verified that the Ore Reserves remained unchanged.
The Dougou carnallite Mineral Resources were reported on 9 February 2015 in an announcement
titled 'Elemental Minerals Announces Large Mineral Resource Expansion and Upgrade for the Dougou
Potash Deposit'. It was prepared by Competent Persons Dr. Sebastiaan van der Klauw and Ms. Jana
Neubert, senior geologists and employees of ERCOSPLAN Ingenieurgesellschaft Geotechnik und
Bergbau mbH and members of good standing of the European Federation of Geologists.
The Dougou Extension sylvinite Mineral Resource Estimate and Ore Reserve Estimate were reported
in an announcement titled "Updated Dougou Extension (DX) PFS and Production Target" on 24 January
2023. Dr. Douglas F. Hambley, Ph.D., P.E., P.Eng., P.G of Agapito Associates Inc., for the Exploration
Results and Mineral Resources. Mr. Hambley is a licensed professional geologist in states of Illinois
(Member 196-000007) and Indiana (Member 2175), USA, and is an Honorary Registered Member
(HRM) of the Society of Mining, Metallurgy and Exploration, Inc. (SME, Member 1299100RM), a
Recognized RPO included in a list that is posted on the ASX website from time to time and Dr. Michael
Hardy was the Competent Person for the Ore Reserves, and he is a registered member in good
standing (Member #01328850) of Society for Mining, Metallurgy and Exploration (SME) which is an
RPO included in a list that is posted on the ASX website from time to time.
No New Information
The Company confirms that, it is not aware of any new information or data that materially affects the
information included in the original market announcements and, in the case of estimates of Mineral
Resources or statements of Ore Reserves that all material assumptions and technical parameters
underpinning the estimates in the relevant market announcement continue to apply and have not
materially changed. The Company confirms that the form and context in which the Competent
Person's findings are presented have not been materially modified from the original market
announcement.
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.
Date: 30-04-2026 08:00:00
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