Wrap Text
Review of Operations for the Quarter ended 31 December 2025 and update on the Formal Sale Process (“FSP”)
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 January 2026
Review of Operations for the Quarter ended 31 December 2025
and update on the Formal Sale Process ("FSP")
Kore Potash (AIM: KP2, ASX: KP2, JSE: KP2, A2X: KP2), the potash development company with 97%
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 December 2025 (the "Quarter").
Quarterly Highlights
Projects
• In the course of the Early Works Agreement ("EWA"), PowerChina International Group Limited
("PowerChina") and Kore Potash completed beneficiation tests in China in the presence of an
independent Canadian potash expert, to the satisfaction of all parties.
• Also pursuant to the EWA, a subcontractor appointed by PowerChina completed engineering
surveys, geophysical tests and geotechnical tests around the main and ventilation shafts in
the RoC.
• Mobilization for marine drilling work around the jetty area started in December 2025. The
Company received the RoC Government approvals to start work in January 2026.
• Initiated earlier in 2025, the update of the Environmental and Social Impact Assessment
("ESIA") slowed down during the last quarter while some design modifications are being
considered which could impact the Relocation Action Plan ("RAP").
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 are evaluating
the possible acquisition of the entire issued, and to be issued, share capital of the Company.
• Since then, the FSP has continued, including site visits and the conduct of due diligence.
Further announcements will be made as appropriate.
• Successful completion of c.US$12.2 million fundraise announced on 20 November 2025.
• Lodgement of the cleansing prospectus on 21 November 2025 to remove any on-sale
restrictions in relation to the shares to be issued pursuant to the Company's c.US$12.2 million
placement.
• As of 31 December 2025, the Company held c.US$10.5 million in cash.
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 GMHB ("OWI-RAMS"). 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 the United Mining Services Group ("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 earlier 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.
On the other hand, social baseline data collection by Synergy and ELINA was intentionally left
incomplete in October as it was understood that a new investor might request some design
modifications which could impact the RAP, essential to the subsequent Déclaration d'Utilité Publique
("DUP"). The DUP is a RoC Government-led exercise, prerequisite for land acquisition by the Company.
It should be noted that this hiatus is just a short-term pause. All ESIA activities are due to resume in
April 2026.
In the meantime, the Terms of Reference for the ESIA update were submitted in December 2025 to
the Congolese Ministry of Environment.
Congo Government Relations
The announcement of the FSP was communicated to the Minister of Mines of the RoC who expressed
his full support. He reiterated his desire to see job creation in the Province of Kouilou where the Kola
Project is situated.
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. A formal reminder was sent to
that effect.
Early Works
In the course of the EWA, successful beneficiation tests were made in China in the presence of a
Canadian potash expert appointed by Kore Potash. The confirmation and reproducibility of previous
test results proved reassuring to all Engineering, Procurement and Construction ("EPC") contract
parties. These tests were also aimed at fine-tuning the process plant design.
Still in the context of the EWA, Chonfar Engineering, a subcontractor appointed by PowerChina
completed Engineering Surveys, Geophysical tests and Geotechnical tests around the main and
ventilation shafts.
This exercise was aimed at ascertaining the lithology and structure of the surrounding rock formations
of the shaft from an engineering viewpoint with special emphasis on rock integrity, geological
structure, fault fractures, development and characteristics of joints and fissures, adverse geology and
any weak interlayers.
Through drilling, borehole pumping test and hydrological observation, the hydrogeological conditions
of the future shaft were fully defined including the number of aquifer layers, water volume, shaft-
boring conditions, groundwater level, water yield, permeability coefficient, underground water quality
and temperature.
The collection of rock, soil and water samples and an array of analytical tests, combined with
geological data from field drilling observations completed the overview needed to progress the
ongoing Front End Engineering Design ("FEED") of the shaft and underground mine, undertaken
together by PowerChina and UMS Group of South Africa.
Maritime drilling and bathymetric studies in the area surrounding the future jetty is progressing
according to plan. An offshore drilling platform was mobilized in December 2025 to carry out 18
offshore and intertidal drill holes. Bathymetric studies will cover some 129 hectares of sea area and
topographic studies essential to jetty design will cover another 15 hectares of the coastline. The RoC
Government approvals to start work was received in January 2026.
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
As highlighted in the Company's announcement on 10 June 2025 regarding the non-binding term
sheet entered related to the project financing for the Kola Project, a high priority for Kore Potash is
the need to find a suitable contract operator solution and a strategic partner with appropriate potash
mining and processing experience. Given this need, Kore Potash has commenced discussions with
some potash industry players.
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 are evaluating the possible acquisition
of the entire issued, and to be issued, share capital of the Company.
On 20 November 2025, the Company successfully completed a c.US$12.2 million fundraise via the
issue of 319,688,816 new ordinary shares of US$0.001 each in the Company with existing and new
shareholders at a price of 2.9 pence per share.
On 21 November 2025, the Company issued a cleansing prospectus for the offer of up to 7,000 CHESS
Depositary Interests ("CDIs") in the capital of the Company at an issue price of AUD0.058 per CDI to
raise up to AUD406 (before expenses). This cleansing prospectus had been prepared primarily for the
purpose of section 708A(11) of the Australian Corporations Act 2001 (Cth) to remove any on-sale
restrictions in relation to the shares to be issued pursuant to the Company's c.US$12.2 million
placement announced on 20 November 2025.
As at 31 December 2025, the Company held c.US$10.5 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$2,953,000 in exploration in the Quarter, which comprised US$2,950,000
related to the Kola Study and US$3,000 for the DX DFS Study. The Company ended the Quarter with
c.US$10.5 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, Financial Tel: +44 (0) 20 7470 0470
Adviser and Broker
Ewan Leggat
Richard Morrison
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
Further information
This announcement is not intended to and does not constitute an offer to sell or the solicitation of an
offer to subscribe for or buy or an invitation to purchase or subscribe for any securities or the
solicitation of any vote in any jurisdiction.
SP Angel Corporate Finance LLP ("SP Angel"), which is authorised and regulated in the United Kingdom
by the Financial Conduct Authority, is acting as Nominated Adviser, Financial Adviser and Broker
exclusively for Kore and no one else in connection with the matters set out in this announcement and
will not regard any other person as its client in relation to the matters in this announcement and will
not be responsible to anyone other than Kore for providing the protections afforded to clients of SP
Angel, nor for providing advice in relation to any matter referred to herein.
Shore Capital Stockbrokers Limited ("Shore Capital"), which is authorised and regulated in the United
Kingdom by the Financial Conduct Authority, is acting as Broker exclusively for Kore and no one else
in connection with the matters set out in this announcement and will not regard any other person as
its client in relation to the matters in this announcement and will not be responsible to anyone other
than Kore for providing the protections afforded to clients of Shore Capital, nor for providing advice
in relation to any matter referred to herein.
Disclosure requirements of the Code
Under Rule 8.3(a) of the Code, any person who is interested in 1% or more of any class of relevant
securities of an offeree company or of any securities exchange offeror (being any offeror other than
an offeror in respect of which it has been announced that its offer is, or is likely to be, solely in cash)
must make an Opening Position Disclosure following the commencement of the offer period and, if
later, following the announcement in which any securities exchange offeror is first identified. An
Opening Position Disclosure must contain details of the person's interests and short positions in, and
rights to subscribe for, any relevant securities of each of (i) the offeree company and (ii) any securities
exchange offeror(s). An Opening Position Disclosure by a person to whom Rule 8.3(a) applies must be
made by no later than 3.30 pm (London time) on the 10th business day following the commencement
of the offer period and, if appropriate, by no later than 3.30 pm (London time) on the 10th business
day following the announcement in which any securities exchange offeror is first identified. Relevant
persons who deal in the relevant securities of the offeree company or of a securities exchange offeror
prior to the deadline for making an Opening Position Disclosure must instead make a Dealing
Disclosure.
Under Rule 8.3(b) of the Code, any person who is, or becomes, interested in 1% or more of any class
of relevant securities of the offeree company or of any securities exchange offeror must make a
Dealing Disclosure if the person deals in any relevant securities of the offeree company or of any
securities exchange offeror. A Dealing Disclosure must contain details of the dealing concerned and of
the person's interests and short positions in, and rights to subscribe for, any relevant securities of each
of (i) the offeree company and (ii) any securities exchange offeror(s), save to the extent that these
details have previously been disclosed under Rule 8. A Dealing Disclosure by a person to whom Rule
8.3(b) applies must be made by no later than 3.30 pm (London time) on the business day following
the date of the relevant dealing.
If two or more persons act together pursuant to an agreement or understanding, whether formal or
informal, to acquire or control an interest in relevant securities of an offeree company or a securities
exchange offeror, they will be deemed to be a single person for the purpose of Rule 8.3.
Opening Position Disclosures must also be made by the offeree company and by any offeror and
Dealing Disclosures must also be made by the offeree company, by any offeror and by any persons
acting in concert with any of them (see Rules 8.1, 8.2 and 8.4).
Details of the offeree and offeror companies in respect of whose relevant securities Opening Position
Disclosures and Dealing Disclosures must be made can be found in the Disclosure Table on the
Takeover Panel's website at www.thetakeoverpanel.org.uk, including details of the number of
relevant securities in issue, when the offer period commenced and when any offeror was first
identified. You should contact the Panel's Market Surveillance Unit on +44 (0)20 7638 0129 if you are
in any doubt as to whether you are required to make an Opening Position Disclosure or a Dealing
Disclosure.
Publication on Website
In accordance with Rule 26.1 of the Code, a copy of this announcement will be made available, subject
to certain restrictions relating to persons resident in restricted jurisdictions, on the Company's website
at www.korepotash.com by no later than 12 noon (London time) on [30 January 2026]. The content
of the website referred to in this announcement is not incorporated into and does not form part of
this announcement.
Tenement Details and Ownership
The Company is incorporated and registered in England and Wales and wholly owns Kore Potash
Limited of Australia. Kore Potash Limited has a 97% 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.
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: 30-01-2026 09:00:00
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