KORE POTASH PLC - Pledge of support from the Ministry of Mines

Pledge of support from the Ministry of Mines

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”)

21 August 2023

                            Pledge of support from the Ministry of Mines

Kore Potash plc, ( “Kore”, “Kore Potash” or the “Company”) the potash development company with
97% ownership of the Kola and DX Potash Projects in the Sintoukola Basin, located in the Republic of
Congo (“RoC”), is pleased to announce that it has received a further letter of support from the Ministry
of Mines of the Republic of Congo (the “Ministry” or “Ministry of Mines”) in relation to the Company’s
development of the Kola Potash Project (“Kola” or the “Project”) following recent discussions with the
Ministry.

Highlights of the letter
    • Minister of Mines pledges further support for Kore Potash to continue to develop Kola and
      Dougou.
    • Ongoing title to Mining tenements re-confirmed.
    • Confirmation that the Mining Convention remains in effect.
    • The Minister encourages Kore’s shareholders to support Kore Potash in its development
      endeavours.

Mr David Hathorn the Chairman of Kore Potash plc said: “The successful development of globally
important potash projects such as Kola requires sustained support from all stakeholders. We are
pleased that the Government of the Republic of Congo (“Government”) appreciate the timeframe and
the scale of international investment required to develop a potash industry and that it is expressing its
support publicly.”

“The Kola deposit, in particular, is a globally important potash resource that needs to be developed to
play its role in feeding the world’s population. Its successful development will have a material
contribution towards the sustained development of the Republic of Congo.” he added.

Letter from Minister of Mines
The Minister of Mines has written a letter to Kore Potash that pledges the Ministry and the Republic
of Congo’s support for Kore’s development of its projects at Kola and Dougou (“Projects”).

The Minister acknowledges that some of the development objectives for the Projects, as outlined in
the Mining Convention, have not yet been met. He also assures the Ministry's steadfast support, in
the form of a moral guarantee, to assist in addressing remaining challenges to completing the financing
of Kola. The Minister reaffirms the validity of the Company’s mining tenement titles and the Mining
Convention which is the operating agreement between the Company and the Government.

He further conveys a pledge of security reflecting the Republic of Congo’s confidence in Kore Potash
to support ongoing dialogue and action towards the development of our projects in the RoC.

The Minister encourages Kore’s shareholders to support the Company without hesitation to execute
our projects. Given the Project’s vital role in the development of the RoC, the Minister confirms that
the Government is fully supportive of our endeavours.
The Company is delighted to have received the letter from the Minister of Mines. It intends to maintain
high levels of ongoing dialogue with the Ministry over the coming months in the lead up to the
intended completion of financing of the Kola project.



Increased dialogue throughout 2023
Throughout 2023, representatives of Kore Potash have maintained increased levels of dialogue with
the Ministry of Mines, including with the Minister of State and Minister of Geology and Mining
Industry, Mr Pierre Oba. This dialogue has been aimed at improving the Ministry’s understanding of
the Company’s projects at Kola and Dougou, the intended construction partner, the capability of the
intended financiers and the processes the Company must work through towards securing financing
for the construction of the Kola Potash Project.

These discussions have included meetings between the Ministry and members of the Summit
Consortium who intend to provide royalty and debt financing to cover the full construction cost of
Kola and SEPCO Electric Power Construction Corporation (“SEPCO”) who intend to construct Kola on
an Engineering, Procurement and Construction (“EPC”) contract basis.


Planned Kola development milestones
The Ministry expresses support for the Company's progress towards the development milestones
announced on 8 August 2023, which includes SEPCO and the Summit Consortium financing partners
committing to:

-   Site visits to Kola during the months of August 2023 and September 2023.
-   Completion of the engineering design works required to support an EPC contract proposal before
    the end of December 2023.
-   EPC Contract offer to be made to the Company during January 2024.
-   The financing proposal for the full construction cost of Kola will be provided to the Company by
    the Summit Consortium within six weeks of EPC terms being finalised.


Market abuse regulation
Market Abuse Regulation (MAR) Disclosure The information contained within this announcement is
deemed by the Company to constitute inside information as stipulated under the Market Abuse
Regulations (EU) No. 596/2014 ('MAR') which has been incorporated into UK law by the European Union
(Withdrawal) Act 2018. Upon the publication of this announcement via Regulatory Information Service
('RIS'), this inside information is now considered to be in the public domain.

This announcement has been approved for release by the Board.

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
Nick Elwes
Adam Baynes

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 (11) 011 9205
Doné Hattingh

Date: 21-08-2023 01:25:00
Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). 
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
 the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, 
indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
 information disseminated through SENS.