KORE POTASH PLC - Extracts from Financial Report for the Half Year Ended 30 June 2023

Extracts from Financial Report for the Half Year Ended 30 June 2023

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” or the “Group”)

12 September 2023

                Extracts from Financial Report for the Half Year Ended 30 June 2023

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 2023 (“the
Period”).

The full financial report is available online at the Company's website at https://korepotash.com/wp-
content/uploads/2023/09/20230911-Half-Year-Interim-Report-2023.pdf The financial statements
contained within this announcement should be read in conjunction with the notes contained within
the full financial report.

Highlights
 •    Discussions continue towards finalising terms for the Engineering, Procurement and
      Construction (“EPC”) contract at the Kola Project.
 •    PowerChina International Group Limited (“PowerChina”) and SEPCO Electric Power
      Construction Corporation (“SEPCO”) have commenced work to support the provision of
      guarantees regarding an EPC contract for Kola.
 •    Summit Consortium has confirmed that the financing proposal for the full capital cost of Kola
      will be provided within six weeks of finalisation of EPC contract terms.
 •    On 24 January 2023, the Company announced an update of the JORC (2012) compliant Mineral
      Resource, Ore Reserve, Pre-Feasibility Study (“PFS”) information and Production Target at the
      DX Project. The updated Mineral Resource incorporates the most recent drilling results and
      interpretation of the geophysical data.
      Cash and cash equivalents, at 30 June 2023 was USD 2,555,254.
 •    The exploration and evaluation assets at 30 June 2023 was USD 167,201,357, an increase
      of USD 4,472,163 from USD 162,729,194 at 31 December 2022. During the Period the
      Company capitalised USD 1,882,884 in exploration and evaluation expenditure and the
      expenditure increased by USD 2,589,279 as a result of the weakening of the USD against
      the currency of the RoC.
 •    Despite the on-going Russian/Ukraine conflict and increasing fuel prices, the Group's
      operations have not been materially impacted during the Period.

Salient financials required to be disclosed under the JSE Listings Requirements:

                                        Six months ended       Six months ended
                                             30 June 2023           30 June 2022             Change

 Interest income (USD)                              51,348                17,029              34,319

 Loss for the Period (USD)                        (464,983)             (903,210)            438,227

 Headline loss per share (USD cents)                 (0.01)                (0.03)               0.02

 Basic loss per share (USD cents)                    (0.01)                (0.03)               0.02

 Diluted loss per share (USD cents)                  (0.01)                (0.03)               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 2023.

Any investment decision should be made after taking into consideration the full announcement and
the financial report for the half-year ended 30 June 2023. The full announcement and the financial
report for the half-year ended 30 June 2023 is available on the JSE’s website at:
https://senspdf.jse.co.za/documents/2023/jse/isse/kp2e/KP2HY23.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 2023 can be requested
via direct message under the contact section on the company website at
http://www.korepotash.com/contact/

                                               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
Nick Elwes
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: 12-09-2023 08:00:00
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