Wrap Text
Extracts from Financial Report for the Half Year Ended 30 June 2024
Kore Potash Plc
(Incorporated in England and Wales)
Registration number 10933682
ASX share code: KP2
AIM share code: KP2
JSE share code: KP2
A2X share code: KP2
ISIN: GB00BYP2QJ94
("Kore Potash" or the "Company" or the "Group")
13 September 2024
Extracts from Financial Report for the Half Year Ended 30 June 2024
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 2024 ("the Period").
The full financial report is available online at the Company's website at https://korepotash.com/wp-
content/uploads/2024/09/Half-Year-Report-June-2024.pdf. The financial statements contained within
this announcement should be read in conjunction with the notes contained within the full financial
report.
Highlights
• Power Construction Corporation of China ("PowerChina") delivered the Engineering Procurement
Construction ("EPC") proposal and draft EPC contract to the Company on 6 February 2024.
• Kore Potash and PowerChina commenced further detailed negotiations on the EPC proposal and
draft EPC contract. The Company met senior PowerChina officials in Beijing in May 2024 and again
in Dubai in July 2024, where both parties satisfactorily resolved all outstanding commercial points.
The agreements are now with the respective legal counsels of both parties for finalisation. When
in final agreed form, Kore Potash and PowerChina will determine a date for a signing ceremony
with the Minister of Mines and his colleagues of the RoC in Brazzaville. Relevant details of the
agreement will be made public.
• Successful completion of US$0.53 million fundraise with a further US$0.15m conditionally raised
and subsequently approved by shareholders at a General Meeting held on 13 May 2024.
• André Baya, appointed as Chief Executive Officer on 4 April 2024, effective from 15 April 2024.
• On 15 April 2024, the Company granted options over 35,000,000 new Ordinary Shares to senior
management.
• On 7 May 2024, the Company announced a secondary listing on the A2X exchange with effect from
14 May 2024.
• The Company held its Annual General Meeting on 6 June 2024, at which all resolutions were duly
passed.
• Amit Mehta, nominated by OIA, was appointed as a non-executive director on 27 June 2024.
• Successful completion of US$1.221 million fundraise on 1 July 2024 with a further US$60,000
conditionally raised and approved by shareholders at a General Meeting held on 23 August 2024.
• Cash and cash equivalents held at 30 June 2024 was US$959,956 (31 Dec 2023: US$1,583,657).
• The exploration and evaluation assets at 30 June 2024 were US$172,738,487, a decrease of
US$3,632,770 from US$176,371,257 at 31 December 2023. During the Period the Company
capitalised US$1,338,666 in exploration and evaluation expenditure and the expenditure decreased
by US$4,971,436 as a result of the strengthening of the US$ against the currency of the RoC.
Salient financials required to be disclosed under the JSE Listings Requirements:
Six months ended Six months ended
30 June 2024 30 June 2023 Change
Interest income (USD) 2,894 51,348 (48,454)
Loss for the Period (USD) (528,636) (464,983) (63,653)
Headline loss per share (USD cents) (0.01) (0.01) 0.00
Basic loss per share (USD cents) (0.01) (0.01) 0.00
Diluted loss per share (USD cents) (0.01) (0.01) 0.00
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 2024.
Any investment decision should be made after taking into consideration the full announcement and
the financial report for the half-year ended 30 June 2024. The full announcement and the financial
report for the half-year ended 30 June 2024 is available on the JSE's website at:
https://senspdf.jse.co.za/documents/2024/jse/isse/kp2e/KP2HY24.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 2024 can be requested via
direct message under the contact section on the company website at
http://www.korepotash.com/contacts/.
END
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
Nick Elwes
Josephine Clerkin
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: 13-09-2024 08:00:00
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