Extracts from Annual Report for the financial year ended 31 December 2020 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”) Extracts from Annual Report for the financial year ended 31 December 2020 The Board of Kore Potash plc 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”), is pleased to announce the publication of the annual financial report of the Company for the year ended 31 December 2020 (“FY 20”). The full financial report is available online at the Company’s website (www.korepotash.com). The Company also advises that an ASX Appendix 4G (Key to Disclosures: Corporate Governance Council Principles and Recommendations) and its current Corporate Governance Statement have been released today and will shortly be available on the Company's website. The definitions and terms as contained in the Annual Report apply to the below: Summary of key developments • The Company completed a Pre-Feasibility Study (PFS) on the 400 ktpa Dougou Extension (DX) Sylvinite solution mining project and released a summary of results on 13 May 2020. On 9 November 2020, the Company further updated the DX PFS production target. This included the reporting of: o Maiden Probable Sylvinite Ore Reserves 17.7 Mt at a grade of 41.7% KCl. o A revised Sylvinite Mineral Resource of 145 Mt at a grade of 39.7% KCl. o Attractive life-of-mine cost of sales, free on board (FOB) of approximately USD 86.61/t MoP. o Mine life of approximately 30 years based on a production of 400 kt/year. o Estimated base case initial capital cost of approximately USD 286 million (real 2020). o Estimated 21-month construction period which provides the Company with near term production options. o Base case real ungeared IRR of approximately 23.4% and base case post-tax ungeared NPV10 (real) of approximately USD 421 million on an attributable basis at life-of-mine average Muriate of Potash (“MoP”) price for granular product of USD 422/t. o Average base case annual post construction, post-tax, free cash flow of approximately USD 95 million and approximately 4.3 years post-tax payback period from first production. o The execution and interpretation of a 60-line km 2D seismic survey over the area that coincided with the Indicated Mineral Resource which incorporated into the PFS geological model. o The drilling and analysis of 2 new drill holes within the Inferred Mineral Resource boundary; this data was incorporated into the PFS geological model. Further details of the summary of the DX PFS are available on the Company’s website. • The Company raised USD 8 million to undertake the first phase of a Definitive Feasibility study (DFS) on the DX Sylvinite solution mining project through the placing and direct subscription of new ordinary shares in the Company which was approved by shareholders on 26 August 2020. • Work commenced on the DX DFS in September 2020. • Discussions continued during the year with a number of potential funding partners who have indicated potential interest in financing the Kola project. • In addition, the Company continued dialogue with engineering and construction companies with the capability to conduct further optimisation of the Kola design and capital cost. • Ms Trinidad Maris Reyes Perez joined the Board of the Company on 20 November 2020, replacing Mr Jose Antonio Merino as the nominee director of Sociedad Quimica y Minera de Chine S.A. • On 14 December 2020, the Company reported receipt of correspondence received from the Minister of Mines expressing dissatisfaction with the pace of development of the Kola Potash project. Since then, the Company has continued to communicate constructively and openly with the Minister of Mines to ensure the parties remain fully engaged as Kore Potash progresses the development of its projects. Summary of financials • During the year ended 31 December 2020, the Group’s total comprehensive loss was USD 8.2 million (2019: USD 7.3 million) and the Group experienced net cash outflows from operating and investing activities of USD 9.3 million (2019: USD 11.3 million). Cash and cash equivalents totalled USD 5.6 million as at 31 December 2020 (2019: USD 7.6 million). • Group net assets increased in the year to USD 178 million from USD 162 million. This was primarily driven by the fund raise of USD 7.5 million during the year. • The Directors prepared a cash flow forecast for the period ending 31 December 2022, which indicates that the Group will not have sufficient liquidity to meet its working capital requirements to the end of the going concern period (31 March 2022), primarily being corporate costs, exploration expenditure, and DFS costs related to the Kola and Dougou Projects. Please refer to Note 1 to the financial statements for more detail on the going concern statement. • Accordingly, the Directors resolved to undertake certain mitigating actions including a capital raise in Q2 – Q3 2021. The Company has begun discussions with its major shareholders with regards to its near and mid-term funding requirements. • The ability of the Group to continue as a going concern is dependent on achieving the matters set out above. These conditions indicate a material uncertainty which may cast significant doubt as to the Group’s ability to continue as a going concern and therefore it may be unable to realise its assets and discharge its liabilities in the normal course of business. Salient consolidated financials required to be disclosed under the JSE Listings Requirements 31 Dec 2020 31 Dec 2019 Change Interest income (USD) 30,116 52,936 22,820 Loss for the year (USD) (3,144,172) (4,202,752) 1,058,580 Headline loss per share (USD cents) (0.17) (0.36) 0.19 Basic loss per share (USD cents) (0.17) (0.36) 0.19 Diluted loss per share (USD cents) (0.17) (0.36) 0.19 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 annual report and as such, it does not contain full or complete details pertaining to the group’s results for the financial year ended 31 December 2020. Any investment decision should be made after taking into consideration the full annual report for the financial year ended 31 December 2020. The full announcement and the annual report for the financial year ended 31 December 2020 is available on the JSE’s website at https://senspdf.jse.co.za/documents/2021/jse/isse/kp2e/FY2020.pdf and on the group’s website at https://korepotash.com/wp-content/uploads/2021/03/Kore-Potash-plc-Annual-Report-2020-FINAL- BDO-signed-1.pdf The full announcement and annual report for the financial year ended 31 December 2020 can be requested via direct message under the contact section on the company website at http://www.korepotash.com/contacts/ END 31 March 2021 For further information, please visit www.korepotash.com or contact: Kore Potash Tel: +27 11 469 9140 Brad Sampson - CEO Tavistock Communications Tel: +44 (0) 20 7920 3150 Jos Simson Edward Lee Canaccord Genuity - Nomad and Broker Tel: +44 (0) 20 7523 4600 James Asensio Henry Fitzgerald-O'Connor Shore Capital - Joint Broker Tel: +44 (0) 20 7408 4050 Jerry Keen Toby Gibbs James Thomas Questco Corporate Advisory – JSE Sponsor Tel: +27 (11) 011 9208 Mandy Ramsden Date: 31-03-2021 08:00:00 Produced by the JSE SENS Department. 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