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Extracts from Financial Report for the half year ended 30 June 2019
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 Financial Report for the half year ended 30 June 2019
Kore Potash, the potash exploration and development company whose flagship asset is the Kola Project
("Kola" or the "Project"), located within the Company's 97%-owned Sintoukola Potash Project in the
Republic of Congo, is pleased to provide its financial statements for the half year ended 30 June 2019
(the "Period"). The full report is available on the Company's website at http://www.korepotash.com/wp-
content/uploads/2019/09/Half-Year-Report-June-2019.pdf
Highlights
• A Scoping Study for a low capital cost, high cash margin potash project at Dougou Extension (“DX”)
was completed and a summary of results released on 29 April 2019. These results indicated that
following a 2-year construction period DX could potentially produce 400 ktpa MoP for 17 years at an
operating cost of USD83/t FOB. In addition, the Company finalised planning for a Pre-feasibility Study
on the DX Project.
• The Company has now commenced a Pre-feasibility Study on the DX Project. More than 60km of
seismic survey lines have been cleared in advance of the 2D Seismic survey commencing before
mid-September and drill rigs are currently being assembled on site ahead of the commencement of
the PFS drilling programme. Key technical studies have commenced, and dissolution test work being
undertaken in Agapito Laboratory in Grand Junction, USA Saskatchewan, has been completed.
• The Company completed its review of the Kola Definitive Feasibility Study (“DFS”) and released a
summary of results to Shareholders on 29 January 2019. This included the reporting of:
o Proved and Probable Ore Reserves for the Kola Deposit totalling 152.4Mt with an average grade
of 32.5%KCl.
o Post-tax, NPV10 (real) of USD 1,452 million and a real ungeared Internal Rate of Return of 17%
on an attributable basis at life-of-mine average MoP prices for granular of USD 360 per tonne
CFR Brazil and standard of USD 350 per tonne CFR Brazil.
• The Company received an Engineering, Procurement and Construction (“EPC”) proposal for its Kola
Project from the consortium of French engineering companies (“FC”) on 23 March 2019.
• Post period end, in July 2019, the Company received a proposal from the FC that identifies
opportunities to reduce the capital cost of the Kola project by USD415 million below that indicated in
the Kola DFS and optimisation discussions are planned to continue.
• The Minister of Environment of the RoC reviewing the amended Kola environmental and social
impact assessment (the “ESIA”) requested the submission be reformatted into separate volumes and
resubmitted. The re-submission, which doesn’t require significant variations, is planned to occur
during Q3 of 2019.
• Cash and cash equivalents, including restricted cash, at 30 June 2019 was USD1,725,129. Post
period end, on 19 July 2019, an additional USD13,123,561 was raised through the placing and direct
subscription of new ordinary shares in the Company.
• Loss for the period ended 30 June 2019 reduced by USD3,394,007 from USD4,570,790 for the
period ended 30 June 2018 to USD1,176,783 driven primarily by lower administration expenses,
lower equity compensation benefits and listing and re-domicile expenses incurred in H1 2018.
• Exploration and evaluation asset at 30 June 2019 was USD153,374,657 an increase of
USD3,511,334 from USD149,863,323 at 31 December 2018.
Salient financials required to be disclosed under the JSE Listings Requirements
Six months Six months
ended 30 ended 30 June
June 2018 Change
2019
Interest income (USD) 18,992 20,454 (1,462)
Operating loss from continuing operations (USD) (1,176,783) (4,570,790) 3,394,007
Headline loss per share (USD cents) (0.14) (0.56) 0.42
Basic loss per share (USD cents) (0.14) (0.56) 0.42
Diluted loss per share (USD cents) (0.14) (0.56) 0.42
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 2019.
Any investment decision should be made after taking into consideration the full financial report for the half-year
ended 30 June 2019. The full announcement and the financial report for the half-year ended 30 June 2019 is
available on the JSE’s website at https://senspdf.jse.co.za/documents/2019/jse/isse/kp2e/KP2HY2019.pdf and on
the group’s website at http://www.korepotash.com/wp-content/uploads/2019/09/Half-Year-Report-June-2019.pdf
The full announcement and financial report for the half-year ended 30 June 2019 is also available for inspection, at
no charge, at the Company’s office, 33 Ballyclare Drive, Ballywoods Office Park, Cedarwood House, Bryanston,
Johannesburg, during normal business hours. Alternatively, copies of the full announcement and financial report
can also be requested via direct message under the contact section on the company website at
http://www.korepotash.com/contacts/.
6 September 2019
JSE Sponsor: Rencap Securities (Pty) Limited
Date: 06/09/2019 08:00:00
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