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Extracts from Annual Report for the financial year ended 31 December 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 Annual Report for the financial year ended 31 December 2019
The Board of Kore Potash is pleased to announce the publication of the annual financial report of the
Company, the potash exploration and development Group, whose flagship asset is the 97%-owned
Sintoukola Potash Project (“Sintoukola” or the “Project”), located within the Republic of Congo (“RoC”), for
the year ended 31 December 2019 (“FY 19”).
The full financial report is available online at the Company’s website. 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:http://www.korepotash.com/wp-
content/uploads/2020/03/20-03-24-Annual-Report-2019-Final.pdf
The definitions and terms as contained in the Annual Report apply to the below:
Summary of key developments
• The Company completed its review of the Kola 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.
Further details of the summary of the Kola DFS are available on the Company’s website.
• The Company received the EPC offer for the Kola project from the FC and released an
announcement on 26 March 2019 stating that it would review the options available to it for the
way forward with the Kola Project.
• The Company completed a scoping study on the 400 ktpa Dougou Extension (DX) sylvinite
solution mining project and released a summary of results on 29 April 2019. This utilised the
maiden Mineral Resource released on the 20 August 2018 which totalled 232 Mt with an average
grade of 38.1% KCl and included the reporting of:
o Scoping Study demonstrates low technical risk and attractive economics for DX Project
o Utilises a highly efficient potash extraction method that is well understood and is in use
across multiple potash operations globally
o Attractive life-of-mine cost of sales, free on board (FOB) of approximately USD 82.74/t
MoP
o Mine life of approximately 17 years based on solution mining of 52 million tonnes of
Indicated Mineral Resource @ 43.1% KCl from a total Indicated Mineral Resource base
of 111 million tonnes @ 37.2% KCl
o Estimated base case initial capital cost of approximately USD 327 million (real 2019) to
produce approximately 400 ktpa white granular MoP
o Estimated two-year construction period provides the company with near term production
options
o Base case real ungeared IRR of approximately 19.3% and base case post-tax ungeared
NPV10 (real) of approximately USD 221 million on an attributable basis at life-of-mine
average MoP price for granular product of USD 360/t
o Average base case annual post construction, post-tax, free cash flow of approximately
USD 74 million and approximately 4.25 years post-tax payback period from first
production.
• The Company raised USD 13.47 million to execute a Pre-feasibility study on the DX sylvinite
solution mining project through the placing and direct subscription of new ordinary shares in the
Company on 17 July 2019.
• The Company released an update on the review of the Kola EPC and the progress of the Dougou
Extension PFS on 29 July 2019 which included the reporting of:
o A new proposal from the FC that identifies opportunities to reduce the capital cost of the
Kola Project by USD 415 million.
o The acceptance of invites to provide comparative pricing against Kola Bills of Quantities
by seven international construction and engineering groups
o The appointment of Agapito Associates Inc as the JORC Competent Persons for both the
Mineral Resources Estimate and Ore Reserves in the PFS study
o The appointment of Innovare Technologies as the technical advisory team to the owner
for the Dougou Extension PFS.
Salient consolidated financials required to be disclosed under the JSE Listings Requirements
31 Dec 31 Dec
2019 2018 Change
Interest income (USD) 52 936 72 873 (19 937)
Loss for the year (USD) (4 202 752) (6 269 366) 2 066 614
Headline loss per share (USD cents) (0.36) (0.75) 0.39
Basic loss per share (USD cents) (0.36) (0.75) 0.39
Diluted loss per share (USD cents) (0.36) (0.75) 0.39
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 2019.
Any investment decision should be made after taking into consideration the full annual report for the
financial year ended 31 December 2019. The full announcement and the annual report for the financial
year ended 31 December 2019 is available on the JSE’s website at
https://senspdf.jse.co.za/documents/2020/jse/isse/kp2e/FY2019.pdf and on the group’s website at
http://www.korepotash.com/wp-content/uploads/2020/03/20-03-24-Annual-Report-2019-Final.pdf.The full
announcement and annual report for the financial year ended 31 December 2019 is also available for
inspection, at no charge, at the Company’s office, 2 Bruton Road, Block C, Nicol Main Office Park,
Bryanston, Johannesburg, South Africa , during normal business hours. Alternatively, copies of the full
announcement and annual report can also be requested via direct message under the contact section on
the company website at http://www.korepotash.com/contacts/.
24 March 2020
JSE Sponsor: Rencap Securities (Pty) Limited
Date: 24-03-2020 09:00:00
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