Wrap Text
Review of Operations for the Quarter ended 30 September 2025
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
CDI ISIN: AU000000KP25
("Kore Potash" or the "Company")
31 October 2025
Review of Operations for the Quarter ended 30 September 2025
Kore Potash (AIM: KP2, ASX: KP2, JSE: KP2, A2X: KP2), the potash development company with 97%
ownership of the Kola Potash Project ("Kola" or the "Kola Project") and Dougou Extension ("DX")
Potash Project in the Sintoukola Basin, located in the Republic of Congo ("RoC"), provides its quarterly
update for the period ended 30 September 2025 (the "Quarter").
Quarterly Highlights
Projects
• Further to the signing of Term Sheets with OWI-RAMS GMBH ("OWI-RAMS"), on 10 June 2025,
for availing the total funding requirement for the Kola Project early works started with the
preparation of samples from the cores shipped to China.
• Kore Potash is concurrently advancing the update of the Environmental and Social Impact
Assessment ("ESIA") for the Kola Project which has been necessitated by design optimisations
introduced by PowerChina International Group Limited ("PowerChina"), which have altered
the locations of certain key project infrastructure.
• PowerChina has been busy onboarding subcontractors for various works to be carried out
prior to financial close.
Corporate
• On 29 July 2025, the Company issued 500 CDIs (each CDI being an equivalent to one ordinary
share in the capital of the Company) to close the Cleansing Prospectus as previously
announced on 22 November 2024.
• The Company released its Half Year Report for the six months ended 30 June 2025 on 12
September 2025.
• As of 30 September 2025, the Company held c.US$2.13 million in cash.
Operational Activities
Kola Financing
On 10 June 2025, the Company announced that it signed Term Sheets for availing the total funding
requirement for the Kola Project with OWI-RAMS. As previously announced, the main focus of the
overall financing package has been on enhancing Kore's managerial capacity to deliver on the Kola
Project. Further information on the financing will be provided in due course.
One of the conditions precedents in the Term Sheets was the appointment of an experienced internal
or third-party Owner's Team or Project Management Consultant. The Company chose to appoint an
external third-party with a wide international experience. A Request for Proposal ("RFP") issued to
that effect led to a winning proposal from UMS-PROJECTS, a subsidiary of the United Mining Services
("UMS") Group. The winning RFP has been under scrutiny during this Quarter, and the process of
contract execution is expected to be concluded by the end of 2025.
In addition, further discussions have been had with PowerChina on a contract operator proposal.
KOLA PROJECT
Environmental and Social Impact Assessment ("ESIA")
Kore Potash is concurrently advancing the update of the ESIA for the Kola Project. This update has
been necessitated by design optimisations introduced by PowerChina, which have altered the
locations of certain key project infrastructure, including the processing plant and accommodation
camp, thereby requiring a reassessment of potential environmental and social impacts.
The updated ESIA will also refresh baseline data, revise the Relocation Action Plan ("RAP") to reflect
the new site layout and affected communities, and facilitate the issuance by the Congolese authorities
of a new Déclaration d'Utilité Publique ("DUP"), as the previous DUP has expired. The DUP remains a
prerequisite for land acquisition.
The ESIA update is therefore essential to maintaining compliance with regulatory approvals,
community engagement obligations, and lender due diligence requirements, ensuring alignment with
the final project design prior to commencement of construction.
Collection of baseline social and environment data by four consulting firms, namely SRK, Synergy,
FFMES and ELINA, have progressed smoothly during the Quarter. The Terms of Reference for the
update of the ESIA were finalized and ready for submission to the Congolese Ministry of Agriculture.
Congo Government Relations
Since signing the Engineering, Procurement and Construction ("EPC") contract in November 2024, our
relationship with the Congolese Ministry of Mines has been excellent.
The Company kept the RoC authorities informed regarding the financing process and is assisting the
RoC Government to progress the process of obtaining their 10% free carry stake.
Early Works
Early works started with the preparation of samples from the cores shipped to China. These were used
to confirm the precision of past geological resource data and will now help to devise improved
processing methods.
During the Quarter, PowerChina has been busy onboarding subcontractors for various works to be
carried out prior to financial close. Inter alia, PowerChina has contracted with a marine surveying
company for the sea drilling activities required in the context of jetty construction. Due to seasonal
constraints, this work can only start in the last quarter of 2025.
UMS, the UK-based engineering firm appointed as the Owners' agent for the shaft and underground
mining Front End Engineering Design ("FEED"), worked closely with PowerChina in the design of the
shafts while Hunan Province Geological Bureau started mobilization for drilling test holes around the
main shaft.
The company is yet to appoint the winning bidder for the RFP regarding the Owners Project Team.
This should be finalized by end of this year.
DX POTASH PROJECT
At present, the Company remains focused on completing the financing of Kola and moving forward to
construction of Kola as soon as possible. The Company is also considering some strategic options which
are available for the Dougou Extension ("DX") project.
Corporate
On 29 July 2025, the Company issued 500 CDIs (each CDI being an equivalent to one ordinary share of
US$0.001 each in the share capital of the Company) to close the Cleansing Prospectus, as previously
announced on 22 November 2024.
The Company released its Half Year Report for the six months ended 30 June 2025 on 12 September
2025.
As at 30 September 2025, the Company held c.US$2.13 million in cash.
There were no mining production or construction activities during the Quarter.
Quarterly cashflow report
In accordance with the ASX Listing Rules, the Company will also lodge its cashflow report for the
Quarter today.
The Company invested US$1,002,000 in exploration in the Quarter, which comprised US$999,000
related to the Kola Study and US$3,000 for the DX DFS Study. The Company ended the Quarter with
c.US$2.13 million in cash.
This announcement has been approved for release by the Board of Kore Potash.
Market Abuse Regulation
This announcement contains inside information for the purposes of Article 7 of the Market Abuse
Regulation (EU) 596/2014 as it forms part of UK domestic law by virtue of the European Union
(Withdrawal) Act 2018 ("MAR"), and is disclosed in accordance with the Company's obligations under
Article 17 of MAR.
ENDS
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
Emily Moss
Nick Elwes
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 (63) 482 3802
Doné Hattingh
Tenement Details and Ownership
The Company is incorporated and registered in England and Wales and wholly owns Kore Potash
Limited of Australia. Kore Potash Limited has a 97% shareholding in Sintoukola Potash SA ("SPSA") in
the RoC. SPSA has 100% ownership of Kola Potash Mining SA ("KPM"). KPM has 100% ownership of
the Kola Mining Lease on which the Kola Deposit is situated. The Kola Deposit is located within the
Kola Mining Lease. SPSA is also the 100% owner of the Dougou Mining Lease. The Dougou Mining lease
hosts the Dougou Deposit and the DX Deposit.
Under the existing Mining Convention, the RoC Government is entitled to 10% ownership in the Kola
and DX Projects. The transfer of this 10% awaits instructions from the Government and the Mineral
Resources and Ore Reserves are shown below in gross and 90% attributable bases.
Table 1: Schedule of mining tenements (Republic of Congo)
Project & Type Tenement Issued Company Interest Title Registered to
Kola Decree 2013-412 100% Kola Potash Mining S.A.
Mining of 9 August 2013 potassium rights only
Dougou Decree 2017-139 100% Sintoukola Potash S.A.
Mining of 9 May 2017 potassium rights only
Revised Decree No
2021-389 of 2 August
2021
Kore Potash Mineral Resources and Ore Reserves - Gross and according to future 90% interest (10% by the RoC government)
KOLA SYLVINITE DEPOSIT
Gross Net Attributable (90% interest)
Contained KCl Contained KCl
Mineral Resource Sylvinite Million Average Grade Sylvinite Million Average Grade
million million
Category Tonnes KCl % Tonnes KCl %
tonnes tonnes
Measured 216 34.9 75.4 194 34.9 67.8
Indicated 292 35.7 104.3 263 35.7 93.9
Sub-Total Measured
+ 508 35.4 179.7 457 35.4 161.7
Indicated
Inferred 340 34.0 115.7 306 34.0 104.1
TOTAL 848 34.8 295.4 763 34.8 265.8
Gross Net Attributable (90% interest)
Contained KCl Contained KCl
Sylvinite Million Average Grade Sylvinite Million Average Grade
Ore Reserve Category million million
Tonnes KCl % Tonnes KCl %
tonnes tonnes
Proved 62 32.1 19.8 56 32.1 17.9
Probable 91 32.8 29.7 82 32.8 26.7
TOTAL 152 32.5 49.5 137 32.5 44.6
Ore Reserves are not in addition to Mineral Resources but are derived from them by the application of modifying factors
DOUGOU EXTENSION SYLVINITE DEPOSIT (HWSS and TSS)
Gross Net Attributable (90% interest)
Contained KCl Contained KCl
Mineral Resource Sylvinite Million Average Grade Sylvinite Million Average Grade
million million
Category Tonnes KCl % Tonnes KCl %
tonnes tonnes
Measured 20 32.4 6.5 18 32.4 5.9
Indicated 8 23.1 1.8 7 23.1 1.6
Sub-Total Measured
+ 28 29.9 8.3 25 29.9 7.5
Indicated
Inferred 101 23.5 23.8 91 23.5 21.4
TOTAL 129 24.8 32.1 116 24.8 28.9
Gross Net Attributable (90% interest)
Contained KCl Contained KCl
Sylvinite Million Average Grade Sylvinite Million Average Grade
Ore Reserve Category million million
Tonnes KCl % Tonnes KCl %
tonnes tonnes
Proved 6.1 32.5 2.0 5.5 32.5 1.8
Probable 3.2 41.8 1.3 2.9 41.8 1.2
TOTAL 9.3 35.7 3.3 8.4 35.7 3.0
Ore Reserves are not in addition to Mineral Resources but are derived from them by the application of modifying factors
DOUGOU CARNALLITE DEPOSIT
Gross Net Attributable (90% interest)
Contained KCl Contained KCl
Mineral Resource Million Tonnes Average Grade Million Tonnes Average Grade KCl
million million
Category carnallite KCl % carnallite %
tonnes tonnes
Measured 148 20.1 29.7 133 20.1 26.8
Indicated 920 20.7 190.4 828 20.7 171.4
Sub-Total Measured
+ 1,068 20.6 220.2 961 20.6 198.2
Indicated
Inferred 1,988 20.8 413.5 1,789 20.8 372.2
TOTAL 3,056 20.7 633.7 2,750 20.7 570.3
KOLA CARNALLITE DEPOSIT
Gross Net Attributable (90% interest)
Contained KCl Contained KCl
Mineral Resource Million Tonnes Average Grade Million Tonnes Average Grade KCl
million million
Category carnallite KCl % carnallite %
tonnes tonnes
Measured 341 17.4 59.4 307 17.4 53.5
Indicated 441 18.7 82.6 397 18.7 74.4
Sub-Total Measured
+ 783 18.1 142.0 705 18.1 127.8
Indicated
Inferred 1,266 18.7 236.4 1,140 18.7 212.8
TOTAL 2,049 18.5 378.5 1,844 18.5 340.6
Competent Persons Statements
All Mineral Resource and Ore Reserves are reported in accordance with the JORC Code (2012 edition).
Numbers are rounded to the appropriate decimal place. Rounding 'errors' may be reflected in the
"totals".
The Kola Mineral Resources were reported 6 July 2017 in an announcement titled 'Updated Mineral
Resource for the High - Grade Kola Deposit'. It was prepared by Competent Person Mr. Garth Kirkham,
P.Geo., a member of the Association of Professional Engineers and Geoscientists of British Columbia.
The Ore Reserves for sylvinite at Kola was first stated on 29 January 2019 in an announcement titled
"Kola Definitive Feasibility Study" and was prepared by Met-Chem. The Competent Person for the
estimate was Mr Mo Molavi, member of good standing of Engineers and Geoscientists of British
Columbia. The Ore Reserves were reviewed when the changes to the underlying assumptions (as
detailed in the 27 June 2022 announcement "Kola Project optimisation study outcomes") were made
and Mr Molavi verified that the Ore Reserves remained unchanged.
The Dougou carnallite Mineral Resources were reported on 9 February 2015 in an announcement
titled 'Elemental Minerals Announces Large Mineral Resource Expansion and Upgrade for the Dougou
Potash Deposit'. It was prepared by Competent Persons Dr. Sebastiaan van der Klauw and Ms. Jana
Neubert, senior geologists and employees of ERCOSPLAN Ingenieurgesellschaft Geotechnik und
Bergbau mbH and members of good standing of the European Federation of Geologists.
The Dougou Extension sylvinite Mineral Resource Estimate and Ore Reserve Estimate were reported
in an announcement titled "Updated Dougou Extension (DX) PFS and Production Target" on 24 January
2023. Dr. Douglas F. Hambley, Ph.D., P.E., P.Eng., P.G of Agapito Associates Inc., for the Exploration
Results and Mineral Resources. Mr. Hambley is a licensed professional geologist in states of Illinois
(Member 196-000007) and Indiana (Member 2175), USA, and is an Honorary Registered Member
(HRM) of the Society of Mining, Metallurgy and Exploration, Inc. (SME, Member 1299100RM), a
Recognized RPO included in a list that is posted on the ASX website from time to time and Dr. Michael
Hardy was the Competent Person for the Ore Reserves, and he is a registered member in good
standing (Member #01328850) of Society for Mining, Metallurgy and Exploration (SME) which is an
RPO included in a list that is posted on the ASX website from time to time.
The Company confirms that, it is not aware of any new information or data that materially affects the
information included in the original market announcements and, in the case of estimates of Mineral
Resources or statements of Ore Reserves that all material assumptions and technical parameters
underpinning the estimates in the relevant market announcement continue to apply and have not
materially changed. The Company confirms that the form and context in which the Competent
Person's findings are presented have not been materially modified from the original market
announcement.
Forward-Looking Statements
This release contains certain statements that are "forward-looking" with respect to the financial
condition, results of operations, projects and business of the Company and certain plans and
objectives of the management of the Company. Forward-looking statements include those containing
words such as: "anticipate", "believe", "expect," "forecast", "potential", "intends," "estimate," "will",
"plan", "could", "may", "project", "target", "likely" and similar expressions identify forward-looking
statements. By their very nature forward-looking statements are subject to known and unknown risks
and uncertainties and other factors which are subject to change without notice and may involve
significant elements of subjective judgement and assumptions as to future events which may or may
not be correct, which may cause the Company's actual results, performance or achievements, to differ
materially from those expressed or implied in any of our forward-looking statements, which are not
guarantees of future performance. Neither the Company, nor any other person, gives any
representation, warranty, assurance or guarantee that the occurrence of the events expressed or
implied in any forward-looking statement will occur. Except as required by law, and only to the extent
so required, none of the Company, its subsidiaries or its or their directors, officers, employees,
advisors or agents or any other person shall in any way be liable to any person or body for any loss,
claim, demand, damages, costs, or expenses of whatever nature arising in any way out of, or in
connection with, the information contained in this document.
Date: 31-10-2025 09:00:00
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