Financial Results for Half Year Ended 30 June 2026

Summary by AI BETAClose X

Kore Potash Plc reported its unaudited financial results for the half year ended 30 June 2026, with cash and cash equivalents standing at USD 7,543,612, a decrease from USD 10,555,176 at the end of 2025. Exploration and evaluation assets were valued at USD 194,186,831, down by USD 4,605,582. The company's focus remained on advancing a Formal Sale Process, which involved engagement with two parties as of the reporting date, alongside completing marine and topographic studies essential for jetty design and satisfying a Beneficiation Test condition precedent for the Kola Project. Significant developments included a new Mining Law in the Republic of Congo and the company's deregistration as an Australian entity.

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Kore Potash PLC
11 September 2026
 

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11 September 2026

 

Kore Potash Plc

("Kore Potash" or the "Company")

("Group" refers to Kore Potash Plc and its subsidiaries)

 

Financial Results for Half Year Ended 30 June 2026

 

 

Kore Potash, the potash development company with 97.46%-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 2026 ("the Period").

 

The full financial report is available online at the Company's website at https://korepotash.com/wp-content/uploads/2026/09/Kore-Potash-Plc-Half-year-report-2026.pdf. The financial statements contained within this announcement should be read in conjunction with the notes contained within the full financial report.

 

SUMMARY OF KEY DEVELOPMENTS

HIGHLIGHTS

  • The Company's efforts during the Period were largely focused on advancing the Formal Sale Process. On 4 November 2025 the Company announced that it had commenced a Formal Sale Process, having received approaches from two parties, each evaluating the possible acquisition of the entire issued, and to be issued, share capital of the Company. On 27 February 2026 one of those parties notified the Company that it had decided to suspend its interest and was unable to proceed for internal reasons. The other party remained engaged and is continuing its due diligence. On 8 June 2026 the Company was approached by a new party wishing to participate, which has begun evaluating the possible acquisition of the entire issued, and to be issued, share capital of the Company. Two parties were engaged in the Formal Sale Process as at 30 June 2026, and both remain engaged at the date of approval of this half-year report.

 

  • On 2 March 2026 the Company announced the purchase of a 0.46% interest in the share capital of Sintoukola Potash S.A. and a conditional right to acquire the remaining outstanding minority shares. The Company is under no obligation to exercise the right. The purchase completed during the Period and increased the Company's holding in SPSA to 97.46%.

 

  • Marine drilling work and bathymetric studies covering approximately 129 hectares of sea area, together with topographic studies covering a further 15 hectares of coastline, both essential to the jetty design, were completed during the first quarter to the satisfaction of all parties.

 

  • The Beneficiation Test condition precedent under the Early Works Agreement with PowerChina was satisfied following completion of the validation tests at the China ENFI laboratories.

 

  • Shaft and underground mining Front-End Engineering Design work continued between PowerChina and UMS. Changes are being made to the shaft design because the vertical conveyor system is no longer manufactured by the approved supplier. An alternative has been identified and will require some minor redesign.

 

  • The update of the Environmental and Social Impact Assessment for the Kola Project resumed in April 2026 after a six-month hiatus. The work could not be completed for lack of visibility as to the final design changes to be requested by the new strategic investors, and at the end of May 2026 it was suspended to allow the Formal Sale Process to be progressed.
  • Presidential elections took place in the Republic of Congo on 15 March 2026 and President Sassou Nguesso was re-elected with over 94% of votes. In the subsequent Government reshuffle the Minister of Mines, Pierre Oba, was replaced by Mr Fiacre Opo, previously Director General of Mines. A new Mining Law was signed by the President on 18 April 2026 and promulgated in the Journal Officiel as Law No. 01-2026. The Mining Convention was ratified by Parliament and signed by the President and contains a stabilisation provision, under which rights under the Convention may not be adversely affected by laws introduced after its signature. The Company is engaging with the RoC Government on the practical application of the Convention within the new framework.

 

  • The Government confirmed that the 10% shareholding in Dougou Potash Mining S.A. and Kola Potash Mining S.A. will be held by the Ministry of Finance, and the legal process has been initiated in the country.

 

  • On 25 March 2026 the Company released its financial results and annual report for the year ended 31 December 2025.

 

  • Kore Potash Limited was deregistered as an Australian company with effect from 28 June 2026.

 

  • The Company held its AGM on 30 June 2026, at which all resolutions were duly passed.

 

  • Cash and cash equivalents held at 30 June 2026 were USD7,543,612 (31 Dec 2025: USD10,555,176).

 

  • The exploration and evaluation assets at 30 June 2026 were USD194,186,831, a decrease of USD4,605,582 from USD198,792,413 at 31 December 2025. During the Period the Company capitalised USD1,215,828 in exploration and evaluation expenditure and the carrying amount decreased by USD5,821,410 on translation, because the USD strengthened against the currency of the RoC.

 

  • There were no mining production or construction activities during the Period.

 

Kola Potash Project

  • The Company signed a non-binding MoU with the Summit, on behalf of a consortium of investors and engineering firms on 6 April 2021, to arrange the total financing required for the construction of Kola, in the presence of the Minister of Mines of the RoC and his key staff in Brazzaville.
  • On 27 June 2022, the Company announced the Optimisation Study was completed with an optimised construction cost of USD1.83 billion and a shortened construction schedule of 40 months.

 

  • On 28 June 2022, Kore Potash signed a HoA for the construction in the presence of the Minister of State and Minister of Mining Industry and Geology of the RoC, Mr Pierre Oba.

 

  • On 8 August 2023, Kore Potash entered into a revised agreement with SEPCO to provide the Company with an EPC contract for the construction of the Kola Project. Following the completion of SEPCO’s parent company, PowerChina’s, review of the Kola design and construction schedule, one of the agreed outcomes was that further engineering design works must be completed before PowerChina and SEPCO jointly presenting an EPC proposal and EPC contract to the Group.

 

  • PowerChina subcontracted five technical groups who commenced additional design and engineering works. Specific design areas included the underground mine, mineral processing jetty and transhipment operations, energy transportation and storage, conveyor systems and material handling. PowerChina advised the Company that the Works would cost in excess of USD10 million to complete. Illustrating PowerChina’s commitment to Kola, it capped Kore Potash’s contribution at a maximum of USD5 million, with the balance of the costs to be paid by PowerChina.
  • Two payments of USD1.0 million each were made in August and November 2023 as required under the Agreement. USD800,000 was paid in April 2025 and the remaining USD2,200,000 was paid in December 2025, completing the Company’s USD5 million contribution to these works. No amount remains outstanding.

 

  • PowerChina delivered the EPC proposal and draft EPC contract on 6 February 2024.

 

  • The EPC contract for the Kola Project with PowerChina was signed in Brazzaville in the presence of the RoC Minister of Mines and Geology on 19 November 2024.

 

  • The EPC is a fixed price contract worth USD1.929 billion. This fixed price is of significant benefit to the Company as it minimises the risk of cost overruns for the Company. The EPC also includes provisions for penalties in the event of delayed completion and non-compliance to performance metrics. The EPC remains subject to Financial Close.

 

  • To accelerate progress during the financing process, Kore Potash and PowerChina have committed to an Early Works Agreement, which forms part of the EPC and is targeted to be completed within 6 months of signing. Kore Potash paid a further USD5 million to PowerChina in April 2025, separate from its contribution to the design and engineering works described above, as part of the total EPC Contract Price to undertake supplementary geological work, consisting of drilling at the shaft works and marine works locations and additional FEED relating to the mining section shaft works. This will enable construction to commence after Financial Close. In addition, PowerChina will undertake Beneficiation Tests to identify opportunities to improve the plant design or adapt the product specifications. The Beneficiation Tests will be done on existing core samples to confirm the ore grade information provided by Kore Potash and is a condition precedent to the EPC. This is not considered to be a high-risk condition, given that Kore Potash has drilled 50 resource related drill-holes and has completed seismic surveys, the data of which has been assessed by two renowned independent experts as previously announced by the Company on 29 January 2019.

 

  • Entry into the EPC reaffirms the Board of Directors’ strategy for Kore Potash to become one of the lowest cost producers globally for the Brazilian agricultural market and high growth African markets.

 

  • Following signing of the EPC contract, the Company undertook an exercise to optimise the DFS to account for the EPC contract, including updating the Kola production schedule and the forecast financial information

 

  • The results of the Optimised DFS incorporate the most current information available to the Company and have been updated from the DFS and Optimisation Study to ensure compliance with the latest applicable listing rule requirements and other regulatory policies of the ASX and therefore should be considered as superseding the results of both the DFS and the earlier Optimisation Study.

 

  • Unlike the DFS and the Optimisation Study, the Optimised DFS is based on a production period which utilises all Proved and Probable Ore Reserves and only 6% of Inferred Minerals Resources, giving a LoM of 23 years. Optimised DFS was announced on 27 February 2025 with the successful outcomes:

 

  • Capital cost of USD2.07 billion (nominal basis) on a signed fixed price EPC basis, including owner’s costs.
  • Construction period of 43 months.
  • Kola designed with a nameplate capacity of 2.2 million tonnes per annum of MoP.
  • Average MoP production per year of 2.2Mtpa of MoP for total MoP production of 50Mt over a 23-year life of mine.
  • Average cost of MoP delivered to Brazil is USD128/t. Based on an independent MoP market study commissioned by the Company, management considers Kore Potash is projected to become one of the lowest cost producers in the global agricultural market to Brazil.
  • Average annual EBITDA is approximately USD733 million. Kore Potash is projected to continue to enjoy a very high average EBITDA margin of 74%.
  • Key financial metrics, at MoP CFR Brazil pricing averaging USD449/t and on a 90% attributable basis (reflecting Kore’s future holding of 90% and the RoC government 10%):
    • Kola NPV10% (real) post-tax USD1.7 billion
    • IRR 18% (real) on ungeared post-tax basis
  • Kola is designed as a conventional mechanised underground potash mine with shallow shaft access. Ore from underground is transported to the processing plant via an approximately 25.5 km long overland conveyor. After processing, the finished product is conveyed 8.5 km to the marine export facility. MoP is transferred from the storage area onto barges via a dedicated barge loading jetty before being transhipped into ocean-going vessels for export.

 

  • The prior DFS and Optimisation Study disclosures included an additional 20% of Inferred Mineral Resources after the Ore Reserves were depleted.

 

  • Kore Potash considers there is strong potential for the mine plan on which this Optimised DFS is based to be extended beyond 23 years by upgrading a portion of the 340Mt of Inferred Mineral Resources to Measured or Indicated Resources through further exploration during the 23 years of operations.

 

  • On 27 February 2025, the Company also announced a restatement of the Mineral Resource estimate for the Kola deposit.

 

  • This announcement is a restatement of the Mineral Resource estimate for the Kola deposit. The Mineral Resource estimate was originally released by the Company’s wholly-owned subsidiary, Kore Potash Limited, which was formerly listed on the ASX under the ticker “K2P”. The original announcement was entitled “Updated Mineral Resource for the High Grade Kola Deposit” dated 6 July 2017. This announcement contains additional information summarising the material information relating to the Kola Mineral Resource in accordance with ASX Listing Rule 5.8.1. No other material changes have been made to the original announcement.

 

Kola Financing

  • On 10 June 2025 the Company announced that it had signed term sheets for availing the total funding requirement for the Kola Project with OWI-RAMS GmbH. As previously announced, the main focus of the overall financing package has been on enhancing Kore Potash's managerial capacity to deliver on the Kola Project.


  • The Company continues to engage with OWI-RAMS regarding the financial package for the Kola Project, on the basis set out in the previously announced Term Sheets.


  • The appointment of a suitable contract operator and the partnering of an appropriately experienced strategic partner in potash mining and processing, as detailed in the Term Sheets, remain key priorities.


  • In parallel, OWI-RAMS has continued selected workstreams, including engagement with two development finance institutions (the "Potential Financiers") in relation to key components typically required for a project financing package, such as political risk insurance and debt funding. Both of the Potential Financiers have indicated a continued interest in supporting the Kola Project financing and have emphasised the importance of Kore appointing a suitable contract operator and securing an appropriately experienced strategic partner.


  • The contract with UMS Projects, a subsidiary of UMS and the winner of the Owner's Project Team Request for Proposal, has not yet been concluded. The management team is awaiting approval from the Potential Financiers before any contract execution.


  • In addition, regarding post-construction operations, further discussions were held with two new Chinese contractors about a contract operator proposal. This was a requirement of the Potential Financiers to derisk the Kola Project further.

 

 

Early Works

  • During the 2018 Definitive Feasibility Study a French Consortium composed of Technip, Vinci Construction Grands Projets, Egis and Louis Dreyfus Armateurs carried out a metallurgical testing programme at the Saskatchewan Research Council in Saskatoon.


  • The Engineering, Procurement and Construction contract between Kore Potash and PowerChina International Group Limited stipulated a series of Early Works that include validation tests intended to replicate the test results obtained during the DFS stage. This testing programme was intended to validate a potash recovery process composed of four flotation steps with an intermediate re-crushing step.


  • The validation tests were conducted using similar equipment, a Denver MD12 bench scale flotation machine, and the same reagents used in 2018.


  • These tests, carried out at the China ENFI laboratories, produced a combined concentrate grade of 96.91% KCl (61.2% K2O), which is 3.12 percentage points higher than that obtained in 2018. The combined KCl recovery was 83.46%, which is essentially the same figure as that obtained through the metallurgical testwork carried out in 2018 and published on 29 January 2019 within the DFS summary.


  • More importantly, the tests at ENFI produced improved first-pass rougher grades and recoveries, at 96.17% KCl (60.75% K2O) and 85.85% respectively, which compare favourably to the 93.85% KCl and recovery of 78.55% obtained in 2018.


  • A consequence of the improved rougher flotation performance was that the locked-cycle tests stabilised after only two cycles, compared with the eight cycles required in 2018.


  • The results of the validation tests at China ENFI can be summarised as follows: the 2018 results were validated and further improved upon; and the newly acquired data provide input that will be used in further optimising the circuit design to improve efficiency and costs.


  • As the validation tests were the most crucial part of the overall beneficiation tests referred to in the Early Works Agreement with PowerChina, the parties have agreed that the Beneficiation Test condition precedent is now fully satisfied.


  • Shaft and underground mining Front-End Engineering Design work is still ongoing between PowerChina and UMS, and changes are being made to the shaft design because the vertical conveyor system is no longer manufactured by the Contitech Conveyor Belt group, a division of Continental AG. One alternative has been identified but will require some minor redesign.

 

DX Potash Project

  • At present, the Company remains focused on completing the financing of Kola and moving forward to the construction of Kola as soon as possible. The Company is also considering strategic options available for the Dougou Extension project. The DX project and the Dougou deposit have been closely reviewed as part of the Formal Sale Process.

 

 

CONDENSED CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME FOR THE 6 MONTHS ENDED 30 JUNE 2026

 

 

6 months ended

 

6 months ended

 

Year ended

30 June 2026

 

30 June 2025

 

31 Dec 2025

USD

 

USD

 

USD

 

 

Unaudited

 

Unaudited

 

Audited

Operating expenses

Directors’ remuneration

 

 

 

(93,200)

 

 

(133,545)

 

 

(236,871)

Depreciation

 

(451)

 

-

 

(473)

Salaries, employee benefits and consultancy expense

 

 

(175,119)

 

 

(145,374)

 

 

(257,574)

Administration expenses

 

(494,195)

 

(388,794)

 

(894,048)

Operating loss

 

(762,965)

 

(667,713)

 

(1,388,966)

 

Finance income and expenses

 

 

 

 

 

 

Interest income

 

52,448

 

68,527

 

123,971

Interest and finance expenses

 

(1,912)

 

(2,311)

 

(3,989)

Net realised and unrealised foreign exchange gain/(loss)

 

(40,957)

 

166,069

 

283,708

Total finance income and expenses

 

9,579

 

232,285

 

403,690

 

 

 

 

 

 

 

Loss before income tax expense

 

(753,386)

 

(435,428)

 

(985,276)

Income tax income/(expense)

 

-

 

-

 

-

Loss for the period

 

(753,386)

 

(435,428)

 

(985,276)

 

Other comprehensive income/(loss)

 

 

 

 

 

 

Items that may be reclassified subsequently to profit or loss

Exchange differences on translating foreign operations

 

 

 

 

(5,771,656)

 

 

 

 

20,252,180

 

 

 

 

20,911,340

Other comprehensive profit/(loss) for the period

 

 

(5,771,656)

 

 

20,252,180

 

 

20,911,340

Total comprehensive profit/(loss) for the period

 

 

(6,525,042)

 

 

19,816,752

 

 

19,926,064

 

 Loss attributable to:

 

 

 

 

 

 

Owners of the Company

 

(753,355)

 

(434,804)

 

(984,554)

Non-controlling interest

 

(31)

 

(624)

 

(722)

 

 

(753,386)

 

(435,428)

 

(985,276)

Total comprehensive profit/(loss) attributable to:

 

 

 

 

 

 

Owners of the Company

 

(6,525,011)

 

19,817,376

 

19,926,786

Non-controlling interest

 

(31)

 

(624)

 

(722)

 

 

(6,525,042)

 

19,816,752

 

19,926,064

Loss per share

 

 

 

 

 

 

Basic and diluted loss per share (cents per share)

 

(0.01)

 

(0.01)

 

(0.02)

 

 


CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION AS AT 30 JUNE 2026

 

 

 

30 June 2026

USD

 

30 June 2025

USD

 

31 Dec 2025

USD

 

Unaudited

 

Unaudited

 

Audited

ASSETS

 

 

 

 

 

 

Current Assets

 

 

 

 

 

 

Cash and cash equivalents

 

7,543,612

 

3,499,143

 

10,555,176

Trade and other receivables

 

137,707

 

132,587

 

177,676

Total Current Assets

 

7,681,319

 

3,631,730

 

10,732,852

 

Non-Current Assets

 

 

 

 

 

 

Trade and other receivables

 

37,915

 

40,427

 

40,563

Property, plant and equipment

 

385,392

 

417,724

 

400,937

Exploration and evaluation expenditure

 

 

 

194,186,831

 

 

196,123,524

 

 

198,792,413

Total Non-Current Assets

 

194,610,138

 

196,581,675

 

199,233,913

TOTAL ASSETS

 

202,291,457

 

200,213,405

 

209,966,765

 

LIABILITIES

 

 

 

 

 

 

Current Liabilities

 

 

 

 

 

 

Trade and other payables

 

303,385

 

2,739,444

 

453,651

Derivative financial liability

 

-

 

26

 

-

Total Current Liabilities

 

303,385

 

2,739,470

 

453,651

 

Non-Current Liabilities

 

 

 

 

 

 

Total Non-Current Liabilities

 

-

 

-

 

-

TOTAL LIABILITIES

 

303,385

 

2,739,470

 

453,651

 

 

 

 

 

 

 

NET ASSETS

 

201,988,072

 

 

197,473,935

 

 

209,513,114

 

EQUITY

 

 

 

 

 

 

Issued share capital – Ordinary Shares

 

5,175,938

 

4,856,249

 

5,175,938

Reserves

 

257,181,445

 

251,924,083

 

264,193,421

Accumulated losses

 

(59,858,607)

 

(58,741,409)

 

(59,291,159)

Equity attributable to the shareholders of

Kore Potash plc

 

 

 

202,498,776

 

 

 

198,038,923

 

 

 

210,078,200

Non-controlling interests

 

(510,704)

 

(564,988)

 

(565,086)

TOTAL EQUITY

 

201,988,072

 

197,473,935

 

209,513,114

 

 

 

 

 

 

 

 

 


 

 

 

 

 

 

 

 

 

 

 

 

 

CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THE 6 MONTHS ENDED 30 JUNE 2026

 

 

 

 

 

 

 

 

 

Ordinary Shares

USD

Share Premium Reserve

USD

Merger Reserve

USD

Accumulated

Losses

USD

Option Reserve

USD

Foreign Currency

Translation Reserve

USD

Owners of the Parent

USD

Non- controlling Interest

USD

Total Equity

USD

Balance as at 1 Jan 2026

 

5,175,938

71,204,534

203,738,800

(59,291,159)

324,641

(11,074,554)

210,078,200

(565,086)

209,513,114

Loss for the period

 

-

-

-

(753,355)

-

-

(753,355)

(31)

(753,386)

Other Comprehensive (loss)/gain

 

 

 

 

 

 

 

 

 

 

-

-

-

-

-

(5,771,656)

(5,771,656)

-

(5,771,656)

Total Comprehensive (loss)/gain

 

 

 

 

 

 

 

 

 

 

-

-

-

(753,355)

-

(5,771,656)

(6,525,011)

(31)

(6,525,042)

Transactions with owners:

 

 

 

 

 

 

 

 

 

 

Kore Potash Ltd AUS

 

-

-

-

1,240,320

-

(1,240,320)

-

-

-

Acquisition of non-controlling interest

 

-

-

-

(1,054,413)

-

-

(1,054,413)

54,413

(1,000,000)

Issue of Shares

 

-

-

-

-

-

-

-

-

-

Share issue cost

 

-

-

-

-

-

-

-

-

-

Share Based payments

 

-

-

-

-

-

-

-

-

-

Balance at 30 June 2026

 

5,175,938

71,204,534

203,738,800

(59,858,607)

324,641

(18,086,530)

202,498,776

(510,704)

201,988,072

 

 

 

 


 

 

 

 

 

 

 

 

 

 

 


 

 


CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THE 6 MONTHS ENDED 30 JUNE 2025

 

 

 

 

 

 

 

 

 

 

 

Ordinary Shares

USD

Share Premium Reserve

USD

Merger Reserve

USD

Accumulated

Losses

USD

Option Reserve

USD

Foreign Currency

Translation Reserve

USD

Owners of the 

Parent

USD

Non- controlling Interest

USD

Total Equity

USD

Balance as at 1 Jan 2025

 

4,377,870

49,854,531

203,738,800

(58,306,604)

189,705

(31,985,896)

167,868,406

(564,364)

167,304,043

Loss for the period

 

-

-

-

(434,804)

-

-

(434,804)

(624)

(435,428)

Other Comprehensive (loss)/gain

 

 

 

 

 

 

 

 

 

 

-

-

-

-

-

20,252,180

20,252,180

-

20,252,180

Total Comprehensive (loss)/gain

 

 

 

 

 

 

 

 

 

 

-

-

-

(434,804)

-

20,252,180

19,817,376

(624)

19,816,752

Transactions with owners:

 

 

 

 

 

 

 

 

 

 

Issue of Shares

 

478,379

10,006,202

-

-

-

-

10,484,581

-

10,484,581

Share issue cost

 

-

(266,377)

-

-

-

 

(266,377)

 

(266,377)

Share Based payments 

 

-

-

-

-

134,936

-

134,936

-

134,936

Balance at 30 June 2025

 

4,856,249

59,594,356

203,738,800

(58,741,408)

324,641

(11,733,716)

198,038,923

(564,988)

197,473,935

 

 

 

 

 

 

 

 

 

 

 



















 

 

 

 

 

 

CONDENSED CONSOLIDATED STATEMENT 

OF CHANGES IN EQUITY (CONTINUED)

 

 

 

 

Consolidated Entity

 

 

 

 

Ordinary Shares

Share-Based Payments Reserve

Share Premium Reserve

Foreign Currency Translation Reserve

Merger Reserve

Accumulated Losses

Equity Attributable to the Shareholders of Kore Potash plc

Non-Controlling Interest

Total

Equity

 

 

USD

USD

USD

USD

USD

USD

USD

USD

USD

Balance at 01 January 2025

 

4,377,870

189,706

49,854,531

(31,985,896)

203,738,800

(58,306,605)

167,868,407

(564,364)

167,304,043

 

 

 

 

 

 

 

 

 

 

 

Loss for the period 

 

-

-

-

-

-

(984,554)

(984,554)

(722)

(985,276)

Other comprehensive income for the year

 

-

-

-

 

20,911,340

 

-

 

-

 

20,911,340

 

-

 

20,911,340

Total comprehensive (loss)/income for the year

 

-

-

-

20,911,340

-

(984,554)

19,926,786

(722)

19,926,064

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Transactions with shareholders

 

 

 

 

 

 

 

 

 

 

Options expired

 

-

-

-

-

-

-

-

-

-

Share issues

 

798,068

-

21,852,653

-

-

-

22,650,721

-

22,650,721

Share issue expenses

 

-

-

(502,650)

-

-

-

(502,650)

-

(502,650)

Share based payments

 

-

134,936

-

-

-

-

134,936

-

134,936

Balance at 31 December 2025

 

5,175,938

324,641

71,204,534

(11,074,554)

203,738,800

(59,291,159)

210,078,200

(565,086)

209,513,114

 

 

 

 

 

 

 

 

 

 

 

 


 

 


 

CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE 6 MONTHS ENDED 30 JUNE 2026

 

 

6 months ended

30 June 2026

 

6 months ended

30 June 2025

 

Year ended

31 Dec 2025

USD

 

USD

 

USD

 

 

Unaudited

 

Unaudited

 

Audited

Cash Flows from Operating Activities

 

 

 

 

 

 

Payments to suppliers and employees

 

(857,896)

 

(835,158)

 

(1,838,111)

Net cash flows (used in) operating activities

 

 

(857,896)

 

 

(835,158)

 

 

(1,838,111)

 

Cash Flows from Investing Activities

 

 

 

 

 

 

Payments for plant and equipment

 

(14,100)

 

(67,202)

 

(73,060)

Payments for exploration and evaluation

 

(1,158,309)

 

(7,407,571)

 

(11,450,343)

Interest received

 

52,448

 

68,527

 

123,971

Net cash flows (used in) investing activities

 

 

(1,119,961)

 

 

(7,406,246)

 

 

(11,399,432)

 

Cash Flows from Financing Activities

 

 

 

 

 

 

Proceeds from issue of shares

 

-

 

10,484,581

 

22,650,721

Acquisition of non-controlling interest in SPSA

 

(1,000,000)

 

-

 

-

Payment for share issue costs

 

-

 

(266,377)

 

(502,650)

Net cash flows (used in) / generated from financing activities

 

 

(1,000,000)

 

 

10,218,204

 

 

22,148,071

 

Net increase / (decrease) in cash and cash

 

 

 

 

 

 

Equivalents

 

(2,977,857)

 

1,976,800

 

8,910,528

Cash and cash equivalents at beginning of Period

 

 

10,555,176

 

 

1,339,321

 

 

1,339,321

Foreign currency differences

 

(33,707)

 

183,022

 

305,327

Cash and Cash Equivalents at Period End

 

          

7,543,612

 

          

3,499,143

 

 

10,555,176

 

 

 

 

 

 

 

 


 

 

 

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.

 

This announcement has been approved for release by the Board of Kore Potash.

 

ENDS

 

 

 

For further information, please visit www.korepotash.com or contact:

 

Kore Potash

André Baya, CEO

Andrey Maruta, CFO

 

Tel: +44 (0) 203 733 2169

Tavistock Communications

Nick Elwes 

Emily Moss

 

Tel: +44 (0) 20 7920 3150

SP Angel Corporate Finance – Nomad and Joint Broker 

Ewan Leggat

Charlie Bouverat

Jen Clarke

 

Tel: +44 (0) 20 7470 0470

Shore Capital – Joint Broker Toby Gibbs

James Thomas

 

Tel: +44 (0) 20 7408 4050

Questco Corporate Advisory – JSE Sponsor

Doné Hattingh

Tel: +27 (78) 286 9556

 

 

 

  Forward-Looking Statements

This report 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.

 

 

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Companies

Kore Potash (KP2)
UK 100

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