Review of Operations - Quarter ended 30 Sept 2025
Kore Potash PLC released its quarterly update for the period ended 30 September 2025. Early works have commenced for the Kola Project, involving sample preparation from cores shipped to China. The Environmental and Social Impact Assessment is being updated due to design optimisations introduced by PowerChina. On July 29, 2025, the company issued 500 CDIs to close the Cleansing Prospectus. As of September 30, 2025, the company held approximately US$2.13 million in cash. The company invested US$1,002,000 in exploration during the quarter, with US$999,000 allocated to the Kola Study and US$3,000 to the DX DFS Study.
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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
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.
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.
Table 1: Schedule of mining tenements (Republic of Congo)
| Project & Type | Tenement Issued | Company Interest | Title Registered to | |||
|---|---|---|---|---|---|---|
| Kola Mining | Decree 2013-412 of 9 August 2013 | 100% potassium rights only | Kola Potash Mining S.A. | |||
| Dougou Mining | Decree 2017-139 of 9 May 2017 Revised Decree No 2021-389 of 2 August 2021 | 100% potassium rights only | Sintoukola Potash S.A. | |||
| KOLA SYLVINITE DEPOSIT | ||||||
| Gross | Net Attributable (90% interest) | |||||
| 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 + Indicated | 508 | 35.4 | 179.7 | 457 | 35.4 | 161.7 |
| 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) | |||||
| 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 |
| DOUGOU EXTENSION SYLVINITE DEPOSIT (HWSS and TSS) | ||||||
| Gross | Net Attributable (90% interest) | |||||
| 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 + Indicated | 28 | 29.9 | 8.3 | 25 | 29.9 | 7.5 |
| 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) | |||||
| 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 |
| DOUGOU CARNALLITE DEPOSIT | ||||||
| Gross | Net Attributable (90% interest) | |||||
| 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 + Indicated | 1,068 | 20.6 | 220.2 | 961 | 20.6 | 198.2 |
| 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) | |||||
| 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 + Indicated | 783 | 18.1 | 142.0 | 705 | 18.1 | 127.8 |
| 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
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