Review of Operations - Quarter ended 31 Dec 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 31 December 2025 (the "Quarter").

Quarterly Highlights

Projects

• In the course of the Early Works Agreement ("EWA"), PowerChina International Group Limited ("PowerChina") and Kore Potash completed beneficiation tests in China in the presence of an independent Canadian potash expert, to the satisfaction of all parties.
• Also pursuant to the EWA, a subcontractor appointed by PowerChina completed engineering surveys, geophysical tests and geotechnical tests around the main and ventilation shafts in the RoC.
• Mobilization for marine drilling work around the jetty area started in December 2025. The Company received the RoC Government approvals to start work in January 2026.
• Initiated earlier in 2025, the update of the Environmental and Social Impact Assessment ("ESIA") slowed down during the last quarter while some design modifications are being considered which could impact the Relocation Action Plan ("RAP").

Corporate

• On 4 November 2025, the Company announced that it had commenced a FSP. Kore Potash announced that it had received approaches from two parties, each of which are evaluating the possible acquisition of the entire issued, and to be issued, share capital of the Company.
• Since then, the FSP has continued, including site visits and the conduct of due diligence. Further announcements will be made as appropriate.
• Successful completion of c.US$12.2 million fundraise announced on 20 November 2025.
• Lodgement of the cleansing prospectus on 21 November 2025 to remove any on-sale restrictions in relation to the shares to be issued pursuant to the Company's c.US$12.2 million placement.
• As of 31 December 2025, the Company held c.US$10.5 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 GMHB ("OWI-RAMS"). 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.

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 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 the United Mining Services Group ("UMS"), the winner for the Owner's Project Team Request for Proposal, has not yet been concluded. The Kore Potash management team is awaiting approval from the Potential Financiers before any contract execution.

KOLA PROJECT

Environmental and Social Impact Assessment ("ESIA")

Initiated earlier in 2025, the update of the ESIA for the Kola Project was necessitated by design optimisations introduced by PowerChina. The process went through a collection of updated environmental baseline data which was completed early October 2025 by consulting firms SRK, FFMES and ELINA.

On the other hand, social baseline data collection by Synergy and ELINA was intentionally left incomplete in October as it was understood that a new investor might request some design modifications which could impact the RAP, essential to the subsequent Déclaration d'Utilité Publique ("DUP"). The DUP is a RoC Government-led exercise, prerequisite for land acquisition by the Company.

It should be noted that this hiatus is just a short-term pause. All ESIA activities are due to resume in April 2026.

In the meantime, the Terms of Reference for the ESIA update were submitted in December 2025 to the Congolese Ministry of Environment.

Congo Government Relations

The announcement of the FSP was communicated to the Minister of Mines of the RoC who expressed his full support. He reiterated his desire to see job creation in the Province of Kouilou where the Kola Project is situated.

The Company is still awaiting formal instructions from the RoC authorities as to the Government-owned entity that will hold the Government's 10% free carry stake. A formal reminder was sent to that effect.

Early Works

In the course of the EWA, successful beneficiation tests were made in China in the presence of a Canadian potash expert appointed by Kore Potash. The confirmation and reproducibility of previous test results proved reassuring to all Engineering, Procurement and Construction ("EPC") contract parties. These tests were also aimed at fine-tuning the process plant design.

Still in the context of the EWA, Chonfar Engineering, a subcontractor appointed by PowerChina completed Engineering Surveys, Geophysical tests and Geotechnical tests around the main and ventilation shafts.

This exercise was aimed at ascertaining the lithology and structure of the surrounding rock formations of the shaft from an engineering viewpoint with special emphasis on rock integrity, geological structure, fault fractures, development and characteristics of joints and fissures, adverse geology and any weak interlayers.

Through drilling, borehole pumping test and hydrological observation, the hydrogeological conditions of the future shaft were fully defined including the number of aquifer layers, water volume, shaft-boring conditions, groundwater level, water yield, permeability coefficient, underground water quality and temperature.

The collection of rock, soil and water samples and an array of analytical tests, combined with geological data from field drilling observations completed the overview needed to progress the ongoing Front End Engineering Design ("FEED") of the shaft and underground mine, undertaken together by PowerChina and UMS Group of South Africa.

Maritime drilling and bathymetric studies in the area surrounding the future jetty is progressing according to plan. An offshore drilling platform was mobilized in December 2025 to carry out 18 offshore and intertidal drill holes. Bathymetric studies will cover some 129 hectares of sea area and topographic studies essential to jetty design will cover another 15 hectares of the coastline. The RoC Government approvals to start work was received in January 2026.

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. The DX project and Dougou deposit have however been closely reviewed as part of the FSP.

Corporate

As highlighted in the Company's announcement on 10 June 2025 regarding the non-binding term sheet entered related to the project financing for the Kola Project, a high priority for Kore Potash is the need to find a suitable contract operator solution and a strategic partner with appropriate potash mining and processing experience. Given this need, Kore Potash has commenced discussions with some potash industry players.

On 4 November 2025, the Company announced that it had commenced a FSP. Kore Potash announced that it had received approaches from two parties, each of which are evaluating the possible acquisition of the entire issued, and to be issued, share capital of the Company.

On 20 November 2025, the Company successfully completed a c.US$12.2 million fundraise via the issue of 319,688,816 new ordinary shares of US$0.001 each in the Company with existing and new shareholders at a price of 2.9 pence per share.

On 21 November 2025, the Company issued a cleansing prospectus for the offer of up to 7,000 CHESS Depositary Interests ("CDIs") in the capital of the Company at an issue price of AUD0.058 per CDI to raise up to AUD406 (before expenses). This cleansing prospectus had been prepared primarily for the purpose of section 708A(11) of the Australian Corporations Act 2001 (Cth) to remove any on-sale restrictions in relation to the shares to be issued pursuant to the Company's c.US$12.2 million placement announced on 20 November 2025.

As at 31 December 2025, the Company held c.US$10.5 million in cash.

There were no mining production or construction activities during the Quarter.

Quarterly cashflow report

The Company invested US$2,953,000 in exploration in the Quarter, which comprised US$2,950,000 related to the Kola Study and US$3,000 for the DX DFS Study. The Company ended the Quarter with c.US$10.5 million in cash.

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

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.

Table 1: Schedule of mining tenements (Republic of Congo)

Competent Persons Statements