Review of Operations - Quarter ended 30 June 2026

Kore Potash (AIM: KP2, ASX: KP2, JSE: KP2, A2X: KP2), the potash development company with 97.46% 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 June 2026 (the "Quarter").

Quarterly Highlights

Projects

• Efforts during the Quarter have been largely focussed on advancing the Formal Sale Process ("FSP").
• Early works had been previously completed but Front-End Engineering Design ("FEED") continued for the underground design due to a change in the supplier of the vertical hoisting system.
• The Environmental and Social Impact Assessment ("ESIA") has been temporarily paused.
• A new Mining Law was signed by President Sassou Nguesso on 18th April 2026 and promulgated in the Journal Officiel (government gazette) as Law No. 01-2026.
• A new Minister of Mines was appointed in a RoC Government reshuffle. Newly appointed Minister Fiacre Opo was previously Director General of Mines, reporting to the previous Minister, Pierre Oba.

Corporate

· On 4 November 2025, the Company announced that it had commenced the FSP. Kore Potash announced that it had received approaches from two parties, each of which was evaluating the possible acquisition of the entire issued, and to be issued, share capital of the Company. On 27 February 2026, the Company was notified by one of the parties in the FSP that it has now decided to suspend its interest in acquiring the Company and was unable to proceed in the FSP for internal reasons. However, the other party referred to above remains engaged in the FSP and is continuing its due diligence exercise. On 8 June 2026, the Company was approached by a new party wishing to participate in the FSP and that party has begun evaluating the possible acquisition of the entire issued, and to be issued, share capital of the Company. Accordingly, two parties are currently engaged in the FSP.

• Kore Potash Limited has been deregistered as an Australian Company, effective 28 June 2026.
• The Company held its AGM on 30 June 2026.
• As at 30 June 2026, the Company held c.US$7.5 million in cash.

André Baya, CEO of Kore Potash, commented:

"Activities in the second quarter have largely focused on progressing the Formal Sales process.

Kola's importance, scale and its geographical location should not be underestimated at a time when the security of the world's food supply remains at the mercy of global disruptions. Kola is a globally significant potash project with a team intent on driving it towards production and making a difference to this.

The remainder of 2026 promises to be a highly significant one for Kore as we look forward to further progressing Kola. I look forward to providing further updates in due course."

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 GmbH ("OWI-RAMS") ("Term Sheets"). 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 UMS, the winner of 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 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.

The 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 Relocation Action Plan ("RAP"), essential to the subsequent Déclaration d'Utilité Publique ("DUP"). The DUP is a RoC Government-led exercise, which is a prerequisite for land acquisition by the Company.

ESIA activities resumed in April 2026 after a six-month hiatus. However, the work could not be completed due to a lack of visibility as to the final design changes to be requested by the new strategic investors. At the end of May 2026, works were suspended to allow finalisation of the FSP process.

RoC Government Relations

Presidential elections took place in the RoC on 15th March 2026 and President Sassou Nguesso was re-elected with over 94% of votes. Thereafter he reshuffled the Government and Minister of Mines, Pierre Oba, was replaced by one of the leading members of his Ministry, namely Mr Fiacre Opo.

Subsequently, Parliament ratified a new Mining Law in April 2026. It was published online on the Journal Officiel website of the RoC Government in late July. Kore believes in the validity of our mining convention which was based on the previous version of the Mining Law but stands firm as it was ratified by Parliament and signed by the President. Furthermore, Kore's convention includes a stabilisation provision which specifically provides that the rights under the convention may not be adversely affected by any laws introduced after the convention was signed.

Notwithstanding, the Company is engaging with the RoC government to ensure there is complete clarity and agreement on the practical application of Kore's convention within the new mining code framework.

The Government has now confirmed that the 10% shareholding of Dougou Potash Mining S.A. ("DPM") and Kola Potash Mining S.A. ("KPM") shall be held by the Ministry of Finance. The legal process has been initiated in the country.

Early Works

During the 2018 Definitive Feasibility Study ("DFS"), a French Consortium ("FC") composed of Technip, Vinci Construction Grands Projects, Egis and Louis Dreyfus Armateurs carried out a metallurgical testing program at the Saskatchewan Research Council ("SRC") in Saskatoon, SK.

The Engineering, Procurement and Construction ("EPC") contract between Kore Potash and PowerChina International Group Limited ("PowerChina") stipulated a series of Early Works that include validation tests intended to replicate the tests results obtained during the DFS stage. This testing program 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 ENFI China laboratories ("ENFI") produced a combined concentrate grade of 96.91% KCl (61.2% K2O) which is 3.12 percentage points higher than what was obtained in 2018. On the other hand, the combined KCl recovery was 83.46%, which is essentially the same figure obtained through 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 recoveries of 78.55% obtained in 2018.

A consequence of the improved rougher flotation performance was the locked-cycle tests stabilising after only two cycles, compared to the eight cycles it took in 2018.

The results of the Validation Tests at China ENFI can thus be summarised as follows:

• 2018 results were validated and further improved upon.
• The newly acquired data provide input that will be used in further optimising the circuit design to improve efficiency and costs.
• As expressed by Mr Carlos Perucca, one of the world-leading experts in potash processing, the tests have "Proved beyond any doubt the optimum metallurgical response of a world-class ore quality".
• 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 FEED work are still ongoing between PowerChina and UMS and changes are being made to the shaft design as the vertical conveyor system is no longer manufactured by the Contitech Conveyor Belt group, which is 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 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

On 4 November 2025, the Company announced that it had commenced the FSP. Kore Potash announced that it had received approaches from two parties, each of which was evaluating the possible acquisition of the entire issued, and to be issued, share capital of the Company. On 27 February 2026, the Company was notified by one of the parties in the FSP that it has now decided to suspend its interest in acquiring the Company and was unable to proceed in the FSP for internal reasons. However, the other party referred to above remains engaged in the FSP and is continuing its due diligence exercise. On 8 June 2026, the Company was approached by a new party wishing to participate in the FSP and that party has begun evaluating the possible acquisition of the entire issued, and to be issued, share capital of the Company. Accordingly, two parties are currently engaged in the FSP.

Kore Potash Limited has been deregistered as an Australian Company, effective 28 June 2026.

The Company held its Annual General Meeting on 30 June 2026.

As at 30 June 2026, the Company held c.US$7.5 million in cash.

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

Quarterly cashflow report

The Company invested US$483,000 in exploration in the Quarter, which comprised US$480,000 related to the Kola Study and US$3,000 for the DX DFS Study. The Company ended the Quarter with c.US$7.5 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. Kore Potash Plc has a 97.46% shareholding in Sintoukola Potash SA ("SPSA") in the RoC. SPSA has 100% ownership of 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

No New Information