Kore Potash
KP2 · AIM · Basic Resources · mcap £195m · 3.6p 4 open situations →
Open · 4
Possible offer
- 11 Sep 2026 approach
- 30 Jan 2026 approach · 2.9p
- 4 Nov 2025 sale process
Kola Potash financing and early works
Follows from Formal sale process – Two parties engaged; no price or offerLed to Going concern and funding gap – Cash US$7.54m at 30 June 2026
The Government confirmed the Ministry of Finance will hold the 10% of DPM and KPM, and the legal process has begun. The new Mining Law (Law No. 01-2026), signed 18 April 2026, has been promulgated. The Mining Convention has a stabilisation provision, and Kore is engaging with the Government on how the Convention applies. A new Minister of Mines, Fiacre Opo, replaced Pierre Oba after the March 2026 elections.
- Status
- Legal process initiated in RoC 11 Sep 2026 ↗
- Next milestone
- New Mining Code expected to be promulgated in Q2 2026
- Holder
- Ministry of Finance to hold the 10% of DPM and KPM 11 Sep 2026 ↗
- Mining Law
- Law No. 01-2026 signed 18 April 2026 and promulgated in the Journal Officiel 11 Sep 2026 ↗
- Convention
- Stabilisation provision protects rights from later laws; Company engaging with Government on application 11 Sep 2026 ↗
- New minister
- Fiacre Opo replaced Pierre Oba as Minister of Mines after the March 2026 election 11 Sep 2026 ↗
Next: clarity on how the Mining Convention applies under the new Mining Law
- 11 Sep 2026 Financing unsigned; shaft FEED redesign continuing
- 28 Jul 2026 Financing unsigned; shaft FEED redesign continuing
- 30 Apr 2026 Early works progressing; financing still unsigned
- 25 Mar 2026 Early works progressing; financing still unsigned
Formal sale process
Led to Kola Potash financing and early works – Financing unsigned; shaft FEED redesign continuingLed to Kola Potash financing and early works – Financing unsigned; shaft FEED redesign continuing
Kore began a formal sale process on 4 November 2025 after approaches from two parties. One suspended its interest on 27 February 2026. A new party approached on 8 June 2026, so two are again engaged. The half-year report of 11 September 2026 confirms both remain engaged; no price or firm offer is stated. The Dougou Extension project has been reviewed within the process.
- Bidders
- Original party continuing due diligence; new party approached 8 June 2026; both engaged at report approval date 11 Sep 2026 ↗
- Price
- Not stated; no firm offer 11 Sep 2026 ↗
- Started
- Formal Sale Process announced 4 November 2025 11 Sep 2026 ↗
- Alternative
- Kore may continue trading on AIM, ASX and JSE as an independent entity
- Government view
- Minister of Mines aware of the FSP and expressed continuing support for the Company and Kola
- Suspended
- One party suspended interest on 27 February 2026 for internal reasons 11 Sep 2026 ↗
Next: outcome of due diligence by the two engaged parties
- 11 Sep 2026 Two parties engaged; no price or offer
- 28 Jul 2026 Two parties in process after new entrant
- 30 Apr 2026 One bidder remains in due diligence
- 25 Mar 2026 One bidder left, in due diligence
Going concern and funding gap
The 2025 audited results carry a going-concern warning because forecast liquidity is insufficient to 31 March 2027. Cash fell from US$10.56m at year-end to c.US$8.3m at 31 March 2026. The half-year report shows US$7,543,612 at 30 June 2026. Funding depends on Financial Close and on raising additional capital.
- Cash
- USD7,543,612 at 30 June 2026, from USD10,555,176 at 31 December 2025 11 Sep 2026 ↗
- Forecast
- Insufficient liquidity to end of going concern period, March 2027 11 Sep 2026 ↗
- Funding need
- Raise funds in Q1 2027 for working capital 11 Sep 2026 ↗
- Dependency
- Financial Close and additional funds until production starts 11 Sep 2026 ↗
Next: raise funds in Q1 2027 for working capital
- 11 Sep 2026 Cash US$7.54m at 30 June 2026
- 28 Jul 2026 Cash down to c.US$7.5m
- 30 Apr 2026 Cash falling; funding still needed
- 25 Mar 2026 Forecast shows liquidity shortfall by March 2027
Company filings. Not investment advice.