Kore Potash (KP2): Kola Potash financing and early works

This situation live

KP2 Kore Potash

£195m · 3.6p · +14% since the first step

31 Oct 2025 · Term sheets signed; early works under way · +3% until the next step Further information on the financing will be provided in due course.

4 Nov 2025 · Funding needed by Nov 2025; alternatives under review · +9% until the next step The Company will continue discussions with the proposed financiers, as well as other potential new equity and debt providers, pending the conclusion of the review and Formal Sale Process.

30 Jan 2026 · Early works progressing; financing unsigned; cash raised · +1% until the next step 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.

2 Mar 2026 · Awaiting instructions; reminder sent · −10% until the next step The Company is still awaiting formal instructions from the RoC authorities as to the RoC Government-owned entity that will hold the Government's 10% free carry stake.

25 Mar 2026 · Early works progressing; financing still unsigned · −5% until the next step Mobilisation for marine drilling work around the jetty area started in December 2025.

30 Apr 2026 · Early works progressing; financing still unsigned · +5% until the next step Completion of the Beneficiation Test condition precedent in the Construction contract.

28 Jul 2026 · Financing unsigned; shaft FEED redesign continuing · +12% until the next step The Kore Potash management team is awaiting approval from the Potential Financiers before any contract execution.

11 Sep 2026 · Ministry of Finance to hold; legal process begun · +0% since 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.

Project milestones

Kola Potash financing and early works

Ministry of Finance to hold; legal process begun

Next: clarity on how the Mining Convention applies under the new Mining Law

Every step · 8

31 Oct 2025 Term sheets signed; early works under way – Further information on the financing will be provided in due course. ↗
4 Nov 2025 Funding needed by Nov 2025; alternatives under review – The Company will continue discussions with the proposed financiers, as well as other potential new equity and debt providers, pending the conclusion of the... ↗
30 Jan 2026 Early works progressing; financing unsigned; cash raised – 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... ↗
2 Mar 2026 Awaiting instructions; reminder sent – The Company is still awaiting formal instructions from the RoC authorities as to the RoC Government-owned entity that will hold the Government's 10% free... ↗
25 Mar 2026 Early works progressing; financing still unsigned – Mobilisation for marine drilling work around the jetty area started in December 2025. ↗
30 Apr 2026 Early works progressing; financing still unsigned – Completion of the Beneficiation Test condition precedent in the Construction contract. ↗
28 Jul 2026 Financing unsigned; shaft FEED redesign continuing – The Kore Potash management team is awaiting approval from the Potential Financiers before any contract execution. ↗
11 Sep 2026 Ministry of Finance to hold; legal process begun – 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. ↗

What is happening

Kore Potash: Kola Potash financing and early works – Ministry of Finance to hold; legal process begun. ['Ministry of Finance to hold; legal process begun']

In short: 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.
Announced: 31 Oct 2025 · Term sheets signed; early works under way
Latest: 11 Sep 2026 · Financing unsigned; shaft FEED redesign continuing
Status: Legal process initiated in RoC
Next milestone: New Mining Code expected to be promulgated in Q2 2026
Holder: Ministry of Finance to hold the 10% of DPM and KPM
Mining Law: Law No. 01-2026 signed 18 April 2026 and promulgated in the Journal Officiel
Convention: Stabilisation provision protects rights from later laws; Company engaging with Government on application
New minister: Fiacre Opo replaced Pierre Oba as Minister of Mines after the March 2026 election

What comes next

clarity on how the Mining Convention applies under the new Mining Law.

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Also at Kore Potash 3 open

Takeover targetPossible offer – approach Sale process / strategic reviewFormal sale process – Two parties engaged; no price or offer Balance-sheet stress / refinancingGoing concern and funding gap – Cash US$7.54m at 30 June 2026 Kore Potash – company page →