TIDMKP2

RNS Number : 9135U

Kore Potash PLC

31 March 2023

31 March 2023

Kore Potash Plc

("Kore Potash" or the "Company")

("Group" refers to Kore Potash Plc and its subsidiaries)

Financial Results for Year Ended 31 December 2022

Kore Potash, the potash development company with 97%-ownership of the Kola and DX Potash Projects in the Sintoukola Basin, located within the Republic of Congo ("RoC"), today reports its audited financial results and operational highlights for the year ended 31 December 2022 (the "Period").

The full financial report including its Corporate Governance Statement is available online at the Company's website at https://korepotash.com/wp-content/uploads/2023/03/Kore_Potash_plc_Annual_Report_2022.pdf The financial statements contained within this announcement should be read in conjunction with the notes contained within the full financial report.

Highlights

-- On 1 April 2022, the Company announced it had received the Optimisation Study on the Kola Project.

-- The detailed review of the Study was completed, and the outcomes of the Study announced to shareholders on 27 June 2022.

-- On 28 June 2022, the Company announced it had signed a Head of Agreement ("HoA") for the construction of Kola.

-- On 19 October 2022, the Company announced receipt of correspondence from the Minister of Mines of the RoC on 12 October 2022 expressing discontent with the progress towards construction of the Kola Project and providing the Company 30 days within which to respond. The letter was received following the arrest and subsequent release, without charge, of two senior employees of the Company by the RoC police. Neither the employees nor the Company have been informed of the reason for the arrests.

-- The Company provided a response to the Minister on 11 November 2022. On 17 December 2022, the Company met in person with the Minister, and the discussion included a further update on the progress towards financing Kola. At the end of the meeting the Minister expressed his thanks for how the Company responded to his most recent letter and assured the Company of his and the RoC Government's ongoing support for Kore Potash and to develop the Kola Project.

-- Since this time the Company has held multiple meetings with the Minister of Mines and is assured that the Company has and will continue to have his full support and that the Company's tenements in the RoC remain in good standing.

-- Subsequent to the end of the period on the 24 January 2023, the Company announced the updated Dougou Extension PFS and Production Target.

Brad Sampson, Chief Executive of Kore Potash, commented: "During 2022, the Company continued to make tangible progress towards the financing of the Kola Project.

Engagement with the Summit Consortium following the successful completion of the Optimisation Study is progressing towards finalisation of construction contract terms and the provision of financing for the full construction cost of the Kola Project.

Global events continue to reinforce the importance of potash in the production of food and the need for the development of new potash projects outside the traditional northern hemisphere potash production regions.

Our potash projects stand out globally. With very high in situ quality, significant resources and a beneficial location, we believe the Sintoukola Basin is one of the most promising undeveloped potash regions in the world. It has the potential to produce Muriate of Potash needed by farmers around the world for generations."

Summary of financials

-- During the Period, the Group's Total Comprehensive Loss was USD 10,174,361 (2021: Loss USD 13,470,876), and the Group experienced net cash outflows from operating and investing activities of USD 5,744,285 (2021: USD 7,499,811 million). Cash and cash equivalents totalled USD 5,046,629 as at 31 December 2022 (2021: USD 11,092,509).

-- Group net assets decreased in the year to USD 167,650,279 (2021: USD 1 77,419,886 ). This was primarily driven by a USD 5,064,934 increase in exploration expenditure capitalised offset by a USD 8,949,642 reduction in the capitalised exploration costs due to the strengthening of the USD against the currency of the RoC.

-- The Directors prepared a cash flow forecast for the period ending 31 December 2024, which indicates that the Group will not have sufficient liquidity to meet its working capital requirements to the end of the going concern period (March 2024). Note 1 of the financial statements provides more detail on the going concern statement.

-- The company will be required to raise funds before Q4 2023 in order to meet its current planned activities over the next 12 months. The Directors have considered various mitigating actions , which include raising additional capital to enable the Group to continue to fund its working capital requirements. The Directors have identified a number of potential funding options available to the Group.

Kola Potash Project

-- The Company signed a non-binding Memorandum of Understanding with Summit, on behalf of a consortium of investors and engineering firms on 6 April 2021, to arrange the total financing required for the construction of Kola, in the presence of the Minister of Mines of the RoC and his key staff in Brazzaville.

   --      The Summit Consortium includes: 

o BRP Global, headquartered in Abu Dhabi, who will provide royalty financing in conjunction with product offtake.

o SEPCO Electric Power Construction Corporation ("SEPCO") , an international engineering and construction group headquartered in Jinan, China and with offices in Dubai which is a wholly owned subsidiary of Power Construction Corporation of China ("Power China"). SEPCO will be the Engineering Procurement and Construction ("EPC") contractor for Kola within the Summit Consortium. SEPCO has significant construction experience globally across a range of industries, including power, oil and gas chemical, energy-reduction and environmental protection and infrastructure projects. SEPCO has completed major construction projects in 25 countries, including 44 EPC contracts in 11 countries with seven of these in Africa, in addition to its construction capability, SEPCO will also assist in arranging the debt financing: and

o China ENFI Engineering Corporation ("ENFI"), subcontracted by SEPCO and headquartered in Beijing, is a significant engineering group with specific mining, processing, and potash experience. ENFI is a mining technology leader in China and has provided technical services for the design and construction of more than 400 mining operations around the world. ENFI's potash specific experience includes design and construction of an underground potash mine in southeast Asia.

-- During the period, the Summit Consortium completed the Optimisation Study with the successful outcomes:

o Capital cost reduced by USD 520 million to USD 1.83 billion on an EPC basis compared to the Definitive Feasibility Study ("DFS") capital cost of USD 2.35 billion on an equivalent EPC basis.

o Construction period reduced to 40 months from the DFS construction period of 46 months.

o Key financial metrics improved on DFS outcomes (at potash pricing averaging USD 360/tonne unchanged from the DFS):

-- Kola NPV(10) post tax improved to USD 1.623 billion

-- IRR improved to 20% on ungeared post tax basis

o At a potash price of USD 1000/t Muriate of Potash ("MoP") CFR Brazil (less than potash price of approximately USD 1100/t MoP CFR Brazil when announced in June 2022) the Kola financial metrics improve to:

-- NPV(10) post tax USD 9.354 billion

-- IRR of 49% on ungeared post tax basis

o Designed with a nameplate production capacity of 2.2Mtpa of MoP.

o MoP production scheduled over an initial 31 year project life.

o Designed as a conventional mechanised underground potash mine with shallow shaft access. Ore from underground is transported to the process plant via an overland conveyor approximately 25 km long. After processing, the MoP product is conveyor transported 11 km to the marine export facility. MoP is conveyed from the storage area onto barges via the dedicated barge loading jetty and then trans-shipped into ocean going vessels for export.

-- On 28 June 2022, Kore Potash signed a HoA for the construction in the presence of the Minister of State and Minister of Mining Industry and Geology of the RoC, Mr Pierre Oba.

The HoA confirms the timeline for SEPCO to complete their discussions with Kore Potash ahead of presenting the Company an EPC contract proposal for Kola. It also provides additional clarity on matters that SEPCO are required to finalise in advance of presenting Kore Potash with the construction contract proposal.

The HoA provides for:

o Kola to be designed and constructed as a conventional underground potash mine and processing plant producing up to 2.2 Mtpa of granular MoP over an initial 31 year life.

o The granular MoP produced will be at a minimum quality of 95.3% KCI in line with international standards.

o The capital cost to construct will be USD 1.83 billion and the construction period will be 40 months.

o During the preconstruction engineering design phase, the HoA provides SEPCO with an opportunity to adjust the costs related to the underground mine portion of the works. SEPCO's current capital cost is based in part upon information collected during the DFS Study phase, some of which SEPCO continues to review. Should the final agreed quantities of materials and labour or the underground construction period differ materially from the baseline, SEPCO will be able to adjust proportionately. The underground portion of the works (excluding equipment and infrastructure) is currently estimated as USD 164 million, which represents 9% of the total capital cost.

o SEPCO will also be able to adjust the capital cost if the Chinese RMB or Congolese FCFA currency exchange rates to the US dollar vary materially prior to commencement of the works. In such circumstance only the cost of affected works or components may be adjusted.

-- On 10 October 2022, Kore Potash announced that SEPCO had delivered the EPC proposal for Kola. The EPC proposal was approved for presentation to Kore Potash by the Boards of SEPCO, and its parent company, Power China.

The EPC proposal reflects the capital cost and construction timeline reported in the Optimisation Study and the terms agreed to in the HoA. The EPC proposal includes an EPC Agreement which details the contractual terms in a format congruent with the FIDIC Silver book (2nd Edition, 2017) conditions of contract.

The contractual terms are being finalised prior to acceptance of the EPC. Kore Potash and SEPCO are in dialogue to complete this process. The Company notes that it may transpire that SEPCO will require further SEPCO and Power China Board approvals prior to the finalisation of the contractual terms.

DX DFS

-- Subsequent to the Period, the Company released its update on the DX PFS and Production Target on 24 January 2023.The Company reported the following highlights:

o Production Target of 15.5Mt sylvinite at a grade of 30.63 % KCl demonstrates initial project life of 12 years at a production rate of 400,000 tpa MoP.

o Production Target based on Proven and Probable Ore Reserves and 13% of the Inferred Mineral Resources that represents 30% of the life of project MoP production.

o NPV(10) (real) of USD 275 million and 27% IRR on a real post tax basis at life of project average granular MoP price of USD 450/t.

o Approximately 2.9 years post-tax payback period from first production.

o Proven and Probable Ore Reserve of 9.31 Mt sylvinite at an average grade of 35.7% KCl.

o Mineral Resource of 129 Mt at an average grade of 24.9% KCl.

o Higher confidence in the distribution of Sylvinite within the Top Seams and improved understanding of the Sylvinite/Carnallite boundary within the Hanging Wall Seam.

The financial statements below should be read in conjunction with the notes contained within the full financial report which is available online at the Company's website at https://korepotash.com/wp-content/uploads/2023/03/Kore_Potash_plc_Annual_Report_2022.pdf

STATEMENTS OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME

FOR THE YEARED 31 DECEMBER 2022

 
                                                                                                                  Parent               Consolidated Entity 
                                                                                                          Dec 2022      Dec 2021      Dec 2022      Dec 2021 
Continuing operations                                                                                        USD          USD           USD           USD 
 
Other Revenue                                                                                              1,092,147       834,158             -             - 
 
Directors' remuneration                                                                                    (814,597)     (743,353)     (418,962)     (440,853) 
Equity compensation benefits                                                                                 (9,412)      (34,596)       (9,412)      (34,596) 
Salaries, employee benefits and consultancy 
 expense                                                                                                   (890,518)   (1,113,966)     (293,292)     (687,623) 
Credit loss provision                                                                                              -             -             -             - 
Administration expenses                                                                                    (542,146)     (850,424)     (546,507)     (675,174) 
Interest income                                                                                               66,956        14,698        66,956        14,709 
Interest and finance expenses                                                                                (3,935)       (4,365)       (3,935)       (4,708) 
Net realised and unrealised 
 foreign exchange losses                                                                                   (308,801)     (112,951)     (308,801)     (112,951) 
                                                                                                         -----------  ------------  ------------  ------------ 
Loss before income tax expense                                                                           (1,410,306)   (2,010,799)   (1,513,953)   (1,941,196) 
 
Income tax                                                                                                         -             -             -             - 
                                                                                                         -----------  ------------  ------------  ------------ 
Loss for the year                                                                                        (1,410,306)   (2,010,799)   (1,513,953)   (1,941,196) 
                                                                                                         ===========  ============  ============  ============ 
 
Other comprehensive income/(loss) 
Items that may be classified subsequent 
 to profit or loss 
Exchange differences on translating 
 foreign operations                                                                                                -             -   (8,660,408)  (11,529,680) 
                                                                                                         -----------  ------------  ------------  ------------ 
Other comprehensive income/(loss) for 
 the year                                                                                                          -             -   (8,660,408)  (11,529,680) 
                                                                                                         -----------  ------------  ------------  ------------ 
TOTAL COMPREHENSIVE LOSS FOR THE YEAR                                                                    (1,410,306)   (2,010,799)  (10,174,361)  (13,470,876) 
                                                                                                         ===========  ============  ============  ============ 
 
Loss attributable to: 
Owners of the Company                                                                                    (1,410,306)   (2,010,799)   (1,513,822)   (1,941,196) 
Non-controlling interest                                                                                           -             -         (131)             - 
                                                                                                         ----------- 
                                                                                                         (1,410,306)   (2,010,799)   (1,513,953)   (1,941,196) 
                                                                                                         -----------  ------------  ------------  ------------ 
 
Total comprehensive loss attributable 
 to: 
Owners of the Company                                                                                    (1,410,306)   (2,010,799)  (10,174,230)  (13,470,876) 
Non-controlling interest                                                                                           -             -         (131)             - 
                                                                                                         ----------- 
                                                                                                         (1,410,306)   (2,010,799)  (10,174,361)  (13,470,876) 
                                                                                                         -----------  ------------  ------------  ------------ 
 
Basic and diluted loss per share (cents 
 per share)                                                                                                   (0.04)        (0.06)        (0.04)        (0.06) 
 
 
 

STATEMENTS OF FINANCIAL POSITION

AS AT 31 DECEMBER 2022

 
                                                    Parent                 Consolidated Entity 
                                           Dec 2022       Dec 2021       Dec 2022       Dec 2021 
                                              USD            USD            USD            USD 
CURRENT ASSETS 
Cash and cash equivalents                    4,999,889     10,916,397      5,046,629     11,092,509 
Trade and other receivables                    112,272         88,836        200,251        197,996 
TOTAL CURRENT ASSETS                         5,112,161     11,005,233      5,246,880     11,290,505 
                                         -------------  -------------  -------------  ------------- 
 
NON CURRENT ASSETS 
Trade and other receivables                158,444,734    153,515,625         38,597        107,577 
Property, plant and equipment                        -              -        385,103        482,530 
Exploration and evaluation expenditure               -              -    162,729,194    166,613,902 
Investment in subsidiary                            68             69              -              - 
TOTAL NON CURRENT ASSETS                   158,444,802    153,515,694    163,152,894    167,204,009 
                                         -------------  -------------  -------------  ------------- 
 
TOTAL ASSETS                               163,556,963    164,520,927    168,399,774    178,494,514 
                                         -------------  -------------  -------------  ------------- 
 
CURRENT LIABILITIES 
Trade and other payables                       396,982        356,882        749,469      1,074,602 
Derivative financial liability                      26             26             26             26 
                                         -------------  -------------  -------------  ------------- 
TOTAL CURRENT LIABILITIES                      397,008        356,908        749,495      1,074,628 
                                         -------------  -------------  -------------  ------------- 
 
TOTAL LIABILITIES                              397,008        356,908        749,495      1,074,628 
                                         -------------  -------------  -------------  ------------- 
 
NET ASSETS                                 163,159,955    164,164,019    167,650,279    177,419,886 
                                         =============  =============  =============  ============= 
 
EQUITY 
Contributed equity - Ordinary 
 Shares                                      3,420,177      3,375,494      3,420,177      3,375,494 
Reserves                                   172,999,244    172,642,133    221,586,467    230,029,754 
Accumulated losses                        (13,259,466)   (11,853,608)   (56,793,651)   (55,422,779) 
                                         -------------  -------------  -------------  ------------- 
EQUITY ATTRIBUTABLE TO OWNERS 
 OF THE COMPANY                            163,159,955    164,164,019    168,212,993    177,982,469 
Non-controlling interests                            -              -      (562,714)      (562,583) 
                                         -------------  -------------  -------------  ------------- 
TOTAL EQUITY                               163,159,955    164,164,019    167,650,279    177,419,886 
                                         =============  =============  =============  ============= 
 

STATEMENTS OF CHANGES IN EQUITY

FOR THE YEARED 31 DECEMBER 2022

 
Consolidated                                                                                       Equity 
Entity                                                                                          Attributable 
                                                                                                   to the 
                                                       Foreign                                  Shareholders 
                           Share-Based    Share        Currency                                    of Kore 
                Ordinary     Payments     Premium    Translation     Merger      Accumulated       Potash      Non-Controlling      Total 
                  Shares     Reserve      Reserve      Reserve       Reserve        Losses           plc           Interest         Equity 
                   USD         USD         USD           USD           USD           USD            USD              USD             USD 
                ---------  -----------  ----------  -------------  -----------  -------------  --------------  ---------------  -------------- 
Balance at 
 1 January 
 2021           2,451,768    9,866,536  32,004,080    (7,093,823)  203,738,800   (62,743,176)     178,224,185        (562,583)     177,661,602 
 
Loss for the 
 period                 -            -           -              -            -    (1,941,196)     (1,941,196)                -     (1,941,196) 
Other 
 comprehensive 
 loss for the 
 year                   -            -           -   (11,529,680)            -              -    (11,529,680)                -    (11,529,680) 
                ---------  -----------  ----------  -------------  -----------  -------------  --------------  ---------------  -------------- 
Total 
 comprehensive 
 loss for the 
 year                   -            -           -   (11,529,680)            -    (1,941,196)    (13,470,876)                -    (13,470,876) 
                ---------  -----------  ----------  -------------  -----------  -------------  --------------  ---------------  -------------- 
 
Transactions 
with 
shareholders 
Cancellation 
 of 
 options                -  (6,015,412)           -              -            -      6,015,412               -                -               - 
Conversion of 
 performance 
 rights             6,024    (446,583)      51,772              -            -        446,583          57,796                           57,796 
Cancellation 
 of 
 performance 
 rights                 -  (2,799,598)           -              -            -      2,799,598               -                -               - 
Share issues      917,702            -  13,108,861              -            -              -      14,026,563                -      14,026,563 
Share issue 
 costs                  -            -   (958,742)              -            -              -       (958,742)                -       (958,742) 
Share based 
 payments               -      103,543           -              -            -              -         103,543                -         103,543 
                ---------  -----------  ----------  -------------  -----------  -------------  --------------  ---------------  -------------- 
Balance at 31 
 December 
 2021           3,375,494      708,486  44,205,971   (18,623,503)  203,738,800   (55,422,779)     177,982,469        (562,583)     177,419,886 
                =========  ===========  ==========  =============  ===========  =============  ==============  ===============  ============== 
 
Loss for the 
 period                 -            -           -              -            -    (1,513,822)     (1,513,822)            (131)     (1,513,953) 
Other 
 comprehensive 
 loss for the 
 year                   -            -           -    (8,660,408)            -              -     (8,660,408)                -     (8,660,408) 
                ---------  -----------  ----------  -------------  -----------  -------------  --------------  ---------------  -------------- 
Total 
 comprehensive 
 (loss)/income 
 for 
 the year               -            -           -    (8,660,408)            -    (1,513,822)    (10,174,230)            (131)    (10,174,361) 
                ---------  -----------  ----------  -------------  -----------  -------------  --------------  ---------------  -------------- 
 
Kore Potash 
 ltd 
 SA Divestment          -            -           -      (139,989)            -        138,501         (1,488)                -         (1,488) 
 
Transactions 
with 
shareholders 
Conversion of 
 performance 
 rights                 -      (4,449)           -              -            -          4,449               -                -               - 
Share issues       44,683            -     331,338              -            -              -         376,021                -         376,021 
Share issue 
 costs                  -       11,895           -              -            -              -          11,895                -          11,895 
Share based 
 payments               -       18,327           -              -            -              -          18,327                -          18,327 
                ---------  -----------  ----------  -------------  -----------  -------------  --------------  ---------------  -------------- 
Balance at 31 
 December 
 2022           3,420,177      734,259  44,537,309   (27,423,901)  203,738,800   (56,793,651)     168,212,994        (562,714)     167,650,280 
                =========  ===========  ==========  =============  ===========  =============  ==============  ===============  ============== 
 

STATEMENTS OF CHANGES IN EQUITY

FOR THE YEARED 31 DECEMBER 2022

 
Parent                                  Share         Share 
                        Ordinary    Based Payments    Premium     Merger     Reorganisation  Accumulated      Total 
                          Shares       Reserve        Reserve     Reserve        Reserve        Losses        Equity 
                           USD           USD           USD          USD           USD            USD           USD 
                        ---------  ---------------  ----------  -----------  --------------  ------------  ----------- 
Balance at 01 January 
 2021                   2,451,768        9,866,536  32,004,080  203,738,800    (76,011,124)  (19,104,403)  152,945,657 
 
Loss for the year               -                -           -            -               -   (2,010,799)  (2,010,799) 
                        ---------  ---------------  ----------  -----------  --------------  ------------  ----------- 
Total comprehensive 
 loss for the year              -                -           -            -               -   (2,010,799)  (2,010,799) 
                        ---------  ---------------  ----------  -----------  --------------  ------------  ----------- 
 
Transactions with 
 shareholders 
Conversion of 
 performance 
 rights                     6,024        (446,583)      51,772            -               -       446,583       57,796 
Cancellation of 
 options                        -      (6,015,412)           -            -               -     6,015,412            - 
Cancellation of 
 performance rights             -      (2,799,598)           -            -               -     2,799,598            - 
Share issue               917,702                -  13,108,861            -               -             -   14,026,563 
Share issue costs               -                -   (958,742)            -               -             -    (958,742) 
Share based payments            -          103,543           -            -               -             -      103,543 
                        ---------  ---------------  ----------  -----------  --------------  ------------  ----------- 
Balance at 31 December 
 2021                   3,375,494          708,486  44,205,971  203,738,800    (76,011,124)  (11,853,609)  164,164,018 
                        =========  ===============  ==========  ===========  ==============  ============  =========== 
 
Loss for the year               -                -           -            -               -   (1,410,306)  (1,410,306) 
Total comprehensive 
 (loss)/income for 
 the year                       -                -           -            -               -   (1,410,306)  (1,410,306) 
                        ---------  ---------------  ----------  -----------  --------------  ------------  ----------- 
 
Transactions with 
 shareholders 
Conversion of 
 performance 
 rights                         -          (4,449)           -            -               -         4,449            - 
Share issue                44,683                -     331,338            -               -             -      376,021 
Share issue costs               -           11,895           -            -               -             -       11,895 
Share based payments            -           18,327           -            -               -             -       18,327 
Balance at 31 December 
 2022                   3,420,177          734,259  44,537,309  203,738,800    (76,011,124)  (13,259,466)  163,159,955 
                        =========  ===============  ==========  ===========  ==============  ============  =========== 
 

STATEMENTS OF CASH FLOWS

FOR THE YEAR ENDED 31 DECEMBER 2022

 
 
                                              Parent               Consolidated Entity 
                                      Dec 2022      Dec 2021      Dec 2022      Dec 2021 
                                        USD           USD           USD           USD 
CASH FLOWS FROM OPERATING 
 ACTIVITIES 
Payments to suppliers                  (593,005)   (1,297,463)   (1,151,137)   (1,491,849) 
Payments to employees                  (538,184)     (552,462)      (85,108)     (209,230) 
Net cash (used in) operating 
 activities                          (1,131,189)   (1,849,925)   (1,236,245)   (1,701,079) 
                                    ------------  ------------  ------------  ------------ 
 
CASH FLOWS FROM INVESTING 
 ACTIVITIES 
Payments for plant and equipment               -             -         (633)       (2,216) 
Payments for exploration 
 activities                                    -             -   (4,574,363)   (5,811,225) 
Amounts advanced to related 
 parties                             (4,532,663)   (5,683,153)             -             - 
Interest received                         66,956        14,698        66,956        14,709 
                                    ------------  ------------  ------------  ------------ 
Net cash (used in) investing 
 activities                          (4,465,707)   (5,668,455)   (4,508,040)   (5,798,732) 
                                    ------------  ------------  ------------  ------------ 
 
CASH FLOWS FROM FINANCING 
 ACTIVITIES 
Proceeds from issue of shares                550    14,026,563           550    14,026,563 
Payment for share issue 
 costs                                         -     (958,742)             -     (958,742) 
Net cash provided by financing 
 activities                                  550    13,067,821           550    13,067,821 
                                    ------------  ------------  ------------  ------------ 
 
Net (decrease)/increase 
 in cash & cash equivalents 
 held                                (5,596,346)     5,549,441   (5,743,735)     5,568,010 
 
Cash and cash equivalents 
 at beginning of financial 
 year                                 10,916,397     5,443,551    11,092,509     5,555,000 
Foreign currency differences           (320,162)      (76,595)     (302,145)      (30,501) 
                                    ------------  ------------  ------------  ------------ 
Cash and cash equivalents 
 at end of financial year              4,999,889    10,916,397     5,046,629    11,092,509 
                                    ============  ============  ============  ============ 
 

Market Abuse Regulation

This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 ("MAR"), and is disclosed in accordance with the Company's obligations under Article 17 of MAR.

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

END

For further information, please visit www.korepotash.com or contact:

 
 Kore Potash                       Tel: +27 84 603 6238 
  Brad Sampson - CEO 
 Tavistock Communications          Tel: +44 (0) 20 7920 
  Emily Moss                        3150 
  Adam Baynes 
 SP Angel Corporate Finance -      Tel: +44 (0) 20 7470 
  Nomad and Broker                  0470 
  Ewan Leggat 
  Charlie Bouverat 
 Shore Capital - Joint Broker      Tel: +44 (0) 20 7408 
  Toby Gibbs                        4050 
  James Thomas 
 Questco Corporate Advisory -      Tel: +27 (11) 011 9205 
  JSE Sponsor 
  Doné Hattingh 
 

Forward-Looking Statements

This release contains certain statements that are "forward-looking" with respect to the financial condition, results of operations, projects and business of the Company and certain plans and objectives of the management of the Company. Forward-looking statements include those containing words such as: "anticipate", "believe", "expect," "forecast", "potential", "intends," "estimate," "will", "plan", "could", "may", "project", "target", "likely" and similar expressions identify forward-looking statements. By their very nature forward-looking statements are subject to known and unknown risks and uncertainties and other factors which are subject to change without notice and may involve significant elements of subjective judgement and assumptions as to future events which may or may not be correct, which may cause the Company's actual results, performance or achievements, to differ materially from those expressed or implied in any of our forward-looking statements, which are not guarantees of future performance.

Neither the Company, nor any other person, gives any representation, warranty, assurance or guarantee that the occurrence of the events expressed or implied in any forward-looking statement will occur. Except as required by law, and only to the extent so required, none of the Company, its subsidiaries or its or their directors, officers, employees, advisors or agents or any other person shall in any way be liable to any person or body for any loss, claim, demand, damages, costs or expenses of whatever nature arising in any way out of, or in connection with, the information contained in this document.

In particular, statements in this release regarding the Company's business or proposed business, which are not historical facts, are "forward-looking" statements that involve risks and uncertainties, such as Mineral Resource estimates market prices of potash, capital and operating costs, changes in project parameters as plans continue to be evaluated, continued availability of capital and financing and general economic, market or business conditions, and statements that describe the Company's future plans, objectives or goals, including words to the effect that the Company or management expects a stated condition or result to occur. Since forward-looking statements address future events and conditions, by their very nature, they involve inherent risks and uncertainties. Actual results in each case could differ materially from those currently anticipated in such statements. Shareholders are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date they are made. The forward-looking statements are based on information available to the Company as at the date of this release. Except as required by law or regulation (including the ASX Listing Rules), the Company is under no obligation to provide any additional or updated information whether as a result of new information, future events, or results or otherwise.

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.

END

FR FIFLEVRILVIV

(END) Dow Jones Newswires

March 31, 2023 02:00 ET (06:00 GMT)

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