Name of the Project
Kola potash project.

Location
Sintoukola basin, Congo-Brazzaville.

Project Owner/s
Potash development company Kore Potash, which has a 97% ownership in the Kola and DX potash project, through its subsidiary Sintoukola Potash, which has a 100% ownership in the Kola mining lease, on which the Kola project is located.

Project Description
Kola has total proven and probable reserves estimated at 152.4-million tonnes grading 32.5% potassium chloride and 0.1% of magnesium. Total mineral resources, inclusive of ore reserves, are estimated 847.7-million tonnes grading 34.9% potassium chloride and 0.08 magnesium.

An optimised definitive feasibility study (DFS) released in February 2025 has used all proved and probable ore reserves and only 6% of inferred mineral resources, giving a life-of-mine (LoM) of 23 years.

The project has been designed with a nameplate capacity of 2.2-million tonnes a year of muriate of potash (MoP) for total MoP production of 50-million tonnes over the project’s LoM.

The DFS proposes a conventional mechanised underground potash mine with shallow shaft access. Ore from underground is transported to the processing plant by an estimated 25.5-km-long overland conveyor. 

After processing, the finished product is conveyed 8.5 km to the marine export facility. MoP is transferred from the storage area onto barges by a dedicated barge-loading jetty before being transhipped into ocean-going vessels for export.

Potential Job Creation
Not stated.

Net Present Value/Internal Rate of Return
The optimised DFS estimates an after-tax net present value, at a 10% discount rate, of $1.68-billion and an internal rate of return of 18% on an ungeared after-tax basis.

Capital Expenditure
$2.07-billion (nominal basis), on a signed fixed price engineering, procurement and construction basis, including owner’s costs.

Planned Start/End Date
Construction is slated to start on January 1, 2026, with construction expected to take 43 months.

Latest Developments
Kore has been approached by two parties, each of which is in the early stages of evaluating the possible acquisition of the entire issued, and to be issued, share capital of the company. Both parties have confirmed their intended participation in the formal sales process.

Kore has indicated that it remains possible that, following the formal sale process, the board might conclude that the company and its stakeholders will be best served by alternative strategic options available, including Kore's continuing to trade on the Aim, the ASX and JSE as an independent entity.

The board has appointed SP Angel Corporate Finance as sole financial adviser and Rule 3 adviser with respect to the formal sales process and any offer for the company that might be forthcoming.

Parties interested in submitting any expression of interest or other proposal relating to any strategic option for the company should contact SP Angel.

Meanwhile, as part of a review of funding options being explored, the Kore directors are considering possible sources of funding, including equity and debt, to fund the construction of the Kola project, should the company not be sold.

The company will continue discussions with proposed financiers, as well as other potential new equity and debt providers, pending the conclusion of the review and formal sales process.

Key Contracts, Suppliers and Consultants
PowerChina International Group (engineering, procurement and construction).

Contact Details for Project Information
Kore Potash (UK), tel +44 203 963 1776. 
Kore Potash (Congo-Brazzaville), tel +242 22 294 19 24.