28 March 2024
Kore Potash Plc
("Kore Potash" or the
"Company")
("Group" refers to Kore
Potash Plc and its subsidiaries)
Financial Results for Year
Ended 31 December 2023
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
2023 (the "Period").
The
full financial report
including its Corporate Governance Statement is available
below and
on the Company's website at
https://korepotash.com/investors/results-and-reports/. The
financial statements contained within this announcement should be
read in conjunction with the notes contained within the full
financial report.
http://www.rns-pdf.londonstockexchange.com/rns/6698I_1-2024-3-28.pdf
Highlights
· On 24
January 2023, the Company announced an update of the JORC (2012)
compliant Mineral Resource, Ore Reserve, PFS information and
Production Target at the DX Project. The updated Mineral Resource
incorporates the most recent drilling results and interpretation of
the geophysical data.
· On 21
August 2023 the Minister of Mines wrote a letter to Kore Potash
that pledges the Ministry and the Republic of Congo's support for
Kore's development of its projects at Kola and Dougou. The Minister
acknowledged that some of the development objectives for the
Projects, as outlined in the Mining Convention, have not yet been
met. He also assures the Ministry's steadfast support, in the form
of a moral guarantee, to assist in addressing remaining challenges
to completing the financing of Kola. The Minister reaffirmed the
validity of the Company's mining tenement titles and the Mining
Convention which is the operating agreement between the Company and
the Government.
· This
dialogue has included meetings between the Ministry and members of
the Summit Consortium who intend to provide royalty and debt
financing to cover the full construction cost of Kola
and SEPCO who intend to construct Kola on an Engineering,
Procurement and Construction contract basis.
·
Throughout 2023 representatives of Kore Potash have maintained
increased levels of dialogue with the Ministry of Mines, including
with the Minister of State and Minister of Geology and Mining
Industry, Mr Pierre Oba. This dialogue has been aimed at improving
the Ministry's understanding of the Company's projects at Kola and
Dougou, the capability of the intended financiers for Kola, the
intended construction partner and the processes the Company must
work through towards securing financing for the construction of the
Kola Potash Project.
· SEPCO has
had personnel living in the RoC for the past 24 months who continue
dialogue with potential in-country service providers and who have
conducted several Kola site visits collecting information for both
the Study and the Works. Additionally, SEPCO mobilised a larger
team to Kola for four months in the second half of 2023 to source
additional information to enable the Works finalisation, including
the planned service corridors, conveyor route, and geomechanical
information on foundation materials in the proposed processing
plant and infrastructure areas. These findings were presented to
PowerChina in early December 2023.
·
PowerChina, SEPCO and the subcontractors, in pursuit of the
timeline objectives, commenced the Works before reaching an
agreement with the Company on costs.
·
PowerChina subcontracted five technical groups who commenced
additional design and engineering works. Specific design areas
included the underground mine, mineral processing jetty and
transhipment operations, energy transportation and storage,
conveyor systems and material handling. PowerChina advised the
Company that the Works would cost in excess of USD10 million to
complete. Illustrating PowerChina's commitment to Kola, it capped
Kore Potash's contribution at a maximum of USD5 million, with the
balance of the costs to be paid by PowerChina.
· Two
payments of USD1.0 million each were made in August and November
2023 as required under the Agreement. The remaining USD 3 million
of which USD 800,000 payable up to 6 weeks from the date PowerChina
and SEPCO having presented to Kore a "complete contractual document
capable of finalising the financing arrangement of the Kola Project
and capable of acceptance by Kore to form a binding construction
contract" and USD 2.2 million to be paid subject to Kore concluding
its fund raise with a target date of no later than 12 months of the
signing of the Engineering, Procurement and Construction ("EPC")
contract.
· On 8
August 2023, Kore Potash entered into a revised agreement with
SEPCO to provide the Company with an EPC contract for the
construction of the Kola Project. Following the completion of
SEPCO's parent company, PowerChina's, review of the Kola design and
construction schedule, one of the agreed outcomes was that further
engineering design works must be completed before PowerChina and
SEPCO jointly presenting an EPC proposal and EPC contract to the
Company.
· Summit
Consortium has confirmed that the financing proposal for the full
capital cost of Kola will be provided within six weeks of
finalisation of EPC contract terms.
·
PowerChina has delivered EPC proposal and draft EPC contract on 6
February 2024.
· Kore
Potash and SEPCO/PowerChina will now further negotiate the EPC
proposal and draft the EPC contract, targeting signing full EPC
documentation Q2 2024.
· On 22
March 2024 the Company raised USD 530,000 via issue of five
separate Convertible Loan Notes ("CLNs"). The net proceeds from the
CLNs will be used to further advance work that is expected to lead
to signing of an EPC contract for the Kola Potash Project and
provide working capital for Kore Potash. Each Convertible Loan has
a zero interest coupon and is convertible into new ordinary shares
of US$0.001 each in the Company at a price of 0.38 pence per new
Ordinary Share and will be converted immediately after publication
of the 2023 Annual Report on 28 March 2024. Subject to the
conversion of the CLNs the Company will issue 109,865,053 new
Ordinary Shares in the Company.
· On 22
March 2024 the Company also announced that it is the intention of
David Hathorn, Chairman and Interim CEO, to subscribe for new
ordinary shares of the Company for a consideration of USD 150,000
as soon as practicable following publication of the 2023 Annual
Report and on the same terms as the CLNs.
David Hathorn, Chairman &
Interim CEO of Kore Potash, commented: "During 2023, the Company continued to make tangible progress
towards the financing of the Kola Project.
PowerChina delivered its
Engineering, Procurement and Construction proposal and draft EPC
contract on the 6th of February 2024. The Company and
PowerChina are now working towards signing EPC contract in Q2
2024.
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 income was USD
3,955,201 (2022: Loss USD 10,174,361), and the Group experienced
net cash outflows from operating and investing activities of USD
6,983,319 (2022: USD 5,744,285). Cash and cash equivalents totalled
USD 1,583,657 as at 31 December 2023 (2022: USD 5,046,629).
· Group net
assets increased in the year to USD 175,089,299 (2022: USD
167,650,279). This was primarily driven by a USD 13,642,063
increase in exploration capitalised.
· The
Directors prepared a cash flow forecast for the period ending 30
June 2025, 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 2025). Please refer to Note 1 (b)
to the financial statements for more detail on the going concern
statement.
· The
Company will be required to raise funds in Q2 2024 for the working
capital requirements for Kore Potash for the period up to signing
full EPC documentation and the financing proposal for the complete
construction of Kola from the Summit Consortium to ensure the
realisation of assets on an orderly basis and the extinguishment of
liabilities as and when they fall due.
· Upon
signing the EPC documentation and financing for the construction of
Kola additional capital will be required until the commencement of
production.
· The
Directors
have considered various mitigating actions, which
include raising additional capital to enable the Group to
continue to fund its working capital requirements.
Kola Potash
Project
· The
Company signed a non-binding MoU 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 OWI Global,
headquartered in Abu Dhabi, who will provide royalty financing in
conjunction with product offtake.
o 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 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, 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.
· In June
2022 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 net present value
NPV10 post tax improved to USD 1.623 billion
§ IRR improved to 20% on
ungeared post tax basis
o At a potash price of
USD 500/t Muriate of Potash ("MoP") CFR Brazil the Kola financial
metrics improve to:
§ NPV10 post tax
USD 3.314 billion
§ IRR of 28% on ungeared post
tax basis
o Designed with a
nameplate production capacity of 2.2 Mtpa 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 Heads of Agreement ("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 with the construction contract proposal.
The HoA provided 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 Construction Corporation of 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.
· On 24
January 2023, Kore Potash announced an update of the JORC (2012)
compliant Mineral Resource, Ore Reserve, PFS information and
Production Target at the DX Project. The updated Mineral Resource
incorporates the most recent drilling results and interpretation of
the geophysical data.
· On 8
August 2023, Kore Potash entered into a revised agreement with
SEPCO to provide the Company with an EPC contract for the
construction of the Kola Project. Following the completion of
SEPCO's parent company, PowerChina's, review of the Kola design and
construction schedule, one of the agreed outcomes was that further
engineering design works must be completed before PowerChina and
SEPCO jointly presenting an EPC proposal and EPC contract to the
Group.
·
PowerChina subcontracted five technical groups who commenced
additional design and engineering works. Specific design areas
included the underground mine, mineral processing jetty and
transhipment operations, energy transportation and storage,
conveyor systems and material handling. PowerChina advised the
Company that the Works would cost in excess of USD10 million to
complete. Illustrating PowerChina's commitment to Kola, it capped
Kore Potash's contribution at a maximum of USD5 million, with the
balance of the costs to be paid by PowerChina.
· Two
payments of USD1.0 million each were made in August and November
2023 as required under the Agreement. The remaining USD 3 million
of which USD 800,000 payable up to 6 weeks from the date PowerChina
and SEPCO having presented to Kore a "complete contractual document
capable of finalising the financing arrangement of the Kola Project
and capable of acceptance by Kore to form a binding construction
contract" and USD 2.2 million to be paid subject to Kore concluding
its fund raise with a target date of no later than 12 months of the
signing of the EPC.
·
PowerChina, SEPCO and the subcontractors, in pursuit of the
timeline objectives, commenced the Works before reaching an
agreement with the Company on costs.
· SEPCO has
had personnel living in the Republic of Congo for the past 24
months who continue dialogue with potential in-country service
providers and who have conducted several Kola site visits
collecting information for both the Study and the Works.
Additionally, SEPCO mobilised a larger team to Kola for four months
in the second half of 2023 to source additional information to
enable the Works finalisation, including the planned service
corridors, conveyor route, and geomechanical information on
foundation materials in the proposed processing plant and
infrastructure areas. These findings were presented to PowerChina
in early December 2023.
·
Throughout 2023 representatives of Kore Potash have maintained
increased levels of dialogue with the Ministry of Mines, including
with the Minister of State and Minister of Geology and Mining
Industry, Mr Pierre Oba. This dialogue has been aimed at improving
the Ministry's understanding of the Company's projects at Kola and
Dougou, the capability of the intended financiers for Kola, the
intended construction partner and the processes the Company must
work through towards securing financing for the construction of the
Kola Potash Project.
· This
dialogue has included meetings between the Ministry and members of
the Summit Consortium who intend to provide royalty and debt
financing to cover the full construction cost of Kola
and SEPCO including SEPCO Electric Power Construction
Corporation who intend to construct Kola on an Engineering,
Procurement and Construction contract basis.
· On August
21 2023 the Minister of Mines wrote a letter to Kore Potash that
pledges the Ministry and the Republic of Congo's support for Kore's
development of its projects at Kola and Dougou. The Minister
acknowledged that some of the development objectives for the
Projects, as outlined in the Mining Convention, have not yet been
met. He also assures the Ministry's steadfast support, in the form
of a moral guarantee, to assist in addressing remaining challenges
to completing the financing of Kola. The Minister reaffirmed the
validity of the Company's mining tenement titles and the Mining
Convention which is the operating agreement between the Company and
the Government.
·
PowerChina has delivered EPC proposal and draft EPC contract on 6
February 2024.
DX DFS
· The DX
Project update of the JORC (2012) compliant Mineral Resource, Ore
Reserve, PFS information and Production Target was announced on the
24 January 2023. The updated Mineral Resource incorporates the most
recent drilling results and interpretation of the geophysical data.
A summary of the results is presented below:
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 NPV10
(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 updated information confirms that the DX Project
is a financially attractive, low capital cost project with a
shorter construction period than Kola. At present, the Company
remains focused on completing the financing of Kola and moving
forward to construction of Kola as soon as possible. The Company is
also exploring what strategic options are available for the DX
project, including a potential sale.
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/investors/results-and-reports/
STATEMENTS OF PROFIT
OR LOSS AND OTHER COMPREHENSIVE INCOME
FOR THE YEAR ENDED
31 DECEMBER 2023
|
Parent
|
Consolidated Entity
|
|
Dec 2023
|
Dec 2022
|
Dec 2023
|
Dec 2022
|
Continuing
operations
|
USD
|
USD
|
USD
|
USD
|
|
|
|
|
|
Other Revenue
|
1,195,008
|
1,092,147
|
-
|
-
|
|
|
|
|
|
Directors' remuneration
|
(795,566)
|
(814,597)
|
(252,602)
|
(418,962)
|
Equity compensation benefits
|
-
|
(9,412)
|
-
|
(9,412)
|
Salaries, employee benefits and consultancy
expense
|
(783,023)
|
(890,518)
|
(239,615)
|
(293,292)
|
Administration expenses
|
(601,727)
|
(542,146)
|
(644,850)
|
(546,507)
|
Interest income
|
54,107
|
66,956
|
54,107
|
66,956
|
Interest and finance expenses
|
(2,991)
|
(3,935)
|
(2,991)
|
(3,935)
|
Net realised and unrealised
foreign exchange losses
|
(5,104)
|
(308,801)
|
(5,104)
|
(308,801)
|
Loss before income tax expense
|
(939,296)
|
(1,410,306)
|
(1,091,055)
|
(1,513,953)
|
|
|
|
|
|
Income tax
|
-
|
-
|
-
|
-
|
Loss for the
year
|
(939,296)
|
(1,410,306)
|
(1,091,055)
|
(1,513,953)
|
|
|
|
|
|
Other comprehensive
income/(loss)
|
|
|
|
|
Items that may be
classified subsequent to profit or loss
|
|
|
|
|
Exchange differences on translating foreign
operations
|
-
|
-
|
5,046,256
|
(8,660,408)
|
Other comprehensive income/(loss) for the year
|
-
|
-
|
5,046,256
|
(8,660,408)
|
|
|
|
|
|
TOTAL COMPREHENSIVE
INCOME / (LOSS) FOR THE YEAR
|
(939,296)
|
(1,410,306)
|
3,955,201
|
(10,174,361)
|
|
|
|
|
|
Loss
attributable to:
|
|
|
|
|
Owners of the Company
|
(939,296)
|
(1,410,306)
|
(1,089,761)
|
(1,513,822)
|
Non-controlling interest
|
-
|
-
|
(1,294)
|
(131)
|
|
(939,296)
|
(1,410,306)
|
(1,091,055)
|
(1,513,953)
|
|
|
|
|
|
Total
comprehensive income / (loss) attributable to:
|
|
|
|
|
Owners of the Company
|
(939,296)
|
(1,410,306)
|
3,956,495
|
(10,174,230)
|
Non-controlling interest
|
-
|
-
|
(1,294)
|
(131)
|
|
(939,296)
|
(1,410,306)
|
3,955,201
|
(10,174,361)
|
|
|
|
|
|
Basic and diluted loss per share (cents per share)
|
(0.03)
|
(0.04)
|
(0.03)
|
(0.04)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
STATEMENTS OF
FINANCIAL POSITION
AS AT 31 DECEMBER
2023
|
|
|
|
|
|
Parent
|
Consolidated Entity
|
|
Dec 2023
|
Dec 2022
|
Dec 2023
|
Dec 2022
|
|
USD
|
USD
|
USD
|
USD
|
CURRENT
ASSETS
|
|
|
|
|
Cash and cash equivalents
|
1,561,869
|
4,999,889
|
1,583,657
|
5,046,629
|
Trade and other receivables
|
74,189
|
112,272
|
180,532
|
200,251
|
TOTAL CURRENT ASSETS
|
1,636,058
|
5,112,161
|
1,764,189
|
5,246,880
|
|
|
|
|
|
NON CURRENT
ASSETS
|
|
|
|
|
Trade and other receivables
|
167,313,290
|
158,444,734
|
38,147
|
38,597
|
Property, plant and equipment
|
-
|
-
|
356,259
|
385,103
|
Exploration and evaluation expenditure
|
-
|
-
|
176,371,257
|
162,729,194
|
Investment in subsidiary
|
69
|
68
|
-
|
-
|
TOTAL NON CURRENT ASSETS
|
167,313,359
|
158,444,802
|
176,765,663
|
163,152,894
|
|
|
|
|
|
TOTAL
ASSETS
|
168,949,417
|
163,556,963
|
178,529,852
|
168,399,774
|
|
|
|
|
|
CURRENT
LIABILITIES
|
|
|
|
|
Trade and other payables
|
1,044,913
|
396,982
|
1,240,527
|
749,469
|
Derivative financial liability
|
26
|
26
|
26
|
26
|
TOTAL CURRENT LIABILITIES
|
1,044,939
|
397,008
|
1,240,553
|
749,495
|
|
|
|
|
|
NON CURRENT
LIABILITIES
|
|
|
|
|
Design optimisation works
|
2,200,000
|
-
|
2,200,000
|
-
|
TOTAL
LIABILITIES
|
3,244,939
|
397,008
|
3,444,553
|
749,495
|
|
|
|
|
|
NET ASSETS
|
165,704,478
|
163,159,955
|
175,089,299
|
167,650,279
|
|
|
|
|
|
EQUITY
|
|
|
|
|
Contributed equity - Ordinary Shares
|
4,119,667
|
3,420,177
|
4,119,667
|
3,420,177
|
Reserves
|
175,594,933
|
172,999,244
|
229,228,412
|
221,586,467
|
Accumulated losses
|
(14,010,122)
|
(13,259,466)
|
(57,694,772)
|
(56,793,651)
|
EQUITY ATTRIBUTABLE TO OWNERS OF THE COMPANY
|
165,704,478
|
163,159,955
|
175,653,307
|
168,212,993
|
Non-controlling interests
|
-
|
-
|
(564,008)
|
(562,714)
|
TOTAL
EQUITY
|
165,704,478
|
163,159,955
|
175,089,299
|
167,650,279
|
STATEMENTS OF CASH
FLOWS
FOR THE YEAR ENDED
31 DECEMBER 2023
|
|
|
|
|
|
Parent
|
Consolidated Entity
|
|
Dec 2023
|
Dec 2022
|
Dec 2023
|
Dec 2022
|
|
USD
|
USD
|
USD
|
USD
|
CASH FLOWS FROM
OPERATING ACTIVITIES
|
|
|
|
|
Payments to suppliers
|
(120,023)
|
(593,005)
|
(907,915)
|
(1,151,137)
|
Payments to employees
|
(984,931)
|
(538,184)
|
(348,798)
|
(85,108)
|
Net cash (used in) operating activities
|
(1,104,954)
|
(1,131,189)
|
(1,256,713)
|
(1,236,245)
|
|
|
|
|
|
CASH FLOWS FROM
INVESTING ACTIVITIES
|
|
|
|
|
Payments for plant and equipment
|
-
|
-
|
(1,527)
|
(633)
|
Payments for exploration activities
|
-
|
-
|
(5,779,186)
|
(4,574,363)
|
Amounts advanced to related parties
|
(5,889,106)
|
(4,532,663)
|
-
|
-
|
Interest received
|
54,107
|
66,956
|
54,107
|
66,956
|
Net cash (used in) investing activities
|
(5,834,999)
|
(4,465,707)
|
(5,726,606)
|
(4,508,040)
|
|
|
|
|
|
CASH FLOWS FROM
FINANCING ACTIVITIES
|
|
|
|
|
Proceeds from issue of shares
|
3,504,618
|
550
|
3,504,618
|
550
|
Payment for share issue costs
|
-
|
-
|
-
|
-
|
Net cash provided by financing activities
|
3,504,618
|
550
|
3,504,618
|
550
|
|
|
|
|
|
Net
(decrease)/increase in cash & cash equivalents held
|
(3,435,335)
|
(5,596,346)
|
(3,478,701)
|
(5,743,735)
|
|
|
|
|
|
Cash and cash equivalents at beginning of financial
year
|
4,999,889
|
10,916,397
|
5,046,629
|
11,092,509
|
Foreign currency differences
|
(2,683)
|
(320,162)
|
15,729
|
(302,145)
|
Cash and cash
equivalents at end of financial year
|
1,561,869
|
4,999,889
|
1,583,657
|
5,046,629
|
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
David Hathorn - Chairman &
Interim CEO
Andrey Maruta - CFO
|
|
Tel: +44
(0) 20 3963 1776
|
Tavistock Communications
Nick Elwes
Adam Baynes
|
|
Tel: +44
(0) 20 7920 3150
|
SP
Angel Corporate Finance - Nomad and
Broker
Ewan Leggat
Charlie Bouverat
|
|
Tel: +44
(0) 20 7470 0470
|
Shore Capital - Joint
Broker
Toby Gibbs
James Thomas
|
|
Tel: +44
(0) 20 7408 4050
|
Questco Corporate Advisory -
JSE Sponsor
Doné Hattingh
|
|
Tel: +27
(11) 011 9205
|
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.