
11 September 2026
Kore Potash Plc
("Kore Potash" or the "Company")
("Group" refers to Kore Potash Plc and its subsidiaries)
Financial Results for Half Year Ended 30 June 2026
Kore Potash, the potash development company with 97.46%-ownership of the Kola and DX Potash Projects in the Sintoukola Basin, located within the Republic of Congo ("RoC"), today reports its unaudited financial results and operational highlights for the half year ended 30 June 2026 ("the Period").
The full financial report is available online at the Company's website athttps://korepotash.com/wp-content/uploads/2026/09/Kore-Potash-Plc-Half-year-report-2026.pdf. The financial statements contained within this announcement should be read in conjunction with the notes contained within the full financial report.
Kola Potash Project
Kola Financing
Early Works
DX Potash Project
|
|
6 months ended |
|
6 months ended |
|
Year ended | |
|
30 June 2026 |
|
30 June 2025 |
|
31 Dec 2025 | ||
|
USD |
|
USD |
|
USD | ||
|
|
|
Unaudited |
|
Unaudited |
|
Audited |
|
Operating expenses Directors’ remuneration |
|
(93,200) |
|
(133,545) |
|
(236,871) |
|
Depreciation |
|
(451) |
|
- |
|
(473) |
|
Salaries,employeebenefitsandconsultancyexpense |
|
(175,119) |
|
(145,374) |
|
(257,574) |
|
Administration expenses |
|
(494,195) |
|
(388,794) |
|
(894,048) |
|
Operating loss |
|
(762,965) |
|
(667,713) |
|
(1,388,966) |
|
Finance income and expenses |
|
|
|
|
|
|
|
Interest income |
|
52,448 |
|
68,527 |
|
123,971 |
|
Interest and finance expenses |
|
(1,912) |
|
(2,311) |
|
(3,989) |
|
Net realised and unrealised foreign exchange gain/(loss) |
|
(40,957) |
|
166,069 |
|
283,708 |
|
Total finance income and expenses |
|
9,579 |
|
232,285 |
|
403,690 |
|
|
|
|
|
|
|
|
|
Loss before income tax expense |
|
(753,386) |
|
(435,428) |
|
(985,276) |
|
Income tax income/(expense) |
|
- |
|
- |
|
- |
|
Loss for the period |
|
(753,386) |
|
(435,428) |
|
(985,276) |
|
Other comprehensive income/(loss) |
|
|
|
|
|
|
|
Items that may be reclassified subsequently to profit or loss Exchange differences on translating foreign operations |
|
(5,771,656) |
|
20,252,180 |
|
20,911,340 |
|
Other comprehensive profit/(loss) for the period |
|
(5,771,656) |
|
20,252,180 |
|
20,911,340 |
|
Total comprehensive profit/(loss) for the period |
|
(6,525,042) |
|
19,816,752 |
|
19,926,064 |
|
Loss attributable to: |
|
|
|
|
|
|
|
Owners of the Company |
|
(753,355) |
|
(434,804) |
|
(984,554) |
|
Non-controlling interest |
|
(31) |
|
(624) |
|
(722) |
|
|
|
(753,386) |
|
(435,428) |
|
(985,276) |
|
Total comprehensive profit/(loss) attributable to: |
|
|
|
|
|
|
|
Owners of the Company |
|
(6,525,011) |
|
19,817,376 |
|
19,926,786 |
|
Non-controlling interest |
|
(31) |
|
(624) |
|
(722) |
|
|
|
(6,525,042) |
|
19,816,752 |
|
19,926,064 |
|
Loss per share |
|
|
|
|
|
|
|
Basic and diluted loss per share (cents per share) |
|
(0.01) |
|
(0.01) |
|
(0.02) |
|
|
|
30 June 2026 USD |
|
30 June 2025 USD |
|
31 Dec 2025 USD |
|
|
Unaudited |
|
Unaudited |
|
Audited | |
|
ASSETS |
|
|
|
|
|
|
|
Current Assets |
|
|
|
|
|
|
|
Cash and cash equivalents |
|
7,543,612 |
|
3,499,143 |
|
10,555,176 |
|
Trade and other receivables |
|
137,707 |
|
132,587 |
|
177,676 |
|
Total Current Assets |
|
7,681,319 |
|
3,631,730 |
|
10,732,852 |
|
Non-Current Assets |
|
|
|
|
|
|
|
Trade and other receivables |
|
37,915 |
|
40,427 |
|
40,563 |
|
Property, plant and equipment |
|
385,392 |
|
417,724 |
|
400,937 |
|
Exploration and evaluation expenditure |
|
194,186,831 |
|
196,123,524 |
|
198,792,413 |
|
Total Non-Current Assets |
|
194,610,138 |
|
196,581,675 |
|
199,233,913 |
|
TOTAL ASSETS |
|
202,291,457 |
|
200,213,405 |
|
209,966,765 |
|
LIABILITIES |
|
|
|
|
|
|
|
Current Liabilities |
|
|
|
|
|
|
|
Trade and other payables |
|
303,385 |
|
2,739,444 |
|
453,651 |
|
Derivative financial liability |
|
- |
|
26 |
|
- |
|
Total Current Liabilities |
|
303,385 |
|
2,739,470 |
|
453,651 |
|
Non-Current Liabilities |
|
|
|
|
|
|
|
Total Non-Current Liabilities |
|
- |
|
- |
|
- |
|
TOTAL LIABILITIES |
|
303,385 |
|
2,739,470 |
|
453,651 |
|
|
|
|
|
|
|
|
|
NET ASSETS |
|
201,988,072
|
|
197,473,935
|
|
209,513,114 |
|
EQUITY |
|
|
|
|
|
|
|
Issued share capital – Ordinary Shares |
|
5,175,938 |
|
4,856,249 |
|
5,175,938 |
|
Reserves |
|
257,181,445 |
|
251,924,083 |
|
264,193,421 |
|
Accumulated losses |
|
(59,858,607) |
|
(58,741,409) |
|
(59,291,159) |
|
Equity attributable to the shareholders of Kore Potash plc |
|
202,498,776 |
|
198,038,923 |
|
210,078,200 |
|
Non-controlling interests |
|
(510,704) |
|
(564,988) |
|
(565,086) |
|
TOTAL EQUITY |
|
201,988,072 |
|
197,473,935 |
|
209,513,114 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||
|
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THE 6 MONTHS ENDED 30 JUNE 2026
|
|
|
|
|
|
| ||||
|
|
|
Ordinary Shares USD |
Share Premium Reserve USD |
Merger Reserve USD |
Accumulated Losses USD |
Option Reserve USD |
Foreign Currency Translation Reserve USD |
Owners of the Parent USD |
Non- controlling Interest USD |
Total Equity USD |
|
Balance as at 1 Jan 2026 |
|
5,175,938 |
71,204,534 |
203,738,800 |
(59,291,159) |
324,641 |
(11,074,554) |
210,078,200 |
(565,086) |
209,513,114 |
|
Loss for the period |
|
- |
- |
- |
(753,355) |
- |
- |
(753,355) |
(31) |
(753,386) |
|
Other Comprehensive (loss)/gain |
|
|
|
|
|
|
|
|
|
|
|
- |
- |
- |
- |
- |
(5,771,656) |
(5,771,656) |
- |
(5,771,656) | ||
|
Total Comprehensive (loss)/gain |
|
|
|
|
|
|
|
|
|
|
|
- |
- |
- |
(753,355) |
- |
(5,771,656) |
(6,525,011) |
(31) |
(6,525,042) | ||
|
Transactions with owners: |
|
|
|
|
|
|
|
|
|
|
|
Kore Potash Ltd AUS |
|
- |
- |
- |
1,240,320 |
- |
(1,240,320) |
- |
- |
- |
|
Acquisition of non-controlling interest |
|
- |
- |
- |
(1,054,413) |
- |
- |
(1,054,413) |
54,413 |
(1,000,000) |
|
Issue of Shares |
|
- |
- |
- |
- |
- |
- |
- |
- |
- |
|
Share issue cost |
|
- |
- |
- |
- |
- |
- |
- |
- |
- |
|
Share Based payments |
|
- |
- |
- |
- |
- |
- |
- |
- |
- |
|
Balance at 30 June 2026 |
|
5,175,938 |
71,204,534 |
203,738,800 |
(59,858,607) |
324,641 |
(18,086,530) |
202,498,776 |
(510,704) |
201,988,072 |
|
|
|
|
|
|
|
|
|
|
|
| ||||||
|
|
| |||||||||||||||
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THE 6 MONTHS ENDED 30 JUNE 2025
|
|
|
|
|
|
|
|
| |||||||||
|
|
Ordinary Shares USD |
Share Premium Reserve USD |
Merger Reserve USD |
Accumulated Losses USD |
Option Reserve USD |
Foreign Currency Translation Reserve USD |
Owners of the Parent USD |
Non- controlling Interest USD |
Total Equity USD | |||||||
Balance as at 1 Jan 2025 |
|
4,377,870 |
49,854,531 |
203,738,800 |
(58,306,604) |
189,705 |
(31,985,896) |
167,868,406 |
(564,364) |
167,304,043 | |||||||
Loss for the period |
|
- |
- |
- |
(434,804) |
- |
- |
(434,804) |
(624) |
(435,428) | |||||||
Other Comprehensive (loss)/gain |
|
|
|
|
|
|
|
|
|
| |||||||
- |
- |
- |
- |
- |
20,252,180 |
20,252,180 |
- |
20,252,180 | |||||||||
Total Comprehensive (loss)/gain |
|
|
|
|
|
|
|
|
|
| |||||||
- |
- |
- |
(434,804) |
- |
20,252,180 |
19,817,376 |
(624) |
19,816,752 | |||||||||
Transactions with owners: |
|
|
|
|
|
|
|
|
|
| |||||||
Issue of Shares |
|
478,379 |
10,006,202 |
- |
- |
- |
- |
10,484,581 |
- |
10,484,581 | |||||||
Share issue cost |
|
- |
(266,377) |
- |
- |
- |
|
(266,377) |
|
(266,377) | |||||||
Share Based payments |
|
- |
- |
- |
- |
134,936 |
- |
134,936 |
- |
134,936 | |||||||
Balance at 30 June 2025 |
|
4,856,249 |
59,594,356 |
203,738,800 |
(58,741,408) |
324,641 |
(11,733,716) |
198,038,923 |
(564,988) |
197,473,935 | |||||||
|
|
|
|
|
|
|
|
|
|
| |||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CONDENSED CONSOLIDATED STATEMENT
OF CHANGES IN EQUITY (CONTINUED)
Consolidated Entity
|
|
Ordinary Shares |
Share-Based Payments Reserve |
Share Premium Reserve |
Foreign Currency Translation Reserve |
Merger Reserve |
Accumulated Losses |
Equity Attributable to the Shareholders of Kore Potash plc |
Non-Controlling Interest |
Total Equity |
|
|
USD |
USD |
USD |
USD |
USD |
USD |
USD |
USD |
USD |
Balance at 01 January 2025 |
|
4,377,870 |
189,706 |
49,854,531 |
(31,985,896) |
203,738,800 |
(58,306,605) |
167,868,407 |
(564,364) |
167,304,043 |
|
|
|
|
|
|
|
|
|
|
|
Loss for the period |
|
- |
- |
- |
- |
- |
(984,554) |
(984,554) |
(722) |
(985,276) |
Other comprehensive income for the year |
|
- |
- |
- |
20,911,340 |
- |
- |
20,911,340 |
- |
20,911,340 |
Total comprehensive (loss)/income for the year |
|
- |
- |
- |
20,911,340 |
- |
(984,554) |
19,926,786 |
(722) |
19,926,064 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Transactions with shareholders |
|
|
|
|
|
|
|
|
|
|
Options expired |
|
- |
- |
- |
- |
- |
- |
- |
- |
- |
Share issues |
|
798,068 |
- |
21,852,653 |
- |
- |
- |
22,650,721 |
- |
22,650,721 |
Share issue expenses |
|
- |
- |
(502,650) |
- |
- |
- |
(502,650) |
- |
(502,650) |
Share based payments |
|
- |
134,936 |
- |
- |
- |
- |
134,936 |
- |
134,936 |
Balance at 31 December 2025 |
|
5,175,938 |
324,641 |
71,204,534 |
(11,074,554) |
203,738,800 |
(59,291,159) |
210,078,200 |
(565,086) |
209,513,114 |
|
|
|
|
|
|
|
|
|
|
|
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE 6 MONTHS ENDED 30 JUNE 2026
|
6 months ended 30 June 2026 |
|
6 months ended 30 June 2025 |
|
Yearended 31 Dec2025 | |
USD |
|
USD |
|
USD | ||
|
|
Unaudited |
|
Unaudited |
|
Audited |
Cash Flows from Operating Activities |
|
|
|
|
|
|
Payments to suppliers and employees |
|
(857,896) |
|
(835,158) |
|
(1,838,111) |
Net cash flows (used in) operating activities |
|
(857,896) |
|
(835,158) |
|
(1,838,111) |
Cash Flows from Investing Activities |
|
|
|
|
|
|
Payments for plant and equipment |
|
(14,100) |
|
(67,202) |
|
(73,060) |
Payments for exploration and evaluation |
|
(1,158,309) |
|
(7,407,571) |
|
(11,450,343) |
Interest received |
|
52,448 |
|
68,527 |
|
123,971 |
Net cash flows (used in) investing activities |
|
(1,119,961) |
|
(7,406,246) |
|
(11,399,432) |
Cash Flows from Financing Activities |
|
|
|
|
|
|
Proceeds from issue of shares |
|
- |
|
10,484,581 |
|
22,650,721 |
Acquisition of non-controlling interest in SPSA |
|
(1,000,000) |
|
- |
|
- |
Payment for share issue costs |
|
- |
|
(266,377) |
|
(502,650) |
Net cash flows (used in) / generated from financing activities |
|
(1,000,000) |
|
10,218,204 |
|
22,148,071 |
Net increase / (decrease) in cash and cash |
|
|
|
|
|
|
Equivalents |
|
(2,977,857) |
|
1,976,800 |
|
8,910,528 |
Cash and cash equivalents at beginning of Period |
|
10,555,176 |
|
1,339,321 |
|
1,339,321 |
Foreign currency differences |
|
(33,707) |
|
183,022 |
|
305,327 |
Cash and Cash Equivalents at Period End |
|
7,543,612 |
|
3,499,143 |
|
10,555,176 |
|
|
|
|
|
|
|
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.
ENDS
For further information, please visit www.korepotash.com or contact:
Kore Potash André Baya, CEO Andrey Maruta, CFO
|
Tel: +44 (0) 203 733 2169 |
Tavistock Communications Nick Elwes Emily Moss
|
Tel: +44 (0) 20 7920 3150 |
SP Angel Corporate Finance – Nomad and Joint Broker Ewan Leggat Charlie Bouverat Jen Clarke
|
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 (78) 286 9556 |
This report 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.