Business
Financial Results for Half Year Ended 30 June 2022
Financial Results for Half Year Ended 30 June 2022.
About this update from Kore Potash Plc
[{"type":"text","content":"\n \n \n 13 September 2022\n \n \n \n Kore Potash Plc\n \n \n \n (\"Kore Potash\" or the \"Company\")\n \n \n (The \"Group\" refers to Kore Potash Plc and its subsidiaries)\n \n \n \n \n \n \n Financial Results for Half Year Ended 30 June 2022\n \n \n \n \n \n \n \n \n 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 unaudited financial results and operational highlights for the half year ended 30 June 2022 (\"the Period\").\n \n \n \n \n \n The full financial report is available online at the Company's website at\n \n \n https://korepotash.com/wp-content/uploads/2022/09/Kore-Half-Year-Interim-Report-2022.pdf\n \n \n The financial statements contained within this announcement should be read in conjunction with the notes contained within the full financial report.\n \n \n \n \n \n \n Highlights\n \n \n \n ·\n The process to potentially finance the construction of Kola progressed in line with the Memorandum of Understanding (\"MoU\") signed with the Summit Consortium in April 2021.\n \n \n ·\n Receipt of the Optimisation Study on the Kola Project was announced to shareholders on 1 April 2022.\n \n \n ·\n Kore Potash completed its detailed review of the Optimisation Study and announced the outcomes of the Study to shareholders on 27 June 2022.\n \n \n ·\n On 28 June 2022, the Company announced it had signed a Heads of Agreement (\"HoA\") for the construction of Kola.\n \n \n ·\n Cash and cash equivalents, at 30 June 2022 was USD 7,628,417.\n \n \n ·\n The exploration and evaluation asset at 30 June 2022 was USD 157,518,638, a decrease of USD 9,095,267 from USD 166,613,902 at 31 December 2021. During the Period the Company capitalised USD 2,921,600 in exploration and evaluation expenditure and the expenditure decreased by USD 12,016,864 as a result of the strengthening of the USD against the currency of the RoC.\n \n \n ·\n Despite the on-going Russian/Ukraine conflict, the Covid-19 pandemic and increasing fuel prices, the Group's operations have not been materially impacted by these during the Period.\n \n \n \n \n \n Brad Sampson, Chief Executive of Kore Potash, commented:\n \n \n \"\n We have made good progress during the first half of 2022, having taken receipt ...