Business
Financial Results for Year Ended 31 December 2024
Financial Results for Year Ended 31 December 2024.
About this update from Kore Potash Plc
[{"type":"text","content":"\n\n \n \n \n\n\n\n\n\n\n\n\n\n\n\n \n \n\n \n\n31 March 2025\nKore Potash Plc\n(\"Kore Potash\" or the \"Company\")\n(\"Group\" refers to Kore Potash Plc and its subsidiaries)\n \nFinancial Results for Year Ended 31 December 2024\n \nKore Potash, the potash exploration and development company whose flagship asset is the 97%-owned Sintoukola Potash Project (\"Kola\" or the \"Kola Project\"), located within the Republic of Congo (\"RoC\"), is pleased to announce its audited financial results and operational highlights for the year ended 31 December 2024 (the \"Period\").\n \nThe full financial report including its Corporate Governance Statement is available online at 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.\n \n \nSummary of key developments\n \n• PowerChina delivered the EPC proposal and draft EPC contract to the Company on 6 February 2024.\n• The EPC contract for the Kola Project with PowerChina was signed in Brazzaville in the presence of the RoC Minister of Mines and Geology on 19 November 2024.\n• The EPC is a fixed price contract worth USD1.929 billion. This fixed price is of significant benefit to the Company as it minimises the risk of cost overruns for the Company. The EPC also includes provisions for penalties in the event of delayed completion and non-compliance to performance metrics. The EPC remains subject to Financial Close.\n• Optimised DFS was announced on 27 February 2025. Unlike the DFS and the Optimisation Study, the Optimised DFS is based on a production period which utilizes all Proved and Probable Ore Reserves and only 6% of Inferred Minerals Resources, giving a LoM of 23 years. The prior DFS and Optimisation Study disclosures included an additional 20% of Inferred Mineral Resources after the Ore Reserves were depleted. Kore Potash considers there is strong potential for the mine plan on which this Optimised DFS is based to be extended beyond 23 years by upgrading a portion of the 340Mt of Inferred Mineral Resources to Measured or Indicated Resources through further exploration during the 23 years of operatio...