Kore Potash PLC Share News (KP2)

(Correcting quote of Chair David Hathorn.)

(Alliance News) - Kore Potash PLC on Monday said it intends to raise additional capital towards the end of this year after suffering another annual loss.

The London-based owner of the Kola and DX potash projects in Republic of Congo reported that its loss was virtually flat at USD1.1 million in 2024, compared to 2023.

Basic loss per share and headline loss per share were unchanged at 0.03 US cents.

Kore said it will be required to raise funds in in the fourth quarter of 2025 for its working capital needs, while the Kola potash project in the Republic of Congo is being constructed.

In March, it raised around USD10.1 million through a placing and subscription of new shares at 1.7 pence each.

Kore said on Monday it was waiting to receive the financing proposal for the complete construction of Kola project from the Summit Consortium.

The consortium is an investment group that represents investors and engineering firms, and who intend to provide royalty and debt financing for Kola.

In November last year, Kore signed the engineering, procurement and construction contract for Kola with PowerChina International Group Ltd. It said late in February capital cost on a signed fixed price engineering, procurement & construction contract amounted to USD2.07 billion.

"Large projects like Kola often face challenges in terms of cost and time overruns, however the structure of our EPC contract allows us to accelerate financing and positions us well for a practical and efficient construction process," Kore Chair David Hathorn said.

In London on Tuesday morning, Kore shares were down 4.0% to 1.92 pence, and they were down 4.1% to 47 rand cents in Johannesburg.

By Artwell Dlamini, Alliance News reporter

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