Kore Potash intends to raise capital, seeks to seal project funding

(Alliance News) - Kore Potash PLC said on Wednesday it is focused on securing funding for the construction of its key potash project in the Republic of Congo and signalled plans to raise additional capital to sustain the business.

The London-based firm owns the Kola and DX potash projects in Republic of Congo. It is in the process of raising funds to bring flagship Kola project to production.

As at December 31, cash and cash equivalents amounted to USD10.6 million, up sharply from USD1.3 million at December 31, 2024. Kore raised USD10 million in May last year, with a further USD500,000 secured after shareholder approval in June.

On Wednesday, Kore said it will need to raise funds in the first quarter of 2027 for its working capital needs.

For 2025, pretax loss was USD895,066, narrowed from USD1.1 million in 2024.

Kore Chair David Hathorn said the company remains focused on completing the financing of Kola and moving forward to the construction phase as soon as possible.

In June last year, Kore said it had signed an agreement that would see OWI-RAMS GMBH fund Kola project. OWI-RAMS had indicated it intended to arrange and then provide a funding package for Kola, amounting to about USD2.2 billion through a blend of senior secured project finance and royalty financing.

Hathorn also said the company continues to explore strategic options, including the sale of the group.

Early this month, Kore said one bidder had suspended its interest in acquiring the company. Kore had reported in November last year that two suitors had made approaches to take over Kore. It noted that the other party remained engaged in the formal sale process and was continuing its due diligence exercise.

By Artwell Dlamini, Alliance News senior reporter South Africa

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Kore Potash PLC