Member Info for 99icecream

Mealboy - You talk about "the market" as if all investors and potential investors somehow are involved in setting today's price. The reality is only those that buy or sell now are setting the market price. Those that like this share and might buy more can wait and see how low it goes before buying (if that is our intention) while those that don't like it fight for an exit.

Part 2.

There were some surprises yesterday, which unsettled investors and resulted in share price falls.

Firstly, Kore had previously referred to the "Summit Consortium" producing a financing term sheet, but yesterdays announcement was all about OWI-RAMS term sheet leaving us all confused. Was there a bust up with Summit ? Who are OWI-RAMS etc.

Secondly, OWI-RAMS quoted for the 70% Senior Debt as well as the 30% Royalty finance. Because of the client base the Senior Debt also has to be Sharia compliant which means a fixed interest rate is not appropriate, so the interest will vary (between fixed amounts) in some way (perhaps liked to the performance of the project). BTW the Royalty finance has a varied cash flow as it depends upon production which varies from period to period.

Lastly, the OWI-RAMS term sheet requires some work on Kore's part, before closing. Which introduces an unexpected delay.

Part 1.

I have been invested in ZIOC for over 7 years, and take an interest in all things Rep. Congo as a result. So I followed Kore, from when it was listed on AIM and JSX in March 2018 (previously being only listed on ASX). I only became an investor more recently, about 3 years ago when I realised the massive potential here.

Kore Potash has a significant Potash prospect near the west coast of Rep. Congo approx half way between Pointe Noire and the Gabon border. Total Resource is approx 1.4 Billion Tonnes of Potash, worth about $500 Billion at current prices ($ 362.5 / Tonne). Its a high quality resource and low (production and transport) cost make it an interesting investment. The plan is to mine 2.2 Million Tonnes of Potash per annum initially at the Kola mine.

Since at least 2016, there has been a close relationship between Summit Group (a South African Investment Group) and Kore. Summit introduced Two key Strategic Investors (a Chilean miner/chemicals group and the Oman sovereign wealth fund) back in 2016. Since that time Summit has also introduced Contractors and Financing partners. Summit gets its remuneration if these introductions result in deals done.

Now the key thing to appreciate is that Kore have relationships with top quality counterparties and have always sought to get excellent deals with them.

For example, the contractor is SEPCO a subsidiary of (Chinese State owned) Power China. Kore has not only got a good deal from SEPCO, but also sought and obtained Guarantees of cost / time to completion etc. from Power China its parent.

The various companies introduced by Summit are often referred to collectively as the "Summit Consortium" but at other times by their own name which causes confusion. The lone financial partner is World Impact Partners (OWI) :- https://owipartners.com/ . OWI are all about recycling oil revenues into worthwhile projects but because of their client base Sharia compliance is a key consideration.

The particular vehicle for OWI's participation in the financing is called OWI-RAMS

https://recordfg.com/OWI-RAMS-DTSCF.pdf which is a joint venture between OWI and Record Financial Group :- https://recordfg.com/ which is listed on the Main Market of the London Stock exchange (REC). RAMS (Record Asset Management Strategies) partner OWI in producing Sharia compliant investments.

So I guess we are due a bit of a bounce tomorrow when Kore explain that the funding solution has been provided by a Summit Group member (OWI) and its 70% Senior debt and 30% Royalty finance. Further, the terms are acceptable to Kore.

Of course we are disappointed that its going to take a bit longer - Kore have a "to do list" before the funding is available. However, the deal looks every bit as good as the Power China construction contract. OWI are all about recycling oil revenues into worthwhile projects a RAMS (Record Asset Management Strategies) partner OWI in producing Sharia compliant investments via the OWI-RAMS fund.

KP2 still have $10 million from the 2 April 2025 raise.

One World Impact Partners (OWI) :- https://owipartners.com/

Record Financial Group :- https://recordfg.com/

Summit or not-summit ?

From the last Annual Report:- The Summit Consortium refers to: Summit, OWI Global Limited, PowerChina, SEPCO and their subcontractor ENFI.

Todays RNS : States that a term sheet was signed with OWI-RAMS. OWI-RAMS is some sort of JV between Record Group and OWI (One World Impact Partners).

Record are listed on the London Stock Exchange

https://www.londonstockexchange.com/stock/REC/record-plc/analysis

OWI-RAMS - Deep Tier Supply Chain Finance

https://recordfg.com/OWI-RAMS-DTSCF.pdf

Shore Capital have a note out and they are "very positive" on this RNS

Y00020978 - I was looking for an RNS at 7:00 am. Been busy, away from the computer since then. It will take a while to read the detail in the RNS, but it does look positive.

Shore Capital have a note out and they are positive on this RNS.

Beardozer - Your second alternative is called a Tontine (or Deadpool) not legal in some countries.

MSWARTZ: See the ARG.L RNS - 25 September 2023

"......which is expected to include the distribution to Argos' shareholders of approximately 7.9 million JHI Common Shares."

https://www.lse.co.uk/rns/ARG/result-of-gm-and-appointment-of-joint-liquidators-jq8yd1h6ohby9z0.html

We will all be looking for a 7:00 am RNS on Monday. I suspect we are just awaiting something simple to occur, to complete the financing. My guess would be a firm date for the construction to start. I think if I was lending money / buying off-take etc. I would want that confirmed before signing.

"The negotiations are expected to conclude shortly" implies its now a matter of days, not months.

I guess Mr Edmunds was waiting for the Mining Permit for Perdevlei (Heavy Mineral Sands) and just ran out of time. I am sure there will be lots more options for Mr Edmunds in the future.

The 24.5 mt Resource was from 4,000 metres of Drilling. Hence the new drilling of 6,700m could increase the Resource by 2 - 3 Times. Not sure how the 6 or so 100-120m drills impact the (JORC) Resource figures (which are based on 30m only), if the Graphite goes all the way to bottom of the drill.

Anyway, I consider this very cheap on a 3yr horizon. Its a massive and high quality resource. The high value of the resource can translate into a high share price due to minimal dilution. I'm very happy with the cautious approach of the management with the aim of processing much of the output to maximise value (like Syrah Resources).

LT mentioned this interesting situation elsewhere, and I have invested here recently. My observation is how small the revenues in the USA are compared to certain other countries * vs. how much larger the US GDP is. So I suspect a very large US expansion is in prospect. Possibly US manufacture under licence or a US partnership where the partner provides the cap ex ?

2023 North American Revenue $ 0.161 million

2023 Mexican Revenue $ 1.451 million

2023 UAE Revenue $ 1.985 million

The Potash price continues its rise since the recent low point at the end of October 2024.

The World Bank Commodity Price Data (The Pink Sheet) for end May 2025 was published yesterday. The Potassium Chloride Price CFR Brazil (the Reference Price) was US$ 362.50.

Month End....Price

05/24...... ......307.00

10/24...... ......278.13

12/24...... ......292.50

04/25...... ......351.88

05/25...... ......362.50

The end May 25 price is up 18.1% vs. end May 24

The end May 25 price is up 30.3% vs. end Oct 24 (2024 low)

The end May 25 price is up 23.9% vs. end Dec 24

The end May 25 price is up 3.0% vs. end Apr 25

Unionjack - Well done! on both counts.

It's why I included "materially". Usually the insurance valuation is significantly lower than replacement cost and insures now offer sell Gap insurance (to cover the shortfall) as well.

BTW - The insurance was taken out October 2024 (RNS 14 October 2024), by that time the Poncet issue was public knowledge (the Sebastian Perry article on Poncet was 27 April 2023).