Member Info for Anum

A question not yet raised.?

Is the Oman Sovereign Wealth Fund ((OIA) the Remaining Bidder.?

Potential reasons why they could be:

- Already the largest single shareholder of KP2

- Likely the main driver for securing Sharia compliant finance which is still being pursued

- Oman is a country which is friendly with the Chinese, and hence would be happy with the PowerChina EPC and a Chinese mine operator

- Openly state that they are looking to diversify investment away from O&G and into Food Security

- Are in the region so will be comfortable investing in the region.

- Already have a representative on the KP2 Board of Directors doing DD

- Have the money to buy all shares at the required bid price.

OIA would be happy to wait until all ducks are aligned (finance secured and construction started) before revealing themselves as the bidder, as appears to be occurring.

Could be a strong candidate for the takeover.?

"Mobilising Africa's Development Financing at Scale in a Fragmented World"

https://am.afdb.org/en/news/2026-annual-meetings-african-development-bank-group

"The African Development Bank Group estimates that Africa needs more than $400 billion annually to accelerate its structural transformation. The theme of the 2026 Annual Meetings will serve as a guiding thread for discussions between the Bank Group's management and its member countries on how the continent can mobilize large-scale domestic and foreign capital to finance its development and strengthen its resilience."

“We’ve put established licenses for Venezuela to produce more fertilizer. We’ve had discussions with Morocco, which has the largest reserve of potash anywhere on Earth,” the White House adviser said.

https://www.zerohedge.com/commodities/trump-administration-seeks-alternative-fertilizer-supplies

Another article: 'Gabon-Congo: A long-distance duel for potash, Millennial Potash vs. Kore Potash'

https://insidenews241.com/gabon-congo-duel-a-distance-pour-la-potasse-millennial-potash-vs-kore-potash/

Written in French. Might have to hit google translate.

Another possible way to look at this RNS is that the bidding war (or at least the fist bidding battle) has already taken place behind closed doors and that a victor in that war/battle has emerged. If that is the case, then another RNS with an official offer may follow in the near future.

It is likely that that both buyers had discussions with Kore about what would constitute a successful bid to buy KP2 while both buyers were conducting their due diligence.

If one buyer was offering a substantially better price, then the second buyer may have decided to suspend their participation until the "put-up or shut-up" period has begun. As in, Buyer A puts forward a notably higher indicative buy offer, and Buyer B chooses not to counter that offer on the basis that it is not yet an official offer. Buyer B might wait for the formal offer to be made public via the "put-up or shut-up" process before deciding if they want to re-engage in the bidding process.

Just a guess at possibilities, so may or may not be the case.?

Glencore agrees to sell 40% stake on its two African copper and cobalt businesses to a US government-backed group, as Washington continues to seek more control over Critical Minerals. The deal values 100% of the mines at aprox $9 billion.

https://www.glencore.com/media-and-insights/news/proposed-acquisition-by-us-backed-orion-critical-mineral-consortium-of-a-strategic-stake-in-glencores-drc-assets

Potash is also currently listed as Critical Mineral in the USA.

Potash is listed as a Strategic Mineral in China.

Some very big late trades went through yesterday. Review of Operations by Friday.

Do you think we could reach a share price of R1.20 - R1.50 just by closing the current non-binding agreements which are on the table.? That is only 20% to 50% higher than the share price we have already achieved in the past few months.

So basically, could we achieve R1.20 just by signing the current non-binding financial package, achieving financial close, making the construction contract fully binding and starting construction.?

If you think we could achieve that share price by simply closing the deals which are currently on the table, then it would seem like a steal to sell the whole company for that price.?

If we could achieve a share price of R1.20 - R1.50 just by closing the current deals on offer, why should we sell the whole company for that same price.? We would be better off closing the deals and building the mine? It would be a better outcome for shareholders?

Are we ever going to hear from Kore again?

Some big holders actually increased their holdings during the recent US 12 million fundraise. At the bottom of the Form 8.3 it discloses how much they bought and the issue price.

Cant imagine they would have bought more shares at 2.9p if they weren't sure the future share price would be higher than that.

"The investment would be in various sectors, including agriculture, finance, mining, pharmaceuticals and hydrocarbons, it added."

"Last month, saw Al Mansour Holding pledge $70 billion in investments across four southern African countries during a 10-day tour. The funding pledges to Botswana, Mozambique, Zambia and Zimbabwe come as largely poor countries in the resource-rich region grapple with sweeping cuts in US aid since Donald Trump's return to the White House."

https://www.newarab.com/news/qatari-firm-ready-invest-21-bn-dr-congo

Shore Capital Stockbrokers seem active in their trading.? They are listed on Kore's website as a nominated advisor/broker too.

Everyday they release a Form 8.5 showing trading activity from the previous day. I wonder if they are trading on behalf of Kore or some other client.?

Potash is listed as a critical mineral in the USA and also in China.

https://www.reuters.com/business/energy/us-exim-invest-100-billion-secure-critical-mineral-supplies-ft-says-2025-11-23/

Plot twist - kore end up selling the DX Project in the FSP but keep the Kola project and take it to construction/production with OWS financing.

Kore then issue a dividend from the sale of DX to shareholders, which largely or completely covers our initial investment amount, and we free carry Kola and all our shares into construction/production.

Stockwocky, that RNS states that David Lionel Stevens is the beneficial holder of 674,583,400 shares. The RNS also states that of those 674,583,400 shares, David Lionel Stevens holds 103,500,000 shares under his private name, or "in his own capacity.

If you subtract 103,500,000 from 674,583,400, you get 571,083,400, which is the exact number of shares held by Harlequin.

It appears that Harlequin is David Lionel Stevens.?

Apparently,

571,083,400 is held by Harlequin.

103,500,000 is held by David Lionel Stevens.

= 674,583,400 in total with the beneficiary being David Lionel Stevens.?

A quote taken from social media by Denis Christel Sassou Nguesso.

He is strongly welcoming foreign investment into the ROC including in the mining sector. He is looking to build relationships with investors and financiers and looking to develop economic diversification in the country. Exactly the message that a potential bidder would like to see from the Government of the ROC while placing a bid to buy Kore.

"On November 13, my colleague Ludovic Ngatse and I took part in the Vox Éco Forum held in Brazzaville. During my presentation, I recalled that the economic diversification of Congo requires a profound transformation of our growth model. Reducing our dependence on hydrocarbons and modernizing our productive apparatus requires greater openness to private initiative. To achieve this, we must accelerate the implementation of public-private partnerships, attract more direct foreign investment, and more systematically mobilize innovative financing in high-potential sectors such as digital technology, mining, or agriculture."

"I also stressed the need for better support for investors, by strengthening their protection and creating favourable conditions for the emergence of national champions in the private sector. Supporting a new generation of Congolese entrepreneurs is essential to build a more resilient, competitive economy that creates jobs."

It is not necessarily standard, but it is not unknown either.

You'll have to live with it too, I guess.

Well why would KP2 stifle on-market competition.?

Surely a higher share price caused buy on-market purchasing via interested bidders is to the benefit of all shareholders.?

I wonder if these 'potash industry players' who are about to submit a takeover over offer to purchase all shares will start buying up on-market at some point?

Current market price would surely be much lower than the theoretical takeover offer, so any shares purchased on market would be purchased at a discount, and any shares purchased on-market would also give the buyer an additional vote as a shareholder to support their own takeover offer.

If these potash industry players who want to buy KP2 start buying on-market, our share price could increase to the theoretical takeover price very quickly.

Update due by the end of next week - "Review of Operations for the Quarter ended 30 September 2025"

https://korepotash.com/investors/results-and-reports/