Member Info for Catbert

$200CAD per meter. $2-3 m CAD.

Outstanding Early Works Items

Supplementary Geological Work:

The Early Works Agreement includes supplementary geological work, specifically drilling at the shaft works and marine works locations. This is necessary to confirm ground conditions for shaft sinking and marine infrastructure.

Additional Front-End Engineering Design (FEED):

Further FEED is required, particularly for the mining section shaft works, to finalise construction plans and enable rapid mobilisation after financial close.

Beneficiation Tests:

PowerChina will conduct beneficiation tests on existing core samples to confirm ore grade information and identify any opportunities to improve plant design or product specifications. Completion of these tests is a condition precedent to the EPC contract.

Environmental and Social Impact Assessment (ESIA) Update:

An update to the ESIA is being funded and is required to ensure continued compliance with regulatory standards.

Cont .. a safe jurisdiction and Alex is calling it "world class" and he's a serious guy and not some slick salesman. This is about to hit the scale that we've needed and finally we seem to have a Geo who understands the ore body better than anyone has done to date. If some want to sell on news then let them.

We already have huge amounts of data however what we now have is some proven theories related to the structural controls and statements about their implications. Ounces in the ground generally value at between for Typical Valuation Ranges are as follows;

Exploration Stage Companies:

The average market value for gold ounces in the ground for pure exploration companies (those without a defined path to production) is typically around US$20–40 per ounce. Some recent commentary suggests that, given current weak market sentiment, explorers are valued at the lower end of this range, but fair value could be closer to $40/oz if sentiment improves.

Developers (with defined resources and studies):

Companies that have advanced to resource definition and preliminary economic assessment (PEA) or feasibility studies tend to be valued higher, around US$40–70 per ounce.

This means that if we get the resouce to 1.9 moz that we should be valued at $76m US based on $40 per ounce.

I asked my AI (Perplexity) to evaluate the RNS and estimate the current MRE using this data here is the amswer;

" Landore Resources' latest drilling results at the BAM Gold Project (released 18 June 2025) indicate significant potential for expanding both tonnage and confidence in the mineral resource estimate (MRE). Here's the analysis and estimated impact on the upcoming MRE update:

Key Findings from 2025 Drilling Campaign

Eastern Expansion

Indicated resources extended 150m east through infill drilling (1,098m completed).

High-grade intercepts at depth: 1.03m @ 10.60 g/t Au (hole 0425-856) and 1.0m @ 9.97 g/t Au (hole 0425-860).

Shallow mineralisation confirmed (e.g., 3.68m @ 1.35 g/t Au at 15.42m depth).

Western Potential

Gabbroic rocks in BAM West showed strong gold potential, with intercepts like 1.0m @ 7.37 g/t Au.

Soil sampling indicates mineralization trends extending 12km west of BAM.

Depth Extensions

Down-dip mineralisation identified below existing eastern zones (e.g., 8.98m @ 2.65 g/t Au in hole 0425-857).

Structural Confidence

Fully oriented drill core and detailed logging improved geological modelling, supporting resource classification upgrades.

Updated MRE Estimates

Using the existing 2022 MRE (49.2Mt @ 1.0 g/t for 1.50Moz Au) and new drilling data:

Parameter 2022 Baseline 2025 Estimate (Range) Change

Tonnage 49.2Mt 54.1–59.1Mt +10–20%

Average Grade 1.0 g/t 1.02–1.05 g/t +2–5%

Contained Gold 1.50Moz 1.83–1.99Moz +22–33%

Indicated Resources 1.03Moz (30.96Mt) 1.25–1.45Moz +21–41%

Assumptions:

Tonnage growth from eastern/western extensions and infill drilling.

Grade uplift from high-grade intercepts and improved modelling.

~30% of Inferred resources (467Koz) converted to Indicated.

Financial and Strategic Implications

NPV Sensitivity: At current gold prices (~$3,400/oz), a 1.9Moz MRE could imply a post-tax NPV >$1.2B (vs. $370M at $1,900/oz in 2020 analysis).

Project Scalability: The 45km greenstone belt hosting BAM suggests potential for further resource growth, particularly westward.

Next Steps: Updated MRE (Q3 2025) will likely trigger feasibility studies and partnership discussions, given Ontario’s status as Canada’s top gold jurisdiction.

Summary

The 2025 drilling has de-risked BAM’s resource base and confirmed its expansion potential. The updated MRE is expected to show ~1.9Moz Au at a marginally improved grade, positioning Landore to capitalise on strong gold markets. Investors should monitor the Q3 MRE release for confirmation of tonnage distribution between Indicated/Inferred categories and pit-shell optimisations at current prices."

If the AI is right then we should be looking at a sizeable increase in resource and NPV > $1.2Bn. The interview revealed that there are two adjacent significant targets and significant expansion potential at depth. So more drilling is needed and more money will be too, however this is an Ore body in

The following was the reply to my message to Tavistock (Kore's Financial PR) to questions about the veracity of Record and the expectations that shareholders had that we would be arranging a financing deal with Summit rather than any other parties.

"Thank you very much for your email. We appreciate you taking the time to write to us. Record PLC is a UK listed asset management Group with US$106 billion under management. More information can be found here: https://recordfg.com/

The Summit consortium consists of and has always consisted of Summit itself, Power China and One World Impact Partners (OWI). Kore signed a term sheet with OWI RAMS which is a JV between OWI, which is part of the Summit Consortium, and Record PLC. Kore believe the inclusion of Record in this financing process is of value with Summit still being retained by Kore as part of this process. Going forward we will be referring to the contract parties of Kore as being Power China for EPC and OWI RAMS for the financing.

We will continue to provide further updates as appropriate."

Email: kore@tavistock.co.uk

Dear Holders,

Please could everyone message Kore to request clarification on the financial veracity of Record.

The last RNS seems to have done a considerable amount of damage to the share price and frankly we need a statement from the company about the financial veracity of Record/ the reason why the financing wasn't done with summit and a road map of exactly how Record is going to assemble these funds for a venture which isn't related to it's current line of business.

My own thought process is that this isn't as bad as it looks as we have a number of sizeable Institutional/ Sophisticated Investors as holders who one would suspect might have opposed this deal if it were unlikley to be able to deliver the funding required.

Nonetheless we have just see quite a sell off as many here are dubious about Record and do not understand how Record might fund the Kola development.

I would like to see some financial PR to stand up the idea of how and why Record is a credible vehicle to fund Kola and to build an understanding as to why a deal wasn't done with Summit ( as was our expectation based on the previous messaging) or an RNS or some sort of Video interview with the BOD to expalin the dynamics of this arrangement so that PIs can get a realistic sense of where they stand.

I think we're owed a proper explanation here as either the messaging was mismanaged or the deal with Record is shonky.

I'm hoping it was the former but we need to know either way.

The price discover has to work through the three exchanges.

Aussie was suspended Aim rose company fumbled message when Aussie was unsuspended Uk Mcap was worth more than Aussie Mcap ergo people who could sell UK and buy Aussie had free money. JSE still overvalued so maybe some sell there and buy here.

Soon all three Mcaps will align and hopefully process what appears to be positive news.

This comes form having a dingus in charge of investor comms and a listing on three exchanges where one of them suspends trading and the other two don't. IMHO you can attribute all of the moves to price discovery between the exchanges.

Just finished the call it was pretty short.

All resolutions passed and clarified early works begun and expected to complete before year end. Good relations with Government.

Summit consortium still involved as advisers.

The summit consortium included summit/Power China/OWI.

The EPC contracting party is Power China.

The finance contracting party is OWI RAMS which is a JV between OWI and Record asset management.

Value best achieved through achievement of project milestones and the management is committed to do this.

Asked about listing intent to LSE and answered that it was still the case and timing likley to be closer to final sign off.

Asked about approaches for DX and answer was all focus on Kola and no ongoing enquires.

GLA

OWI are part of the summit consortium.

OWI Group PLC and Record Financial Group (Record plc) have formed a strategic partnership to launch the world’s first Sharia-compliant Deep Tier Supply Chain Finance (DTSCF) platform and fund. K2P is certainly Deep Tier.

Is this why there was no RNS to say that K2P had broken off negotiations with the Summit consortium and made a deal with Record?

Is it becasue the Summit Consortium is favouring Record as the vehicle through which their financing of the project will be done?

There is clearly a connection between Record and OWI.

In other words there may be no incongruence between agreeing a deal with the Summit Consortium and signing a deal with Record.

Is today's share price farrago the by product of mismanaged investor comms?

Hopefully we'll get more news tomorrow on this point.

An RNS clarification of the sudden introduction of a significant and unexpected and unknown third party financier upon whom the entire project depends might warrant an explainer? You wouldda thought!

Us PI's need to study Sharia compliant financing and finance vehicles. TBH my knowledge is minimal and that's over egging it a little.

Our BOD might have needed to offer a bit more of an explanantion on this subject for today's announcement for dull witted PIs like myself and yes the sell on the news lot didn't help much.

The "Who the heck is Record?" response was moreorless the signature tune of the day.

Probably not a case study in how to manage good investor comms.

Hopefully tomorrow will give the board an opportunity to help us all understand more fully what has been agreed.

The last RNS on June 2nd said that negotiations with Summit were ongoing. No RNS was issued to say that these negotiations were terminated and that negotiations had begun with another party. I would imagine that this is a material / price sensitive news item which presumably would need to be communicated? Are Record administering the Financing on behalf of the Summit consortium?

Fortunately we have the AGM tomorrow hopefully we can get some clarity.

Aussie and Saffer will want some of this.

Plus it looks derisked enough and big enough for some more II involvement now too.

There is a massive upside here still to come even with the risks we have this should be $500-$800 Mcap even now. IMHO.

GLA

It looks like a good deal overall

Kore Potash's $2.2 billion financing deal with OWI-RAMS presents a nuanced impact for shareholders, balancing reduced equity dilution against long-term revenue-sharing obligations. The company's current market valuation appears undervalued relative to its projected cash flows, but risks remain.

Impact on Shareholders

Positive Aspects

Avoided Massive Equity Dilution: The Royalty Finance Facility ($655M) replaces what would have required 60-80% equity dilution at current prices. This preserves shareholder ownership while funding 30% of the project.

Accelerated Path to Production: The deal enables full financing for Kola's construction (targeted 2026 start), moving closer to its 2.2Mtpa production capacity.

Strategic Partnerships: Involvement with PowerChina (EPC) and OWI-RAMS' focus on food security aligns with long-term demand for low-cost potash in Brazil.

Negative Considerations

High Royalty Costs: 14-16% gross revenue sharing exceeds traditional mining royalties (typically 2-5%), potentially reducing distributable cash flows by $102-$117M annually at projected EBITDA of $733M.

Restrictive Covenants:

Dividend bans until Cashflow Cover Ratio ≥1.2x

Six-month reserve accounts for profit payments/operating costs

Production thresholds (90% of forecast volumes)

Fair Valuation Analysis

Project Fundamentals

Post-Tax NPV: $1.7 billion (10% discount rate)

Annual EBITDA: $733 million at $449/t MoP prices

Cost Position: $128/t CFR Brazil vs. global average $200-$250/t

Our project can wear the added royalty margins given the low cost of production. Two other upsides persist one being the CAGR of our product being at a 4.9% run rate so despite the possible hit to our EDBITDA our conservative pricing model and the CAGR of the product may compensate one another. The other being that our declared resource is probably only 30% of what is actually there (huge optionality). The fact that we have avoided massive dilution is a tremendous outcome. Let's see if the market gets this or if it even cares. We have a funded tier 1 low cost project with a product experiencing steady growth in demand.

GLA

Correct Stringer. The September date comes from the Edison report.

The exodus is scheduled for wet season and can only be triggered post signing and will require a disbursement.

The purpose of clearing the site is to commence the major works and it makes sense to begin these in the dry season.

MF the answers to most of your questions are in the annual report.

To sign the Banks need to do their final approval/ The gov have a couple of outstanding items/ the certifications need to be completed, costs locked in/ The ethio prefs need to be concluded / BCM needs to complete

Then it is signing /insurances completed/ Drawdown/ resettlement/ procurement

The community will move during wet season and Major works start in ernest after the wet season in September.

I would be hoping for RNS announcements on BCM and Ethio prefs imminently as these are actionable by Kefi so there is no need to delay.

Presumably for the Banks to complete they would need the certificates done first which as I understand it are in train. The Gov is pushing so presumably they can expedite whatever outstanding items if any remain for them.

Good point Stebo. Once we have a fully funded mine we may be in a position to list on the Saudi exchange. It is called the Arabian Nubian Shield afterall.

I wonder if they will issue the RNS when all the markets on which they are listed are closed so as to not disadvantage or advantage any one group of shareholders? If so maybe we get something at 4:30pm BST. What do people think?

Good luck Bear. I was quite a sizeable holder (nothing like Kutzz) but sold most of mine in November and the remainder after the Investor Meet Company.

I may buy back in later depending on how things go.

I still like the geology here and they are progressing- albeit slowly.

Your thesis that this aspect may be on a par with GGP is still a possibility and you might still make a fortune on this. I hope you do.

GLA.

The high grade rock chip samples which we took early in the piece were, I recall from artisanal pits. So one would guess that perhaps there is historic artisanal mining on the site which may pre date our license. I'm out of Orr anyway, just keeping and eye on developments.

GLA