Member Info for LTbeliever

What's the AIM equivalent in pence???

IMO, whatever we say now will be pure speculation; Current TP is 4.4p, however this can easily double after the Term Sheet is released and assuming 50-50 split between Offtake and Debt financing; at 8p, we are looking at a mkt cap of 400mln, which would take KP into the FTSE250 and thus raise its profile maong new Inst. Investors; in addition, with Kore project fully financed, the market can start looking at monetisation for DX (NPV of 250mln, if I recall) and then Dougou; so, even ignoring a Main listing, there is still plenty of potential especially with KP being in a tariff free business, and in a rising continent; but first, the Term Sheet must come before the Brokers crunch the numbers afresh.

GLA

If it's a real leak, maybe tomorrow?

FWIW, a dummy SELL for 500k shares, I got offered 1.977p.

At least this volatility is driving the USD down, so could make it easier for the Chinese to lend KP2? on the other hand, the EPC is in USD but the local expenses will be spent in non-USD, so I guess it complicates things maybe for the Banks and/or Powechina, as it will be paid in USD, if not mistaken? But delaying will probably not make things easier IMO.

It seems we need to be aware of religious calendars too, though! 3 days' delay for Eid, supposedly, no mention about Easter holidays causing delays, this week maybe they want to wait for the Pope's funeral, next week what?

they have had 5 months since November's EPC signing, they should give a final date and stick to it, not postpone month to month.

FWIW, Bid price was 2.50 last week and now 2.92; 15% up on no news.

Troy, as per RNS, it's a Bahamas entity; not sure about big corporate tax adv, as Bahamas' is at 17% and Singapore's at 15%; I guess we will know soon, hopefully the reasoning will be mentioned in the Audited Fs.

I'd be surprised if the Bahamas entity was subject to CGT; so I guess Singapore's just a more reputable jurisdiction and/or the Group structure is getting tidied up - maybe in expectation of better mkt recognition for SYM; either way, still positive IMO.

Mitch, I see your logic but I think they have to reveal more, for various reasons;

1- It'll be hugely price sensitive so it can't stay under wraps for long;

2. even if a draft proposal, the Mkt needs to know if dilutive or not; brokers are waiting for details to update SP Targets

3. negotiation may take weeks/months but in meantime (before October) another fund raising is needed so this is material info that new investors will require

4. all RNSs point towards the release of details IMO (as "no dilution" is a key assumption in all repetitions).

All IMO, GLA!

Eid break was 3 w/days, Trump volatility will not end soon so IMO, they have no more excuses to delay beyond eoApril i.e. 10 trading days left; though Trump's shenanigans will push the Chinese to want this project to go ahead, no matter what, as for them potash is a strategic resource, so that's a big plus; MEast money will also want to diversify away from the US, another plus; only negative is the mkt volatility and the shoot up in LT USD rates, so we'll see how this pans out - could lead to a lower Debt to Royalties proportion?

FWIW the link below shows SESR as a private holding co; as S/pore has no CGains tax this might be an indication, or just a coincidence, of the Indorama family expecting a big rise in their stake's value?

https://sgpgrid.com/company-details/sesr-investments-pte-ltd

Anyway, news are overdue, April's got 2 weeks left and IMO the next RNS will bring great figures. GLA!

IMO (we will know by month end), this trade war between US and China (which is a strategic necessity for the US) , on one hand creates uncertainty and instability (bad for investments), but on the other it might make the Chinese more eager to invest in Kola because it's food related (low risk), selling to Brazil (no tariff impact), keeps their capital out of US hands and will provide jobs to Chinese personnel (now that the US market is out of reach).

So, overall, not a stopper to the project going ahead as envisaged.

Got lucky with fund raising to Oct 2025 b4 this Trumpcession turmoil; bad that the "Eid holidays" delayed the Financing sheet, hopefully the steep drop in USD long term rates and the USD will make it easier for us.

Selling potash from RoC to Brazil = no tariffs' effect

money from MEast & China, tariffs +ve effect as less money headed for USA

construction by the Chinese, +ve effect as fewer business opportunities in USA

possible recession caused by trade war - makes USD cheaper and long term USD rates.

All IMO

As a refresher, The Summit Consortium includes:

o OWI Global, headquartered in Abu Dhabi, who will provide royalty financing in conjunction with product offtake.

o SEPCO, an international engineering and construction group headquartered in Jinan, China and with offices in Dubai which is a wholly owned subsidiary of PowerChina. SEPCO will be the EPC contractor for Kola within the Summit Consortium. SEPCO has completed major construction projects in 25 countries, including 44 EPC contracts in 11 countries; SEPCO will also assist in arranging the debt financing.

o China ENFI Engineering Corporation, subcontracted by SEPCO and headquartered in Beijing, is a significant engineering group with specific mining, processing, and potash experience.

IMO, the above mean that finance (debt/royalty) will come from the Gulf and China; Abu Dhabi is on holiday until tomorrow, so any news will come next week, the earliest?

With Trump's tariff wars, it seems money from China will stay out of the US.

"The consortium has advised Kore that they need more time to complete their internal process which has been impacted by the Ramadan season and Eid celebrations."

Not sure if mention of "internal process" is important; I'd assume that if all else is in place already (bank loans?), then only the Omanis / Mid East banks are affected by Ramadan holidays? which means they need a few more working days to wrap things up? But in 2 weeks we have Easter coming up, will this cause further delays?

IMO, the sheet is ready otherwise they'd have flagged a delay (eg of 2-3 weeks) in Monday's RNS - 'd not be the first time! I suspect all parties are waiting for Trump's tariff day tomorrow to assess the impact on long term USD rates etc; after all, if the lenders are committing to a 5-7 year old loan of USD 1bln (ideally!), why not wait for a few more days? Unless they pull out or the numbers are messed up tmrow, this will be a huge BUY opportunity; but of course, there is still some risk.

Current Mkt cap is 100mln, by October 2025, 300-400mln? 7mln 'd be a 2% dilution. IMO

that's not an issue, the issue is the financing in the next few days; if Royalties/Debt only, then we are OK.

That's another $150-200 mln, if/when DX's sold off; it will happen IMO as it will reduce need for fund raises until 2029 start of production, esp. when RoC Gov will be 10% s/holder;

we also need to rmbr that with all the trade wars/tariff threats etc, KP2 will be an oasis of calm amidst all these because it will sell all of its production Brazil/Africa, and I don't expect these governments will ever impose tariffs on such a vital commodity for food safety.