Member Info for StockyWocky

Invitation to ask Qs directly from the company, not sure i've seen that from KP2 before? What can we ask that would give meaningful update that they would actually answer??

"The Board understands that beyond voting on the formal business, the Meeting also serves as a forum for Shareholders to raise questions with the Board and we wish to continue to afford Shareholders that opportunity again this year. Therefore, we request that you submit any questions that you may have by e-mail to info@korepotash.com by no later than 09.30 (UK time) on 26 June 2026 and we will endeavour to provide answers on our website."

I just listened to an interesting podcast with Sir Mick talking about raising capital or more specifically the challenges of it now compared to the mid 2000s.

Doesn't talk about FAR but i thought it good to hear from the man himself!

Takeaway being:

The world needs critical minerals now more than ever but capital markets make it harder than ever to extract.

The time horizon of capital markets has shortened to Qtr on Qtr and even PE want returns in 5 years versus the realities of a 20 year mine project

https://www.fastmarkets.com/insights/minings-capital-challenge-mick-davis-vision-blue/

If you want to be optimistic, the bonds will be refinanced at possibly even lower interest rates than they secured 3 years ago and an update is coming to say FEED is nearing completion and financing progressed as a result...

If you want to be pessimistic, the bonds will result in c. 25% dilution as a result of mismanagement and poor financial planning and the 6 month FEED hasn't yet started...

I suspect the truth is in the middle, FEED is ongoing, financing ongoing and the bonds will be managed appropriately... i would like an update ASAP on all of this though!

Remember the project at hand here, NPV 1bn USD of a critical mineral that the US, UK and China all keen to get their hands on. Chinese involvement in construction discussions, routes to early cash flow via CBS, near flat Vanadium production cost due to the value of byproducts + major insider ownership.

All to play for, execution remains key!

Agree, yet another missed opportunity to provide a meaningful progress update so am left disappointed. Hoping it’s the usual scatter gun PR strategy where updates will be mentioned 44 mins into a random YouTube video with NB…

The bonds maturing are not ideal timing but these directors are not amateurs and always knew this was coming… got to trust that they will get refinanced appropriately as it’s in nobody’s interest to dilute at that scale (remember the 3 biggest shareholders are chairman, CEO and CFO!)

Frustrated but headline numbers of the project are unchanged

Hopefully bodes well for the upcoming annual results...

Didn't realise i'd rambled so much! Hope it's useful to someone :)

I understand the general negativity and frustration as a long term holder myself. Just spent some time reminding myself of why we're here and what's coming next. Annoyingly this is spread across 6 different RNS and 2 youtube videos with NB from Oct 25. Summary:

FEED

- Agreed to work with CC6 (announced in Oct)

- Cost of 4.1m USD

- Duration 6 months

- Start date not mentioned, i have placeholder in my head as Jan-June 26 basis agreement announced in Oct but nothing published to say this is in progress and pretty major question mark

- FEED completion is major step in banks lending money and converting EPC proposal to binding agreement

- Next catalyst for a rerate to circa 25p

New CBS

- Unlike the original CBS product, this is not included in the FS

- MOU agreed with MasterTyre in China for 300kt annual offtake - non binding and financials TBC

- New CBS is worth slightly less than the original which is ballparked at 500 USD so lets assume 400USD

- At 200kt production, this is worth 90m/year

- Production of this can begin before main mine is built providing early cash flow (albeit i doubt anywhere near that 200kt figure!!)

Funding

- We're all very aware of the 3 equity fund raises from Nov-March

- NB and MD involved in all of these which is good!

- At fixed FEED cost of 4.1m and using the cash burn of 0.3m/month, the company is out of cash by July

- Raise of further 1.5m likely based on the past 3 and that would provide enough liquidity until end of 2026

- Ideally, they can delay fundraise until post FEED to raise at better levels... in reality i expect NB and MD to continue to fill their boots at <10p levels, particularly as they will know the progress of the FEED

- Assuming we level off around 22p post FEED and minor raise, funding of the required balance to build the mine would still be substantial and i would expect a 20% dilution in due course to raise this (not basis anything published but just own digging and a bit of AI guidance... make of that what you will!)

Valuation (assumes NPV of 1bn post new CBS factored in. No additional value of enhancements to the mine design, good loan terms via China or efficiencies around the dry milling )

- Post FEED: 20% of NPV is 200m USD = 150m GBP = ~30p, call it 25p for a splash of conservatism

- Fully funded: 50% NPV is 500m USD = 375m GBP = 75p - major caveats here around how the funding works and dilution etc but safe to say 50p+ !

Timeline for news and next milestones:

End of April: Annual results, can use this to verify key assumptions above RE cash and hopefully guidance on FEED timeline which can help infer the rest

FEED Completion

EPC proposal turned binding

None of this mentions Vanadium price which is obvs key to a vanadium mine but somewhat less important atm given we're not producing yet and the mine life gives plenty of time for ups and downs. Good to see a price remains above the production cost by about 1$/t and 4 $/t above the cost net of by product

Full year results due at the end of April, any thoughts / hopes on what will be in there?

Very valid concern RE Funding but as i understand it that issue goes away if financial close is achieved in 2026...

Key targets are contract operator & owners strategic partner which are requirements of the funding package - also sounds like OWI-RAMS have work to do to lock in the funding on their side but would like to think that's not an issue...

Also completing the marine works in 1H 26 would be good now that they have greenlight to do so.

Big year ahead!

Surprisingly violent move down today, whole market red but 10% feels a bit much... anyone think it's anything more than just whole market sentiment?

The 0.46% purchase price aligns with current market cap so think it's just a simple reflection of current share price.

Completely agree that it would make no sense to do this without a strong confidence that a formal offer will be made, there's never been any mention of this previously but makes total sense that when buying a billion dollar mine you'd want the whole thing and not 97% of it!

I like the term 'dressing the bride', think it hits the nail on the head

Not ideal as would've liked a bidding war but a full sale is still on the cards and positive spin of that RNS is that a party has done 4 months of due diligence and is still at the table!

After the fund raise last year, fal back option is the mine continues in house which is a good place to be from negotiation perspective

I agree, particularly when paired with the name check in the government strategy document

https://www.gov.uk/government/publications/uk-critical-minerals-strategy/vision-2035-critical-minerals-strategy

Is today 4th largest volume of shares traded in 12 months, only behind day of feasibility study and 2 days of expression of financing interest RNS?

Agree that has to suggest something big in the pipe...

I dont think that can be right on the bid/ask spread you've mentioned? If you are seeing it, i would suggest transacting it in size for free money :)

Thanks for sharing 99, very interesting.

Kore FOB price at the mine gate is ~86 USD/t i think so that should leave ~200 USD/t profit after shipping costs to CIF deliver to Brazil to spit out a circa 450m EBITDA

The DFS uses 449 CIF brazil price for average life of the mine for the 733m EBITDA so a) we're going in the right direction! and b) should support valuations north of 6p ?

Yes agreed, lots going on. Few lines of interest i picked out:

- "discussions were held with two new Chinese contractors about a contract operator proposal. This was a requirement of the Potential Financiers to derisk the Kola Project further." - sounds like the financiers would rather not have PowerChina for construction and operation??

- "social baseline data collection by Synergy and ELINA was intentionally left incomplete in October as it was understood that a new investor might request some design modifications which could impact the RAP" & "It should be noted that this hiatus is just a short-term pause. All ESIA activities are due to resume in April 2026." - not quite sure what to make of this. If this 'new investor' is one of the bidders then it gives an indication into the progress of discussions?

- "The DX project and Dougou deposit have however been closely reviewed as part of the FSP." - interesting to specifically call this out, hopefully good news RE a valuation

Not really tbh, i live in hope that it's a sign of things to come but whilst it's a welcome rise it hasn't blown the doors off... hope that's not a sign of things to come!

My biggest positive was the fund raise which should give enough runway to progress to financial close without a takeover as it gives a much stronger negotiation position. Not really expecting any takeover news to be formalised this side of June given the complexity of a deal, hopefully a bidding war and management split between takeover and progressing in house.

Hopefully some clues in the language of the review of Q4 operations as i do agree it was a noticeable flurry of volume

Review of operations for Q4 due end of next week i think... GLA

Bit of a nothing release in my view - big believer in the whole project but they could really do with better PR