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2026-11-06
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Kore Potash plc

DFS Unfunded Developer · Potash · CG Rating locked: sign in to view v8.1 · kp2-20261104t223111-full
Last 2026-11-05
A$0.072
1D
—
1M
—
YTD
—
1Y
—
Upside
Locked: sign in to view
Mkt cap
A$372.7M
EV
A$364.2M
Cash
US$6.4M
Debt
US$0

Funding, performance and ownership

Financials & Capital

As of 2026-09-30
Cash US$6.4M2025-12-31: 10,555,176 US$2026-03-31: 8,300,000 US$2026-06-30: 7,543,612 US$2026-09-30: 6,419,000 US$ Finite
Debt US$0 Net cash US$6.4M
Basic shares 5.2BFY2024A: 4,378FY2025A: 5,176 2026-06-30
Runway 7.12 quarters Company Appendix 5B estimate: total available funding 6,419k over the Q3 outgoings of 901k (operating 239k plus capitalised exploration 662k); excludes any Kola construction spend.

Liquidity

Financial position

Cash of US$6.42m with no borrowings or facilities at 30 Sep 2026 funds about seven quarters of study and corporate spend. Kola construction is unfunded: the OWI-RAMS term sheets are non-binding, and the FY2025 going-concern note says a capital raise is needed by February 2027 (ar2025 p46).

Capital structure

Ownership and dilution

Ordinary shares
5.2B
Fully diluted
5.2B

Ordinary shares: 4,377,869,961 at 31 Dec 2024 (ar2025 p114) plus 2025 issues of 455,734,110 (21 Mar), 22,644,928 (11 Jun), 500 (29 Jul) and 319,688,816 (20 Nov) equal 5,175,938,315 at 31 Dec 2025 (ar2025 p114); unchanged at 30 June 2026 (half2026 p41). No issues in H1 2026. Fully diluted adds 50,000,000 options without exercise proceeds (ar2025 p115); the 2026 Q3 report shows no new issues. Stage 2 SPSA consideration shares (2.54% fully diluted) are not issued and are excluded.

Security classes2
ClassTypeQuantityStrikeExpiry
Fully paid ordinary shares (CDIs on ASX)Ordinary Share5.2B——
Share options outstanding at 31 Dec 2025 (SBP reserve roll-forward)Option50M——

Actuals and forecasts

Financial statements

Reported years only; our forecasts are available to subscribers
AUDUnitTrendFY2024AAFY2025AA
Operations
MoP production (Kola)Mt0.000.00
Profit and loss
Revenue (A$ million)AUDm0.00.0
Operating costs (cash, incl royalty)AUDmFY2024A: 1.59 AUDFY2025A: 1.98 AUD0.00.0
EBITDAAUDmFY2024A: -1.59 AUDFY2025A: -1.98 AUD(0.0)(0.0)
Depreciation (straight-line proxy)AUDmFY2024A: 0.00 AUDFY2025A: 0.00 AUD0.00.0
Net profit after tax (attributable)AUDmFY2024A: -1.63 AUDFY2025A: -1.40 AUD(0.0)(0.0)
Cash flow
Operating cash flowAUDmFY2024A: -0.89 AUDFY2025A: -2.62 AUD(0.0)(0.0)
Capex (construction plus sustaining)AUDmFY2024A: 3.43 AUDFY2025A: 16.40 AUD0.00.0
Free cash flowAUDmFY2024A: -4.32 AUDFY2025A: -19.02 AUD(0.0)(0.0)
Balance sheet
Cash and cash equivalents (year end)AUDmFY2024A: 1.91 AUDFY2025A: 15.03 AUD0.00.0
BorrowingsAUDm0.00.0
Net debt (cash)AUDmFY2024A: -1.91 AUDFY2025A: -15.03 AUD(0.0)(0.0)
Total equityAUDmFY2024A: 238 AUDFY2025A: 298 AUD0.00.0
Per share
Ordinary shares, year endm sharesFY2024A: 4,378 m sharesFY2025A: 5,176 m shares4,3785,176
Dividends per shareAUD/share0.000.00
Multiples and ratios
EV / EBITDA (x, current EV)xFY2024A: -228,689,724 xFY2025A: -184,235,162 x(228689724.0)(184235161.6)
P / E (x, current market cap)xFY2024A: -228,392,204 xFY2025A: -265,885,155 x(228392203.6)(265885155.5)
FCF yield (current market cap)%FY2024A: -0.00 fractionFY2025A: -0.00 fraction-0.0%-0.0%
EBITDA margin%——
Net debt / EBITDA (x)xFY2024A: 1.20 xFY2025A: 7.60 x1.27.6

KPI history

Operating metrics

Source values by period
Operating metric source table4
MetricProjectPeriodPeriod typeValueStatus
Cash and cash equivalents, 31 Dec 2025 (audited)CompanyFY2025Point In Time10,555,176 USDReported
Cash, 31 Mar 2026 (Appendix 5B)CompanyQ1 2026Point In Time8,300,000 USDReported
Cash and cash equivalents, 30 Jun 2026CompanyQ2 2026Point In Time7,543,612 USDReported
Cash, 30 Sep 2026 (Appendix 5B)CompanyQ3 2026Point In Time6,419,000 USDReported

Capital history

Capital events

3 events · newest first
DateEventAmountSharesPriceStatusTerms
2025-11-20RaisingUS$12.2M319.7M—Completed—
2025-06-11RaisingUS$500K22.6M—Completed—
2025-03-21RaisingUS$10.5M455.7M—Completed—

Contracts and ownership

Material economic arrangements These are deals that can affect sales, costs, funding or ownership. An arrangement marked “Included in valuation” may already be built into a project estimate or the bridge to shareholder value. A separate amount is shown only when one can be estimated; do not add it again.

Complete As Disclosed · as of 2026-09-30

Arrangements in the FY2025 annual report, the H1 2026 report, the Q3 2026 report and the SPSA and sale-process announcements. No offtake, streams or hedges are disclosed.

Under the Mining Convention the RoC holds a 10% carried interest in Kola Potash Mining S.A. and Dougou Potash Mining S.A.; the Ministry of Finance is to hold it and the legal process is ongoing. The Optimised DFS is stated on a 90% basis.

Free Carry · Conditional
Counterparties
Republic of Congo (Ministry of Finance)
Applies to
Kola sylvinite project (Kola Potash Mining S.A.) · DX sylvinite project (Dougou Potash Mining S.A.) · Potash
Economic direction
Burden
Period
From 2018-12-07; no end date stated
Key terms
Carried interest in project companies: 10 pct
How it affects our valuation

No valuation treatment is available for this arrangement.

Mining royalty of 3% of ex-mine market value under the Mining Convention, applied in the study cash flows.

Royalty · Active
Counterparties
Republic of Congo
Applies to
Kola sylvinite project (Kola Potash Mining S.A.) · Potash
Economic direction
Burden
Period
From 2018-12-07; no end date stated
Key terms
State mineral royalty on ex-mine market value: 3 pct
How it affects our valuation

No valuation treatment is available for this arrangement.

Non-binding term sheets for the Kola funding package; the financier arranges and provides senior project finance and royalty finance; structure to follow Shariah principles. No binding commitment or terms for royalty economics are disclosed.

Other · Announced
Counterparties
OWI-RAMS GmbH (Summit Consortium)
Applies to
Kola sylvinite project (Kola Potash Mining S.A.) · Potash
Economic direction
Burden
Period
From 2025-06-10; no end date stated
Key terms
Total Kola funding package (senior secured project facility plus royalty finance): 2,200,000,000 USD
How it affects our valuation

No valuation treatment is available for this arrangement.

Fixed-price EPC contract with PowerChina for the Kola Project; early works agreement in place; the EPC remains subject to financial close.

Other · Conditional
Counterparties
PowerChina International Group Limited
Applies to
Kola sylvinite project (Kola Potash Mining S.A.) · Potash
Economic direction
Burden
Period
From 2024-11-19; no end date stated
Key terms
Fixed-price EPC contract value: 1,929,000,000 USD
How it affects our valuation

No valuation treatment is available for this arrangement.

MGM held 3% of SPSA; Stage 1 took the holding to 97.46% in H1 2026 and Q3 disclosures show 97.58%. Stage 2 (remaining 2.54%) is conditional on a completed whole-company offer and is not valued.

Other · Conditional
Counterparties
Etablissements MGM
Applies to
Kola sylvinite project (Kola Potash Mining S.A.) · DX sylvinite project (Dougou Potash Mining S.A.) · Potash
Economic direction
Mixed
Period
From 2026-03-01; no end date stated
Key terms
Stage 1 consideration for 0.46% of SPSA: 1,000,000 USD
Stage 2 minority stake (2.54%) exercisable on a whole-company offer within 12 months: 2.54 pct
How it affects our valuation

No valuation treatment is available for this arrangement.