Price, volume & events
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- Last 2026-11-05
- A$0.072
- 1D
- —
- 1M
- —
- YTD
- —
- 1Y
- —
- Fair value
- Locked: sign in to view
- Upside
- Locked: sign in to view
- Mkt cap
- A$372.7M
- EV
- A$364.2M
- Cash
- US$6.4M
- Debt
- US$0
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Sign in or enter a guest codeAnnouncements
Latest 12 of 8All sources ▸- Quarterly Activities and Cashflow Report, quarter ended 30 September 2026Results
- Half Year Financial Report for the six months ended 30 June 2026Results
- Quarterly Activities and Cashflow Report, quarter ended 30 June 2026Results
- Quarterly Activities and Cashflow Report, quarter ended 31 March 2026Results
- Annual Report to Shareholders for the year ended 31 December 2025 (FY2025)Results
- Purchase of 0.46% interest in SPSA and conditional right to acquire remaining minority sharesEconomic Arrangement
- Quarterly Activities and Cashflow Report, quarter ended 31 December 2025Results
- Kola Optimisation Study Update (Optimised DFS), 27 February 2025Study
Event calendar · next 12 months
5 events| Timing | Event | Category | Confidence | Materiality | Investor relevance |
|---|---|---|---|---|---|
| January to February 2027 (company going-concern statement) | Directors expect to need a capital raise by February 2027 (going-concern note) | Financing | Company Guided | High | Without a raise or a transaction the company has no funded runway beyond the going-concern horizon; the raise may be dilutive. |
| March 2027 (inferred from the 25 March 2026 release pattern) | FY2026 annual report and audited accounts | Results | Inferred | Medium | Audited FY2026 statements and a going-concern update. |
| 8 June 2027 (Convention term) | Mining Convention: construction must start by 8 June 2027 | Permitting | Confirmed | High | Failure to start construction risks the stabilised fiscal terms and the project timetable. |
| Not dated; term sheets non-binding | Kola financial close with OWI-RAMS financiers | Financing | Company Guided | High | Financial close would release the EPC and set the royalty economics. |
| No date set; the company gives no timetable | Formal sale process: outcome from the two engaged parties | Corporate Action | Company Guided | High | A firm offer or the failure of the process decides the funding path and the share basis (SPSA stage 2 is tied to a whole-company offer). |
Executive roster
As of 2026-06-30Background checks ▸Executives as named in the FY2025 annual report and the H1 2026 report: chief executive, chief financial officer and the two joint company secretaries. Non-executive directors are excluded per the template. No executive directors are named beyond the chief executive.
| Executive | Title | Normalized role | Appointed | Sources |
|---|---|---|---|---|
| J. M. André Baya | Chief Executive Officer | Chief Executive | 2024-04-15 | Annual Report to Shareholders for the year ended 31 December 2025 (FY2025) |
| Andrey Maruta | Chief Financial Officer | Finance | — | Annual Report to Shareholders for the year ended 31 December 2025 (FY2025) · Half Year Financial Report for the six months ended 30 June 2026 |
| Henko Vos | Joint Company Secretary | Company Secretary | — | Annual Report to Shareholders for the year ended 31 December 2025 (FY2025) |
| St James's Corporate Services Limited | Joint Company Secretary (outsourced corporate service provider) | Company Secretary | — | Annual Report to Shareholders for the year ended 31 December 2025 (FY2025) |
devCoverage status: Complete As Disclosed
Portfolio detail
Assets
Core asset
Kola sylvinite project (Kola Potash Mining S.A.)
CG
DFS Unfunded Developer97.58% ownedPotash
Optimised DFS economics; construction unfunded; ESIA update paused; Mining Convention construction-start deadline 8 June 2027.
- Study
- Optimised DFS (Kola Optimisation Study Update)
- Post-tax NPV (study prices, attributable)
- US$1.6bd
- NPV restated at our deck (attributable)
- Locked
- IRR
- 1,800.0%s
- Initial capex (100%)
- US$2.1bs
- Capital intensity
- US$941/(t/yr)d
- LoM AISC
- A$140/td
- Mine life
- 23.0 yrss
Project location
Approximate location
Loading imagery…
© OpenStreetMap contributors. Basemap imagery © Esri (Maxar, Earthstar Geographics). Dated overlays contain modified Copernicus Sentinel data. Visible surface changes do not establish production or completion.
Published study economicsIssuer or study metrics
NPVUS$1.7B10% discount
IRR18%Published return
Initial capexUS$2.1BPublished capital estimate
Operating cost88USD/t MoP
post-tax real NPV10, ungeared, 90% attributable basis (after RoC 10% carry), average MoP US$449/t
Resources & reserves2
| Type | Category | Quantity | Grade | Contained minerals | Date |
|---|---|---|---|---|---|
| Mineral Resource | total (inclusive of reserves) | 848 Mt | 34.8% KCl | Potash | 2025-02-27 |
| Ore Reserve | proved and probable | 152 Mt | 32.5% KCl | Potash | 2025-02-27 |
Tenements1
Milestones3
- Construction start required under the Mining Convention
At Risk · High materiality
- Financial close on the Kola project finance and royalty package (OWI-RAMS term sheets, non-binding)
Pending · High materiality
- Resume ESIA update and RAP once investor design changes are confirmed
Delayed · High materiality
Permits & approvals3
| Permit | Jurisdiction | Status | Expiry | Critical path |
|---|---|---|---|---|
| Mining Convention (ratified; stabilisation clause) | Republic of Congo | Granted | — | No |
| ESIA update for Kola (amended 2018 approval, update paused) | Republic of Congo | Pending | — | Yes |
| Declaration of public utility (DUP) and Relocation Action Plan | Republic of Congo | Pending | — | Yes |
Economic studies1
| Study | Stage | Status | Date | Summary |
|---|---|---|---|---|
| Kola Optimisation Study Update (Optimised DFS) | Updated Feasibility | Current | 2025-02-27 | 23-year life at 2.2 Mtpa MoP; NPV10 real post-tax US$1,675m on a 90% attributable basis; IRR 18%; US$2.07bn nominal capital; US$449/t average price; construction start assumed 1 Jan 2026. |
Material
DX sylvinite project (Dougou Potash Mining S.A.)
CG
PFS Developer97.58% ownedPotash
2023 PFS production target; no current study; strategic options including a possible sale under review.
- Study
- Updated PFS and production target (DX)
- Post-tax NPV (study prices, attributable)
- US$268.3md
- NPV restated at our deck (attributable)
- Locked
- IRR
- 2,730.0%s
- Initial capex (100%)
- US$315.7ms
- Capital intensity
- US$786/(t/yr)d
- LoM AISC
- —
- Mine life
- 12.0 yrss
Project location
Approximate location
Loading imagery…
© OpenStreetMap contributors. Basemap imagery © Esri (Maxar, Earthstar Geographics). Dated overlays contain modified Copernicus Sentinel data. Visible surface changes do not establish production or completion.
Published study economicsIssuer or study metrics
NPVUS$275MPublished value
IRR27.3%Published return
Initial capexUS$315.7MPublished capital estimate
post-tax real NPV10 on 90% attributable basis, flat US$450/t MoP; discount rate not restated in the source read
Resources & reserves2
| Type | Category | Quantity | Grade | Contained minerals | Date |
|---|---|---|---|---|---|
| Mineral Resource | total (inclusive of reserves) | 129 Mt | 24.8% KCl | Potash | 2023-01-24 |
| Ore Reserve | proved and probable | 9.3 Mt | 35.7% KCl | Potash | 2023-01-24 |
Tenements1
Milestones1
- DX strategic options review (including a sale) reported in the Q3 2026 report
Pending · Medium materiality
Economic studies1
| Study | Stage | Status | Date | Summary |
|---|---|---|---|---|
| Updated Dougou Extension PFS and Production Target | PFS | Current | 2023-01-24 | Production target 15.5 Mt sylvinite, 4.82 Mt MoP over 12 years at a flat US$450/t; NPV10 real post-tax US$275m (90% basis); IRR 27.3%; capex US$315.7m. |
Other
Dougou carnallite resource (Dougou Potash Mining S.A.)
CG
Resource Stage97.58% ownedPotash
Large carnallite resource; no current mine plan or study.
- Contained metal (attributable)
- 618.4m td
- Resource grade
- 20.7%
- % Measured + Indicated
- 34.8%d
- Resource tonnes
- 3,056.00 Mt
- Our value per attrib. contained unit
- Locked
- Mining method
- —
Project location
Approximate location
Loading imagery…
© OpenStreetMap contributors. Basemap imagery © Esri (Maxar, Earthstar Geographics). Dated overlays contain modified Copernicus Sentinel data. Visible surface changes do not establish production or completion.
Resources & reserves1
| Type | Category | Quantity | Grade | Contained minerals | Date |
|---|---|---|---|---|---|
| Mineral Resource | total (inclusive of reserves) | 3.1K Mt | 20.7% KCl carnallite | Potash | 2026-09-30 |
Other
Kola carnallite resource (Kola Potash Mining S.A.)
CG
Resource Stage97.58% ownedPotash
Carnallite resource beneath and around the Kola sylvinite; no mine plan.
- Contained metal (attributable)
- 369.3m td
- Resource grade
- 18.5%
- % Measured + Indicated
- 37.5%d
- Resource tonnes
- 2,049.00 Mt
- Our value per attrib. contained unit
- Locked
- Mining method
- —
Resources & reserves1
| Type | Category | Quantity | Grade | Contained minerals | Date |
|---|---|---|---|---|---|
| Mineral Resource | total (inclusive of reserves) | 2K Mt | 18.5% KCl carnallite | Potash | 2026-09-30 |
d derivedr our researchg guidances study forecastm daily marketNo marker: as reported— / NM missing or not meaningful (hover for why)
Funding, performance and ownership
Financials & Capital
Liquidity
Financial position
Cash of US$6.42m with no borrowings or facilities at 30 Sep 2026 funds about seven quarters of study and corporate spend. Kola construction is unfunded: the OWI-RAMS term sheets are non-binding, and the FY2025 going-concern note says a capital raise is needed by February 2027 (ar2025 p46).
Capital structure
Ownership and dilution
- Ordinary shares
- 5.2B
- Fully diluted
- 5.2B
Ordinary shares: 4,377,869,961 at 31 Dec 2024 (ar2025 p114) plus 2025 issues of 455,734,110 (21 Mar), 22,644,928 (11 Jun), 500 (29 Jul) and 319,688,816 (20 Nov) equal 5,175,938,315 at 31 Dec 2025 (ar2025 p114); unchanged at 30 June 2026 (half2026 p41). No issues in H1 2026. Fully diluted adds 50,000,000 options without exercise proceeds (ar2025 p115); the 2026 Q3 report shows no new issues. Stage 2 SPSA consideration shares (2.54% fully diluted) are not issued and are excluded.
Security classes2
| Class | Type | Quantity | Strike | Expiry |
|---|---|---|---|---|
| Fully paid ordinary shares (CDIs on ASX) | Ordinary Share | 5.2B | — | — |
| Share options outstanding at 31 Dec 2025 (SBP reserve roll-forward) | Option | 50M | — | — |
Actuals and forecasts
Financial statements
| AUD | Unit | Trend | FY2024AA | FY2025AA |
|---|---|---|---|---|
| Operations | ||||
| MoP production (Kola) | Mt | 0.00 | 0.00 | |
| Profit and loss | ||||
| Revenue (A$ million) | AUDm | 0.0 | 0.0 | |
| Operating costs (cash, incl royalty) | AUDm | 0.0 | 0.0 | |
| EBITDA | AUDm | (0.0) | (0.0) | |
| Depreciation (straight-line proxy) | AUDm | 0.0 | 0.0 | |
| Net profit after tax (attributable) | AUDm | (0.0) | (0.0) | |
| Cash flow | ||||
| Operating cash flow | AUDm | (0.0) | (0.0) | |
| Capex (construction plus sustaining) | AUDm | 0.0 | 0.0 | |
| Free cash flow | AUDm | (0.0) | (0.0) | |
| Balance sheet | ||||
| Cash and cash equivalents (year end) | AUDm | 0.0 | 0.0 | |
| Borrowings | AUDm | 0.0 | 0.0 | |
| Net debt (cash) | AUDm | (0.0) | (0.0) | |
| Total equity | AUDm | 0.0 | 0.0 | |
| Per share | ||||
| Ordinary shares, year end | m shares | 4,378 | 5,176 | |
| Dividends per share | AUD/share | 0.00 | 0.00 | |
| Multiples and ratios | ||||
| EV / EBITDA (x, current EV) | x | (228689724.0) | (184235161.6) | |
| P / E (x, current market cap) | x | (228392203.6) | (265885155.5) | |
| FCF yield (current market cap) | % | -0.0% | -0.0% | |
| EBITDA margin | % | — | — | |
| Net debt / EBITDA (x) | x | 1.2 | 7.6 | |
KPI history
Operating metrics
Operating metric source table4
| Metric | Project | Period | Period type | Value | Status |
|---|---|---|---|---|---|
| Cash and cash equivalents, 31 Dec 2025 (audited) | Company | FY2025 | Point In Time | 10,555,176 USD | Reported |
| Cash, 31 Mar 2026 (Appendix 5B) | Company | Q1 2026 | Point In Time | 8,300,000 USD | Reported |
| Cash and cash equivalents, 30 Jun 2026 | Company | Q2 2026 | Point In Time | 7,543,612 USD | Reported |
| Cash, 30 Sep 2026 (Appendix 5B) | Company | Q3 2026 | Point In Time | 6,419,000 USD | Reported |
Capital history
Capital events
| Date | Event | Amount | Shares | Price | Status | Terms |
|---|---|---|---|---|---|---|
| 2025-11-20 | Raising | US$12.2M | 319.7M | — | Completed | — |
| 2025-06-11 | Raising | US$500K | 22.6M | — | Completed | — |
| 2025-03-21 | Raising | US$10.5M | 455.7M | — | 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.
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.
Intrinsic value
Valuation
Valuation
Bear, base and bull values, investment cases, project valuations and the equity bridge are available to subscribers.
Sign in or enter a guest codeResource-price transmission
Sensitivity lab
Sensitivity lab
How our fair value responds to commodity prices and other drivers is available to subscribers.
Sign in or enter a guest codePeople, delivery and responsibility
Management background checks
The team has functional experience relevant to its company’s current stage, but the public record reviewed provides uneven evidence of personal contributions. The assessment weighs documented company delivery, individual role fit, and specific legal/environmental matters without treating company outcomes or unresolved allegations as personal misconduct.
Decision-relevant facts
Material summary
André Baya
Chief Executive Officer
Role FitAnalyst Inference · Medium materiality
Professional fit for Chief Executive Officer
Role fit is an analytical inference from the documented position and the listed experience. The current role aligns with the function stated in the title; demonstrated personal outcomes are not inferred from employer results.
Responsibility not applicable · Analyst assessment based on the cited role and career record; it does not establish performance causation.
Half Year Report June 2026 · Current executive roster
Half Year Report June 2026 · p. 2
FailureIssuer Reported · Medium materiality
Kola project remains dependent on financing and transaction outcomes
By the 30 June 2026 half-year report, Kola had not reached financial close or construction, and the formal sale process still had two parties engaged. The report’s cash forecast turned negative in June 2027 without new funds. This records project and funding execution risk, not individual misconduct; Baya and Maruta hold CEO/CFO roles during this period.
Role overlaps event; causation unproven · The executives’ roles overlap the unresolved project-financing milestones; the report does not attribute delay or financing outcome to either individual.
Half Year Report June 2026 · pp. 11, 17
Evidence gaps · 1
- Exact dates, degrees, and independent verification of earlier employers and project roles were not located in the reviewed public profiles.
Andrey Maruta
Chief Financial Officer
Role FitAnalyst Inference · Medium materiality
Professional fit for Chief Financial Officer
Role fit is an analytical inference from the documented position and the listed experience. The current role aligns with the function stated in the title; demonstrated personal outcomes are not inferred from employer results.
Responsibility not applicable · Analyst assessment based on the cited role and career record; it does not establish performance causation.
Half Year Report June 2026 · Current executive roster
Annual Report 2025 · pp. 3, 72
FailureIssuer Reported · Medium materiality
Kola project remains dependent on financing and transaction outcomes
By the 30 June 2026 half-year report, Kola had not reached financial close or construction, and the formal sale process still had two parties engaged. The report’s cash forecast turned negative in June 2027 without new funds. This records project and funding execution risk, not individual misconduct; Baya and Maruta hold CEO/CFO roles during this period.
Role overlaps event; causation unproven · The executives’ roles overlap the unresolved project-financing milestones; the report does not attribute delay or financing outcome to either individual.
Half Year Report June 2026 · pp. 11, 17
Henko Vos
Joint Company Secretary
Role FitAnalyst Inference · Medium materiality
Professional fit for Joint Company Secretary
Role fit is an analytical inference from the documented position; limited public career detail reduces confidence. The current role aligns with the function stated in the title; demonstrated personal outcomes are not inferred from employer results.
Responsibility not applicable · Analyst assessment based on the cited role and career record; it does not establish performance causation.
Half Year Report June 2026 · Current executive roster
Half Year Report June 2026 · p. 2
Evidence gaps · 1
- Public sources reviewed did not establish a full dated prior-employer chronology, quantified personal delivery record, and independently verified credentials.
St James’s Corporate Services Limited
Joint Company Secretary
Role FitAnalyst Inference · Medium materiality
Professional fit for Joint Company Secretary
Role fit is an analytical inference from the documented position and the listed experience. The current role aligns with the function stated in the title; demonstrated personal outcomes are not inferred from employer results.
Responsibility not applicable · Analyst assessment based on the cited role and career record; it does not establish performance causation.
Half Year Report June 2026 · Current executive roster
Half Year Report June 2026 · p. 2
Evidence gaps · 1
- The roster entry is a corporate service provider, so public individual career, education, concurrent directorship, and person-level adverse checks do not apply and were not inferred.
Company ownership
Investors & shareholders
Top registered shareholders
Register at 2026-02-27
| # | Investor / registered holder | % issued shares | Shares held |
|---|---|---|---|
| 1 | 12.79% | 661,885,171 | |
| 2 | 11.20% | 579,471,233 | |
| 3 | 10.40% | 538,210,503 | |
| 4 | 7.65% | 395,746,326 | |
| 5 | 5.81% | 300,465,722 | |
| 6 | 5.53% | 286,074,525 | |
| 7 | 4.07% | 210,476,685 | |
| 8 | 2.22% | 114,676,229 | |
| 9 | 2.00% | 103,500,000 | |
| 10 | 1.92% | 99,548,601 | |
| 11 | 1.41% | 73,213,014 | |
| 12 | 1.27% | 65,789,675 | |
| 13 | 1.14% | 59,162,725 | |
| 14 | 0.85% | 44,209,208 | |
| 15 | 0.85% | 43,764,020 | |
| 16 | 0.61% | 31,785,016 | |
| 17 | 0.60% | 31,302,411 | |
| 18 | 0.60% | 31,225,586 | |
| 19 | 0.59% | 30,481,267 | |
| 20 | 0.56% | 29,126,538 |
Disclosed substantial holders
Latest reviewed disclosure for each holder or reporting group
| Investor / reported group | Disclosed holding | Holding at |
|---|---|---|
| 12.79%Issued shares | 2026-02-27 | |
| 11.20%Issued shares | 2026-02-27 | |
| 10.40%Issued shares | 2026-02-27 | |
| 7.65%Issued shares | 2026-02-27 | |
| 5.81%Issued shares | 2026-02-27 | |
| 5.53%Issued shares | 2026-02-27 |
Sources & review notesEvidence checked through 2026-10-09
Coverage and limitations
- The combined table includes both direct holders and nominee/custodian accounts; beneficial holdings are not inferred for nominee positions.
- No newer complete register was located in the reviewed cache.
Sources
- Annual Report to Shareholders 2026
ASX announcement / Kore Potash plc · Published 2026-03-25 · Accessed 2026-10-09
Top-20 ordinary-share/CDI holdings; same page discloses six substantial holders and associated nominees.
page 136, Top 20 Shareholders and CDI Holders as at 27 February 2026, local copy downloads/KP2/2026/2026-03-25_Annual Report to Shareholders.pdf
- Annual Report to Shareholders 2026
ASX announcement / Kore Potash plc · Published 2026-03-25 · Accessed 2026-10-09
Company identifies six substantial holders and explains nominee arrangements for Princess Aurora, Harlequin, and David Hathorn.
page 136, Substantial shareholders and CDI holders, local copy downloads/KP2/2026/2026-03-25_Annual Report to Shareholders.pdf
Disclosed activity
Insider transactions
Trading activity0 buys · 0 sells shownNet cash last 12 months no tradesShow chartHide chart
On-market buyPlacement / plan subscriptionSaleMarker size = cash valueGrant, exercise, expiry or transferBars: cash bought (up) and sold (down) per month
| Date | Person / account | Activity / security | Quantity | Cash consideration | Price | Holding after |
|---|---|---|---|---|---|---|
| 2025-06-11 | Jonathan Trollip
Details & evidence for Jonathan Trollip on 2025-06-11Annual report states each option was granted and vested on 11 June 2025. See option terms in Note 21. As disclosed: Share options granted
director · 2017-11-17 Annual Report to Shareholders ↗ | GrantUnlisted options Series 43 | 2,000,000 | —Non Cash | — | — |
| 2025-06-11 | David Netherway
Details & evidence for David Netherway on 2025-06-11Annual report states each option was granted and vested on 11 June 2025. See option terms in Note 21. As disclosed: Share options granted
director · 2017-12-12 Annual Report to Shareholders ↗ | GrantUnlisted options Series 42 | 2,000,000 | —Non Cash | — | — |
| 2025-06-11 | David Hathorn
Details & evidence for David Hathorn on 2025-06-11Annual report states each option was granted and vested on 11 June 2025. See option terms in Note 21. As disclosed: Share options granted
director · 2017-08-25 Luna Nominees Limited · ordinary shares held on his behalf Annual Report to Shareholders ↗ | GrantUnlisted options Series 41 | 2,000,000 | —Non Cash | — | — |
| 2025-06-11 | David Hathorn
Details & evidence for David Hathorn on 2025-06-11Original grant was in 2022; this event records the vesting disclosed for 11 June 2025, not a new grant. As disclosed: Option vesting condition satisfied
director · 2017-08-25 Luna Nominees Limited · ordinary shares held on his behalf Annual Report to Shareholders ↗ | VestingUnlisted options Series 38 (funding incentive options) | 9,000,000 | —Non Cash | — | — |
Disclosed holding observations7 dated positions
Initial, final and threshold notices describe positions; these are not counted as purchases or sales.
| Holding at | Person / group | Type / security | Quantity | Percentage |
|---|---|---|---|---|
| 2026-03-25 | David Hathorn
Details & evidence for David Hathorn on 2026-03-25Latest annual-report option balance; date is the annual report date. The 9,000,000 Series 38 options were granted in 2022 and are a position, not a new grant in this review window.
director · 2017-08-25 Luna Nominees Limited · ordinary shares held on his behalf Annual Report to Shareholders ↗ | PositionUnlisted options Series 38 (GBP 0.022; expiry 2027-06-09) | 9,000,000 | — |
| 2026-03-25 | David Hathorn
Details & evidence for David Hathorn on 2026-03-25Latest annual-report option balance; date is the annual report date. The 9,000,000 Series 38 options were granted in 2022 and are a position, not a new grant in this review window.
director · 2017-08-25 Luna Nominees Limited · ordinary shares held on his behalf Annual Report to Shareholders ↗ | PositionUnlisted options Series 41 (GBP 0.0193; expiry 2028-06-11) | 2,000,000 | — |
| 2026-03-25 | David Netherway
Details & evidence for David Netherway on 2026-03-25Latest annual-report option balance; date is the annual report date. The 9,000,000 Series 38 options were granted in 2022 and are a position, not a new grant in this review window.
director · 2017-12-12 Annual Report to Shareholders ↗ | PositionUnlisted options Series 42 (GBP 0.0193; expiry 2028-06-11) | 2,000,000 | — |
| 2026-03-25 | Jonathan Trollip
Details & evidence for Jonathan Trollip on 2026-03-25Latest annual-report option balance; date is the annual report date. The 9,000,000 Series 38 options were granted in 2022 and are a position, not a new grant in this review window.
director · 2017-11-17 Annual Report to Shareholders ↗ | PositionUnlisted options Series 43 (GBP 0.0193; expiry 2028-06-11) | 2,000,000 | — |
| 2026-02-27 | David Hathorn
Details & evidence for David Hathorn on 2026-02-27David Hathorn is also a director; the company reports that the shares are held through Luna Nominees Limited. Position snapshot, not a transaction.
director · 2017-08-25 Luna Nominees Limited · ordinary shares held on his behalf Annual Report to Shareholders ↗ | PositionFully paid ordinary shares / CDIs | 395,746,326 | 7.65%Issued Shares |
| 2023-10-31 | Stuart Bradley Sampson
Details & evidence for Stuart Bradley Sampson on 2023-10-31Final director-interest snapshot at the cessation date; later option status is not inferred from this notice.
director · Start not disclosed to 2023-10-31 Final Director's Interest Notice - BS ↗ | FinalUnlisted options (GBP 0.022; expiry 2024-07-19) | 26,900,000 | — |
| 2023-10-31 | Stuart Bradley Sampson
Details & evidence for Stuart Bradley Sampson on 2023-10-31Final director-interest snapshot at the cessation date; this is a position, not a transaction.
director · Start not disclosed to 2023-10-31 Final Director's Interest Notice - BS ↗ | FinalFully paid ordinary shares (AIM) | 2,464,705 | — |
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Sign in or enter a guest codeChronological evidenceSource-document inventory16 documents
AUD per USD reference rate in the local market snapshot at the 4 Nov 2026 cutoffMarket Data · MediumMetadata Only
AUD per USD 1.4236 from the market snapshot FX field (local database, cutoff date).
- Document ID
- fx20261104
- Published UTC
- 2026-11-03T22:00:00Z
- Projects
- —
- Commodities
- —
KP2 ASX reference close, 3 November 2026 (local price database)Market Data · MediumMetadata Only
Latest eligible local ASX close: A$0.072 on 3 Nov 2026 (open 0.069, high 0.072, low 0.069), volume 200,000, from miners.reference_price (market data provider via miners.collect_stock_prices).
- Document ID
- px20261103
- Published UTC
- 2026-11-03T05:00:00Z
- Projects
- —
- Commodities
- —
Quarterly Activities and Cashflow Report, quarter ended 30 September 2026Results · HighExtracted
Quarter to 30 Sep 2026: cash US$6.42m, operating outflow US$239k and investing outflow US$922k, SPSA ownership 97.58%, Mining Convention construction deadline, FSP status, and the full JORC resource and reserve tables on a gross and 90% basis.
- Document ID
- q32026
- Published UTC
- 2026-10-30T06:58:31Z
- Projects
- kola · dx · dougou_carnallite · kola_carnallite
- Commodities
- potash
Brazil fertilizer market update citing Nobel Trading granular MOP CFR Brazil quotes, late October 2026Commodity Data · MediumMetadata Only
Nobel Trading report of 26 October 2026 quotes granular MOP at US$358 to 371 per tonne CFR Brazil; October potash arrivals about 634,000 t, 27% below a year earlier. Secondary republication; used as spot context only.
- Document ID
- mop2026oct
- Published UTC
- 2026-10-26T12:00:00Z
- Projects
- —
- Commodities
- potash
KP2 management assessment and executive background checks (local research product)Governance · LowMetadata Only
Local management assessment and executive background checks (reviewed 9 Oct 2026). Used only to cross-check biographies, not as an input to the score.
- Document ID
- mgmt-local
- Published UTC
- 2026-10-09T19:00:00Z
- Projects
- —
- Commodities
- —
KP2 top-20 register and substantial holders at 27 February 2026 (local research product)Governance · MediumMetadata Only
Top-20 register and substantial holders as at 27 February 2026 from the FY2025 annual report, as compiled locally.
- Document ID
- own-local
- Published UTC
- 2026-10-09T19:00:00Z
- Projects
- —
- Commodities
- —
Half Year Financial Report for the six months ended 30 June 2026Results · HighExtracted
Reviewed half-year accounts to 30 June 2026: loss, balance sheet (cash US$7.54m, no borrowings), cash flows, share count 5,175,938,315, going-concern note, SPSA stage 1 acquisition to 97.46%, and project and FSP status.
- Document ID
- half2026
- Published UTC
- 2026-09-11T06:01:34Z
- Projects
- kola · dx
- Commodities
- potash
Quarterly Activities and Cashflow Report, quarter ended 30 June 2026Results · HighExtracted
Quarter to 30 June 2026: cash US$7.54m, operating outflow US$314k, deregistration of Kore Potash Limited noted; ESIA suspended end-May 2026.
- Document ID
- q22026
- Published UTC
- 2026-07-28T05:57:11Z
- Projects
- kola
- Commodities
- potash
AGM statement: update on Formal Sale Process (30 June 2026)Transaction · HighExtracted
Two parties engaged in the FSP after a new approach on 8 June 2026; no firm intention to offer.
- Document ID
- fsp2026jun
- Published UTC
- 2026-06-30T09:00:00Z
- Projects
- kola
- Commodities
- potash
Quarterly Activities and Cashflow Report, quarter ended 31 March 2026Results · HighExtracted
Quarter to 31 March 2026: cash US$8.30m, operating outflow US$513k; SPSA 97.46% after stage 1.
- Document ID
- q12026
- Published UTC
- 2026-04-30T05:59:38Z
- Projects
- kola
- Commodities
- potash
Annual Report to Shareholders for the year ended 31 December 2025 (FY2025)Results · HighExtracted
Audited FY2025 and FY2024 comparative statements: loss, cash flows, equity, issued share capital roll-forward 2024 to 2025, options and performance rights, resources and reserves history, directors and executives, going-concern forecast to 31 March 2027. Read pages 38, 40, 70, 92, 93, 96, 114, 115.
- Document ID
- ar2025
- Published UTC
- 2026-03-25T07:03:07Z
- Projects
- kola · dx · dougou_carnallite
- Commodities
- potash
Purchase of 0.46% interest in SPSA and conditional right to acquire remaining minority sharesEconomic Arrangement · HighExtracted
Stage 1: purchase of 0.46% of SPSA for US$1m cash from Etablissements MGM. Stage 2: conditional right to acquire MGM 2.54% for shares equal to 2.54% fully diluted, exercisable if a whole-company offer completes within 12 months. RoC 10% free carry in the project companies.
- Document ID
- spsa2026
- Published UTC
- 2026-03-01T22:26:20Z
- Projects
- kola
- Commodities
- potash
Update on Formal Sale Process (27 February 2026)Transaction · HighExtracted
One of two FSP parties suspended its interest on 27 February 2026; the other continued due diligence.
- Document ID
- fsp2026mar
- Published UTC
- 2026-02-28T22:00:00Z
- Projects
- kola
- Commodities
- potash
Quarterly Activities and Cashflow Report, quarter ended 31 December 2025Results · HighExtracted
Quarter to 31 December 2025: cash US$10.50m per Appendix 5B (audited balance sheet US$10.56m); operating outflow US$530k.
- Document ID
- q42025
- Published UTC
- 2026-01-30T06:51:17Z
- Projects
- kola
- Commodities
- potash
Kola Optimisation Study Update (Optimised DFS), 27 February 2025Study · HighExtracted
Optimised DFS: 23-year life, 2.2 Mtpa MoP, post-tax real NPV10 US$1,675m and IRR 18% on a 90% attributable basis at a US$449/t average granular MoP price; capital US$2.07bn nominal on a fixed-price EPC; 43-month build; tax and royalty per the Mining Convention.
- Document ID
- kola2025
- Published UTC
- 2025-02-27T08:39:13Z
- Projects
- kola
- Commodities
- potash
Updated Dougou Extension (DX) PFS and Production Target, 24 January 2023Study · HighExtracted
DX PFS production target: 15.5 Mt sylvinite, 4.82 Mt MoP over 12 years, NPV10 real post-tax US$275m (90% attributable basis) at a flat US$450/t, IRR 27.3%, capex US$315.7m. Retrieved from the company site (the ASX original is not in the local downloads).
- Document ID
- dx2023
- Published UTC
- 2023-01-24T07:30:00Z
- Projects
- dx
- Commodities
- potash
Evidence facts27
-984554 USD
2025-12-31-1838111 USD
2025-12-314377869961 shares
2024-12-315175938315 shares
2025-12-317543612 USD
2026-06-30201988072 USD
2026-06-3097.46 pct
2026-06-306419000 USD
2026-09-30-239000 USD
2026-09-30-922000 USD
2026-09-3097.58 pct
2026-09-307544000 USD
2026-06-30-314000 USD
2026-06-308300000 USD
2026-03-31-513000 USD
2026-03-3110502000 USD
2025-12-31-530000 USD
2025-12-311000000 USD
2026-03-022.54 pct
2026-03-021 count
2026-02-272 count
2026-06-301675 USD m
2025-02-2718 pct
2025-02-272070 USD m
2025-02-27449 USD/t
2025-02-27275 USD m
2023-01-24315.7 USD m
2023-01-24Conflicts requiring judgment3
- SPSA ownership percentage
H1 report states 97.46% after stage 1 (half2026 p45). The Q3 Appendix 5B shows a further US$260k of investments in the quarter, equal to about 0.12 percentage points of SPSA at the stage 1 price; the Q3 report states 97.58% at 30 September 2026 (q32026 p5). The later figure is used as current.
- Ordinary shares at 31 Dec 2025
Note 10 narrative reads 5,175,937,815 while the statement and the roll-forward give 5,175,938,315; the roll-forward total and the H1 2026 report (half2026 p41) agree on 5,175,938,315, which is used.
- Cash at 31 Dec 2025
Audited statement of financial position (US$10,555,176) is used; the Appendix 5B bank balance of US$10,502k differs by about US$53k and is not used.