OREMAVEN
XMM 7,722.00 -2.63% YTD +5.6% OM ASX 450.55 -2.56% YTD +0.1% OM PRECIOUS 349.20 -2.24% YTD +2.5% OM EX-PREC 418.91 -2.72% YTD -1.1% XAU 4,115.59 +2.31% YTD -4.9% GLD 375.49 +0.81% YTD -5.2% GDX 85.75 +1.37% YTD -0.0% SIL 77.33 -1.00% YTD -7.3% COPX 70.23 -5.81% YTD -1.8% URNM 40.07 -2.79% YTD -27.0%
2026-11-06
◂ Monitor KP2 ASX (CDIs); also AIM and JSE

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

Narrative and provenance

Research & Sources

AI Analyst Report

The full analyst report, its figures and the broker-style PDF are available to subscribers and invited guests.

Sign in or enter a guest code
Chronological 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
—
Open original source ↗
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
—
Open original source ↗
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
Open original source ↗
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
Open original source ↗
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
Open original source ↗
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
Open original source ↗
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
Open original source ↗
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
Open original source ↗
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
Open original source ↗
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
Open original source ↗
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
Open original source ↗
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
Open original source ↗
Evidence facts27
ar25-npat-fy25Loss attributable to owners FY2025

-984554 USD

2025-12-31
ar25-ocf-fy25Net cash used in operating activities FY2025

-1838111 USD

2025-12-31
ar25-shares-2024Ordinary shares at 31 Dec 2024 (comparative)

4377869961 shares

2024-12-31
ar25-shares-2025Ordinary shares at 31 Dec 2025

5175938315 shares

2025-12-31
hy26-cashCash and cash equivalents 30 June 2026

7543612 USD

2026-06-30
hy26-equityTotal equity 30 June 2026

201988072 USD

2026-06-30
hy26-spsaSPSA interest after stage 1

97.46 pct

2026-06-30
q326-cashCash at 30 September 2026

6419000 USD

2026-09-30
q326-opcfOperating cash flow quarter to 30 Sep 2026

-239000 USD

2026-09-30
q326-invcfInvesting cash flow quarter to 30 Sep 2026

-922000 USD

2026-09-30
q326-spsaSPSA ownership at 30 September 2026

97.58 pct

2026-09-30
q226-cashCash at 30 June 2026 (Appendix 5B)

7544000 USD

2026-06-30
q226-opcfOperating cash flow quarter to 30 Jun 2026

-314000 USD

2026-06-30
q126-cashCash at 31 March 2026 (Appendix 5B)

8300000 USD

2026-03-31
q126-opcfOperating cash flow quarter to 31 Mar 2026

-513000 USD

2026-03-31
q425-cashCash at 31 December 2025 (Appendix 5B)

10502000 USD

2025-12-31
q425-opcfOperating cash flow quarter to 31 Dec 2025

-530000 USD

2025-12-31
spsa-stage1Stage 1 SPSA purchase consideration

1000000 USD

2026-03-02
spsa-stage2MGM remaining SPSA interest in stage 2

2.54 pct

2026-03-02
fsp-mar-suspendParty suspends interest in FSP

1 count

2026-02-27
fsp-jun-twoParties engaged in FSP at 30 June 2026

2 count

2026-06-30
kola-npvPost-tax real NPV10 (90% basis)

1675 USD m

2025-02-27
kola-irrPost-tax real unlevered IRR

18 pct

2025-02-27
kola-capexNominal construction capital

2070 USD m

2025-02-27
kola-priceAverage MoP granular price

449 USD/t

2025-02-27
dx-npvDX NPV10 real post-tax (90% basis)

275 USD m

2023-01-24
dx-capexDX capital cost estimate

315.7 USD m

2023-01-24
Conflicts 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.