FY2021
Summit financing roadmap and Kola optimisation began
On 6 April 2021 the Company signed a non-binding MoU with Summit Consortium for Kola construction financing; later Kola optimisation work evaluated capital-reduction opportunities.
ASX: KP2 · Five-year financial review
(ASX: KP2) Kore Potash PLC Financial Review - FY2021~25
Kore Potash PLC is a Republic of Congo potash-project developer. Across FY2021–FY2025, its consolidated statements show recurring statutory losses, negative operating and investing cash flows, and a balance sheet dominated by exploration and evaluation (E&E) assets. Equity financing, E&E accounting movements and the unresolved Kola funding pathway are therefore more informative than a conventional revenue-and-margin framing.
Reading the figures: Units are stated above each table or beside the metric. Brackets denote negative amounts. Supported nil is shown as zero; unlike reporting bases remain separately labelled.
FY2025 consolidated cash
US$10.555m
Year-end cash and cash equivalents.
FY2025 financing inflow
US$22.148m
Net financing cash flow, not project-finance availability.
FY2025 E&E carrying amount
US$198.792m
Accounting carrying amount, not project valuation.
FY2025 E&E FX movement
US$21.047m
Unrealised FX difference within the E&E movement bridge.
Five years in context
The Group’s principal activity is exploration for potash prospects and project development at the Kola and Dougou permits in the Republic of Congo. The saved annual disclosures place Kola and DX in the exploration-and-evaluation phase; this review therefore does not present feasibility-study production, EBITDA, revenue or NPV scenarios as financial results.
All quantitative tables use the Consolidated Entity and US dollars. Several operating subsidiaries use XAF as functional currency, while the Group’s presentation currency is US dollars; that distinction matters particularly for the foreign-exchange movements in E&E balances.
Events behind the numbers
FY2022
Kola Heads of Agreement and EPC proposal advanced
Kore signed a Heads of Agreement for Kola construction on 28 June 2022. SEPCO then delivered an EPC proposal in October, with final contractual terms still to be agreed.
FY2023
SEPCO agreement and two fundraises supported EPC work
The revised SEPCO agreement required further engineering design before an EPC proposal and contract. The Company reported US$1.0m and US$2.5m fundraises during 2023.
FY2024
EPC signed, with material going-concern uncertainty
Kore signed the PowerChina EPC contract for Kola in November 2024. The annual report identified material uncertainty over going concern, dependent on financing and working-capital funding.
FY2025
Equity cash improved, while project finance remained unclosed
Financing cash inflow was US$22.148m and year-end cash was US$10.555m. The reported OWI-RAMS term sheets were non-binding and the funds were not readily available at approval date.
FINANCIAL REVIEW / 01
Liquidity, financial position and equity funding
The balance-date cash path fell through FY2024 before the FY2025 equity-funded recovery. The much larger E&E asset balance was not liquid funding. The Group stated it did not currently have debt; its reported liabilities should therefore not be read as borrowings.
The FY2025 cash recovery does not resolve the development-finance or working-capital boundary. The annual report says the approximately US$2.2bn OWI-RAMS term sheets were non-binding and not readily available, and the directors’ forecast showed the Group cash negative from February 2027 without additional funding. This is a disclosure of conditions and not a forecast by this review.
Equity issues supplied the FY2025 financing inflow. Gross proceeds less issue costs reconcile to net financing cash flow; the gross and net figures are two views of the same funding, not additional inflows.
Cash and cash equivalents at each year end
US$ million
Cash and cash equivalents
AI-generated presentation · values from Consolidated financial position at 31 December; no missing values plotted as zero.
Operating, investing and financing cash flows
US$ million
Net cash used in operating activitiesNet cash used in investing activitiesNet cash provided by financing activities
AI-generated presentation · values from Consolidated annual cash flows and exploration payments; no missing values plotted as zero.
Consolidated financial position at 31 December
US$ million
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Cash and cash equivalents | 11.093 | 5.047 | 1.584 | 1.339 | 10.555 |
| Total assets | 178.495 | 168.400 | 178.530 | 171.224 | 209.967 |
| Total liabilities | 1.075 | 0.749 | 3.441 | 3.920 | 0.454 |
| Total equity | 177.420 | 167.650 | 175.089 | 167.304 | 209.513 |
Consolidated Entity; US$ million.
Cash, liabilities and equity are balance-date amounts. The Group reported no debt at FY2025; total liabilities are not a debt proxy.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
Consolidated annual cash flows and exploration payments
US$ million
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Net cash used in operating activities | (1.701) | (1.236) | (1.257) | (0.622) | (1.838) |
| Net cash used in investing activities | (5.799) | (4.508) | (5.727) | (2.379) | (11.399) |
| Payments for exploration activities | (5.811) | (4.574) | (5.779) | (2.411) | (11.450) |
| Net cash provided by financing activities | 13.068 | 0.001 | 3.505 | 2.811 | 22.148 |
Consolidated Entity; US$ million. Negative values are cash outflows.
Exploration payments are a component of investing cash flow, not a substitute for the net investing subtotal.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
Consolidated gross equity cash proceeds and issue costs
US$ million
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Proceeds from issue of shares | 14.027 | 0.001 | 3.505 | 2.855 | 22.651 |
| Payment for share issue costs | (0.959) | 0.000 | 0.000 | (0.044) | (0.503) |
Consolidated Entity; US$ million. Parentheses denote cash outflows.
Net financing cash flow remains in the cash-flow table; this table only shows its reported gross equity-proceeds and issue-cost components.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
FINANCIAL REVIEW / 02
Statutory loss and development-stage cost composition
The statutory loss series remained comparatively small beside the cash-flow and E&E measures, but it cannot be used to infer total project cash deployment. Operating, investing and exploration-payment lanes are displayed separately because capitalised expenditures, foreign-exchange movements and cash-flow classification do not have the same meaning.
The five-year table adds the recurring Group salary/consultancy and administration expense lines, along with small interest/finance expense and the reported profit-or-loss FX gain/(loss). These statutory lines remain distinct from the E&E translation row, which is recognised in the E&E movement rather than portrayed as a cash or profit-or-loss series.
Most FY2025 Group salary, employee-benefit and consultancy costs were capitalised to E&E rather than immediately expensed. The allocation below explains why the statutory expense is much smaller than the total workforce-related cost; neither amount is a cash-flow total.
Reported consolidated statutory losses
US$ million
Loss for the year
AI-generated presentation · values from Consolidated statutory result and principal income and cost lines; no missing values plotted as zero.
Consolidated statutory result and principal income and cost lines
US$ million
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Loss for the year | (1.941) | (1.514) | (1.091) | (1.147) | (0.985) |
| Salaries, employee benefits and consultancy expense | (0.688) | (0.293) | (0.240) | (0.252) | (0.258) |
| Administration expenses | (0.675) | (0.547) | (0.645) | (0.688) | (0.894) |
| Interest and finance expenses | (0.005) | (0.004) | (0.003) | (0.003) | (0.004) |
| Interest income | 0.015 | 0.067 | 0.054 | 0.032 | 0.124 |
| Net realised and unrealised foreign-exchange gain/(loss) | (0.113) | (0.309) | (0.005) | (0.057) | 0.284 |
Consolidated Entity; US$ million. Parentheses denote reported losses.
No adjusted earnings measure is created, and the loss is not used as a proxy for exploration spending or cash deployment.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
FY2025 Group salary, employee-benefit and consultancy cost allocation
US$ million
| Metric | FY2025 |
|---|---|
| Total Group cost | 1.301 |
| Capitalised to E&E | 1.043 |
| Recognised in profit or loss — expense magnitude | 0.258 |
US$ million; cost magnitudes. Total Group cost = capitalised to E&E + profit-or-loss expense magnitude. The signed expense is retained in the statutory table.
This is a cost-allocation bridge, not a cash-flow reconciliation.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
FINANCIAL REVIEW / 03
E&E accounting, translation effects and Kola project milestones
Unrealised currency translation contributed more to the FY2025 increase in E&E than capitalised additions did. The five-year movement chart shows how translation can lift or reduce the US-dollar asset balance without corresponding cash spending. Neither the balance nor its increase is a project valuation or construction commitment.
The FY2025 disclosures describe a US$5m April Early Works payment to PowerChina for supplementary geological work and beneficiation tests, and a separate capped US$5m contribution to additional design works. These disclosed activities do not establish that construction finance was available; the proposed OWI-RAMS funding remained subject to Financial Close.
Reported E&E capitalisation and unrealised FX movements
US$ million
E&E capitalised during the yearUnrealised foreign-exchange difference in E&E
AI-generated presentation · values from Consolidated exploration and evaluation (E&E) accounting measures; no missing values plotted as zero.
Consolidated exploration and evaluation (E&E) accounting measures
US$ million
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| E&E closing carrying amount | 166.614 | 162.729 | 176.371 | 169.348 | 198.792 |
| E&E capitalised during the year | 6.581 | 5.065 | 8.842 | 2.521 | 8.397 |
| Unrealised foreign-exchange difference in E&E | (11.993) | (8.950) | 4.800 | (9.544) | 21.047 |
Consolidated Entity; US$ million.
Capitalised E&E is an accounting movement; it is not the same metric as exploration cash payments, project valuation, construction funding or mineral resources.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
FY2025 consolidated E&E movement bridge
US$ million
| Metric | FY2025 |
|---|---|
| Opening E&E carrying amount | 169.348 |
| E&E capitalised during the year | 8.397 |
| Unrealised foreign-exchange difference | 21.047 |
| Closing E&E carrying amount | 198.792 |
US$ million. The bridge is reported as opening balance + capitalised E&E + unrealised FX difference = closing balance.
The FX movement is an E&E-accounting translation movement; it is kept separate from statutory profit or loss and from cash exploration payments.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
Reading the figures
- All tables use consolidated US-dollar disclosures for years ended 31 December. Parent-entity observations in the packet were not mixed into the selected series.
- Exploration cash payments, capitalised E&E additions, the E&E carrying amount and E&E FX differences are distinct reported measures. They are shown in separate rows rather than forced into one funding or expenditure series.
- The FY2025 E&E bridge is limited to that year because it is a reported movement reconciliation. Its foreign-exchange component is not treated as statutory profit/loss or as cash spending.
- Kola EPC, Early Works and proposed funding arrangements are reported milestones. The review does not convert them into funded construction, revenue, valuation, production or a liquidity forecast.
- The source packet supports the selected five years but does not provide a single comparable operating-revenue series; this developer-stage review does not manufacture one.
- Prepared from existing year-by-year extraction records only. No raw-source retrieval, database query, financial web research or MiniMax call. GPT review against saved extractions; not an independent original-document audit.
Annual-report source registry
- Kore Potash PLC - Annual Report to ShareholdersExisting annual extraction, including separately identified historical comparatives.
- Kore Potash PLC - Annual Report to ShareholdersExisting annual extraction, including separately identified historical comparatives.
- Kore Potash PLC - Annual Report to ShareholdersExisting annual extraction, including separately identified historical comparatives.
- Kore Potash PLC - Annual Report to ShareholdersExisting annual extraction, including separately identified historical comparatives.
- Kore Potash PLC - Annual Report to ShareholdersExisting annual extraction, including separately identified historical comparatives.
Prepared solely from the existing year-by-year extraction datasets. No raw annual-report body, PDF, new database lookup or financial web research was used. Review is against those stored extractions, not a new independent original-document audit.
Sources, copyright and independence
The source references in this report identify the public disclosures used and should be read with the associated section, table and reporting-period qualifications. This report paraphrases, organises and compares those disclosures for descriptive and educational purposes rather than reproducing source text.
Copyright and other rights in linked reports, company names, logos and third-party materials remain with their respective owners. MII Research does not claim affiliation with or endorsement by the company covered in this report, the ASX or cited organisations.
AI-led method
This report uses AI actively and extensively for evidence extraction, comparison, organisation, calculation checks, drafting, translation planning and presentation. Material claims received reasonable editorial review against cited public sources; this was not an audit, assurance engagement or independent verification. Limitations in public sources, AI systems and review may leave errors, omissions, inconsistencies or translation, classification and interpretation errors.
Any AI-generated visual accompanying this report must carry an adjacent, visible AI-generated label or caption. Such visuals are illustrative rather than source evidence and do not replace the cited annual-report text, table or section source.
Information notice
This record is for general descriptive and educational information only. It is not financial-product, investment, legal, tax, technical or other professional advice; it is not a securities recommendation, valuation, target price, offer, solicitation or invitation to buy, sell or hold.
It does not consider any reader’s objectives, financial situation, needs, knowledge, experience or risk tolerance. Independently verify material information against the primary disclosures, obtain appropriate independent professional advice and do not use this record as the sole or primary basis for any decision.
Public sources are used in good faith, but no representation or warranty is made as to accuracy, completeness, reliability, currency or fitness for a particular purpose. To the maximum extent permitted by law, MII Research disclaims liability for direct, indirect, incidental, consequential, opportunity or investment loss arising from use of or reliance on this record; nothing excludes or limits liability that cannot lawfully be excluded or limited.
Report suspected errors to MII Research with the relevant report section and primary-source document and page reference so that the record can be reviewed and corrected where appropriate.