Kore Potash (LON: KP2), the AIM and JSE-listed developer with 97.46% ownership of the Kola and DX Potash Projects in the Republic of Congo, published unaudited results for the six months to 30 June today. The pre-revenue miner reported a widened loss and a shrinking cash pile, underscoring that its future now rests on the outcome of an ongoing takeover process rather than on project progress.
Shares in Kore Potash traded at 3.50p in early dealing, down 3.85% from the previous close of 3.64p, within a 52-week range of 2.705p to 4.10p. The stock carries a market capitalisation of roughly £188.4 million.
The dominant activity in the half was not construction but the Formal Sale Process, a regulated takeover mechanism under which a company actively seeks a buyer. One of two original suitors withdrew in February for internal reasons, before a fresh third party emerged in June, leaving two parties still conducting due diligence at the half-year end and beyond.
Cash and equivalents fell to $7.5 million at 30 June, down from $10.6 million at the end of 2025, while the loss for the period widened to $753,386 from $435,428 a year earlier. That dwindling cash buffer explains why markets are treating the sale process, rather than the accounts, as the swing factor for the shares.
Progress on the underlying Kola project continued only in a holding pattern. A beneficiation test condition under the PowerChina early works agreement was satisfied, but an update to the Environmental and Social Impact Assessment, a regulatory study required before major construction, was suspended at the end of May specifically to avoid pre-empting the sale process. The Kola project’s fixed-price construction contract with PowerChina remains subject to Financial Close, the point at which funding is fully arranged.
With cash reserves nearly a third lower than at the start of the year, Kore Potash’s near-term outlook now rests on whether either remaining suitor completes its due diligence, or on securing the Kola financing package needed before construction can begin.