KP2 (ASX) Exciting Times For KP2

Originally posted by Locc60: ↑

Correspondence from Minister of Mines

Kore Potash plc
(Incorporated in England and Wales)
Registration number 10933682
ASX share code: KP2
AIM share code: KP2
JSE share code: KP2
ISIN: GB00BYP2QJ94
(“Kore Potash” or the “Company”)

19 October 2022

Correspondence from Minister of Mines

Kore Potash (AIM: KP2, ASX: KP2, JSE:KP2), the potash development company with 97%-ownership of
the Kola and DX Potash Projects in the Sintoukola Basin, located in the Republic of Congo (“RoC”),
advises that its local subsidiary company received a letter dated 12 October 2022 from the Minister
of Mines of the RoC (the “Minister”) expressing his discontent with aspects of the administration of
the Company’s subsidiary companies in the RoC and the apparent lack of progress that Kore Potash
and the Summit Consortium are making towards the financing of the Kola Project (“Kola”).

The letter was received following the arrest and subsequent release without charge of two senior
employees of the Company by the Congolese police. Neither the employees nor the Company have
been informed of the reason for the arrests.

The letter generally reserves the Government’s right to take measures in accordance with its existing
agreements and the Mining Code of the RoC, failing a response from the Company within 30 days.
The Company most recently updated the Minister on 10 October 2022 on its positive progress in the
development of Kola and receipt of the Engineering, Procurement and Construction ("EPC”) Proposal
for the construction of Kola.

The Company continues to work through the process for financing Kola as agreed with the Minister
on 6 April 2021 and detailed in the Memorandum of Understanding with the Summit Consortium
signed in the Minister’s office in Brazzaville.

Whilst the impact of COVID controls in China caused a delay in the timing of the finalisation of the EPC
proposal, the Summit Consortium continue to work through the agreed process steps towards
presenting the Company with the financing proposal for the full construction cost of Kola.

The Company advises that it is continuing to progress the development of the Kola and Dougou (DX)
projects towards production, believes that it is in compliance with its obligations to the Government
of the RoC under the Mining Code and Mining Convention and will continue to keep the Minister
briefed on the Company’s plans and progress.

The Company intends to formally respond to the Minister’s letter within the 30-day period afforded
by the Minister.

This announcement has been approved for release by the Board of Kore Potash.

Market Abuse Regulation

This announcement contains inside information for the purposes of Article 7 of the Market Abuse
Regulation (EU) 596/2014 as it forms part of UK domestic law by virtue of the European Union
(Withdrawal) Act 2018 ("MAR"), and is disclosed in accordance with the Company's obligations under
Article 17 of MAR.

ENDS

For further information, please visit www.korepotash.com or contact:

Kore Potash Tel: +27 84 603 6238
Brad Sampson – CEO

Tavistock Communications Tel: +44 (0) 20 7920 3150
Emily Moss
Adam Baynes

SP Angel Corporate Finance – Nomad and Broker Tel: +44 (0) 20 7470 0470
Ewan Leggat
Charlie Bouverat

Shore Capital – Joint Broker Tel: +44 (0) 20 7408 4050
Toby Gibbs
James Thomas

Expand

“The letter was received following the arrest and subsequent release without charge of two senior employees of the Company by the Congolese police.”

hahaha wtf, I wonder what they did xD

Not the best kind of announcement to hit the market. Hopefully everyone is alright and safe.

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(20min delay)
Last 2.5¢		Change -0.002(7.41%)		Mkt cap ! $16.30M

Open	High	Low	Value	Volume
2.7¢	2.7¢	2.5¢	$61.45K	2.362M

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