KP2 Discussion, page-917

A quick comparison of KP2's Kola project to Millennial Potash's Banio project (both are potash projects in neighboring countries on the west coast of Africa).

All info sourced from company websites and online searches (it's just a quick search which should be verified to ensure accuracy).

IMO, it seems like KP2 have a far superior project, at a much more advanced stage, but current market cap comparison does not seem to reflect that (KP2 listed of the ASX, LSE, JSE and MLP listed on the Canada exchange).

IMO KP2 is significantly undervalued and should re-rate at some point in the near future.

	Feature	Kola Project (Kore Potash)	Banio Project (Millennial Potash)	Footnote
1	Location	Republic of Congo, neighboring **on.	**on, neighboring Republic of Congo.	See note 1
2	Ownership	97% owned by KP2	Option to acquire 100% through staged payments and exploration expenditure.
3	Resource	Sylvinite 848 million tonnes @ 34.8% KCl 152 million tonnes @ 32.5% KCl Carnallite 2,049 million tonnes @ 18.5% KCl (i.e. 2 billion tonnes) Potential exists for further exploration to extend resource.	Carnallite 656 million tonnes @ 15.95% KCl 1,150 million tonnes @ 16% KCl (i.e. 1.1 billion tonnes) Potential exists for further exploration to extend resource.	See note 2
4	Project Status	- Final feasibility study completed - ESIA permits in place. - Mine engineering design work completed. - Construction contract signed with PowerChina. - Project finance term sheet signed for US $2.2 billion dollars (currently non-binding) - Construction scheduled to start in 6 months (January 2026)	- Drilling and exploration continues - Final feasibility study underway - ESIA permits underway - Mine engineering design work - no status - Construction contract - no status - project finance - no status
5	Additional Projects	Daigou and DX Projects	None
6	Current Market Cap	AUD $250 million	AUD $150 million
7	Company Website	https://korepotash.com/	https://millennialpotash.com/
8

Footnote 1
The Republic of Congo and **on are neighboring countries on the west coast of Africa.



Footnote 2
Sylvinite v Carnallite
Sylvinite = high grade, low impurity, easy to process into final product.
Carnallite = lower grade, higher impurity, more processing required for final product.

Kore Potash ResourceLink to website: https://korepotash.com/projects/kola/

Millennial Potash Resource

Link to website: https://millennialpotash.com/projects/millennial-potash-project/