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Kore - review of operations
Kore Potash provided its quarterly update for the period ended 31 December 2025 (the "Quarter").
Quarterly Highlights
Projects
• In the course of the Early Works Agreement ("EWA"), PowerChina International Group Ltd. ("PowerChina") and Kore Potash completed beneficiation tests in China in the presence of an independent Canadian potash expert, to the satisfaction of all parties.
• Also pursuant to the EWA, a subcontractor appointed by PowerChina completed engineering surveys, geophysical tests and geotechnical tests around the main and ventilation shafts in the RoC.
• Mobilization for marine drilling work around the jetty area started in December 2025. The Company received the RoC Government approvals to start work in January 2026.
• Initiated earlier in 2025, the update of the Environmental and Social Impact Assessment ("ESIA") slowed down during the last quarter while some design modifications are being considered which could impact the Relocation Action Plan ("RAP").
Corporate
• On 4 November 2025, the Company announced that it had commenced a FSP. Kore Potash announced that it had received approaches from two parties, each of which are evaluating the possible acquisition of the entire issued, and to be issued, share capital of the Company.
• Since then, the FSP has continued, including site visits and the conduct of due diligence. Further announcements will be made as appropriate.
• Successful completion of c.USD12.2 million fundraise announced on 20 November 2025.
• Lodgement of the cleansing prospectus on 21 November 2025 to remove any on-sale restrictions in relation to the shares to be issued pursuant to the Company's c.USD12.2 million placement.
• As of 31 December 2025, the Company held c.USD10.5 million in cash.
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