Kore Potash PLC on Friday said it has raised around $10.1 million through a placing and subscription of new shares at 1.7 pence each, with the funds to support development at its Kola potash project in the Republic of Congo.

The London-based owner of the Kola and DX potash projects in the RoC said the placing was conducted with existing shareholders and new institutional investors, while a further $500,000 subscription by Chair David Hathorn is expected following the release of Kore’s 2024 audited results, due by the end of March.

Proceeds from the fundraising will cover a range of project-related costs, including $5.0 million for an Early Works Agreement with PowerChina, $800,000 to settle outstanding optimisation work, and $850,000 to update the environmental and social impact assessment. Around $3.3 million will be used for working capital and fundraising expenses.

The fundraising comes as Kore advances plans to finance and construct the Kola Project, targeting a final investment decision following a term sheet from the Summit Consortium, expected by March 31.

Kore said its flagship asset is now projected to become one of the lowest-cost potash producers globally, with an expected average annual earnings before interest, taxes, depreciation, and amortisation of around $733 million and a post-tax NPV of $1.7 billion based on its updated definitive feasibility study.

Shares in Kore Potash were down 14% at 1.94 pence in London on Friday afternoon.

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