REG - Kore Potash PLC - Response to ASX price and volume query

Kore PotashAnnouncement

23/05/2024 11:15

For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20240523:nRSW6707Pa&default-theme=true

RNS Number : 6707P  Kore Potash PLC  23 May 2024

23 May 2024

 

Kore Potash Plc

("Kore Potash" or the "Company")

 

Response to ASX price and volume query

 

Kore Potash plc, the potash development company with 97% ownership of the Kola
and DX Potash Projects in the Sintoukola Basin, located in the Republic of
Congo, advises that the Company received a price and volume query letter from
the Australian Securities Exchange (ASX) on 23 May 2024 following a
significant increase in the Company's share price on the ASX.

 

Kore Potash's response to the ASX price query is available at:

https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-02809922-6A1208761
(https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-02809922-6A1208761)

 

The Company lodged its Quarterly Activities Report on 29 April 2024
re-confirming that PowerChina International Group Limited ("PowerChina")
delivered the Engineering, Procurement and Construction ("EPC") proposal and
draft EPC contract on 6 February 2024 (refer Announcement dated 9 February
2024).  The Company also advised that Kore Potash and PowerChina commenced
further detailed negotiation on the EPC proposal and draft EPC contract, and
that the parties remain on track for the signing of full EPC documentation in
Q2 2024 with the Company meeting PowerChina senior officials in Beijing in
early May 2024. That meeting took place. The result of the meeting is that
discussions are continuing with PowerChina but without any legal agreement
having yet been reached.

 

The recent increase in price and volume as noted could be linked to the market
expectation in finalizing the EPC proposal and contract.  The Company
confirms that no further or formal legal agreements have been entered into
with work and negotiations on these matters continuing.

 

The Company is not aware of any other possible explanation for the recent
trading in its securities.

 

The Company will make further announcements as appropriate.

 

 

This announcement has been approved for release by the Board. For further
information, please visit www.korepotash.com (http://www.korepotash.com/) or
contact:

 

 Kore Potash                                                     Tel: +44 (0) 20 3963 1776

 David Hathorn - Chairman

 Andre Baya, CEO
 Tavistock Communications                                        Tel: +44 (0) 20 7920 3150

 Nick Elwes Adam Baynes
 SP Angel Corporate Finance- Nomad and Joint Broker Ewan Leggat  Tel: +44 (0) 20 7470 0470

 Charlie Bouverat

 Kasia Brzozowska
 Shore Capital- Joint Broker Toby Gibbs                          Tel: +44 (0) 20 7408 4050

 James Thomas
 Questco Corporate Advisory- JSE Sponsor Doné Hattingh           Tel: +27 (11) 011 9205

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  RSPSELFSDELSESI