Review of Operations for the Quarter ended 31 March 2021

Kore Potash plc, the potash development company with 97%-ownership of the Kola and DX Potash Projects in the Sintoukola Basin, located within the Republic of Congo (“RoC”), provides the following quarterly update, for the period to 31 March 2021 (the “Quarter”).

Quarterly Highlights:

The Kola Potash Project

• Following ongoing discussions with a number of financiers who indicated potential interest in financing the Kola project, on 1 April 2021 the Company and the Summit Consortium signed a non-binding Memorandum of Understanding to arrange the total financing required for the construction of the Kola Potash Project.

DX Project Definitive Feasibility Study (“DX DFS”)

• Work continued on Phase 1 of the DX Definitive Feasibility Study
• The current Phase 1 work programme of the DX DFS remains planned for completion during May 2021.
• During the quarter, the Company’s consultants completed work on the production well specifications, rock mechanics testing, the blanket design to control cavern formation and initial aquifer modelling.
• The drilling campaign at DX was completed during the quarter. A total of seven diamond drill holes were completed and the Company is currently awaiting assay results.

Corporate Highlights

• Questco Corporate Advisory Proprietary Limited was appointed as the Company’s JSE Limited Sponsor on 5 March 2021.
• On 11 March 2021 the Company’s Chief Financial Officer, Mr Andrey Maruta, notified the Company of his resignation. During Andrey’s notice period of 3 months the Company will commence the process to select his replacement.
• On 31 March 2021, the Company held USD 3.18 million cash at bank.
• On 8 April 2021, the Company announced that it has conditionally raised, in aggregate, approximately USD 12.5 million at a price of 1.1 pence (2.0 Australian cents) per new Ordinary Share. This fundraise is conducted in two separate tranches. The Company has successfully raised approximately USD 5.5 million of the total under tranche one, with the balance of approximately USD 7 million remaining under tranche two. The Company will be seeking shareholder approval at a General Meeting scheduled for 5 May 2021 for the shares to be issued and funds to be raised under tranche two.

Brad Sampson, Chief Executive Officer of Kore Potash, commented:

“The Company is excited at the opportunity presented to us by the Summit Consortium to potentially finance the construction of the world class Kola Project. Pursuing this opportunity is the Company’s focus over the next 12 months.

Our recent fundraise puts Kore on firm financial footing to complete our portion of the work needed on Kola for optimisation and beyond.

At the same time, the development of the DX project remains important and once we complete the current work programme at DX, we will review what the next steps will be for the DX project.”

Below is a short TV interview with CEO Brad Sampson, which despite being film in mid 2019, highlights the potential of the Kola potash project