Kore Potash PLC (LON:KP2) reported an almost unchanged full-year loss as fees for its secondary listings in London and Johannesburg were negated by a massive foreign exchange gain.
The exploration company - with its primary listing in Australia - posted a pretax loss of US$4.3mln in 2017, almost unchanged from a US$4.26mln loss the previous year, with no revenue being generated in either year.
READ: Kore Potash gets approval for JSE listing
Profits were lifted by a foreign exchange gain of US$2.9mln, compared to a US$213,582 gain previously, which offset US$1.6mln in listing costs and a rise in administrative expenses to US$1.8mln from US$1.2mln the year before.
Kore, which is listed in Australia, began trading in London and Johannesburg on 29 March 2018 after raising 154mln rand (or US$12.1mln) through a secondary share placing and convertible debt issue.
During the year, the AIM-listed company said it made progress on its key Kola and Dougou potassium chloride - or potash - deposits in the Congo.
At Kola, it completed a mineral resource estimate which indicated 508mln tonnes sylvinite at a grading of 35.4% potassium chloride, making it "one of the highest grading potash deposits globally." A definitive feasibility study at Kola is due to complete at the end of the second quarter of 2018 or early in the third quarter.
At Dougou, its 97%-owned subsidiary Sintoukola Potash SA was awarded a mining license covering Dougou and the Dougou Extension Prospect. Kore highlighted its exploration drilling at Kola and Dougou had been "highly successful."
Sean Bennett, chief executive of Kore Potash, said: "The Kola, Dougou, and Dougou Extension assets have extremely high potential with exceptional grades, shallow depth, and convenient proximity to the coast - we look forward to reporting on the DFS, which is on track for completion later in the summer.”
Kore Potash shares were unchanged at 10.5p in late-morning trading Tuesday.