Kore Potash PLC

First-pass take

Kore Potash is an exploration-stage potash miner with zero AI exposure, pre-revenue operations, and significant execution risk on a planned ~$2bn+ capital development project. While holding net cash of ~$13m, it is burning cash rapidly (~$33m/year in exploration and capex) with 2+ years to production, creating high downside despite speculative upside in a favorable commodity cycle.