Going polyhalite?

Research evidence excerpt

Going polyhalite?

Update

July 6, 2026 06:35 AM GMT

Morgan Stanley & Co. International plc+MKGHM Polska Miedz SA | Europe Ioannis Masvoulas, CFA

Equity Analyst

Going polyhalite? Ioannis.Masvoulas@morganstanley.comAlain Gabriel, CFA +44 20 7425-0427

Alain.Gabriel@MorganStanley.com +44 20 7425-8959

Key Takeaways Ferdinand Huber

Research Associate

KGHM signed a Letter of Intent with Pomerania to advance the PUCK Ferdinand.Huber@morganstanley.com +44 20 7677-2702

Adahna Ekoku

underground polyhalite project.

Project is based on Mieroszyno, with geological resources estimated at 303mt. Adahna.Ekoku@morganstanley.com +44 20 7425-0578

Permitting/design could take 4–6 years; mine build another 8–10 years. KGHM Polska Miedz SA (KGH.WA, KGH PW)

No official capex/output yet; regional reports suggest up to 4mtpa and PLN10bn Metals & Mining | Poland

capex. Stock Rating Overweight

Industry View In-Line

Key question marks - project economics, strategic fit and capital allocation. Price target PLN 416.00

Shr price, close (Jul 3, 2026) PLN 335.00

52-Week Range PLN 396.40- 125.55

What's new? KGHM's CEO Remigiusz Paszkiewicz and the governor of the Mkt cap, curr (mn) PLN 67,000

Net debt (12/26e) (mn)* PLN 2,177

Pomeranian region Mieczyslaw Struk have signed a letter of intent regarding EV, curr (mn)* PLN 72,475

cooperation on the preparation and implementation of the PUCK underground * = GAAP or approximated based on GAAP

polyhalite project. The investment is to be based on the Mieroszyno deposit, whose

geological reserves are estimated at 303mt. The process of designing the project

and obtaining environmental, administrative and licensing approvals could take 4-6

years. The construction of the mine itself, including shafts reaching a depth of