Keras Resources PLC Extended mining campaign completed, Diamond Creek (4852D)

TIDMKRS

RNS Number : 4852D

Keras Resources PLC

20 October 2022

Keras Resources plc ('Keras' or 'the Company')

Extended mining campaign completed at Diamond Creek Phosphate Mine

Keras Resources plc (AIM: KRS) announces that it has successfully completed its extended mining campaign at its high grade Diamond Creek organic phosphate mine, ('Diamond Creek') in Utah, USA. A total of 3,000 tons of phosphate ore (500 tons more than targeted) was mined, crushed and will now be loaded and hauled to the Spanish Fork processing facility before the end of the mining season, which formally ends on 31 October 2022.

In addition to the material already on stockpile, this crushed ore will be milled during the winter months to produce 10 mesh and 50 mesh products for the US fertiliser market. The 10 mesh product will be sold to an existing offtake client and the 50 mesh will either be packaged and sold directly to customers or fed into the mill in Spanish Fork to produce 100 mesh and 350 mesh products.

Graham Stacey, CEO of Keras, commented , "We are very pleased to have completed our extended mining campaign which exceeded our plan by some 500 tons. We are now fully stocked for the coming months with ore available to meet committed demand as well as plenty of material to process bespoke orders. Sales continue to be our main focus and we will be supplying our full range of products throughout the winter as growers re-stock for the spring planting season early next year."

For further information please visit www.kerasplc.com , follow us on Twitter @kerasplc or contact the following:

 
 Graham Stacey                  Keras Resources plc           [e-mail] 
  Annabel Redford 
 Nominated Adviser & Joint 
  Broker                                                      [phone] 
  Ewan Leggat / Charlie         SP Angel Corporate Finance     0470 
  Bouverat                       LLP 
 
  Joint Broker                                                 [phone] 
  Damon Heath / Erik Woolgar     Shard Capital Partners        9900 
                                 LLP 
  Financial and Corporate 
  Communications                                               [phone] 
  Felicity Winkles               Celicourt                     3871 
 

Notes:

Keras Resources (AIM: KRS) wholly owns the Diamond Creek organic phosphate mine in Utah, US. Diamond Creek is one of the highest-grade organic phosphate deposits in the US and is a fully integrated mine to market operation with in-house processing facilities. The operation produces a variety of organic phosphate products that can be tailored to customer requirements for fertiliser.

The Company is focused on continuing to build market share in the fast-growing US organic fertiliser market and build Diamond Creek into the premier organic phosphate producer in the US.

Additionally, Keras holds an 85% interest in the Nayéga manganese project in Togo, which hosts an 8.4 million tonne manganese oxide Ore Reserve in northern Togo, held through Togolese subsidiary Société Générale des Mines SA (SGM).

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October 20, 2022 02:00 ET (06:00 GMT)