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| Share Name | Share Symbol | Market | Stock Type |
|---|---|---|---|
| Keras Resources Plc | KRS | London | Ordinary Share |
| Price Change | Price Change % | Share Price | Last Trade
|
|
|---|---|---|---|---|
| 0.00 | 0.00% | 1.70 | 01:00:00 |
| Open Price | Low Price | High Price | Close Price | Previous Close |
|---|---|---|---|---|
| 1.70 | 1.70 | 1.70 | 1.70 |
| Industry Sector |
|---|
| MINING |
| Top Posts |
|---|
Posted at 01/8/2023 09:57 by rec0very stock Just to echo and add to that. Whilst KRS have done some preparatory work so mining can start again in Togo, the hold up is with the government properly establishing SGM. Among other things they need to appoint a Director General. The 3/3.5 years of payments does not start until SGM starts, so the clock is not ticking down.Mining should start in Utah fairly soon. |
Posted at 07/7/2023 10:30 by apotheki Keras Resources* (KRS LN) – 4.10, Mkt cap £3.27m – Shares trading after suspension lifted(Keras holds 100% of the Diamond Creek phosphate mine in Utah, UASA. Keras also holds an 85% interest in Societé General des Mines for the Nayéga manganese project in Togo) Keras shares are now trading again following their suspension. The company received its £1.7m of funds from the Republic of Togo. The 2022 accounts were finalised and issued The acquisition of the Diamond Creek organic phosphate mine in Utah was paid for We believe the government of the Republic of Togo had send the money on time but it had been held up in the banking system for a few days. The deal with Togo is for Keras to assist the Togolese government to hand over and operate the Nayéga manganese project to a state company. Nayéga is considered to be a Togolese strategic asset. Keras will hand over all intellectual knowledge on Nayéga to the Société Togolaise de Manganèse Keras will be paid an advisory fee of 1.5% of gross revenue from the mine for the provision of advisory services for three years plus 6% of gross revenue for the provision of brokerage services for the lesser of 3.5 years or 900,000t of beneficiated manganese. *SP Angel acts as nomad and broker to Keras |
Posted at 06/7/2023 11:30 by apotheki Keras Resources* (KRS LN) – suspended pending results – Results highlight increased sales out of Diamond Creek organic rock phosphate mine in Utah(Keras holds 100% of the Diamond Creek phosphate mine in Utah, UASA. Keras also holds an 85% interest in Societé General des Mines for the Nayéga manganese project in Togo) Keras report the production of 4,750 short tons of phosphate rock from the Diamond Creek organic rock phosphate mine in Utah, USA. Total sales rose to 4,276t. Liquid organic phosphate fertilizer: management are working on the production of liquid organic phosphate fertilizer to enable better phosphate availability for crops. Granular plant: the team are also producing blended organic granulates for the 2023 summer season. The local subsidiary, Falcon Isle Resources, which runs the mine and plant is profitable and has started to replay loans advanced to it by Keras Resources. New investor: Kershner Grosso & Co acquired a block of 10.03% shares from First Uranium Corp. last year and have since raised their stake to 13.16%. Keras recently announced its receipt of £1.7m of funds from the government of the Republic of Togo which it has used to complete the purchase of the Diamond Creek mine and settle the severance of the former ceo. Prices: Rock Phosphate Monthly Prices continue to rise in the US to $345/t from $300/t seen in March. The World Bank also estimates an international price of $345/t for May. We expect Organic rock phosphate prices to hold steady in the US as the economy continues to maintain a level of slow growth despite ongoing interest rate rises. Conclusion: Keras management are now focused on developing and expanding the Diamond Creek phosphate mine. The development of the granular plant should expand sales capacity while the ongoing work on liquid organic phosphate products should give further room for future growth. *SP Angel acts as nomad and broker to Keras |
Posted at 05/7/2023 11:03 by apotheki Keras Resources* (KRS LN) - Suspended - Receipt of Funds from Republic of Togo(Keras holds 100% of the Diamond Creek phosphate mine in Utah, UASA. Keras also holds an 85% interest in Societé General des Mines for the Nayéga manganese project in Togo) Keras has followed up from its annoncement on Monday with confirmation that cash payments of $80,000 for the acquisition of falcon Isle Resources have been paid. Keras has also paid a $240,000 in severance to the former CEO of Falcon Isle. As a result, the Company is no longer in default of its agreement signed on 30th March 2022 for the purchase of the remaining stake in Falcon Isle Resources. The company will look to release its final audited Annual Reports and Accounts imminently. Keras’ primary focus is to develop the Diamond Creek organic phosphate mine in Utah. *SP Angel acts as nomad and broker to Keras |
Posted at 04/7/2023 21:34 by gb904150 Correct.KRS bought the additional 49% of FI for $3.2m. To be paid as 4 x $800k - 1st July 2022/23/24/25. We will now have paid 2 out of 4 of those $800k payments. Still....it does suggest that once upon a time we thought 100% of FI was worth $6.4m compared to the current Mcap of around £3.3m. That said...not so keen on the talk of cashflow from Togo agreement underpinning development at FI. Shouldn't it be standing on its own two feet by now, generating stacks of cash? |
Posted at 03/7/2023 11:20 by apotheki Keras Resources* (KRS LN) 4.15p, Mkt cap £3.3m – Payment for Diamond Creek organic phosphate mine delayed due to administrative issue(Keras holds 100% of the Diamond Creek phosphate mine in Utah, UASA. Keras also holds an 85% interest in Societé General des Mines for the Nayéga manganese project in Togo) Keras Resources reports that it has not been able to pay a US$0.8m cash payment and US$0.24m severance payment to the former ceo of Flacon Isle as part of the acquisition of the Diamond Creek phosphate mine. Keras has expected to receive funds from US$1.7m of funds from the Government of the Republic of Togo. The state has assured Keras that it will send the funds within seven days. Fortunately for Keras, it is permitted to make good the technical default within 30 days under their acquisition agreement. The Republic of Togo is taking on the Nayéga manganese project as Togolese strategic asset within Société Togolaise de Manganèse. Kerals will continue to assist with its intellectual knowledge on Nayéga and will continue to receive of 1.5% advisory fee on gross revenue from the Nayéga manganese mine for three years. Keras will also receive a 6.0% fee on gross revenue generated from the Nayéga mine for the provision of brokerage services for the lesser of 3.5 (three and a half) years or 900,000t of beneficiated manganese ore produced and sold from Nayéga”. Conclusion: We trust the Republic of Togo will make good on its promise to send funds to Keras within the next seven days and these funds will be used to settle the amounts owned to the former ceo and owner of the Diamond Creek phosphate mine in Utah, USA. *SP Angel acts as nomad and broker to Keras |
Posted at 19/6/2023 18:12 by x1000 Kerschner have a load of shares in KRS and price of phosphate has increased. Anyone got an inkling as to what else of significance is going on apart from the few £ due from Togo? |
Posted at 19/6/2023 18:11 by x1000 Kerschner have a load of shares in KRS and price of phosphate has increased. Anyone got an inkling as to what else is going on? |
Posted at 24/5/2023 09:58 by gb904150 I think most would agree that the 'deal' is pretty abysmal compared to the money and years of effort that have been expended.That said, Nayega/Togo has been valued at zero for years now. No real expectation of any resolution to the problems there. It has been apparent for years that the government weren't in favour of KRS mining it. If the $1.7m is all KRS see from this deal then that is fine but that will mean the Togolese will learn nothing from the BOD and are unlikely to do a good job of exploiting the resource. I guess that's up to them. If they had any sense they would accelerate the entire project - get it up and running as fast as possible, optimising it with the input of the KRS BOD. The more likely is they will dither and delay, but in that case they are the ones that will lose out as they will learn nothing. It's clearly up to them (Togo govt) but the opportunity is there. Yes it's a rubbish deal, but that's why KRS pivoted to Utah. If they hadn't they would be in an even worse situation, dependent on this single resource, limited to 3.5 years of revenues and with only $1.7m to show for it. They might not even have had that if they didn't have a plan B. DC too was a mess and owning 51% of it proved not to be great, but that too is resolved and we now have the 2nd payment of $800k available to us. That was hanging over us but now isn't. It now just comes down to whether DC is a good project and can generate much profit. |
Posted at 05/8/2022 10:30 by rec0very stock I think it is worth recapping where we have been, where we are now and where we are hoping to go.We had the successful demerger of CAI, which has left those of us who were in at the time and have not sold with ASX listed shares in a producing gold company. POG has come off its highs but is still way above where it was when the DFS was done. We await the phase 2 DFS which may also update some of the phase 1 assumptions. The current MCap of CAI looks to me to undervalue the company by quite a margin given all the potential resource that is yet to be proven up - a 20+ year LOM is entirely possible. The Lithium is early stage but for the stage it is at looks promising - let's see what Dave can get for it when it lists - aiming for end of 2022 but a lot will depend on market conditions at the time (he is not a forced seller so if the price ain't right he does not have to sell). The demerger left KRS waiting for Godot in Togo and that was all. KRS is still waiting for Godot in Togo. There remain a range of outcomes from pull the plug totally and write it off, through sell to wash our face and have a small royalty to a miracle happens and Godot arrives. The company is totally realistic about all this and makes no false promises (they have had enough of those from Togo). The bare minimum money and effort is going in to keep all the possible outcomes alive. A one trick pony waiting for Godot in Africa would have died - some AIM BoDs would have continued milking the dead horse for as long as possible doing placing after placing on BS RNSs just to keep their fees rolling in - the AIM lifestyle companies. Over all its years on AIM, firstly as FRX and now as KRS this has NEVER been a lifestyle company. The BoD has always owned a significant stake and has always put their own money in to support the company and maintain their stake. They have all put far more cash in than they have ever taken out. A bit like being football club owners, without being billionaires. The KRS strategy is clear. Don't care what it is or where it is, it just has to be low CAPEX and near term cash generative - that in turn means it's going to be small, simple, but with a problem KRS can solve but the current owner can't - they would have done it already if they could. Diamond Creek. Somewhere totally new - hooray out of Africa and into an area with far less jurisdictional risk. And a product that has a growing market, but never been done before by the BoD in any of their other projects. A local (if you call California local to Utah) JV partner (Shawn) who should know about and be able to market it. First step - BOD puts their own money in to secure the project and begin to do the things Shawn was too inept to do, including a bulk sample so they had product with which to start growing the market. Then we had the curse of Shawn. Had the BoD been smart getting in to bed with him? with hindsight possibly not, but the only way into the opportunity was through getting into bed with Shawn. Should the company have told us earlier about the problem with Shawn - I think they pushed the boundaries of AIM rule 11 but did not go over them for all the right reasons - going public does not help solve the problem. Most AIM companies push the boundaries of rule 11 and often go well beyond them. There was a short period where the project proved it was cashflow positive at project level, but overall it was still burning cash. With the news in the public domain and the cashflow situation obvious, many predicted and expected the usual AIM microcap response - push out BS RNSs do some presentations, get the shares ramped on BBs and call the Broker to get a discounted placing away before Christmas. This period was a pure test of faith and I admit faith is a lot easier to have when you are sat on a load of CAI shares. If you stick the 2 bits back together through reversing the demerger arithmetic KRS share price today is about £1.20. The BoD did what those of us who had faith in them knew they would. They went dark, they rolled up their sleeves to sort out the problem and, as they have many times before, ran the PLC on a shoestring. There was no guarantee of sucess and, as anyone who has seen them before knows, US litigation battles take years, cost a fortune and the only sure winners are the lawyers. Money was spent on lawyers, but smartly ie not issuing writs and getting into an impossible standoff to see who runs out of money first - I think they both would have. Finally Shawn see sense and we have the lot. He gets a fair but not excessive pay off, which is still far less than he could have had, had he not behaved the way he did in the first place. Shawn's ineptitute created the opportunity in the first place and further ineptitude has created an even greater opportunity now. First step to realising the opportunity we now have was raise cash - no surprise. FU coming in at 12p, the BoD putting in at 12p in addition to converting accrued salary at 12p and a fully subcribed Broker Option at 12p all with warrants at 18p sorts that out. Yesterday's RNS tells us how it has been going since - it has been well commented upon so no more needs to be said. The key to future success is sales growth - not normally an issue for miners. There is normally a market they can put all they can dig out into and / or an offtake agreement which they satisfy. Sales is the key to everything here and optimising everything to grow sales and increase margins is what gives us and the BoD the reward. It is also clearly the biggest remaining risk. Macro tail winds help, but there is work to do and the right advice is needed as the BoD are miners, who can optimise margins, but not marketers / sales people. How big is the reward? The Shard assumptions (how valid are any of those now?) gave an NPV at project level of £20m (£10m for KRS share when KRS only had 51%). Hopefully when things are clearer and there can be more certainty in the new assumptions, we will get an updated NPV. I would hope it is greater than £20m, but I don't see how it could possibly exceed £40m - it could end up being less than £20m but still above current MCap, I don't see how it could be less than that on an unrisked basis. One trick ponies are always higher risk than those with more tricks. The priority has to be, and is, to get the one trick pony doing its best trick. There are other oportunities in Utah, in the US and indeed anywhere in the world. Who know what the world will be like next year? The strategy remains clear and the BoD have shown an uncanny ability to find opportunities that fit the strategy - they don't always work as mining is a risky business, but they will never fail due to a lack of commitment from the BoD. The BoD has made clear its desire to pay a dividend (they will get quite a bit of their own money back that way). The company is structured so it can pay a dividend (ie historic losses are not an impediment). All it needs is sufficient positive cashflow at PLC level to actually pay it. How much it will be and when we might see it are not worth speculating about at this stage. There are AIM microcaps that talk about paying dividends, but there are very few that actually ever do. |
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