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KRS Keras Resources Plc

2.75
0.00 (0.00%)
Last Updated: 13:13:47
Delayed by 15 minutes
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% 2.75 13:13:47
Open Price Low Price High Price Close Price Previous Close
2.85 2.75 2.85 2.75
more quote information »
Industry Sector
MINING

Keras Resources KRS Dividends History

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Posted at 01/7/2024 12:27 by rec0very stock
The decision to ramp up and the responsibility for funding the ramp up now sits with Togo Govt. I think we have all learned not to count our chickens when it comes to Togo Govt.

A properly worked out note which gives low, best and high estimates of net cashflow to KRS for both revenue streams is desperately needed if KRS share price is to have any chance of reflecting true value.

After what has happened at CAI, I for one really need KRS to deliver.
Posted at 28/6/2024 11:30 by apotheki
SP Angel . Morning View .

Keras Resources* (KRS LN) – 3.45p, Mkt cap £2.7m – Keras starts to commission the integrated granulator plant at its Delta processing facility in Utah

(Keras holds 100% of the Diamond Creek phosphate mine in Utah, USA)

Keras Resources reports the hot commissioning of its integrated granulator plant at its Delta processing facility in Utah, USA.

The ‘hot commissioning’ process involves the testing of each plant component under progressively increasing load conditions until the design capacity is reached.

High-pressure grinding rolls are milling the rock phosphate material to initially blend and then reduce feed ingredients to ~90mesh (160 micron) for optimal granulation.

The material then goes for granulation where an organic liquid binder is applied before drying in cooler rotary kilns.

Connection to 3-phase power will replace 600kW of diesel generation as soon as is practicably possible reducing power costs and CO2 emissions.

Granules have now been produced proving the operation of the plant marking a significant milestone for PhoSul Utah LLC joint venture

The operation of the jv marks a new era for Falcon Isle Resources which holds the Diamond Creek Phosphate mine for Keras.

“PhoSul®'s formulation allows for improved Phosphorous availability in the soil, results from field tests have demonstrated significant yield and quality improvements over competitor rock phosphate sources. “

“PhoSul® further helps to solve Phosphorous run-off, a key component of the Company's organic identity.”

“Graham Stacey, CEO of Keras, commented, "Constant progress towards full load commissioning and refinement of an integrated circuit is always a challenging phase of plant construction and build-up to steady-state production.

We're very pleased to have progressed to hot commissioning and production of first organic granules without any material flaws to-date which speaks to the commitment of the construction and commissioning team given the intricacies of the move from Spanish Fork and the integration of the HPGR and granulator circuits in an entirely different configuration. “

See photos of hot commissioned product on:

Phosul® consists of 80% of 50 mesh ore from Keras’ Falcon Isle Diamond Creek mine.

Plant capacity: 5tph with a 520t/month running a single shift operation.

Double shift capacity ~ 920tpm of saleable bulk Phosul® granules expected in Q4.

Stockpile: ~4,250tons of 50 mesh product which will cover the operation through 2024 with all mining and crushing costs already expensed.

The Phosul jv should consume ~10,500tpa of 50 mesh phosphate when running at steady state.
Keras’ Diamond Creek can produce ~25,000tpa of rock phosphate.

Keras recently restructured short-term debt of US$900,000 incurred through the acquisition of the remaining 49% of Falcon Isle Resource Corp into a US$1,525,000 four-year loan and convertible loan, with US$1,325,000 of new cash funds and US$200,000 in capitalised Directors outstanding fees. (see RNS on 28/05/24)

Phosul® granules are currently quoted at $40 for a 25lb bag or $75 / 50lb bag on Amazon in the US.

Manganese: The Government of Togo are working towards the restart of mining at the Nayega manganese mine in Togo.

Keras’ agreement with the government of Togo should give it a“1.5% royalty advisory fee plus 6.0% of gross revenue generated from the Nayéga mine for the lesser of 3.5 years or 900,000t of beneficiated manganese ore produced and sold from Nayéga”.

The deal with the Togo government should give nearly $0.9m a year at a price of $3.5/dmt for manganese and production of 7,480tpa equating to some $2.6m over three years.

Manganese ore prices for 38%min FOB South Africa are steady at 3.47-3.62/dmtu.

Manganese and cobalt ores and concentrates are subject to a 25% import tariff into China from this year resulting in higher local manganese prices.

The 25% tariff will also be applied to permanent magnets and natural graphite from 2026.

*SP Angel acts as nomad and broker to Keras
Posted at 28/6/2024 08:50 by apotheki
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 mining and processing facilities. The operation produces a variety of organic phosphate products that can be tailored to customer organic fertiliser requirements.

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 USI am pleased to provide an update on our progress since the last report and to set out our outlook for the business going forward.
Posted at 27/6/2024 11:12 by stockriser
Jimbl - I agree the $800k still outstanding will be holding the share price back a bit, but the loss for 2023 was reduced by over 50% compared to 2022.

Lots to look forward to here in the near term, and believe 2024 will be the year for KRS to shine.

"The Consolidated Statement of Comprehensive Income for the year shows a loss of £446,000 (2022 - loss £997,000)."

GL SR
Posted at 27/6/2024 07:37 by apotheki
Final Results

Keras Resources plc (AIM: KRS) announces its final results for the year ended 31 December 2023.

Highlights

Utah - Falcon Isle Resources Corp ("FIR") - the preeminent high grade organic phosphate producer in the US, a fully owned and integrated mine to market asset

· 3,000 tons of rock phosphate were mined and delivered to the laydown area at Diamond Creek in 2023 to add to the 9,700t in inventory as at 31 Dec 2022

· Total sales of 4,606 tons for the year to 31 December 2023, a 7.7% increase on 2022 (4,276t)

· Negotiated the PhoSul Utah JV with PhoSul LLC, an Idaho based organic fertiliser producer facilitating the construction of FIR's granulator plant and the use of FIR's PhosAgri product as an 80% constituent in the PhoSul® product

· Post period in January 2024 acquired the 8.4acre Delta property accommodating three warehouses totalling 77,000 square feet (7,150m2) in preparation for the move of the high pressure grinding rolls mill ("HPGR") and granulator plants from Spanish Fork and reconstruction at the Delta property

· Key product developments for the balance of 2024 will be optimising and ramping up production at the integrated granulator plant in Delta to produce PhoSul® granulates; 2024 summer mining season to commence in July

· 100% held subsidiary Falcon Isle Resources LLC ("Falcon Isle") is currently operating profitably at the company level and has commenced repaying loans made to it by Keras

Corporate

· Keras signed an agreement with the Republic of Togo (the "State") relating to the Nayéga Manganese project ("Nayéga"), under which Keras agreed to transfer all its intellectual knowledge on Nayéga to the State and provide advisory and brokerage services to expedite the development of Nayéga. In July 2023, the State paid Keras cash consideration of $1,700,000 and the Company will be paid brokerage and advisory fees on gross revenue generated from the Nayéga mine.

· Keras paid Tranche 2 of 4 equal payments to the previous CEO of FIR incorporating a principal payment of $800,000 for the acquisition of the outstanding 49% in FIR as well as $240,000 in unpaid salary and severance payments;

· Post period in January 2024 raised GBP300,000 in Convertible Loan Notes ("CLN") and $350,000 in Promissory Notes for the acquisition of the 8.4 acre Delta Property to house the Integrated Granulator Plant; and

· Post period in June 2024 raised GBP1,038,808 for the payment of Tranche 3 of payments to the previous CEO as noted above - an $800,000 principal payment and a final $100,000 in unpaid salary and severance payments


Graham Stacey, Keras Resources Chief Executive Officer, commented, "2023 began with a challenging start due to an unusually late spring impacting on the timing of the spring planting season in our key markets. In addition, the late and swift snow melt caused a landslide impacting the upper haul road to the mine which required an engineered repair and Forest Service approval prior to the commencement of the summer mining season.

"In a year of consolidation post the acquisition of the outstanding 49% in FIR during 2022 we continued to establish ourselves in the organic fertilizer space in the US increasing our sales 7.7% to 4,606t which, given the late winter and continued high inflationary operating environment impacting the buying patterns of farmers and distributors, we were not unhappy with FIR's performance for the year. An important step forward during the final quarter of the year was the negotiation of the PhoSul Utah LLC JV with Idaho based organic fertiliser specialist PhoSul LLC. Understanding the need to expand our product portfolio to include tested finished product and to bring our granulator plant into production. The decision to move our operations from Spanish Fork to Delta was equally important giving us longevity without the pressures of rapidly expanding residential developments. The rapid move from Spanish Fork and construction of the integrated granulator plant at our newly acquired property in Delta has also been particularly pleasing and we look forward to reporting on developments in Delta as we optimise the granulator plant and continue to grow sales of our own dry milled products."
Posted at 03/6/2024 10:59 by tim000
Investing in micro caps is like playing professional poker - no matter how good you are, you’re still dependent on luck in the short term. For example, even a strong business on fundamentals can suffer from poor sentiment, waves of selling and hence the inability to raise working capital by share issues. I lost money on KRS the first time around, just like Jim is currently, it didn’t necessarily mean we made poor investment decisions. I chose to sell up and move on, buying again now because I still think the business has good prospects in the medium term. But there’s no point whingeing about the past. Wins and losses are part and parcel of this game. One needs to be philosophical about setbacks, learn from them and come back stronger. Hopefully KRS will still make money for everyone invested here. Take heart from Chris Grosso’s confidence in his investment.
Posted at 01/6/2024 23:47 by tim000
I see that Dave Reeves - CEO in the early days of the company and now CEO of ASX listed Calidus Resources (which was spun out of KRS) - is still a significant shareholder in KRS. Like KRS, in my view CAI is currently an excellent turnaround play and I have a decent holding there too. For those that invest in the ASX, they should definitely give it a look. And JMS too!
Posted at 01/6/2024 23:31 by tim000
Skipper, thanks for your posts. I can’t understand why anyone would pay KRS $1.7mn cash and then sit back and do nothing while the Manganese ore price hits record highs. I don’t care who the President is, they would have to be a lunatic to procrastinate on appointing a contractor at Nayega. The fact that they have announced a competition to tender, with a quick deadline, suggests that isn’t so. I understand this is Africa and that has to be taken into account, but if the contract is awarded to a competent firm then there is a chance that KRS might get some payment at a time when it has real value. But in any case, having the backstop of a committed and supportive investor in the business is a major plus. As has already been pointed out, they don’t demand death spiral terms either. And the phosphate resource is substantial. This all suggests the share price still has a long way to go - as Grosso believes too.
Posted at 29/5/2024 08:35 by tim000
In that placing, an institution named First Uranium became a shareholder. Almost exactly a year later they sold out, selling 8mn shares to Grosso @2.5p! I would guess the fund manager at FU left and his successor had a clear out, as they do. How did Grosso, who lives in Florida, become acquainted with KRS? One might speculate that an exiting FU manager might be involved? Anyway, terrific business for Grosso, who hopefully projects KRS to be another Silvercrest-type success in the fullness of time. Diamond Creek has 3mn tonnes of high-grade phosphorus pentoxide accessible by opencast mining, no doubt with more reserves waiting to be booked. KRS hasn’t produced a NPV calculation of the resource, but maybe Grosso has and it would be an awful lot more than KRS’s mkt cap, hence his enthusiasm.
Posted at 25/5/2024 10:43 by tim000
Posters on LSE estimate prospective royalty revenues to KRS of ca £2-2.5mn pa for 3.5 years, at current mkt prices. That’s based on very low production forecasts however of about 80k tonnes pa. The agreement gives a cut-off of 900,000 tonnes after 3.5 years. As already stated, the Togo govt is strongly incentivised to ramp up production asap. Were they to achieve production of 900,000 tonnes cumulative within 3.5 years, KRS revenues might be much higher, depending on mkt prices at the time.

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