Share Name Share Symbol Market Type Share ISIN Share Description
Keras Resources Plc LSE:KRS London Ordinary Share GB00B649J414 ORD 0.1P
  Price Change % Change Share Price Shares Traded Last Trade
  0.00 0.0% 0.40 1,616,092 08:00:17
Bid Price Offer Price High Price Low Price Open Price
0.35 0.45 0.41 0.40 0.40
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Mining -0.41 -0.02 9
Last Trade Time Trade Type Trade Size Trade Price Currency
11:36:48 O 464,497 0.428 GBX

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Date Time Title Posts
16/10/201918:56KRS Finally Coming of Age553
26/9/201914:57Keras Resources (ex Ferrex) - mining gold and manganese in 20161,720
15/12/201701:25Keras Resources (LON:KRS) shallow resources that can be extracted easily and con617
27/9/201711:42ASX listing stinks!8
01/7/201614:41Ferrex KRS63

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Keras Resources (KRS) Most Recent Trades

Trade Time Trade Price Trade Size Trade Value Trade Type
2019-10-16 15:34:320.401,500,0005,925.00O
2019-10-16 13:58:220.43230,244990.05O
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Keras Resources (KRS) Top Chat Posts

Keras Resources Daily Update: Keras Resources Plc is listed in the Mining sector of the London Stock Exchange with ticker KRS. The last closing price for Keras Resources was 0.40p.
Keras Resources Plc has a 4 week average price of 0.38p and a 12 week average price of 0.38p.
The 1 year high share price is 0.60p while the 1 year low share price is currently 0.30p.
There are currently 2,289,133,439 shares in issue and the average daily traded volume is 1,780,384 shares. The market capitalisation of Keras Resources Plc is £9,156,533.76.
markyess: Yes. Your shareholding in Keras will still be whatever your shareholding is, multiplied by market price. Although the price might tack back a little to recognise the 'loss' of value of Calidus, given how badly this share has recognised value, there's no reason to expect such a steep hit on Keras. If the Togo license is granted, then current share price for Keras alone is heavily undervalued.
bozzy_s: Not sure whether Shareprophets went into details. Here's the current value of CAI shares per KRS share: 723,750,000 * 0.026 Au$ = 18,817,500 Au$ total Today's exchange rate 1 GBP : 1.835 Au$ So CAI shares worth 10,254,768 GBP Divided by 2,491,358,439 = 0.41p per KRS share Before August's dilution, would've been 2,289,133,439 shares = 0.45p per KRS share But of course the remainder of KRS, valued at nil by the market, has increased net cash by £0.8m via that debt conversion and placing. I'm still a bit disappointed by the placing/conversion price (0.4p per KRS share when the upcoming CAI shares alone were worth 0.5p, and KRS was itself 0.485p). However by distributing all the CAI shares, the directors have been very good to us shareholders. Will be interesting to see how CAI performs when the new shares are issued. Hopefully they'll announce some nice exploration updates around the same time.
edgein: That's not negative at all especially when read in context with the rest of the release: Russel Lamming, CEO of Keras Resources, said, "The year to date has been highly productive and I believe the rest of 2019 will be transformational: the proposed demerger of our 724m Calidus shares, in tandem with our transition from explorer to producer (subject to the grant of an exploitation permit), will see significant value released to shareholders and manganese focussed Keras will become a cashflow positive mining company. He seems pretty sure in the above this transformation to producer will happen this year and its certainly a good idea to get that director focused placing away before the ml rather than after (from a management perspective). Share price would be a lot higher if the ml is successful. Also clearly Dave and Brian happy to take even more shares rather than the cash so they're clearly confident in KRS. Regards, Ed.
bozzy_s: Rubbish RNS. With £13m+ of CAI shares coming to the company this year, at an implied value of 0.57p per share, why raise funds at 0.4p? There must have been external short-term loan options, secured against CAI shares. It means the CAI shares will be spread a little thinner to KRS holders. With 2.491 billion KRS shares, the CAI distribution is now down to 0.53p per KRS share.
bozzy_s: Value of CAI shares now down to 0.578p per KRS share, due to slightly stronger £ vs Au$ and drop in CAI share price. Still a >10% discount to buy CAI via KRS, with Togo, AIM listing, £10m tax losses for free. Calcs as below: 723m CAI shares Aus 3.3c per share GBP 1 = AU$ 1.8034 2.289 billion KRS shares Each 0.1c move in CAI is equal to 0.0175p per KRS share.
cpap man: Yes and remember that share price Angel have a [short term] share price target for KRS of north of 1p+
cpap man: Keras Resources* (KRS LN) 0.4p, Mkt Cap £9m – Keras bulk sample metallurgical test shows ore is best suited for silico manganese alloys (Keras currently has 458m shares in Calidus, representing approximately 32.3% of the Calidus issued share capital. On successful completion of the PFS, due this month. Keras will then receive an additional 265m performance shares in Calidus which will then be converted into ordinary shares). Keras’s 723m shares in Calidus value at A$22.4m (£12.4m) at the current share price. BUY, Valuation 1.04p Click for our last full note on Keras Keras Resources report results from the 10,000t (9,801t) bulk sample test done by a manganese alloy producer on ore from Keras’ Nageya mine in Togo. The manganese concentrate was simply upgraded by dry screening and wet scrubbing to 38.88% Mn and 6.28% iron and 11.50% SiO2. Testwork shows the Nayega concentrate to be good for battery and agricultural sectors. The ore can also be leached within in two hours for >90% recovery with minimal impurities. This is good news and further work will be done to optimise leach conditions for the potential production of battery grade manganese which currently uses high-purity manganese sulphate. Ore was shipped to and tested in a silico-manganese furnace with a peak fead rate of 340kg/t (34%) determined to be the peak feed ratio for the furnace used. Silico manganese prices rose by $44/t on last month to $1,147/t (Rmb7,900/t) in China Ferro manganese prices are at $1,330-1,400/t in the US. Electrolytic manganese metal, the starting point for some Nickel Manganese Cathodes accounts for 12% of global ore demand in 2017. The majority of manganese cathodes are made from high-purity manganese sulphate. 90% of manganese goes into steel production. The bulk sample was delivered within budget and on time indicating the simplicity of the upgrade process and logistics chain. Calidus Resources shares continue to rise to 33c/s in anticipation of a Pre-Feasibility Study on its Warrawoona Gold Project due this month. Calidus recently acquired a key tenement in the Marble Bar Goldfield as part of its strategy to grow its existing 1.25moz resource at Warrawoona at a cost of $55,000 and 5,000,000 Calidus shares. Recommendation and valuation: We base our recommendation on the value gap between the share price and our valuation of 1.04p per share. Around half our valuation is based on our assumption that Keras should produce some 6,000t per month of manganese concentrate in Togo where the Keras team are currently waiting for approval to move to a full-scale mining license and for confirmation of its offtake agreement. We assume no additional capital is required following the production of a near 10,000t bulk sample for shipment to run the mine and plant at around 6,000t per month (Current plant capacity is for 75,000t per month). “on receipt of the exploitation licence Keras expects to expand and improve the plant to add more value as well as increasing production. The Company intends this to be financed in conjunction with an offtake agreement rather than equity funding.” Conclusion: Management refer in the statement to the application for an exploitation license to double the current production capacity to 13,000t per month from 6,500t per month. Increasing capacity to 13,000t per month should add a further value to the business depending on the cost of capital required for the expansion. *SP Angel act as Nomad and broker to Keras Resources
cpap man: SP Angel . Morning View . Gold jumps on increased bets for a Fed rate cut Keras Resources* (KRS LN) 0.4p, Mkt Cap £9m – Keras to distribute more than its market capitalisation value in Calidus shares (Keras currently has 458m shares in Calidus, representing approximately 32.3% of the Calidus issued share capital. On successful completion of the PFS, due this month. Keras will then receive an additional 265m performance shares in Calidus which will then be converted into ordinary shares) Keras’s 723m shares in Calidus value at A$21.7m (£12m) at the current share price. BUY, Valuation 1.04p Click for our last full note on Keras Keras Resources reports that the Escrow period for its shares in Calidus has expired and the shares are now available for trading without restriction on the ASX. Keras intends to distribute its shares in Calidus pro-rata to its shareholders which should return greater value to Keras shareholders than its current market capitalisation. Furthermore, we also expect Calidus shares to go better on publication of its pre-feasibility study considering progress made on its 1.25moz Warrawoona gold project where latest results include intersections of: 8m grading 8.06g/t Au from 56m down hole, 4m @ 8.87g/t Au from 48m and 12m @ 2.37g/t Au from 52m. Recommendation and valuation: We base our recommendation on the value gap between the share price and our valuation of 1.04p per share. Around half our valuation is based on our assumption that Keras should produce some 6,000t per month of manganese concentrate in Togo where the Keras team are currently waiting for approval to move to a full-scale mining license and for confirmation of its offtake agreement. We assume no additional capital is required following the production of a 10,000t bulk sample for shipment. The remaining value is in Calidus Resources shares which recently moved higher in Australia to A$0.30c/s. Conclusion: It is rare to see a company distribute more than its entire market value in shares in another listed vehicle. We also see Calidus Resources as offering good potential for further value depending on the results of the pre-feasibility study and ongoing exploration at the Warrawoona gold project. *SP Angel act as Nomad and broker to Keras Resources
rec0very stock: I have not heard back from DR yet, he is obviously busy, as he normally responds very promptly. I do not have time to do this next week, so here goes now and I will explain where the answer from DR comes in. Risk / Reward - the key to successful investing in anything. First start with the reward, if it is not big enough, there is no point continuing. The reward needs to be assessed as a base case that has at least 90% probability of being achieved or better. It also needs to be in a reasonably well defined timescale, great if that is a firm date, but more often than not it is an event you expect to happen. With KRS there is a clear date to go against and that is when CAI shares come out of escrow. The commitment has been made to distribute them. KRS may need to sell some in the market to provide funds for KRS and we get our fair share of the rest. That will happen in Jun 19. What I expect to happen prior to Jun 19, as a base case, is: the resource to be upgraded to at least 1 MOz giving a 7 year plus mine life. The PFS should be produced by Jun 19 and KRS should have converted all CAI performance shares to ordinary shares. On this basis the ratio of KRS held to CAI received will be impacted by dilution of KRS (the number of CAI shares owned by KRS is fixed (more on that later), the number of KRS shares in issue at Jun 19 is not fixed. There are just over 200m warrants outstanding. All massively underwater at the moment at roughly 0.5p = £1m to KRS when exercised. Some time before Jun 19 the market will wake up and it should be assumed that all warrants will be exercised when profitable to do so / before distribution of CAI shares. The current ratio is about 3 KRS to 1 CAI. The price of CAI shares at Jun 19 is undetermined. If the resource and PFS is as expected in the base case, then they should be well ahead of where they are now, but further funding will be required to move from upgraded resource towards the end on 2018 to PFS by Jun 19 hence more CAI shares will be issued. It is possible, but fairly unlikely that KRS could take part in this placing. For the sake of the base case, I am assuming 3 to 1 and CAI share price of 5c (ie just above where it is now) as a more realistic price above 5c would counter balance a less favourable ratio. The reward per KRS share is therefore 1.7c or 1p at current exchange rate (there is always exchange rate risk and price of gold risk which we can all assess for ourselves and I will not cover further in this assessment). In the base case I have assumed no Mn Licence and nothing on Co/Ni or any new projects. There is clearly potential large upside to this. Mn is currently at $6.8 dmtu FOB Port Elizabeth and we have been told KRS could produce, within about 9 months, at less than $2 dmtu FOB Lome. The upside from CAI price being significantly higher than 5c is obvious. KRS holders will have a choice in Jun 19, they can sell their KRS shares before distribution or they can take the distribution and sell CAI on ASX or they can hold CAI for further upside. If none of the other projects are moving, then I would suggest KRS does a solvent liquidation and ceases trading on AIM shortly after distribution, but that is very much TBD at the time. In the base case, I assume all reward comes from CAI and nothing from the remainder of KRS. Having established the base case reward - 1p, and cognisant of the upsides, it is time to look at the risks. We only need to look at the risks of base case not being achieved. These are: PFS not completed by Jun 19. Possible, but they would still have 1 year to complete before the performance shares lapse, so we are talking about a delay in the reward not a reduction. I would guess the distribution would be delayed until all performance shares have been converted to ordinary rather than do 2 distributions. PFS shows project is not economically viable. From what we know from drilling so far this is possible but highly unlikely. This is the risk to consider as more drill results are released. There is nothing that we can do other than take a loss on selling KRS before Jun 19 to mitigate our exposure. The impact of this risk materialising could be total loss of all reward, though some of the other potential upside outside the base case could replace the full reward and more. KRS Dilution. The warrants have already been mentioned. If they are all exercised in the right sort of timeframe, I do not see a need for dilution to keep the lights on at KRS, which is effectively in hibernation. Should the Mn licence be granted, funding will be required and there are a number of ways that can be achieved. I think it is fair to assume that any dilution at PLC level will be more than matched by the increased reward. The problem is whilst the market continues to ignore us, warrants won't be exercised as they are underwater and a long way from being time expired. When I had a quick look at the results, the cash position was as dire as expected. It has had a small top up placing since, but will not last until Jun 19. I read the full annual report in more detail on Fri. The first thing I noticed was it kept talking about company rather than group, indeed group figures are not even there. The group figures would be consolidated, so money owed by subsidiaries balance out with money due into the company. The company figures have a current asset of about £1.4m against loans. These loans are zero interest, supposedly payable on demand by subsidiaries. One of those subsidiaries owes £1.2m. It has been disposed of for nil consideration, presumably to other shareholders of the subsidiary, but it is owed money from those shareholders in excess of the £1.2m owed to KRS. So the question I asked DR, which he has not responded to but I will let you know what he comes back with, is: If KRS demanded repayment, would the money actually arrive? If the answer is yes, then I see the KRS dilution risk as zero. Please come back on any of this in a constructive manner - this is a discussion board. I am going to the AGM and will try to get as much detail as possible to further inform this. But for now this is how I see the risk / reward case. I have not fully decided whether I am going to take advantage of the market ignoring us and top up on my 19.5m shares, but I have liquidated a position in another stock so I could do so. Really I ought to keep all this to myself, but I value other opinions.
rec0very stock: I recently bought a small stake in AAU. I am expecting a quarterly update next week. Hopefully it will be as expected regarding production quantities in both Au and Ag. Recent rises in the market price of both should then propel AAU share price forward. I am already slightly ahead on my AAU buy, having covered the spread and dealing costs with a little profit to spare. If AAU really takes off on a better than expected announcement, I may sell later next month and buy more KRS. KRS should produce its annual report sometime next month (it is normally Feb when it comes out, though they have until 31 Mar to produce it) I am expecting the annual accounts to show a very significant profit on disposal of KRS Australia to CAI. I expect that profit to wipe out most, if not all, retained losses. This will not be a cash generating profit though and will only add to non current assets in the balance sheet. I also expect a firm commitment to be made to distribute CAI shares to KRS shareholders, once out of escrow in just under 18 months time. CAI share price has not reacted to recent Au price rises. This is unsurprising as production is so far into the future, current price is totally irrelevant and there is not a PFS NPV based on an assumed long term Au price to compare NPV at current price to. KRS TOGO Cobalt is completely irrelevant, as it is so early stage and there is no cash to fund development and no guarantee that should money be spent proving up the asset a mining licence would be granted. KRS TOGO Mn is potentially a game changer. If / when the licence is granted, provided funding can be raised for initial production, then in about 6-9 months KRS could be cash generative. At the moment, and this will still be the case post annual report production, KRS is burning cash, has a tiny amount of cash and has no way of getting more cash other than issuing more equity. Another placing is inevitable at some stage. If the TOGO Mn licence comes through, then the fund raise for that should cover KRS PLC costs too and it should be done at a much higher price than current. Even without the Mn licence, I would hope that the annual report, provided it is as I expect, will drive a rerate. Sellers should clear quickly, though there are a large number of warrants which could be exercised and sold. These are all at higher prices than current and it is possible that they may provide enough cash to defer the placing until much later. If the market just shrugs at the annual report and we do not see a rerating, then I will investigate how I can take part in the next placing.
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