Share Name Share Symbol Market Type Share ISIN Share Description
Keras Resources Plc LSE:KRS London Ordinary Share GB00B649J414 ORD 0.01P
  Price Change % Change Share Price Shares Traded Last Trade
  0.00 0.0% 0.125 14,597,805 07:43:48
Bid Price Offer Price High Price Low Price Open Price
0.12 0.13 0.125 0.125 0.125
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Mining -1.24 -0.04 7
Last Trade Time Trade Type Trade Size Trade Price Currency
16:22:25 O 500,000 0.121 GBX

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Date Time Title Posts
14/4/202115:39KRS Finally Coming of Age1,818
07/10/202014:53Keras Resources (ex Ferrex) - mining gold and manganese in 20161,726
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 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 0.13p.
Keras Resources Plc has a 4 week average price of 0.11p and a 12 week average price of 0.11p.
The 1 year high share price is 0.18p while the 1 year low share price is currently 0.09p.
There are currently 5,966,077,851 shares in issue and the average daily traded volume is 33,503,587 shares. The market capitalisation of Keras Resources Plc is £7,457,597.31.
rec0very stock: searcher, It is always a concern when a company is trying to do business in a country that lacks the standards of governance we are used to. All I can say is RL and DR have pulled it off in other African countries. They know how the game needs to be played, but are no doubt as, if not more, frustrated than we are. They do get the time of day no problem, as they have the right connections on the ground to get in to see the right people and they have corresponded with the President on many occasions. Having worked in Africa, the thing you have to get used to is they will be very pleasant to your face, but there is no guarantee they will do what they said they would as soon as you walk out of the door - my word is my bond is not a phrase that means anything in Africa. I have said before and will say again, the licence will be with us before Christmas, just not sure which year. The KRS strategy is to pick up low capex near-term cash generative projects cheaply (CAI had to be done through ASX because there is no way KRS's AIM listing would have enabled it). This invariably means the project won't be of interest to a company with deeper pockets and that means sacrificing something on size, jurisdiction or ease of sale of the commodity. In Utah the risk was taken on the commodity, hence sales growth remains the biggest risk (mining is a risky business so all things considered this is still a low risk project). The risk is mitigated by a growing national market, which is protected to some extent from foreign imports by tariffs and the ability to compete internally thanks to a high quality product. The reason why it was picked up cheaply is because the owner/vendor/49% JV partner is pretty clueless about mining and how to fund it - he did not bother to prove up the resource to any recognised standard yet hoped to crowdfund the development. This would present another risk, if DR and RL had not inserted a trusted agent - JdP to sort out the mining. JdP is out there and well placed to sniff around for other projects - maybe that is what the £1m placing was about (I don't know but seems like a good guess). If that is the case then another phosphate project in the same area would make no sense at all, as the one they have has a 60 year LOM - why compete against yourself for market share. If something new does come from US then we can be pretty certain it won't be phosphate, but there will be some other risk that needs to be mitigated.
rec0very stock: searcher, I largely agree with what you say, as I have said similar many times myself. This includes considering wrapping up KRS once the demerger was complete. It was only the decree followed by the bulk sample, which made a small profit, that led to me reversing that view. Togo, as a former French colony, neatly combines what is worst about France and worst about Africa. The only good news is it is not mass murdering its people. There are positive signs that it is genuinely trying to improve, but these are green shoots. Arbitration, if even possible, would not be a good idea. It is quite clear where the problem lies: "The exploitation permit requires Presidential approval to allow operations to commence." "but they should really come clean on the reasons why its not being granted rather than stringing the market along" What do you recommend? Put out an RNS criticising the President of Togo? Do you think that would actually help get the licence? "fairly poor going from management". So what exactly do you think management has not done which it should have done / have done which it should not have done? The only thing they could have done that I can think of, which might have made a difference, is to stuff a brown envelope full of cash and slip it into the President's pocket. However the company does not operate this way; the potential for stunts like this to backfire badly is high and KRS does not have bundles of cash with which to stuff an envelope anyway. The acceptable alternative to brown envelopes is something like the Neyaga foundation. However the foundation won't be splashing any cash until the licence is signed and cash generative production is underway as that is where the foundation's cash comes from. Indeed the absolute bare minimum of cash is being spent on anything to do with Togo until the licence is granted - that is why there have been no drilling results from Ogaro. The management very wisely have not just sat around waiting for Godot to arrive in Togo, but put their own money in to secure another low CAPEX near-term cash generative project which is still early days, but if it does deliver as expected - all the indications so far are promising enough, creates an NPV which covers the entire MCap. Yes it is small beer, but the company is small beer. We have yet to see what they raised the £1m for back in Jan - something I said at the time was a clear indication not to expect the Togo licence imminently. The RNS said "will also provide us with significant leverage as we look to expand our project portfolio targeting additional low-capex and near-term production projects." Acquisition of another small beer project that also has an NPV that covers the whole MCap would not go amiss, whilst we wait for the President of Togo to live up to the promises he has made on many occasions to KRS and to demonstrate he really is looking to modernise his country for the good of his people and find his signing pen. Something I continue to believe is a case of when and not if and I fully agree with you that it is a decent project, on its own having an NPV of about 4 times current MCap. By and large the management has delivered what they said they would, where it has been within their power to control (a corrupt and useless President is not in their power to control). They have repeatedly put in their own money to make things happen. Tribute Gold Mining did not pan out as hoped, but CAI panned out better than could reasonably have been expected. All mining companies have their share swings and roundabouts - it is the nature of the game. I think if you compare what the KRS team has done and is doing with the majority of the AIM junior miners, KRS differentiates itself from that dross rather well and one day the market will realise that.
searcher0: Unfortunately Togo is a banana republic marred by corruption. Very few if any majors enter into it for this reason, the small mining companies stay well clear too. Keras don't stand a chance unfortunately they just don't have the in country connections or fire power otherwise it would have happened by now, its some 6 yrs since this pie in the sky licence was meant to be first granted. Also rather unfortunately this phosphate project is a little late in the day, i don't see it doing anything for the share price for atleast the next couple of years as production is at negligible levels. All the while any upside is being diluted at a rate of knots. I haven't seen a good counter argument yet. Nayega is a great project but somewhere along the line its fallen foul of the idiot dictator who wants to keep his people poor and uneducated.
fillipe: Thnaks a lot to you both. pinecone, may I just double check ... do you have the share price in Aus as 42 cents per share or 0.42 cents, per share. Thanks and all best. f
fillipe: Hi everyone and many thanks to all for your comments on the KRS/Calidus affair/s. I had thought my shares had been sold, but now see they are still sitting in my a/c ... sorry for that stupid error, but I had misunderstood the bookkeeping there. I'm given to understand that the share trading market in Calidus is very small and this is what is restricting the emptying of the tubeful of stock here in the UK which is therefore only steadily being sold off. I see from today's KRS rns there is a mention of the Calidus disposal history and also some details of the current Calidus price, or is that latter just a restating of the CAI share price at the time of the disposal/consolidation? Might someone have the near CAI share price in approx today's UK pence? ....just so I can check my own conversion outcome. Thanks again for you kind assistance, all very much appreciated. f
edgein: Jim, Oh don't worry old Ed here isn't in full attack mode, I can be much more vicious when in attack mode! :) It was my first reply to the ongoing debate/saga. Well I heard differently, apparently the Togo Gov didn't like it at the time of the tribute mining as they thought KRS were going to walk. Like others have suggested then the Cobalt licences were on the go to show KRS' ongoing commitment to Togo. Nothing wrong with the frustration of waiting for the licence, doesn't mean there's some sinister reason for the wait though. We have very different opinions for sure then as I reckon that UTAH is a company maker for a company without revenues. At full production and projected costs it will be a cash cow to KRS at 51%. It can't be matched on grade and the US agri market is huge. Well I cannot speak for others but I've seen the history of DR and RL and that's the main reason I bought during the FRX days. Dave "multiple mines" Reeves has been very successful in the past and I bought droves of KRS pre-Calidus due to that fact. I'm sure you too have done well from your Calidus? If you think this is uproar you should see some of the other boards on ADVFN! I see it as holders with alternative views. Regards, Ed.
jimbl: RS - Points duly noted. Some clarification from me on your own 'opinions' here. Having held this share since Aug 2011 I am as knowledgeable as you and many others on the history. 1. Exploration is still ongoing at Ogaro in Togo - aside from awaiting Nayega licensing. Clearly, money is needed for that. Call it what you wish therefore, opex or working capital, but it is needed. 2. If (which I concur with) you don't believe Nayega license is imminent, then why are we continuing to explore and expend funds on Ogaro? Almost 7 years after first being told by the BOD that a Nayega license was imminent, we still have no definitive explanation as to why it has not been granted. The excuses provided so far are simply no longer believable - especially after learning of the MM Mining agreement, for which we also have no definitive statement that it is legally defunct or has been renegotiated. This was never forthcoming information from the BOD. That, despite a belated admission when directly approached on the subject, they had been concerned enough about the situation to seek specialised legal advice on it. 2. Just as the Utah acquisition has shown, if we acquire another asset then at some point in the not too distant future, more funds will need to be raised and very likely more dilution will therefore take place. It's not rocket science to wonder how many shares will be in issue if a consolidation ever does take place - and what position we'd be in afterwards when we are now already over 6 billion and a share price barely over 1/10th of a penny. There comes a tipping point where slicing the cake just can't be done any longer. 3. We are aware of the marketing plan for Utah (sounds exactly like FI's original one - sales to smaller growers/users) but we have no sales update since being told 20% of the stockpile has been sold. The only way sales can become profitable from this Yr 1 initial heavily subsidised price, is if a current non existent market share is also increased to that in the marketing plan. That's a lot of if's to hang your hat on. 4. Likewise, eventual repayment of our loans to FI are entirely dependent on that marketing plan and sales working out as envisaged. 5. While the CAI spin-off has been a success, and our iron ore history is well documented (no fault assigned), lets not forget we also acquired the Kamina prospects in Togo, (EV battery market assets to compliment our manganese) before also giving that up. Horses for courses here. You may think me overly negative, whereas I think your opinions are perpetual blue-sky, with little (other than CAI) factual evidence to actually support that ongoing optimism.
rec0very stock: I think it is worth recapping the history of the company. When it was Ferrex it had the Gabon Iron Ore project which it came very close to doing a great deal with a major to complete exploration and provide cash to the company to fund other projects. The deal fell through as Iron ore prices crashed. It was put on ice and eventually binned. It also had Togo Manganese, which has huge potential and is just held up by the licence, which has been imminent for years. There were also a couple of South African projects which needed significant investment to get off the ground and might have done had Gabon gone through. These were always on ice and were binned The BoD could have cut their losses at that point, but instead reinvented the company as Keras keeping Togo on ice trying to progress the licence, but not banking on it. Instead they moved into Aussie gold. The first attempt was low CAPEX short term cashflow generation tribute mining. The BoD did what they said they would but a combination of low gold price, grades not being as good as they had been led to believe and overly onerous terms of the tribute meant that although gold was produced, it did not make money. Again the BoD could have walked away, but instead started the Warrawoona project. Again they have done everything they said they would and spun out CAI on ASX and those of us who were in now have shares in that company which for me more than recoups my entire investment in FRX and KRS over the years and have potential to treble again at first gold, which is about 12 months away. Whilst the prospect of the Togo licence has looked ever more promising, the BoD has not sat around waiting for it and instead found and funded Utah, which has an NPV on its own greater than the current MCap of KRS with enough resource to last for 60 years. Mining is a high risk game. Jurisdictional problems, technical problems, commodity price cycles and ability to raise CAPEX all conspire to cause more projects to fail than succeed - that is the nature of the game. The KRS BoD all have track records which prove they can succeed, but they will inevitably have their failures too as that is the nature of the game. When listed on AIM the only strategy that does make any sense for a micro cap is to try to bolt together as many low CAPEX near term cash generative projects as possible. That is what the BoD is doing, backing it with their own money and they are delivering where it is in their power to deliver. They have shown that they will walk away from projects that have no realistic chance, unlike many AIM micro cap miners who are effectively flogging dead horses to continue to fund their lifestyles, but they have never given up on the company, having 3 times already breathed life back in with new projects. Whilst the years I have been a shareholder here have been a roller coaster ride with many ups and downs, twists and turns with massive frustration that the Togo govt can't just sign a simple bit of paper which is as much in their interest to sign as it is ours, I have faith that we will all be grinning at the end.
rec0very stock: Mogwhy, Look at the presentation linked to at the bottom of the thread header - gives OPEX as $2.21 / dmtu. There is also this from Shard. Https:// I think it values Utah about right but undervalues Togo. The Togo valuation is only stage 1 and it is valuing the KRS project equity share, however that is only part of the cashflow which comes to KRS as there is also a management fee which I believe is 7.5% of revenue. If you add that in too then NPV of Togo is about double what Shard calculate. Personally I think the MCap of KRS is about right on Utah alone with nothing at all in the price for Togo. Obviously Togo only becomes worth something when the licence is granted. Today's news is really only confirmation that they are doing what they previously said they would do. Some hard achieved sales figures would help when they have them - probably get something with full year results due Feb / Mar. I never try to predict what the shareprice will be or when as it all depends on when the market wakes up. There have been a lot of false dawns and I believe the market wants to see real positive cashflow actually arriving.
tomboyb: From LSE: Diamond Creek Organic Phosphate mine at Utah, USA Company now owns 51% after making recent final payment of approx. $300,000. The total payment of $2.5m for 51% ownership by KRS to falcon Isle (who was the sole owner) is a loan and will be paid back to KRS on tranches. Falcon Isle will soon receive shipment of machinery plant and commissioning is schedule to complete in Q1. Once completed, I believe ramping in production will be done swiftly. However, sales of organic phosphate expected to commence in January 2021. Manganese in Nayega, Togo KRS has come through so much in here that I think the directors should not stop for pressing Togo government to make their final decision on permit to exploitation license. Finding out If there is any shortcoming from KRS causing delay should be done and addressed quickly. If the delay is from Togo government, then, I believe directors should be well informed on the progress and KRS to shareholder. But the good things is CEO remain positive about the award of the exploitation permit and believe that significant progress towards a permit has been made, specifically over the last three months. Manganese will be replacing cobalt for increasing power on batteries and the future looks really good with increasing demand and price rising. When the license is awarded, we all know what will be the share price of KRS whilst both organic phosphate and manganese, highly soughted resources comes on the market generating revenues for KRS.
Keras Resources share price data is direct from the London Stock Exchange
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