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% 0.135 5,391,972 07:45:10
Bid Price Offer Price High Price Low Price Open Price
0.12 0.15 0.135 0.135 0.135
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Mining -0.47 -0.02 4
Last Trade Time Trade Type Trade Size Trade Price Currency
16:15:29 O 800,000 0.1399 GBX

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Date Time Title Posts
04/6/202010:56KRS Finally Coming of Age1,064
22/5/202014:06Keras Resources (ex Ferrex) - mining gold and manganese in 20161,724
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 0.14p.
Keras Resources Plc has a 4 week average price of 0.10p and a 12 week average price of 0.07p.
The 1 year high share price is 0.60p while the 1 year low share price is currently 0.07p.
There are currently 2,784,802,182 shares in issue and the average daily traded volume is 12,238,639 shares. The market capitalisation of Keras Resources Plc is £3,759,482.95.
4sta: They say patience is a virtue but after all these years mine is wearing thinner and thinner with each passing day. Russell is going to have to go some if we are to get the mining licence AND start production by the end of March as promised. Share price falling every day and even Calidus down over 12% on the ASX overnight.
edgein: Acuransx, Well as a result of that the share price of CAI went from AU$0.022 up to AU$0.27 more than x10 higher than when they consolidated. You may have x10 less shares but the value has been increasing. Your 42700 shares were worth less than your 4270 shares are now. Regards, Ed.
bozzy_s: Looks like CAI consolidated shares started trading today. Almost all trades at $0.22 Aus So taking into account the consolidation... 2.2c for every 3.452 KRS shares 0.637c for every 1 KRS share £1 = $1.92 0.33p of CAI shares per KRS share KRS bid price 0.185p for any meaningful quantity, 0.515p total value today for anyone holding both. Given the shambles surrounding the CAI distribution, it's really not been worth the aggro. I'm assuming KRS were let down by their advisers, and in turn let us down with the misleading qualifying date for CAI entitlement. Not surprised to see share price Angel are the NOMAD. Clueless. They are also house broker for AAZ, running about 3 years behind the curve. Their last target price was 97p. AAZ has been above £1, and up to £1.70, but the paid-for house broker share price Angel still haven't updated their price target! Keras need to improve next year. Ditching share price Angel would be a good start.
rec0very stock: zhockey, There are only 2 valid ways for looking at the value of any asset. The discounted future cash flows you can generate from it ie NPV from a DCF or what someone else would be prepared to pay for it, which logically should be less than the NPV. DCFs are however a collection of guesses and assumptions about things in the future and they can easily be manipulated to get the answer you want to hear. share price Angel have come up with an NPV of £12m for Nayega ie around 0.5p a share. However they have not published the assumptions that is based on and what allowance has been made for the risks which still exist in any mining project. My own calculations, which admittedly lack confidence in many details but I believe are conservative come to roughly the same. If things proceed according to plan then NPV naturally rises. There is also potential for a significant uplift in that NPV based on the results of the benefication scoping study. As far as marky's point goes ie when will share price reflect the value of Keras PLC, all we can say for certain is it does not at the moment and arguably has not for some considerable time, but must get closer one day. It you take a long term view, then the market ignoring and undervaluing KRS is an opportunity, especially as the requirement to raise cash through issue of equity is receding.
rec0very stock: 4STA, You got the decimal point in the wrong place / have put p when it should have been £ in your price per share, but you are right on your calculation for 500k. At current bid and current exchange rate the value of CAI per KRS share is 0.4p. CAI is fairly thinly traded on ASX which is why the drilling news does not move the shareprice. I doubt anyone planning to sell CAI in the short term would actually be able to get that much and that is why those who need to sell are selling ahead of the demerger despite the Togo news. Hopefully we will get full figures on the Togo Mn tomorrow. The recent presentation says OPEX of $3-3.1 / dmtu. I note the OPEX for the bulk sample worked out at $2.9 / dmtu and that included a 15% contingency. The licence may include additional royalty payments and a commitment to spend on a community project, which might account for the difference, or it may just be Russell is being ultra cautious. The current Mn ore price is not great and makes the project only marginally profitable at the moment. I think KRS will get going on the mining at 6.5kT/m but may well hold off on the CAPEX to raise to 13kT/m until the Mn price improves. There will be some upfront costs to getting mining restarted (working capital rather than CAPEX), which may come from the offtaker or a loan. With the ratio set at 3.44229 KRS / CAI for the demerger, KRS cannot issue any more shares at the moment. It is frustrating, as had the licence been awarded shortly after completion of the bulk sample when Mn ore price was much higher, KRS would be sat on a nice little pile of cash right now. As it is, I think we are going to have to be patient - no change there! Is anyone going to the investors presentation on 6th? I can't make it. I assume the idea is to try to get more committed long term investors in who are interested in both projects, so those who have a short term need to sell can get out so post demerger CAI and KRS don't take a massive hit
bozzy_s: Not sure whether Shareprophets went into details. Here's the current value of CAI shares per KRS share: 723,750,000 * 0.026 Au$ = 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.
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: 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.
Keras Resources share price data is direct from the London Stock Exchange
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