Keras
Resources plc / Index: AIM / Epic: KRS / Sector: Mining
23 February 2024
Keras Resources plc ('Keras'
or the 'Company')
Operations Update and award
of Options
Operations Update
Keras Resources plc (AIM: KRS) is
pleased to provide an update on the construction of the granulator
plant under the joint venture between the Company's wholly owned
subsidiary, Falcon Isle Resources Corp ("FIR") and Phosul LLC
("Phosul JV"), as announced on 22 January 2024, and the
relocation of FIR's plant and equipment from Spanish Fork to it's
new, wholly owned facility 8 miles north of the town of Delta, Utah
(the "Delta Facility").
The entire granulator plant is now
located at the Delta Facility with the high-pressure grinding rolls
("HPGR") mill, a key component of the integrated processing plant,
expected to arrive at the Delta Facility from Spanish Fork during
March 2024. The concrete pour for the civil footings for the
granulator plant was completed on 19 February 2024, allowing for the mounting of the twin granulator pans, dryer
and cooling rotary kilns to commence in the week starting
26 February 2024, on schedule
and within budget. Commissioning of the integrated granulator plant
is planned for the second quarter of 2024.
All crushed rock phosphate in stock
has been transported to the Delta Facility enabling the mobile
Pro-sizer mill to produce 10 and 50 mesh products to be sold by FIR
to existing customers.
Grant of Options
The Board of Directors have today
awarded Graham Stacey 600,000 options over 600,000 ordinary shares
of the Company, further details of which are set out
below:
|
|
Share
Option Vesting Dates
|
|
Vesting Date
|
21/02/2025
|
21/02/2026
|
21/02/2027
|
|
Number of
options
|
200,000
|
200,000
|
200,000
|
|
Exercise
price per share (GBP)
|
0.04
|
0.05
|
0.06
|
The options are exercisable at any
time within a period of 3 years from the Vesting Date.
Graham Stacey, CEO of Keras,
commented, "The acquisition of the
Delta Facility and signature of the Phosul JV has been a key
inflection point in our strategy to becoming the premier producer
of organic phosphate-based fertilisers in the USA. Our JV partner,
Phosul LLC, brings significant experience in the marketing,
formulation and field demonstration of the Phosul® product, and
construction of the integrated JV granulator plant at our Delta
Facility is a very exciting time for Keras and our US subsidiary,
Falcon Isle Resources. Constructing a new production facility on
our own property is in a sense going back to our roots as a mining
and mineral processing business, and having Phosul LLC as a
partner, being experts in the agricultural and fertiliser fields,
positions us perfectly for significant volume and profitability
growth. I look forward to providing regular updates as we approach
commissioning at our Delta Facility."
The information contained within
this announcement is deemed by the Company to constitute inside
information as stipulated under Article 7 of the Market Abuse
Regulation (EU) No. 596/2014 (as amended) as it forms part of the
domestic law of the United
Kingdom by virtue of
the European Union (Withdrawal) Act 2018 (as amended). Upon the publication
of this announcement via the Regulatory Information Service, this
inside information is now considered to be in the public
domain.
**ENDS**
For further information please
visit www.kerasplc.com,
follow us on Twitter @kerasplc or contact the
following:
|
Graham Stacey
|
Keras Resources plc
|
info@kerasplc.com
|
|
Nominated Adviser & Joint Broker
Ewan Leggat / Caroline Rowe / Harry
Davies-Ball
Joint Broker
Damon Heath / Erik
Woolgar
|
SP Angel Corporate Finance
LLP
Shard Capital Partners
LLP
|
+44 (0) 20 3470 0470
+44 (0) 207 186 9900
|
Notes:
Keras Resources (AIM: KRS)
wholly owns the Diamond Creek organic
rock 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 increase market share in the
fast-growing US organic fertiliser market and build Diamond
Creek into the premier organic phosphate producer in the
US.
Appendix
|
1.
|
Details of the person discharging managerial
responsibilities/person closely associated
|
|
a)
|
Name:
|
Graham Stacey
|
|
2.
|
Reason for the notification
|
|
a)
|
Position/status:
|
Chief Executive Officer
|
|
b)
|
Initial
notification/amendment:
|
Initial notification
|
|
3.
|
Details of the issuer emission
allowance market participant, auction platform, auctioneer or
auction monitor
|
|
a)
|
Name:
|
Keras Resources plc
|
|
b)
|
LEI:
|
213800OZFKFM2N4R4F47
|
|
4.
|
Details of the transaction(s): section to be repeated for (i)
each type of instrument; (ii) each type of transaction; (iii) each
date; and (iv) each place where transactions have been
conducted
|
|
a)
|
Description of the financial
instrument, type of instrument:
Identification code:
|
Ordinary shares of 1 pence
each
ISIN: GB00BMY2T534
|
|
b)
|
Nature of the
transaction:
|
Grant of options
|
|
c)
|
Price(s) and volume(s):
|
|
|
Prices(s)
|
Volume(s)
|
|
1.
|
4p
|
200,000
|
|
2.
|
5p
|
200,000
|
|
3.
|
6p
|
200,000
|
|
|
|
|
|
|
d)
|
Aggregated information:
Aggregated volume:
Price:
|
Multiple transactions as in 4 c)
above
|
|
Prices(s)
|
Volume(s)
|
|
1.
|
4p
|
200,000
|
|
2.
|
5p
|
200,000
|
|
3.
|
6p
|
200,000
|
|
|
|
|
|
|
e)
|
Date of transaction:
|
22 February 2024
|
|
f)
|
Place of transaction
|
Outside a trading venue
|
