REG - Keras Resources PLC - Corporate Update

Keras ResourcesAnnouncement

04/04/2025 07:00

For best results when printing this announcement, please click on link below:
https://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20250404:nRSD6258Da&default-theme=true

RNS Number : 6258D  Keras Resources PLC  04 April 2025

Keras Resources plc / Index: AIM / Epic: KRS / Sector: Mining

 

4 April 2025

 

Keras Resources plc ('Keras' or the 'Company')

 

Corporate Update

 

Keras Resources plc (AIM: KRS) is pleased to announce an update on the
cooperation agreement signed in 2023 with the Republic of Togo
("State")("Cooperation Agreement") related to the Nayéga manganese mine
("Nayéga") in northern Togo.

 

Société Togolaise de Manganèse (STM), the State's 100% owned investment
company has obtained a mining permit to commence the exploitation of Nayéga
permitting full-scale mining to commence.  In addition, STM have entered into
the following agreements: -

·      Mining and Logistics Contract with Carrieres Mines Travaux
Publics SA ("CMTP");

§         After a tender process under the supervision of the Direction
National du Contrôle de la Commande Publique ("DNCCP"), STM have awarded the
mining and logistics contract for the Nayéga mine to CMTP who will manage the
mining and processing operations at Nayéga and manage the logistics of the
upgraded manganese ore to Lomé port; and

§         CMTP operate several mining and quarrying operations in Togo
and operate a significant fleet of trucks in West Africa, they were the
primary contractor on the Nayéga bulk sample in 2018.

·      Manganese Sale/Purchase Agreement ("Offtake") with Fujax Group
Limited ("Fujax");

§          STM and Fujax have entered into a sale and purchase
agreement for the first 400,000 tonnes ("t") of manganese ore produced at
Nayéga.

§         The Company, introduced Fujax to STM and as agent is a
signatory to the Offtake which will fall under the Cooperation Agreement
signed in 2023.

§         Keras has advisory and brokerage agreements with the State
where the Company will be paid an advisory fee of 1.5% of gross revenue
generated from the Nayéga mine for the provision of advisory services for 3
years and 6.0% of gross revenue generated from the Nayéga mine for the
provision of brokerage services for the lesser of 3.5 years or 900,000 tonnes
of beneficiated manganese ore produced and sold from Nayéga.

 

STM have been on site at Nayéga since June 2024 and are intending to commence
mobilisation as soon as possible.

 

Russell Lamming, Interim Executive Chairman of Keras, commented, "The award of
the Nayéga exploitation permit and the Offtake is certainly welcome and we
look forward to further information related to the mobilisation of CMTP and on
the re-development of Nayéga.  The cashflow due under the Cooperation
Agreement will underpin the progress and associated cashflows from the US
operations.  I look forward to updating shareholders in the near term."

 

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
(http://www.kerasplc.com/) , follow us on Twitter @kerasplc or contact the
following:

 

 Russell Lamming                       Keras Resources plc             info@kerasplc.com

 Nominated Adviser & Joint Broker      SP Angel Corporate Finance LLP  +44 (0) 20 3470 0470

 Ewan Leggat / Jen Clarke

 Joint Broker                          Shard Capital Partners LLP      +44 (0) 207 186 9900

 Damon Heath / Erik Woolgar

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 build market share through its
traditional milled dry rock products as well as its joint venture with Phosul
LLC in the fast-growing US organic fertiliser market and build Falcon Isle
Resources into the premier organic phosphate producer in the US.

 

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  UPDBXLLBEZLBBBZ