REG - Keras Resources PLC - Operations Update and award of Options

Keras ResourcesAnnouncement

23/02/2024 07:00

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RNS Number : 1861E  Keras Resources PLC  23 February 2024

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

 

 Graham Stacey                                     Keras Resources plc             info@kerasplc.com

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

 Ewan Leggat / Caroline Rowe / Harry Davies-Ball

 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 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:  Ordinary shares of 1 pence each

     Identification code:                                          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:                                       Multiple transactions as in 4 c) above

      Prices(s)  Volume(s)
     Aggregated volume:                                            1.          4p         200,000

                                                             2.          5p         200,000
                                                                   3.          6p         200,000

     Price:
 e)  Date of transaction:                                          22 February 2024

 f)  Place of transaction                                          Outside a trading venue

 

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

 

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