REG - Keras Resources PLC - Operations Update - Diamond Creek Phosphate

Keras ResourcesAnnouncement

04/08/2022 07:00

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RNS Number : 8509U  Keras Resources PLC  04 August 2022

 
                               4 August 2022

 

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

 

Operations Update - Diamond Creek Phosphate Project, USA

 

Keras Resources plc (AIM: KRS) is pleased to provide an update on operations
from its high-grade Diamond Creek organic rock phosphate mine in Utah, USA
("Diamond Creek'). The 2022 mining campaign is now underway and will run
through to early October 2022 as per the permitted summer mining season.

 

Processing of stockpiled material is ongoing with crushed run-of-mine ore
being milled to produce 10 mesh and 50 mesh products which are bagged and sold
directly from site to two long-term customers.  We continue to feed our
milling plant at Spanish Fork to produce our finer 100 mesh and 350 mesh
products to fulfil ad-hoc orders. Cumulative sales to date totals 5,650t from
our previously reported total of 4,657t at end-May.

 

Management is consistently reviewing and evaluating the Company's operational
and processing cycles to continue to streamline operations and further
increase the product mix flexibility to suit a naturally cyclical organic
agriculture segment.

 

Graham Stacey, CEO of Keras commented, "Our mining season on the mountain has
started well this summer, having refurbished our access roads and completed
all preparations post the winter snow melt. We continue to meet current sales
and work towards ensuring ample product availability for the 2022-2023 spring
sales season, our milling plants are performing well as we continue to process
our rock into a range of products tailored to customer requirements. It is
very pleasing to see the business settling down into a more predictable rhythm
of sales of upwards of 500t per month with firm orders for the remainder of
the current quarter. We look forward to reporting on our ongoing progress over
the coming months."

 

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.

 

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             annabel@kerasplc.com

 Annabel Redford

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

 Ewan Leggat / Charlie Bouverat

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

 Damon Heath / Erik Woolgar

 Financial and Corporate Communications  Celicourt                       +44 (0) 774 884 3871

 Felicity Winkles

 

 

Notes:

 

Keras Resources (AIM: KRS) wholly owns the Diamond Creek organic 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 processing facilities. The operation produces a variety of organic
phosphate products that can be tailored to customer requirements for
fertiliser.

 

The Company is focused on continuing to build market share in the fast-growing
US organic fertiliser market and build Diamond Creek into the premier organic
phosphate producer in the US.

 

Additionally, Keras holds an 85% interest in the Nayéga manganese project in
Togo, which hosts an 8.4 million tonne manganese oxide Ore Reserve in northern
Togo, held through Togolese subsidiary Société Générale des Mines SA
(SGM).

 

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