Operations Update and award of Options
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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."
| 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: | ||
| 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 |
| a) | Name: | Keras Resources plc |
| b) | LEI: | 213800OZFKFM2N4R4F47 |
| 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 |
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