Keras Resources PLC Operations Update - Diamond Creek Phosphate (8509U)

TIDMKRS

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 , 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    +44 (0) 20 3470 
  Ewan Leggat / Charlie          LLP                           0470 
  Bouverat 
 
  Joint Broker                   Shard Capital Partners        +44 (0) 207 186 
  Damon Heath / Erik Woolgar     LLP                           9900 
 Financial and Corporate 
  Communications                                              +44 (0) 774 884 
  Felicity Winkles              Celicourt                      3871

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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