Member Info for Markyess

It was always in my mindset that the raise was for working capital and that there were no new imminent acquisitions on the horizon.

It would represent incredible foresight (or lack of faith) in Falcon Isle to have raised with the mindset that they were set for failure and to have a fighting fund to complete a 'bad faith' takeover.

In many ways, I hope that is the case, as it would at least mean we are insulated against this situation, and that it was at least accounted for.

I struggle to comprehend that is the case.

Nothing coherent yet.

Sounds like Keras will be pushing to take a greater level of control and ownership - although there will be legal costs involved.

We know as a result of global factors that there is a definite market opportunity - probably more so now, than the period reported, but still, this is, absolutely bad news and nothing short of appalling performance.

That the shortfall has come from Keras free cash flow raises questions in my mind as to how much working capital we have left and whether we'll be looking for director loans or another capital raise to shore up the shortfall.

I remain comfortable that the Diamond Creek asset has long term benefit given the current global fertiliser issues, however I have many questions, and short/medium term concerns that *some* further dilution will ultimately be the answer.

Some manner of Q&A or in person social media broadcast from Russell would be helpful.

Personally, all this RNS does is create more questions and an even greater knowledge gap, in my opinion.

Well. There's some news.

The next financials/reporting period won't actually include much indication of response or uplift as a result of either the global shortage, or protectionist measures. However, I would sincerely hope to see some anecdotal news on interest, sales and pricing as a result of the macroeconomic factors.

I will also be interested to read whether the company has/is able to ramp up extraction and processing projections based on these global factors or whether it intends/has to stand pat due to other internal/technological constraints.

Frankly - I just want some news so that none of us have to continue with dumb speculation or shrug our shoulders doing guppy fish impressions when friends/family ask how the company is doing.

It's a good point. I believe that the first two years of extraction was pre-stripped, and I would assume that they only pre-stripped to around the forecast levels and projected sales - which I assume would align with the numbers in the Corporate Presentation.

Additional extraction would likely require additional pre-stripping and that could have a material impact on plant and resource requirements for extraction.

Lots of variables, we could spend hours hypothesizing fruitlessly.

It is worth looking at the Corporate Presentations that at least suggest that the ramp up to 48,000 tonnes extraction and processing is a multi year ramp up.

Whether the recent global shortage encouraged a quicker ramp up, I'm sure will be discussed in the RNS after the mining season completes.

We're only in year 1 of using our plant. I would anticipate that the company will only extract to levels they anticipate being able to process. I would be (pleasantly) surprised if we are able to process up to the full 48,000 tonnes in year 1 of self processing.

*stock pile

It'll all depend on how sales have progressed and any contracted price commitment made.

It'd almost serve to our benefit for sales to have been slower than planned, and so to have a considerable stick pile available at extortionate prices... Rather than committed at low price agreement.

It'd be nice to see news rather than for us to have to speculate.

First year was always going to see higher unit costs, and lower unit prices, and so Jim's overall numbers look about right.

I would anticipate that from an interims perspective, the profit numbers to September will still be on the lower side of things, but the important number will be sales volume.

Higher revenues are more likely to be evident in the next quarter/half year due to the global shortages taking effect PLUS the trickle through effect of lower costs based on using our own plant for processing.

Absolutely, Prop. Sales and processing, I would anticipate are year round, full time jobs.

Extraction would be a seasonal activity, using short term (additional) labour.

Sales! :-)

Specific to this year, there is also the receipt and installation of the granulation plant that will allow us to perform further processing, and offer additional product lines to the market - including more consumer level SKU's.

A hearty welcome to our latest deramper. Better have come before, better will come after.

There's fun in the fundamentals.

I don't think we'll see any instos in here for as long as we're a fraction of a penny.

We need the re-rate and a consolidation to become relevant.

Chesh

We don't need to be a one asset play to progress Nayega - I think it was just economic use of a tweet... Heaven forbid we have too much comms....

Prop

'Does Keras even have a definition for doing well - within its own context?'

Well, it does have Feasibility Studies for both assets, performance would duly be compared to that - albeit we've not actually been allowed visibility of the Nayega one...

The last update was months ago and related to the prior period (first months of sales) - we're due an interim update in the next couple of months for the period to September 2021.

Inclined to agree. Even a little social media piece once a month (on our own Twitter feed) wouldn't hurt. Even if it's a 30 second update to say, 'no real news!'.

Sometimes no news is still news - and helps fend off the rampers, derampers and pump and dumpers.

It's hard to say, my unprovable personal opinion is that, all things remaining equal, we would have a more rational market capitalisation if we were listed on another index.

I do feel the passage of time on the AIM has tainted us somewhat - against other juniors on the AIM. Whether it was the Anglo-American/Kumba iron deal collapse, the perceived failure of the Gold Tribute mining, I think the single event that hurt sentiment in us the most, was when AIM released the RNS citing that we faced delisting as a cash shell. Man there was blood on the boards for days following, even after formal market clarification of the error.

That our current MCAP stands at around £6m, with an asset in Year 2 of Production, with a conservative, Research Note backed NPV of £10m, and so we in essence have zero attributable value of zero to a Manganese project that has alreadt produced an operating profit on a bulk sample - just shows irrational sentiment on the AIM to this particular stock.

Announcements of revenues, profits and dividends will definitely bring an end to the irrationality, and I'm inclined to believe that we won't see any material adjustment until such irrefutable news hits the market - but we would have seen acknowledgment of value on a more pragmatic market index.

Think we have the misreporting issue again. I'd be amazed if any of the 0.10 transactions are sells.