Member Info for Markyess

Thanks for that DOY - I just had to pick myself back up off the floor from laughing... ;-)

They moved the financial calendar to a December close to keep in alignment with Falcon Isle - but they did promise an interim report in lieu of September results, so yes, hopefully an RNS in short order.

Jim

I'm far from an expert in phosphate and fertiliser and haven't had the time to read up as I much as I did for our iron, manganese and gold initiatives, so forgive me if my question is thick as mince.

Given we are responsible for processing our own extracted, high grade rock mineral into a granulated end product, could we not 'dilute' it with cheaper 'padding' product and so mitigate the quality/cost/price conundrum? And so prospectively offer different grade products to different ends of the market?

I wouldn't be surprised to see a big focus on medicinal marijuana growers - where quality matters, and price is less of a sensitive issue, due to private healthcare funding.

Looking forward to an update in the interim report.

CC - it just highlights that the company does what it says on the tin, picking up projects that have potential to generate returns, fast, on minimum capital investment.

You're right, the IRR's are most impressive. So long as they happen. We know Diamond Creek is underway, although the market remains unimpressed - hopefully reports of income, profits and dividends in due course may wake them up. If not, then it just leaves the door open for holders to load up further and capitalise on the returns!

Hopefully the Togo exploitation license will actually materialise too, because otherwise the real IRR for that project is a big fat zero! :-)

Simply put, yeah!

Due to market sentiment, we are currently valued at half the NPV of our in production asset. IMO, it makes it even more important that we provide more regular updates to the market on our sales progress against plan, even if on a quarterly (as opposed to half yearly) basis.

You can check the Shard Capital research note from September last year in the 'Investor' section of the plc website. There are some conservative assumptions, including calcs being based against an initial 10 year LOM.

Current projected NPV of Diamond Creek in the most recent investor note suggested that the rock phosphate project alone was worth £10m (expressly to Keras) based on the discounted cash flow model used.

You've just reminded me that I should really start the process of moving my CAI holdings into an easier to manage platform for ASX trades. I've lazily put it off for far too long!

I did give it a lot of thought - straight after I posted it tongue in cheek! :)

I hear you - I think the difference is, we as Keras holders are extremely jaded by first hand engagement with the ins and outs of the Togo issue, and the AIM holds absolutely zero interest or sentiment in whatever it is we're doing. Keras is currently undervalued against the NPV of the Diamond Creek project and Togo remains complete upside.

Investors in Australia, the ASX and Calidus *may* be more enthusiastic about a producing Phosphate project for a price under NPV, with potential upside on a Manganese initiative without the jaded burden of history. The financial profile of CAI as a multi mineral (near) producer would give them an arguably better profile from which to progress Togo - less dependency on it, more liquid cash (without dilution) to seek and fund arbitration, were it necessary.

If Keras was in production at either Phase 1 or Phase 2, I certainly don't think we'd receive a second look, as we'd *likely* be closer to a reasonable Market Cap that would be a less appealing transaction.

CAI could offer a share for shares offer, for minimal dilution on their side (less still in 6-8 months) - and provide a Phosphate producer, and a ready to go (ahem...) Manganese opportunity for well below NPV.

Do I *think* it will happen? No. Can I build a case for it to happen? Absolutely.

There's a bigger and bigger part of me that would *like* to see it happen, as I am losing faith in the current 'vehicle' that is Keras plc to deliver the goods, on the AIM.

I'm not sure there is a conflict of interest, companies are listed under different financial regulatory bodies for starters, plus decisions to invest/accept offers would be subjected to EGM/shareholder votes.

Haha, fair point, Jim! Genuine laugh out loud.

Although I initially posted the suggestion in jest, the more I think about it, the more I could see it as a viable move.

It would give DR closer day-to-day control over his investments, immediate diversification for CAI with an in production asset in Utah, potential uplift from Togo Manganese, with more financial stability and clout to drive Togo Manganese over the line (or fund a conciliation case) and could probably be managed on a basis of allocating CAI shares for KRS shares - which, even at current values, would lead to minimal dilution to Calidus, likely offset by the multi asset uplift, and perhaps more importantly, leave the AIM and bury the bad sentiment around this company. It may also create an opportunity to reimburse RL for the sacrifice of his CAI shares at the time of divestiture, through some kind of contractual/consultant share 'bonus'

Okay, I'm gonna say it.... the reference to diversification, multi asset production plays, near production, checking for right value - and battery metals....

Is DR going to have Calidus acquire Keras....

*tongue taken back out of cheek*

Yea, the Cannacord point was a strange one. I thought CAI did a particularly robust job on demonstrating that the company is exceptionally well funded (with contingency) to render a pre-production capital raise absolutely unnecessary.*

* barring the need to fund a brand new capital acquisition opportunity of the ilk of Blue Spec, but no one should complain if we can pick up another project with an NPV in excess of $150m for $25m.

There is certainly fewer and fewer loops that can be created for us to jump through, and so it's harder and harder to find any legitimate rationale behind the continuing delay in confirming the exploitation license.

I've never been able to understand or find an explanation behind the continued censoring of our name in the Togolese media. We are unreferenced on the Togo Invest web site, and even the two or three very positive news articles that hit Togo First in the last 12-18 months seemed to mysteriously vanish in short order after they were posted.

As Captain Blackadder would say, 'something smells fishy, and I'm not talking about the contents of Baldrick's apple crumble'.

Agreed. I think the whole point of Togo Invest it to provide an open, official and transparent means of facilitating business investment (and ESG) and closing the door on brown envelopes and back handers (that a UK listed business would not be legally/auditably able to facilitate, anyway)

Exactly, we're at the whim and want of a dictator. Hopefully we've earned sway through his Ministers and the Togo Invest group.

At this juncture, I'm not sure what people expect. Strong arming a President over a bar or in the street isn't going to curry much favour...

Is your perpetual inaccurate assertions on RL doing anything to improve your financial position? No.

Has your post about my position done anything to help you understand the true picture on how much RL has invested in KRS versus how much he's taken out? No.

There's more constructive ways to spend your time than churning out inaccurate, misleading, badly researched, negative guff.

By all means, challenge and question, but when you start alleging that RL is taking out more than he's put in, you just look ridiculous.

I think you need to do a little more research on what RL has put into the company versus what he's taken out.

Also, you're amongst the loudest for stating he needs to get the license sorted, so don't then in the same breath grumble when he's traveling out to Togo!