Member Info for Markyess

We've had a subsequent RNS stating the company believes sales growth for the upcoming year is on track. I don't anticipate us getting RNS for sales, that'd be covered in full and half year reports going forward.

We know from last year that when extraction commences, it's an efficient process as they extracted above plan last year.

Plant commissioning will get an announcement, I'm sure, but with the third party processing agreement in place, the main benefit that brings is medium term improvement in marginal cost.

'It would be interesting to hear from RL as to what options he feels we have.'

'I do however agree, I would *hope* the company is considering the due processes open and available to us.'

Let's not forget, RL has significant experience in mine development in Africa and has a huge amount of personal (family, and friends') skin in this particular game.

It would be interesting to hear from RL as to what options he feels we have.

Again, I don't know how 'public' he can be, the sure fire way to lose the project would be to unnecessarily antagonise and 'blame' the person who holds the casting decision on the permit. I do however agree, I would *hope* the company is considering the due processes open and available to us.

Nayega would be company making and generate significant wealth for all of us. It would be beyond f**king stupid to cut our nose off to spite our face, given we've secured ourselves financially with Utah. As much as the company have proved they can pivot, change direction and make successful projects, it shouldn't be something we do unnecessarily.

I think the comments from Elon Musk on behalf of Tesla have shown that literally the only thing that holds crypto up is faith and sentiment. It is little more than a line of code, backed by nothing of substance or value. Musk's comment was a huge blow to faith and sentiment, and I think the whole sector is taking the hit.

Completion of documentation can be long since complete and that doesn't guarantee a permit is issued. Again, you need to be fully cognizant of what is within the control of a company and what isn't. Hence the company also issuing RNS that stated that to the best of their knowledge, there is nothing obstructing the issuing of a permit. I.e. the next steps are outside of the control of the company - i.e. THIRD PARTY RISK - which is always a risk with junior miners. Jurisdiction may add to that risk.

We have already had to go through additional steps that were not known to the company in 2015, due to changes in the Mining Convention, guidelines from World Bank, and the recent introduction of Togo Invest. All hurdles outside of the control of Keras, that the company has addressed to the best of its abilities. Will there be more? Who knows? Such is the risks of acquiring a low cost plot of mineral rich land in one of the poorest, developing countries in the world. A risk we were all aware of (or should have been) before investing.

'when it comes to remaining LTH's' - they would have had the benefit of the Calidus 'pay off' and so, with regard to the conversation with isas - Calidus remains relevant.

For those that invested POST Calidus, the notion of 'buyer beware' has always been prevalent, and so such investors *should* have been forewarned and forearmed with the company's history in Togo - AND as you state, the 7 year license debate.

As has been discussed many times, we are not unique in facing a challenge on license award, it is a prevalent risk in junior miner/explorers. Consider investors in Beowulf who have been awaiting a license in the 'friendly' jurisdiction of Sweden for their Kallak project since before we even acquired Nayega. We're in West Africa where the risk profile is tangibly higher - and *should* have been a risk on the radar of anyone planning to invest.

Investing in junior miners is high risk, high reward. I've seen others refer to it as a 'fools game' and it's hard to argue.

Hence I will always personally be grateful that this company span out Calidus, covering my bases AND delivering a significant return (and further upside in the immediate future). Blind luck, rather than judgement, as the company I invested in was categorically not a gold play.

That sounds like a *you* problem.

Do your own research. Thoroughly. There is literally only one person to blame if you invest in something that doesn't meet your risk profile.

Russell Lamming surrendered a sizable in specie dividend in Calidus to provide additional funding in Keras. The members of the BOD who are Exec in Calidus are no longer on the Keras board. With respect I don't think there is any fear or concern of the BOD being distracted by Calidus,

Junior mining is an - errr - mine field - more projects fail than succeed. Calidus will forever be a success on the Board's CV, regardless of what happens at Togo.

It is precisely because of the success of Calidus that I can afford to treat my (not insignificant) holding in Keras as an entirely free carry , and so as a 'follower' it is very difficult to segregate opinion.

But if that's how you want to play it, Utah is progressing well, the delay on the self owned plant is insignificant at this juncture as our current progress is governed by extraction (unencumbered) and order fulfillment (fully enabled by a third party processor service agreement). The 'owned' plant is only significant medium term allowing us to fully process at lower unit cost. Utah alone justifies our current MCap, and will deliver growth over the next few years - don't con yourself into being 'hung up' on the plant as a key value driver. It's not. Don't kid yourself into believing that short term, Utah will do much more than sustain us and keep us alive and pressuring Togo, or in the hunt for the next future quick start project.

Togo is Togo - there is nothing more the BOD can do than what they are, be ready to roll, and publicly (globally) make noises about our readiness and preparedness to invest in Togo. Precisely because of the jurisdiction is why we were able to acquire the project cheaply. I think it will absolutely happen at some point - as ultimately, any noise the President makes about being open for business and 'friendly' to International investment is undermined for as long as we are loudly doing the right thing (and being held up from progressing).

We're a junior company, there is every chance Togo fails, just as our Anglo American Iron deal fell through, just as tribute mining fell through. The key is, we have a BOD that can find opportunities AND make them successful, and that is why Calidus will ALWAYS be relevant. It is a very real success which sets this BOD aside from hundreds of other executive arms of junior miner/explorers.

Glancing at the RNS feed and it still being empty.

Have a good day!

Otways has gone a little quiet. It's rarely mentioned on the Calidus strategic plan now. I wonder if it's been deprioritised behind the Warrawoona regional and Blue Spec extension drilling?

If memory serves, I think the grades for Copper were actually perceived to be reasonable. I had a read around at the time and I'm sure, although they seemed low absolute percentages versus some of the gold drills, the presence across longer lengths of the drill bit was promising.

Yes, I don't see Diamond Creek ever making us insanely rich, but I do see it giving a modest annual dividend return and some decent upside against the current share price. Alone it more than covers the current MCap. It makes us viable, it will give us some returns, but most importantly, it keeps us in the game for Nayega or another future Calidus style success story, from a BOD that don't stand still for long.

All we can do is keep doing what we're doing. Prime the cabinet to be our ambassadors, keep doing the right thing from an ESG perspective, and keep making loud, but not antagonistic, noises that we're still here, we're ready, and we're waiting.

If there is an adverse 'agenda' from the President, who on one hand loudly pushes the message that Togo is open for business and is welcoming of international investment - well, prolonged travails from ourselves, in the global public eye won't make a great bed fellow of that message, will it?

I've never laughed so hard as I have at the Twitterati all declaring Togo as 'imminent'.

Alternatively - the establishment of the Nayega Foundation was not led by the President, but instead was a proactive ESG move by Keras to publicly and loudly reinforce our claim to the mining project and our intentions to deliver value when we get the award. I think it was a play to promote upwards pressure from the people on to the President and also another loud note to the International Business Community that we are ready, waiting and prepared to do the right thing by Togo to benefit from their 'open approach' to international business. I would expect that some of the cabinet were on the 'inside' of the approach. So far, the Foundation has 'delivered' a project for nothing but Keras' sunk cost of the bulk sample and wash plant set up.

It still concerns me that the announcements about the Nayega Foundation were 'cleansed' by the Togolese government backed news agencies - hence my firm belief that it was not an initiative driven by Gnassingbe.

Yup - all start up mining operations have obstacles, and the will of, essentially a dictator, is our biggest. All we can do is make the case compelling, and encourage his Cabinet to persuade him to sign on the line.

There will reach a point where we will become an inconvenient case for the prosecution should Togo keep purporting to be international business friendly, and so I do think it is a matter of when, not if... but when could still be weeks, months or years away.

Agreed, cost reduction and self sufficiency are not to be sniffed at, I guess just from an expectations perspective, it's worth reiterating, once our own plant is churning, that's not going to lead to a revenue spike - as many keep inferring.

Point of order.

The new plant does nothing for revenue generation. It is cost reduction. We can already extract at peak volumes, we can sell as much as we like and process through toll mill processing (which we're currently doing). The plant reduces our processing costs as it relieves the need for third party processing contracts.

Marketing and sales generation will still take time, regardless of our means to self process.

Cheers Prop, I'm either grateful or offended. I can't work out which until I check a dictionary.... ;-)

I have a lot of confidence in Calidus. Keras *could* be special - but there's too much out of the control of the BOD. I'm happy to let it ride as free carry *because* of Calidus. I pin no fault on the BOD, exploration and junior mining is a risky game, more fail than succeed. At least this BOD have flexed, stretched, pivoted and opened their own veins to keep Keras afloat and in the hunt for that game changing decision.

If you look at the drill results and make some conservative assumptions. Our measured resource on the Klondyke shear that facilitated the BFS is about 15-20% of the drilled strike length. There is undrilled strike either side. Klondyke shear alone *could* provide 20+ years at around 60-90k oz's based just on the drilled inferred and indicated resources being proved up - there is then the undrilled length - and depth extensions. Let's be ultra conservative and say it gives us less than what we already have - just another 7 years at 70k ozs - (heavily discounted NPV) - +$300m

This would give Klondyke shear only around 15 years of processing - which we know from indicated and inferred drilling to date is insanely conservative.

Let's say St George Shear and Highway are only a third of the size (each) of Klondyke - there's another decade of production.

Extensions on the Warrawoona regionals - provides only a decade of uplift on top of the above to maintain 100kozs p/a production

Extensions at Blue Spec and Blue Spec East provide an extra 5 years at 20k ozs per year

That alone would make us a 25 years mining operation. Look at what the BoD have achieved in a shoestring budget 5 years

That's all assuming that the entirety of Otway proves up a duster, too.

Hey Prop, it's a little speculative, but with the land we have, and a fully funded, expedited drill programme, I could see us sitting in excessive of a $1bn MCap by Year 3 based on measured reserves and LOM. You wouldn't need to put a big dent in $100m annual profit to have a good number of drills turning.

Full drilling across length of Klondyke shear, St George's and Highway, in roads on the Warrawoona regional priority targets, Blue Spec strike, Blue Spec East, Otway... That's before rescuing orphaned tenements...