Member Info for Markyess

Sorry chaps, I'll now be a 'no go'. I've been booked in for client meetings in Milton Keynes and won't be able to get away until 5PM.

I'm trying to move things around at work so I can attend. Been invested since 2011, this would be my first AGM with Keras/Ferrex,but I feel this could be the one where the rubber hits the road.

At almost 1/3 of a penny a share, a company with a market cap of only £8m with the newsflow that is expected on both manganese and gold in short order, and an in specie distribution of Calidus shares due inside the calendar year, this is such an embarrassingly tightly held secret.

I'm defying all investment logic and leaving myself embarrassingly exposed on this one, such is my confidence of a bonanza in the next 12-18 months.

How funny Andee, I was in Beowulf and another explorer called Baobab. I just about managed to get out of both at breakeven.

I don't seem to have the best track record in picking junior miners...

I always intended to have a holding for my nephew and a small amount for myself right up to him turning 18.

I do admit, I was anticipating making and taking a profit well in advance of that day. The gap is closing, maybe I'll just have to wait it out. He's 7 now, but at least he finds gold more exciting than Iron...

I've been in from pretty much day 1.

The company was floated when my nephew was born. I invested on his behalf and they're growing up together.

I'll be looking to hoover up around another 6m if I can get them under 0.35p. It locks up another large chunk of stock in very sticky hands, anyway!

Not sure, but there wasn't 12m in free float.

There *was* around 4.5m

Too right Andre, busy facilitating the transfer of wealth from the impatient to the patient!

Boy have we needed patience!

The buy @ 0.34 was mine. Not a bed and ISA. Some wally freed up the goods. I've snaffled them into my SIPP.

Hoping I can get a couple million more in my SIPP at under 0.35, having transferred an old, pretty worthless stakeholder pension.

God bless them. I'll have the lot in my new SIPP, thanks!

What makes you say that?

I've been keeping a forensic eye on CAI's news flow, and it seems they are on track for a resource upgrade in January (as planned) and from drilling results, should easily surpass the 1m oz target (with significant amounts of owned land remaining to be drilled and proven), plus, they have appointed the consultancy firm to produce the PFS, and so I would assume that as a result, that process is underway on the aspects that can be completed, including financing, logistics, accessibility etc

I'd be keen to understand why you believe it is not on schedule, as that is a suggestion that runs totally counter to everything that has been publicly communicated.

I can't remember now, there may well have been some bulk sampling done initially as part of the PFS. However, if this is a new party interested in a JV or partial funding, then I'd imagine that this bulk sampling exercise would serve as part of their own due diligence? £1.5m is a fair whack to stump up, so they must be more than semi-serious!

GLA

Is there a message with Lamming having bought from the market, suggesting a placing (in which he could have obtained a discount) is currently unlikely in the near future?

Not so sure, Devon. The DFS for Togo back in 2015 was anchored on non-equity funding, from reading the recent RNS, it appears they're working on options to maintain this approach going forward. The last capital raise (and huge management cost reductions) were intended, per the RNS to see us through to the end of the CAI escrow period. I'd be disappointed if both situations proved to have changed.

Chirpy - I'm guessing you're on a bit of a downer with KRS at present? I would like to think by the time that Calidus has distributed value to Keras and Keras shareholders, that we have some recognisable value from Manganese and maybe even Nickel and Cobalt in Togo and potentially some other initiatives too. I can fully appreciate it feels like we're a one trick pony at present, and I would agree, there appears no value currently attributable to Togo in our market cap, but the world can turn on a dime! Keep the faith.

Given the DFS for Togo, specifically citing non equity funding sources were lined up for Manganese Phase 1, I simply can't see dilution taking place until there has been considerable movement in that space. Maybe I've interpreted it all incorrectly. We're funded to run a skeleton staff up to the awarding of the Togo license and then loan financing to take Phase 1 into production (per DFS) would see us as a very, very different company... dilution at that point to take Cobalt forward? Maybe...

My opinion has always been that Calidus will be subjected to an acquisition in advance of the 'in specie distribution' conundrum. Reading between the lines of all the Keras news flow around the time of the Calidus float and beyond, it has strongly alluded to a strategy to prove up and dispose of Calidus for a good lump of cash. Even the wording in the current RNS about the 'intention to in specie' distribute feels very deliberate. Its good to have good intentions, even if circumstance gets in the way of them. This new appointment is great news, and I am excited to see the trail of bread crumbs to acquisition start to develop!

I agree, I don't believe there is any significant value associated to Togo reflected in our share price currently. Any positive movement there would be a bonus that should see a rerate in our price. The fact that the company had taken proactive steps to reduce corporate overhead (and focus on Calidus) means that we are protected from bad news in Togo, with scope to ramp up should any good news land. Solid, prudent management.

I would be wholly surprised to see a Keras placing. 1. The last placing and organisational restructure gave us a fighting fund/skeleton staff for a good couple of years/until we get movement on the Togo Manganese license 2. Per the DFS release on Togo back in 2015 (?) funding for Phase 1 of the Manganese project will not be via an equity raise, rather through other sources of financing. All the best