Member Info for Markyess

Costello, you are not a 'long termer' like many of us. You bought in on the hype of the spike of the initial gold tenement play where we were mining others' resources. That was always a risky play, but it has opened up the door for the Calidus play that will bring some sizable returns. Sorry you got burnt, maybe you'll do more research in future. I've just placed an order for another million.

Hell hath no fury like a woman scorned... or an investor who didn't do enough research and bought in on a peak..... eh Costello....

Chance of dilution on Keras in the foreseeable future are negligible for a couple of reasons: 1. A raise was completed recently to provide working capital to 'keep the lights on' and little more at Keras 2. Working capital burn has been reduced to next to nothing in Keras whilst there is a lack of clarity in Togo on the license delivery. Our board members are fully focused on delivering us value by serving on the Calidus board and delivering value back to the UK PLC 3. Delivery of the license in Togo is *highly unlikely* to lead to dilution given the details in the original PFS citing funding had been sought for the first phase (shallow pit Manganese mining) from a non-equity source. There is little to no desire to fund Togo phase 1 from an equity raise. 4. Calidus dilution could play an effect, but Calidus had an oversubscribed $10m raise projected to take the company through to PFS - or if further drilling is to be funded, it'll be due to levels of minerals that would materially redefine its Market Cap.

With regard to how Keras will be funded: The plc is being run on a skeleton staff whilst the focus of the company is on delivering value from Calidus - Dave Reeves who is Keras' largest shareholder is the Managing Director of Calidus Calidus is incredibly well funded after a AUD10M raise that is cited to take the project through to Feasibility Study Our Manganese project is a two step initiative, the short/medium term initial Manganese extraction project will be fully funded via non-equity financings - this is highlighted in the definitive feasibility study RNS from 21st May 2015 The second step is considerably long term, and would require largescale capital expenditure to develop a ferro-manganese processing plant. Naturally by the time this becomes an issue, we will be a very different company, having already benefitted from being a functioning manganese miner and having benefitted significantly from our Australian gold play. The last thing I am worried about on this share for the next 2 years + is liquidity or funding. All the best, DYOR and GLA!

Very good points Andee. I have fallen into the trap of having frustrations at the price stagnation, yet when I bought in, my expectations were always 10 years, takeover or bust whichever comes first! It's good to remember that.

If you are right sweet (and I'm still holding here at the time) I'll buy two Bugatti Veyron's after I sell off and give one to you! Haha!

Haha, £3 - I'd be on cloud 9 at 3p. Hell, given current market reaction, even 1.3p would give me an insane grin!

Hi Pablo, I can't recall if it was RNS / Podcast or both, but in essence, Togo is in mothballs for now. The recent Keras share issue was purely a 'keep the lights on' activity with no anticipated progress - Calidus is the prime focus and will generate value for Keras. If and when the Manganese license is granted - it was stated in the RNS on 21st May 2015 that funding had been agreed and it was non equity. Although that would need updating, I wouldn't expect that approach to be any different. I don't expect there to be any equity raise for Keras until our share price is considerably impacted, via Calidus gains or the Manganese play - but I'd float off your Togo Manganese expectations by 2 years, I reckon....

Looking across both trading platforms, I am seeing negligible sells, none of any magnitude and lots of buys towards the top (and above) the spread. I had myself a top up this morning just below 500,000 shares at below 0.45, averaging down my overall holding. I don't expect to be buying any more any time soon, I don't expect to be seeing this below 0.5p much longer. Will certainly be watching tomorrows (todays?) ASX trading with interest when the market reopens.

I liked Steve's car analogy, but I'm not sure it's 100% accurate - if 'we' KRS are the sister, then we would potentially get 50% in two years time if certain success criterion is met, but if there is an early sale before that success criterion is met, they'd get that 50% value instantaneously.

And this book extract specifically cites calculation of Market Cap (with Escrow) for ASX markets. (Hope it posts okay) https://books.google.co.uk/books?id=OmOALCkLEY8C&pg=PA129&lpg=PA129&dq=do+you+calculate+escrow+shares+in+market+capital&source=bl&ots=VqwbCYBI5b&sig=sVUpuq8ty90oUUpQOQaZh3q6Wr0&hl=en&sa=X&ved=0ahUKEwit--CN1fXXAhXlBcAKHQuXChoQ6AEIVjAG#v=onepage&q&f=false

Escrow and the Stock Market Stocks, especially those of public companies, are often issued in escrow. This means that while the shareholder is the real owner of the stock, he is limited in his rights to dispose of it. For example, executives who receive stock as a bonus to their compensation often have to wait for an escrow period to pass before they can sell the stock. This is used as a tactic to retain top executives and protects the stock's market price. Read more: Escrow https://www.investopedia.com/terms/e/escrow.asp#ixzz50UdC3gxX Follow us: Investopedia on Facebook This suggests the shares would be issued/taken account in market capitalisation, but are not disposable by the owner. If this is the case, release from Escrow would not dilute Calidus?

Which makes sense - Escrow would not be an issue if the shares were not issued, they would simply remain unissued share capital! :-)

My understanding was that the shares were issued and held in Escrow. Might be worth clarifying.

Hi Kev I'm not sure it's the full answer - but there has been a knock on sentiment on conglomerate plays in the Pilbara. Novo was hit quite considerably (bloody typical, it happens at the point we try and coat tail on the prior success and positivity of the play!) Of course, we are more than a conglomerate play, but it's easy to get swept up in common sentiment, given we're in Pilbara gold. I don't believe it is anything more than that, and I still believe resource upgrades will swing sentiment back in our favour. Fingers crossed, anyway. Getting a bit jarred off with this share always being adversely hit with negative sentiment and never benefitting from the upwards!

Most of the timeline information as known is in the corporate presentations available on the Keras and Calidus websites. We're a little way from production, 'finger in the air' timelines would be 18-24 months before a feasibility study is underway, however this could push out further if the size of the prize continues to grow justifying further drilling. There is value to be taken in the medium term, even if we're not actually taking ore out of the ground at that point. GLA

Those profit figures and royalty numbers were only applicable to the tribute mining exercise that is on hiatus until Calidus can make it more financially rewarding. The figures for Warrawoona won't be known in any great detail until we engage the feasibility study.

The valuation seems in keeping with how the market has handled Keras to date! :-D Nice to see you back Oily, have you dipped a toe back in?

A �10k 'special dividend' (per million) by in specie share distribution that can be bought for under �4k now. It's a no brainer, isn't it?

Aha! Thanks Chirpy, I have held back a few shekels in the event of a further retrace. It may be the only portion of my KRS holding to provide a rapid, short term return!