Member Info for Markyess

You missed the predominantly employed method of funding for Keras - Director Loans.

I would strongly suggest that given we're cash generative/profitable and claim full funding for OPEX and current development plans, any shortfall will be funded by Director Loans before further dilution. Prior history would certainly suggest - as was even the case for initial funding of Diamond Creek, that was in and of itselt a prior unknown, value accretive opportunity...

'Since taking control of the operation in March 2022 Keras management has now progressed Falcon Isle into a cashflow positive entity. Although our reserves are low we do not believe that we will need to come back to the market for funding for our current development plan.'

Low reserves - yes, cashflow positive means that reserves will be steadily topping up. Sufficient funds to cover existing development (i.e. operational business AND current growth plan) without additional funding.

Of course, circumstances may have changed, but this article definitely doesn't say, 'we have no cash' - the opposite, it's a market statement expressly stating there is no need to return to market for funding.

If they do (for anything other than a brand new, previously unheard of, lucrative new value accretive opportunity), after such short order, then at that point, I would completely agree that the organisation's leadership has zero credibility.

As a mineral producer (and fully discounting Togo), we're notionally undervalued, but I don't think we'll see any meaningful correction until we see financial statements highlighting profits and a healthy balance sheet.

At these price and company valuation levels, we should see a correction against the current paltry value in shorter order based off interim ops and sales reports - but I think reporting of cold hard dollars will be the only thing that prompts the price correction - or a miracle in Africa.

What was most interesting about the news on those Northampton Li pegged tenements was that DR really pressed the point that they are 100% CAI owned, i.e. outside of Pirra....

Will be interesting to see the strategy there - is it a play to swing ownership away from 50:50 with Haoma in our favour? (I can't see anyone being too keen with Gary Morgan being the largest/controlling holder in the new company) - or will it be a different strategic pivot with another partner? Maybe a trade with a producer for gold rich tenements?

Looks very much like an over reaction and over sell. The news of us still being away from commercial production, and some issues with running low grade ore through the mill are certainly disappointing, but not really in keeping with a 40% price drop.

The company is now valued at around AU$145m, in simple terms, that's the value of the commissioned plant and production village, not taking into account pre-stripped ground and reserves, and with no consideration of the Blue Spec and Pirra Lithium potential.

The chartists suggest a gap at 30c, so it *could* tickle lower and fill that gap, but in plain and simple fundemantal terms, this looks like a massive market sh*t the bed, and a great time to buy whilst there's blood on the floor.

If we can maintain the sales growth we've shown in the last few months AND progress into taking a slice of that retail mark up action, then we may see a very tidy return in the next few years.

Care needs to be taken with calling it AISC - as it also mentions margin.. and so IMO that needs clarification. Are they in fact talking current margin in association with AISC - which would reflect quite a low profit level at this point, but that aligns with a market building strategy.

From prior presentations, the cost of processing per ton was well in excess of $80-100 if I recall correctly.

Without a realistic view on sales price or revenue, no, not a clue.

What are you basing the revenue projections on? Seems massively over inflated.

Yesterday's news was exceptional, the ensuing and over blown ramping, less so.

IG trade on the ASX too, but no idea if they'll be able to transfer from certificates.

Daft as it might sound to you, I would suggest dropping Dave Reeves an email and asking him, he's exceptionally helpful.

A good, solid update. Given we knew that the business had largely stalled under Shaun's leadership, we were in essence 18 months - 2 years away from plan.

This is, in essence year 1, and the original plan had us aiming for 6,500t/pa. To be at 500t/pm in such short order, having acquired full control and putting the business back on the rails is beyond positive, great progress and positive noises that they're finding a balanced production rhythm, harmonised with profit maximisation.

It's not going to make us rich overnight, for sure, but we're certainly now headed in the right direction.

Jim - as I mentioned to you over on ADVFN - it is worthless using 'share price' alone as any indicator of any company's value - let alone as a comparator.

e.g Greatland Gold is 12p a share, Calidus is the equivalent of 35p a share

What does that tell you about either company? Nothing of value without additional info.

We can but hope, Mil09.

Now Togo are a member of the Commonwealth, the notion of Gnassingbe accepting back handers and bungs could see them kicked back out - and so he's (hopefully) got less disincentive to keep holding out.

It seems like there is another layer of internal administration and reorganisation going on in Togo's mining sector, and so I doubt that we'll see much progress too fast until that is now resolved. We're just victims of how under developed they are commercially.

That I am aware of, I believe there's only been one extraction permit granted in Togo since we received our Ministerial Decree - so it's not personal - they're just not very well organised at the moment to benefit from the primary sector.

IMO, fabulous news that we've moved through a consolidation. The significant (sensible) volume of shares on the market should mitigate the near senseless drift on negligible volumes. There may be a couple of day adjustment, but given our MCAP, I don't anticipate we'll see a significantly averse reaction to the consolidation. In fact, it could help with a positive reset.

So, can we start to turn some attention to theories on what we'll see in the presentation?

Maybe a rebrand to move the company away from the past and the overt 'Africa' links of the current branding? Will our 'beloved' Rhino finally bite the dust and be replaced with something else of an American focus?

News on Togo? A proposal for an asset sell out? Or a revitalised plan to try and (ab)use the new Commonwealth position to see if they'll interfere in commercial proceedings on our behalf?

What do you think?

It's not been reported that he's been *refused* a visa. It is, however, public record that there are significant backlogs at the Home Office, substantively impacting passports (and so, by definition, visas)

I do tend to agree that rather than consistently floating the meeting out to a later date, some manner of online delivery would be beneficial...

Although I wonder if there's additional drivers behind the desire for a face-to-face presentation?

I don't know how much (if to any extent) the Commonwealth would engage in a commercial dispute involving one of its members.

As far as I understand, it's quite a different organisation from the one Great Britain exerted Imperial control over.

Still, nothing ventured, nothing gained.

Actually some significant news....

'The Nayéga mine in Togo is in a position to commence operations when the exploitation licence is granted. Capital expenditure to expand production and working capital will be primarily provided in the short term by a loan in association with an offtake agreement which has been agreed in principle. Should the Company divest its interest in the Nayéga mine, this is expected to be a cash flow positive transaction.'

Firstly, 'an offtake agreement which has been agreed in principle' - HUGE news

Secondly, 'Should the Company divest its interest in the Nayéga mine, this is expected to be a cash flow positive transaction.' - Even bigger news.

Sounds to me like the company is close to admitting that we're not going to get that license and that disposal is the only reasonable means in which shareholders are likely to see a return. Given the agreement in principle of an offtake agreement, this is massively disappointing for all involved. I am beyond certain that the board will have been exploring all (legal and legitimate) means to obtain that permit in light of an offtake agreement.

If the reasoning behind the failure to land a permit is as I believe (i.e. a UK company cannot handover a brown envelope stuffed with pound notes), then it makes the acceptance of Togo into the Commonwealth an even bigger joke.

I've given them a skim, and until I go into further depth, it looks to me like no new news - a restatement of what we already knew, in terms of poor sales performance before we executed the takeover transaction, stagnation in Togo, and full focus on aiming to exploit the golden opportunity in the phosphate market going forward. I would hope/anticipate to see significant improvement at the investment presentation, where we should hopefully see signs of the work effort in the current, post transaction world.

Delighted to see the consolidation news, I've been 'calling' that for a while. Disappointed we'll be consolidating from such a low base, but hey - you don't achieve much in this world if you keep looking backwards.

'The eligibility criteria for Commonwealth membership, amongst other things, state that an applicant country should demonstrate commitment to democracy and democratic processes, including free and fair elections and representative legislatures; the rule of law and independence of the judiciary; good governance, including a well-trained public service and transparent public accounts; and protection of human rights, freedom of expression, and equality of opportunity.'

I wasn't supposed to laugh when I read that and considered Togo, was I?

I see your point, mil09, but one of the biggest issues with this share is sentiment.

A couple of hundred bucks on a few beers is not going to drive us bust, and I would also figure, as a company in production, we're generating a handful of shekels that can be utilised for investor good will.

These 'on site' presentations are a great opportunity to see the 'whites of the eyes' of the leadership team - and you can glean some nuggets about corporate direction that are not yet mature enough for RNS by having some open, honest and frank conversations with the BOD.

It's also an opportunity for us to meet other investors and put a face to the name of the person we've been insulting and criticising from the safety and anonymity of our keyboards, and more often than not, realise they're actually canny good people.

Thanks for the heads up on 'Diamond Mountain', I'll take some time this afternoon in between meetings to do some of my own research on that.

Hopefully see you in July.