Member Info for pablo2

Your calcs look spot on.

SPAngel have us down for a very conservative figure though so IF we get the license and IF we deliver on our targets we could be on to revenues of about 250/72 x $14,814,000 (their annual tons multiplied up to our estimates) = $51,437,500

That could see a re-rate !!!!

Think it should be clearer tomorrow if DR gets back to me again.

I've picked up some more shares Tuesday and today, my latest have gone through NEX exchange. Can't see why companies need NEX, just makes liquidity appear less.

Think that must be it one needs to multiply by the purity. Anyway, I've just emailed :

Dave

Thanks hugely for the info and SP Angel report.

Could you further explain:
'at $6/dmtu for 40%, the initial 10,000 tonnes would be worth $2.4m USD.'

I believe there are 100 dmtu's in a metric tonne, so multiplying, one gets $6 x 100 x 10,000 = $6m. Does one need to multiply again by 40%? Can't see why the purity comes into the equation again? That seems to give your answer, ie $6m x 40% = $2.4m

We've had $1.5m up front and are therefore expecting another $0.9m if we deliver 10,000tons

SPAngel are presumably being quite conservative, estimating 6,000t per month or 72,000tons per year when we're going for 250,000 tons per year (after license !)

Paul

Keras Resources* (KRS LN) 0.4p, Mkt Cap £8.6m – First Ore Trucked to port from Nayega Manganese Project BUY, Target price 1.04p Click for our last full note on Keras • Keras report it is now moving its first ore to port from its Nayega manganese project in northern Togo • The ore is from a 10,000t stockpile of processed ore and is being stockpiled close to the deep-water port of Lomé in Togo. • Keras’ on-site team are producing 230t per day of processed ore through the recently commissioned 20tph scrubber plant operating on 4 shifts, 24 hours a day, 7 days a week • Peak haulage of 12 trucks or 420 tonnes per day expected by 31 January 2019 • The Keras plant should produce some 6,500t per month of +35% Mn ore at Nayega though recent results showing concentrate grades of 41.15% indicate better prices are possible than assumed in our modelling. • Concentrate grades have so far ranged from 39.61-42.76% showing a remarkable consistency of manganese material and exceeded the specifications set by Keras’ specialist manganese alloy offtaker/producer. • We assume an ongoing production rate of around 6,000t per month in our modelling. • Manganese ore prices remain at $5.76/DMT for 37% manganese material in China and $5.11/DMT fob Port Elizabeth (Fastmarkets MB). • 44% manganese material sells for $6.46/DMT in Tiajin, China highlighting the potential price increase if Keras is able to upgrade its ore further. • Prices for 37% ore peaked in March last year at $8.21/DMT having risen through Q1 on strong demand. Conclusion: The verification of the quality of the ore and the trucking of ore in preparation for export is reducing the risk profile of Keras. Please, see disclaimer at the of this document S.P. Angel, Prince Frederick House 35-39 Maddox street, London W1S 2PP, United Kingdom www.spangel.co.uk S.P. Angel – Morning View – continued We expect Keras to potentially sell around $13m worth of manganese concentrate a year from the Nayega mine using current infrastructure assuming the sale of around 6,000t a month. *SP Angel act as Nomad and broker to Keras Resources

Assessing DR’s figures, looks to me like you need to multiply your figures by 40% What do you think?

Asked DR about payments at Togo and he came back with the following : Yes, we are getting paid and have received an upfront $1.5m payment by the end user to fund the sample as reported. If you look at Sp Angels comments attached, it gives you a feel for what a small starter operation can generate in revenue. To simplify at $6/dmtu for 40%, the initial 10,000 tonnes would be worth $2.4m USD. We obviously need to pay opex and capex out of this, but it leaves some in the kitty. Keep in mind we are planning 250,000tpa on award of the licence. With regards the licence, this has obviously had many false starts, so let me not say anything until in hand. Cheers Dave ......................... Dave You said in an email to me on Jan 5th 'We are also now producing manganese ore in Togo that the market does not seem to have grasped and assuming we can keep it ticking along, will be a very nice cash generator!' On reading the impressive rns today from Keras it is clear manganese ore production is progressing nicely. 2 things : are we actually getting paid for this sample ore, if so, is it substantial? at our rate of production we should have produced the 10,000 tons sample by Feb/Mar, is the hope we'll get a license by then? Regards, Paul

Artem has come up with the goods. Just a couple of formalities before completes on Friday and we're re-admitted on Mon or Tue.

Back as a Producer ! The amount of money POLY has put into this mine and the immediate payback to us looks too good to be true. S'pose it depends if we can extend the life of mine

Togo moving on well, pity they don't say the cash generated from sale but it does bring in some.

Regards Alkane on CAI JimBL, that would be daft for Alkane to be selling. Alkane is now a very significant holder with further options at 3.5c. All their purchases and indeed the placement @ 2.95c are at a premium to our current share price. What is the relationship to Alkane? From DR, 'They are now our largest shareholder, but just an investor who saw a good opportunity, they have lots of cash and operational experience that we can hopefully leverage'

Looking at hotcopper again, I see you're a poster. This might make you laugh :

I was thinking 'Ann' was a big poster active investor over there but I'm thinking I'm daft !

Is 'Ann' just short for announcement ?

CAI price still drifting

Noticed the Perseus PRU price is getting close to the exercise price AUD0.44, the sp currently being AUD0.395

The warrants are exercisable only until Apr 19th this year. Going to keep an eye on the sp as they may go 'in the money' soon

If anyone's got to be ashamed of volumes though, it's KRS : by value think we've turned over about £2,000 in a week (608,000 @ 0.35p)

Yeah, they don't seem to have much clue on 'hotcopper forum' discussion board down under. Trying to compute the value of trading on CAI, eg today. Think this is right : 1.821m @ AUD0.023 = AUD41,883 = £22,722

So, not a lot. I asked on that forum what they think's happening and just seems general malaise on the explorer side of things - not sure how long we can turn CAI round to start initial production. Doesn't DR have a reputation for 'getting on with things'?

Just seen your calcs - think you'll find mine more accurate now. I'm taking AUD0.025 as the current CAI price and converting at AUD1 = £0.54

Chirpy and JR - you're right : ' By the end of the escrow period, therefore, Keras expects that it will own 723,750,000 Calidus Shares' - that's from 2017 Annuals.

That's more like it.

New calcs :
723,750,000 CAI shares coming our way on positive PFS
2289m KRS shares exist

So dividing up, one needs 3.1627 KRS shares to merit 1 CAI share

So 1m KRS shares gets one 316,186 CAI shares (similar to pinecone's 330k shares)

Curent costs and values : 1m KRS costs about £3,800
316,186 CAI are worth about AUD7905 = £4,300

Must email DR again !

Just going through the figures again and think you have overestimated our payout.

275m CAI shares coming our way on positive PFS
2289m KRS shares exist

So dividing up, one needs 8.324 KRS shares to merit 1 CAI share

So 1m KRS shares gets one only 120,140 CAI shares (not your 330k shares)

Curent costs and values : 1m KRS costs about £3,800
120,140 CAI are worth about AUD3003 = £1,634

I'll put these figures to DR and see if he agrees

Thanks for those calculations, they are absolutely stunning yet no-one is bothered. I looked back at your posts on 23rd Nov '18 including the Hartley valuation and target price for CAI.

I need some more KRS and if AAOG comes good I'll get some.

Found DEG, they seem to have similarity but DCY on Toronto exchange?

No-one has the figure for how many CAI our KRS holdings will entitle to hand? I'll have to look it up then.

What did you mean by the last bit of 'complete the PFS and undertake a company reconstruction' ? Thought the criteria was simply issue a PFS with over 1m oz gold

Just also wondering if the CAI sp is really held up, despite all the good drilling results, on the prospect of issuing so many new shares in June.

Opinion?

Have exchanged quite a few emails with Dave over the last months as we're both embroiled (still) in the Beaufort saga. I happened to notice he had nearly all his holding in KRS with Beaufort.

The last one I got back from him on Jan 5th ended with :

'All is on track for the PFS and then a distribution to follow. We are also now producing manganese ore in Togo that the market does not seem to have grasped and assuming we can keep it ticking along, will be a very nice cash generator!

Here is to what I hope will be a lucrative year ahead!

Cheers

Dave'
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Has anyone got the figures to hand of the distribution of CAI shares scheduled for June I believe, i.e. how many for, say, 1000 KRS?

Apparently anyone who owns AAOG shares is a moron now according to Tom Winnifroth : Just posted: Meet Alec B - he owns shares in Anglo African Oil & Gas and he is a moron https://www.sharexxxxprophets.com/40341 #AAOG