Keras Resources PLC, an AIM-listed mining company, has provided an update on its operations and announced the award of options to its Chief Executive Officer, Graham Stacey. The company's wholly owned subsidiary, Falcon Isle Resources Corp, is progressing with the construction of the granulator plant in a joint venture with Phosul LLC. The relocation of FIR's plant and equipment to its new facility in Utah is also underway, with the granulator plant expected to be fully operational by the second quarter of 2024.
The company has successfully completed the concrete pour for the civil footings for the granulator plant, and the high-pressure grinding rolls ("HPGR") mill, a crucial component of the integrated processing plant, is expected to arrive at the Delta Facility from Spanish Fork in March 2024. All crushed rock phosphate in stock has been transported to the Delta Facility, enabling the production of 10 and 50 mesh products to be sold to existing customers.
In addition to the operations update, the Board of Directors has awarded Graham Stacey 600,000 options over 600,000 ordinary shares of the company. These options have vesting dates in 2025, 2026, and 2027, with exercise prices ranging from 0.04 to 0.06 GBP per share. Stacey commented on the recent developments, emphasizing the strategic significance of the acquisition of the Delta Facility and the partnership with Phosul LLC in positioning the company for substantial growth in volume and profitability.
Keras Resources PLC is focused on increasing its market share in the rapidly growing US organic fertilizer market and aims to establish its Diamond Creek organic rock phosphate mine as the premier organic phosphate producer in the US. The company's operations are fully integrated, with in-house mining and processing facilities, allowing for the production of a variety of organic phosphate products tailored to customer requirements.
For further information, interested parties can visit the company's website or contact the provided Nominated Adviser & Joint Broker. The information contained in the announcement is considered to be inside information as stipulated under the Market Abuse Regulation. Upon publication, this inside information is now considered to be in the public domain.