[Ferro-Alloys.com] Keras Resources Provides Update on Nayéga Manganese Mine in Togo

Why we think this is neutral

This RNS announcement does not contain any of the mandatory news types that would require a more detailed analysis. It is a general update on the progress at the Nayéga manganese mine in Togo, which does not have a significant impact on the company's overall performance.

Key Points

Carrieres Mines Travaux Publics SA (CMTP) has completed the dry commissioning of the Nayéga processing plant

CMTP has mobilized its mining fleet to the Nayéga mine site with the aim of starting mining activities by the end of June 2025

The company expects to be processing ore at an initial rate of 4,000 tonnes of saleable manganese for the first 3 months starting July 2025 and thereafter at nameplate capacity of 8,000 tonnes per month of saleable ore

Summary

The mining and logistics contractor has completed dry commissioning of the Nayéga processing plant and is mobilizing its mining fleet to start production by the end of June 2025.

Keras Resources (AIM: KRS) has provided an update on the Nayéga manganese mine in northern Togo, which is owned by Société Togolaise de Manganèse (STM), the Republic of Togo's 100% owned investment company. The mining and logistics contractor, Carrieres Mines Travaux Publics SA (CMTP), has now completed the dry commissioning of the Nayéga processing plant and has mobilized its mining fleet to the Nayéga mine site with the aim of starting mining activities by the end of June 2025. The company expects to be processing ore at an initial rate of 4,000 tonnes of saleable manganese for the first 3 months starting July 2025 and thereafter at nameplate capacity of 8,000 tonnes per month of saleable ore.

Key Dates

June 30, 2025

Start of mining activities at Nayéga mine

July 2025

Start of processing ore at initial rate of 4,000 tonnes of saleable manganese

Keras confirms planned start of mining at Nayega

Keras Resources announced on Friday that mining operations at the Nayéga manganese mine in northern Togo were set to begin by the end of June, following the completion of dry commissioning at the site’s processing plant by contractor Carrieres Mines Travaux Publics (CMTP).

It said CMTP had now fully mobilised its mining fleet, with ore processing expected to start in July at an initial rate of 4,000 tonnes per month of saleable manganese.

The AIM-traded firm said that rate would ramp up to the plant’s nameplate capacity of 8,000 tonnes per month after the first three months.

Under a 2023 cooperation agreement with the Togolese state, Keras said it would receive an advisory fee equal to 1.5% of gross revenue from the mine for a three-year period.

In addition, it was entitled to a 6% brokerage fee on gross revenue generated from up to 900,000 tonnes of beneficiated ore sold, or for a maximum period of 3.5 years, whichever was reached first.

The Nayéga project is operated by Société Togolaise de Manganèse (STM), Togo’s state-owned investment company.

“The mobilisation of CMTP to site and the imminent production at Nayéga is very good news,” said interim executive chairman Russell Lamming.

“The cashflow due under the cooperation agreement will underpin the progress and associated cash flows from the US operations.

“I look forward to updating shareholders in the near term.”

At 1024 BST, shares in Keras Resources were up 2.92% at 1.24p.

Keras Resources plc ('Keras' or the 'Company') Corporate Update

Keras Resources plc (AIM: KRS) is pleased to announce an update on the cooperation agreement signed in 2023 with the Republic of Togo ("State")("Cooperation Agreement") related to the

Nayéga manganese mine ("Nayéga") in northern Togo. Société Togolaise de Manganèse (STM), the State's 100% owned investment company has obtained a mining permit to commence the exploitation of Nayéga permitting full-scale mining to commence. In addition, STM have entered into the following agreements: -

· Mining and Logistics Contract with Carrieres Mines Travaux Publics SA ("CMTP");

§ A fter a tender process under the supervision of the Direction National du Contrôle

de la Commande Publique ("DNCCP"), STM have awarded the mining and logistics

contract for the Nayéga mine to CMTP who will manage the mining and processing

operations at Nayéga and manage the logistics of the upgraded manganese ore to

Lomé port; and § C MTP operate several mining and quarrying operations in Togo and operate a significant fleet of trucks in West Africa, they were the primary contractor on the Nayéga bulk sample in 2018.

· Manganese Sale/Purchase Agreement ("Offtake") with Fujax Group Limited ("Fujax");

§ STM and Fujax have entered into a sale and purchase agreement for the first 400,000 tonnes ("t") of manganese ore produced at Nayéga.

§ T he Company, introduced Fujax to STM and as agent is a signatory to the Offtake

which will fall under the Cooperation Agreement signed in 2023.

§ K eras has advisory and brokerage agreements with the State where the Company

will be paid an advisory fee of 1.5% of gross revenue generated from the Nayéga mine for the provision of advisory services for 3 years and 6.0% of gross revenue generated from the Nayéga mine for the provision of brokerage services for the lesser of 3.5 years or 900,000 tonnes of beneficiated manganese ore produced and sold from Nayéga.

STM have been on site at Nayéga since June 2024 and are intending to commence mobilization as soon as possible.

Russell Lamming, Interim Executive Chairman of Keras, commented, "The award of the

Nayéga exploitation permit and the Offtake is certainly welcome and we look forward to further information related to the mobilisation of CMTP and on the re-development of Nayéga. The cashflow due under the Cooperation Agreement will underpin the progress and associated cashflows from the US operations. I look forward to updating shareholders in the near term."

The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under Article 7 of the Market Abuse Regulation (EU) No. 596/2014 (as amended) as it forms part of the domestic law of the United Kingdom by virtue of t h e European Union (Withdrawal) Act 2018 (as amended). Upon the publication of this announcement via the Regulatory Information Service, this inside information is now considered to be in the public domain.

4 April 2025

• [Editor:tianyawei]