Keras Resources plc
Keras Resources PLC is an AIM-listed mining and exploration company. During FY2025 it operated the Diamond Creek high-grade organic rock phosphate mine in Utah, USA (via its Falcon Isle Group subsidiary) and received advisory/brokerage fee income relating to the Nayega manganese project in Togo. Subsequent to year end the Board repositioned the Group toward copper exploration and development in the Kaoko Copper Belt of north-western Namibia (via a proposed 51% acquisition of Cornerstone), alongside a proposed disposal of its US phosphate business (FIR) to major shareholders in exchange for cash and debt cancellation, retaining an uncapped per-tonne royalty.
FY2025 in sixty seconds
year to 31 Dec 2025 · approved 12 Sept 2026 · 65 pages · Companies House
Keras Resources ran an organic phosphate fertiliser mine in Utah, USA, during the year. Revenue rose to £1.4m from £1.1m (+28.9%), but the loss after tax widened to £3.3m from £753k. The bigger loss came mainly from a one-off £2.8m write-down of the value of its North American assets, made because the company expects to sell them. The day-to-day operating loss narrowed to £262k from £670k.
Cash at the year end was £153k, down from £249k, against borrowings of £2.0m. The company raised money from shareholders, including £750,000 in August 2025 from its two major US shareholders. No dividend is proposed.
Alongside the report, the company set out plans to switch its focus to copper exploration in Namibia, sell the US phosphate business to those shareholders while keeping a royalty on each tonne sold, and raise new money from shareholders. The auditor gave a clean opinion and found no significant doubt about the company's ability to keep trading, though it highlighted the low cash balance. The report warns that exploration is speculative and future funding is not certain.
Sale of organic rock phosphate fertilizer products from Diamond Creek mine, Utah USA
Sale of phosphate (USA) revenue of £1,350,000 in 2025 (2024: £1,119,000)
page 44US phosphate prices reflect supply and demand rather than cost of production and cannot be hedged
In the USA, the products of the Company are traded at prices reflecting supply and demand rather than the cost of production and it is not possible to hedge such prices
page 11The Board concluded that Keras' capital and management resources should instead be focused on the Namibian copper opportunity...allowing Keras to pursue a new strategy focused on generating shareholder returns from copper in Namibia.
page 4The Directors do not recommend payment of a dividend for the year ended 31 December 2025 (2024: £nil)
page 1611 years on one page · FY2015–FY2025
| Line | FY2015locked | FY2016locked | FY2017locked | FY2018locked | FY2019locked | FY2020locked | FY2021locked | FY2022locked | FY202312/23 | FY202412/24 | FY202512/25 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | |||||||||||
| Operating profit | |||||||||||
| Profit for the year | |||||||||||
| Basic EPS | |||||||||||
| Free cash flow | |||||||||||
| Net debt (negative = net cash) | |||||||||||
| Shares in issue | |||||||||||
| Operating margin | |||||||||||
| Return on capital employed |
GBP millions, negatives in brackets. Per-share lines in pence. Share counts in millions. Margins and returns as percentages, calculated from the filed figures. later is what a following report restated the figure to; vs is a second reading that disagrees. The figure shown is the one the original filing printed, and both readings are kept. Click any figure: opens the report page it was read from, highlighted; shows how it was calculated.
Nothing restated
Every figure is read again from the following year’s report: 304 confirmed, 11 differ.
No figure has been restated: every figure a later report printed again, it printed the same.