Keras reports progress at Falcon Isle, appoints managing director

(Sharecast News) - Keras Resources reported continued operational progress at its wholly-owned Falcon Isle Resources subsidiary in Utah on Wednesday, alongside the appointment of Colton Hale as managing director. The AIM-traded firm's Falcon Isle unit operates the high-grade Diamond Creek phosphate mine and the associated Delta processing facility, producing organic fertilisers for the US market.

It said that at the Delta Facility, Falcon Isle was producing its flagship PhosAgri Organic product, a dry rock phosphate with a phosphorus pentoxide content of 11% to 15% - around three times higher than other US-produced organic phosphates.

The product had been certified organic by CDFA, OMRI, and WSDA.

Sales of PhosAgri Organic reached 5,297 tons in 2024, a 15% increase from 4,606 tons sold in 2023.

Production of Phosul granulate, developed under the Phosul Utah joint venture, also gained momentum in early 2025.

The fertiliser, which the board said avoided the hazardous chemicals typical of conventional phosphate production, won the 2024 Green Chemistry Challenge Award.

While commercial sales of Phosul only started in January, demand had surged with the onset of the spring planting season, with Keras expecting the growth to continue through the year.

The board meanwhile said Colton Hale would bring both financial and practical mining experience to the managing director role, having previously held roles at Burningham Enterprises, Bodell Construction, and Rio Tinto.

He was directly involved in early-stage development at Diamond Creek, including access road construction and the maiden mining campaign.

"I have just returned from the US where I spent time at our operation in Delta, at our Phosul joint venture partners' operations in Idaho and with customers and potential partners," said interim executive chairman Russell Lamming.

"Our US based high-grade phosphate products are extremely well positioned for both the organic and conventional fertiliser markets and it is time to deliver into both of those markets.

"Securing Colton, who is both a hands-on operator and a financial MD, is very important to our strategy and I would like to welcome him to the team and look forward to growing the Falcon Isle brand with him leading the US team."

At 0839 GMT, shares in Keras Resources were up 8.39% at 1.68p.

Reporting by Josh White for Sharecast.com.