Interim results 30 June 2025

Company Information 1

Chairman's Review 2

Condensed Consolidated Statement of Comprehensive Income 5

Condensed Consolidated Statement of Financial Position 6

Condensed Consolidated Statement of Changes in Equity - 30 June 2025 7

Condensed Consolidated Statement of Changes in Equity - 31 December 2024 8

Condensed Consolidated Statement of Changes in Equity - 30 June 2024 9

Condensed Consolidated Statement of Cash Flows 10

Notes to the Condensed Consolidated Interim Financial Report 11

B Moritz

C Parry

Non-Executive Director Non-Executive Director

Surrey KT11 3EP

SP Angel Corporate Finance LLP 35-39 Maddox Street

London W1S 2PP

Shard Capital Partners LLP 25 Ecclestone Place, London, SW1W 9NF

Howard Kennedy 1 London Bridge, London SE1 9BG

London EC2M 4LN

Farnham Surrey GU9 7XX

I am pleased to provide an update on our progress since the last report and to set out our outlook for the business going forward.

The first half of 2025 has been a positive and transitional period for the Company which saw changes in management at the Company's 100% owned Falcon Isle Resources Corp ("FIR"), the final payment to the previous owner of FIR and the bedding down of the 8.4-acre property in Sutherland, 8 miles north of the town of Delta, Utah ("Delta Facility") which includes the Integrated Granulator Plant ("Granulator Plant"). Colton Hale was appointed Managing Director ("MD") of FIR in March 2025 and has overseen some significant operational changes in the US operation including what we believe is FIR's entry into the ever-growing liquids market.

In addition to the positive trends in the US, and as outlined in the Financial review below, the Company has now received its first payments in terms of the Cooperation Agreement it signed in 2023 with the Republic of Togo ("State")("Cooperation Agreement") with regards the Nayéga manganese mine ("Nayéga") in northern Togo owned by Société Togolaise de Manganèse (STM), the States 100% owned investment company. The manganese market has rebounded strongly off its lows over the past 18 months Nayéga is starting to produce in line with guidelines from STM.

Falcon Isle Resources

Keras, through its wholly owned subsidiary, Falcon Isle Resources Corp ("FIR"), owns the Diamond Creek organic rock phosphate mine ("Diamond Creek") located approximately 80km south-east of Salt Lake City and the Delta Facility both in Utah, USA. Diamond Creek, located on an 840-acre Federal Lease is one of the highest-grade phosphate deposits in the US and is a fully integrated mine to market operation with in-house mining and processing facilities.

FIR's dry, sized rock phosphate products, sold under the PhosAgri organic banner have received organic certification by all three key certification agencies in the USA - California ("CDFA"), Washington State ("WSDA") and the federal Organic Materials Review Institute ("OMRI"). As a Direct Shipping Ore it requires no chemical or synthetic upgrade processes, contains low heavy metal impurities, available P2O5 of between 11%-15% which is 3x higher than any other organic phosphate produced North America, and a calcium content of >25%.

In addition to producing PhosAgri, FIR owns 50% of the PhoSul Utah LLC joint venture ("JV") with Phosul LLC which produces the PhoSul® granulate comprising 80% of FIR's high grade organic rock phosphate from its Diamond Creek mine. Phosul® is the 2024 Green Chemistry Challenge Award winner for making phosphate fertilizer that avoids hazardous chemicals and waste emissions associated with traditional phosphate fertilizer production, such as strong acids, heavy metals, and radioactive materials.

Operations at the Delta Facility are progressing well where we are producing both Phosul® granulate and Falcon Isle's dry rock phosphate products, sold under the PhosAgri Organic banner. Sales of PhosAgri Organic for the period totalled 3,934 tons, an increase of 21% from the 3,238 tons sold in the previous 2024 period. PhoSul® granulate sales were disappointing but were more due to upgrades and optimisations to the plant at important times in the planting season rather than the demand for the product which has been robust and continues to grow. The Company is focused on continuing to build market share through its traditional milled dry rock products as well as its joint venture with Phosul LLC in the fast-growing US organic fertiliser market and build Falcon Isle Resources into the premier organic phosphate producer in the US.

Financial review

The results for the 6 months ended 30 June 2025 show a loss of £299,000 compared to loss of £436,000 in the six-month period ended 30 June 2024. The reduced loss was largely due to an overall reduction in operating and administrative costs in the group compared to the previous period. The previous period included the start of the transition to Delta which saw the dismantling of the Spanish Fork site and the start of construction at the Delta Facility. Although revenue was lower at £415,000 for the period compared to the £556,000 in the six month period ended 30 June 2024, the second half of the year has been significantly stronger with revenue to the end of September 2025 already outstripping the total for the six months ended 31 December 2024.

On 25 June 2025, the Company issued convertible loan notes ("CLNs") totalling £750,000, each for £375,000, to Christopher Grosso and Joseph Carbone. The proceeds of the CLNs were primarily used to pay the final tranche of $800,000 payable to the Helda Living Trust in respect of the acquisition of minority interests in Falcon Isle Resources Corp., which is now a wholly owned subsidiary of the Company, and for working capital. On the 21 July 2025, the Company launched an open offer to qualifying shareholders at a price of 1.4 pence per open offer share, pro rata to their holdings of existing shares at 6.00pm on 18 July 2025 ("Record date") ("Qualifying Shareholders") on the basis of 542 offer shares for every 1,000 existing shares held by Qualifying Shareholders at the Record Date ("Open Offer"). The rationale for the CLN's and subsequent Open Offer were to ensure that the Company was able to meet the deadline for the payment to the Helda Living Trust while still providing an opportunity for all Qualifying Shareholders to participate in the fundraising by both subscribing for their respective Basic Entitlements and by subscribing for Excess Shares under the Excess Application Facility in the Open Offer. The Company received valid acceptances from Qualifying Shareholders for a total of 10,770,173 Offer Shares, representing a take-up of approximately 28.22 per cent. of the 38,163,608 Offer Shares available, raising approximately £150,782 (before expenses) at the issue price of 1.4 pence per Offer Share. The funds raised under the Open Offer were used to repay the part of the CLNs which were not converted.

Nayéga starting mining activities at the end of July 2025 and is meeting expectations of processing ore at an initial rate of 4,000 tonnes per month of saleable manganese for the first 3 months and thereafter at nameplate capacity of 8,000 tonnes per month of saleable ore. The Company has now received its first payment as per the cooperation agreement signed in 2023 post the shipment of the initial 2,700 tonnes of ore in containers on 5 September 2025.

The progress at Nayéga is very positive for Keras from an additional cashflow perspective and will underpin cashflows from the Company's flagship operation in Utah, USA. The Company continues to keep in close contact with the Togo Ministry of Mines in its advisory role with the State and we look forward to updating shareholders on progress in the near future.

Outlook

I believe that the transition to a 100% locally based management team in Utah and the bedding down of both the Phosul Utah JV and the Delta facility places the Company in a very robust position to cement its position as the preeminent organic rock phosphate producer in North America. The high grade PhosAgri Organic rock phosphate and the JV's Phosul® granulates are both significantly higher quality products compared to their peers and I believe that the significant inroads into their respective markets over the past 18 months will show dividends in the near term. This sector is underpinned by the macro-economic tailwinds of the global fertiliser markets, and we remain bullish on our premium phosphate products and our position as we continue to build market share.

The Company now has two sources of revenue, a slimmed down operations team and is poised for a strong finish to 2025. The Directors are confident that Falcon Isle will be an increasingly profitable and valuable asset for the Group, and we look forward to updating our shareholders on our progress as we continue to ramp up production and build our position and market share of the fast-growing US organic phosphate market.