REG - Ferro-Alloy Resrcs. - Notice of AGM

Ferro-Alloy ResourcesAnnouncement

19/09/2024 07:00

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RNS Number : 5249E  Ferro-Alloy Resources Limited  19 September 2024

 

19 September 2024

 

Ferro-Alloy Resources Limited

("Ferro-Alloy" or "the Company")

 

Notice of AGM

 

Ferro-Alloy Resources Limited (LSE:FAR), the vanadium producer and developer
of the large Balasausqandiq vanadium deposit in Southern Kazakhstan, is
pleased to announce that the 2024 Annual General Meeting ("AGM") of the
Company will be held at 2.00 pm local time on 23 October 2024 at the Old
Government House Hotel, Ann's Place, St Peter Port, Guernsey, GY1 2NU.

The Notice of AGM, which sets out the arrangements for the meeting and how
shareholders may vote, has been sent in hard copy to the registered
shareholders of the Company and is available on the Company's website:
www.ferro-alloy.com

 

ENDS

 

For further information, visit www.ferro-alloy.com or contact:

 

 Ferro-Alloy Resources Limited     Nick Bridgen (CEO) / William Callewaert (CFO)  info@ferro-alloy.com

 Shore Capital                     Toby Gibbs/Lucy Bowden                         +44 207 408 4090

 (Joint Corporate Broker)

 Panmure Liberum Limited           Scott Mathieson/John More                      +44 20 3100 2000

 (Joint Corporate Broker)
 St Brides Partners Limited        Ana Ribeiro / Charlotte Page                   +44 207 236 1177

 (Financial PR & IR Adviser)

 

About Ferro-Alloy Resources Limited:

The Company's operations are all located at the Balasausqandiq deposit in
Kyzylordinskoye Oblast in the South of Kazakhstan. Currently the Company has
two main business activities:

a) the high grade Balasausqandiq vanadium project (the "Project"); and

b) an existing vanadium concentrate processing operation (the "Existing
Operation")

Balasausqandiq is a very large deposit, with vanadium as the principal product
together with several by-products. Owing to the nature of the ore, the capital
and operating costs of development are very much lower than for other vanadium
projects.

The most recent mineral resource estimate for ore-body one (of seven) provided
an Indicated Mineral Resource of 32.9 million tonnes at a mean grade of 0.62%
V(2)O(5) equating to 203,364 contained tonnes of vanadium pentoxide
("V(2)O(5)"). In the system of reserve estimation used in Kazakhstan the
reserves are estimated to be over 70m tonnes in ore-bodies 1 to 5 but this
does not include the full depth of ore-bodies 2 to 5 or the remaining
ore-bodies which remain substantially unexplored.

The Project will be developed in two phases, Phase 1 and Phase 2, treating 1m
tonnes per year and an additional 3m tonnes per year. Production will be some
5,600 tonnes of V(2)O(5) from Phase 1, rising to 22,400 tonnes V(2)O(5) after
Phase 2 is commissioned.

There is an existing concentrate processing operation at the site of the
Balasausqandiq deposit. The production facilities were originally created from
a 15,000 tonnes per year pilot plant which was then expanded and adapted to
recover vanadium, molybdenum and nickel from purchased concentrates.

The existing operation is located on the same site and uses some of the same
infrastructure as the Project, but is a separate operation which will continue
in parallel with the development and operation of the Project.

 

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