REG - Ferro-Alloy Rsrcs - Appointment of Chief Financial Officer

Ferro-Alloy ResourcesAnnouncement

01/04/2022 07:00

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RNS Number : 7572G  Ferro-Alloy Resources Limited  01 April 2022

This announcement contains inside information for the purposes of Article 7 of
Regulation (EU) No 596/2014 which is part of UK law by virtue of
the European Union (Withdrawal) Act 2018.

 

1 April 2022

Ferro-Alloy Resources Limited ('FAR' or the 'Company' or the 'Group')

 

Appointment of Chief Financial Officer

 

Ferro-Alloy Resources Limited (LSE:FAR), the vanadium producer and developer
of the large Balasausqandiq vanadium deposit in Southern Kazakhstan, is
pleased to announce the appointment of William Callewaert as Chief Financial
Officer ("CFO"), effective immediately.

Mr. Callewaert is an experienced finance professional, FCA qualified and a
chartered accountant (ICAEW) with over 20 years' experience working across
audit and advisory services both in the UK and offshore. He also holds an
honours degree in Law from Durham University.

Mr. Callewaert started his career at leading tax, accounting and business
advisory firm, Blick Rothenberg before periods at Grant Thornton and KPMG and
most recently spending several years as Director at BDO in Guernsey.

Mr Callewaert will be based in Guernsey and will be joining the Ferro-Alloy
Board of Directors with immediate effect.  He does not currently hold any
ordinary shares in the Company.

Nick Bridgen, CEO, commented "On behalf of the Board, I am delighted to
welcome Will as our new Chief Financial Officer and we look forward to
benefitting from his extensive experience and relationships. We are confident
he will be a very valuable addition to the FAR senior management team as we
further develop our current vanadium processing operation, and going forward
the high grade Balasausqandiq vanadium project."

 

William Callewaert, CFO, commented: "I am delighted to be joining the Group
and excited by the opportunities ahead. FAR's Balasausqandiq project has the
potential to become a long-life, low cost producer of vanadium globally, in a
world that needs more vanadium to reduce its reliance on fossil fuels. I look
forward to working with Nick and his colleagues at Ferro-Alloy as we
develop this globally valuable asset."

 There is no further information to disclose in accordance with LR 9.6.13.

 

**ENDS**

For further information,   visit   www.ferro-alloy.com
(http://www.ferro-alloy.com/)    or   contact:

 

 Ferro-Alloy Resources Limited     Nick Bridgen (CEO)                info@ferro-alloy.com (mailto:bridgen@ferro-alloy.com)

 Shore Capital                     Toby Gibbs/John More              +44 207 408 4090

 (Joint Corporate Broker)

 Liberum Capital Limited           Scott Mathieson/Lydia Zychowska

 (Joint Corporate Broker)                                            +44 20 3100 2000

 St Brides Partners Limited        Catherine Leftley/Ana Ribeiro     +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.

A reserve on the JORC 2012 basis has been estimated only for the first
ore-body (of five) which amounts to 23 million tonnes, not including the small
amounts of near-surface oxidised material which is in the Inferred resource
category. 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.

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 adapted to treat
concentrates and expanded. Further expansion is being undertaken which is
expected to result in annualised production capacity of around 1,500 tonnes of
contained vanadium pentoxide plus significant by-product molybdenum.

The strategy of the Company is to develop both the Project and the Existing
Operation in parallel. Although they are located on the same site and use some
of the same infrastructure, they are separate operations.

 

 

 

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