REG - Ferro-Alloy Rsrcs - Grant of Options

Ferro-Alloy ResourcesAnnouncement

29/06/2022 07:00

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RNS Number : 5421Q  Ferro-Alloy Resources Limited  29 June 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.

 

29 June 2022

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

Grant of Options

Ferro-Alloy Resources Limited (LSE:FAR), the vanadium producer and developer
of the large Balasausqandiq vanadium deposit in Southern Kazakhstan, today
announces that is has granted options over 250,000 ordinary shares in the
Company ('Options') under the Company's share option scheme to William
Callewaert, Chief Financial Officer.

The Options, which form part of Mr. Callewaert's service agreement dated 23
December 2021 where it was contractually agreed to issue the Options 90 days
after Mr. Callewaert's commencement as CFO of the Company (being 1 April
2022), are exercisable on the third anniversary from the date of grant
('Exercise Date') and are exercisable for a period of two years commencing on
the Exercise Date. The Options have an exercise price of 13.10p pence being
the closing mid-market price of the Company's ordinary shares as quoted on the
main market of the London Stock Exchange on the last business day before the
date of grant.

 Name                 Options Granted  Exercise Price  Exercise Date  Total options held post grant

 William Callewaert   250,000          13.10p          29 June 2025   250,000

**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  +44 20 3100 2000

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

 (Financial PR & IR Adviser)

 

The notification below is made in accordance with the requirements of article
19 of MAR and provides further details, including as to awards granted to
persons discharging managerial responsibility, which has been updated
accordingly.

 

 1.                          Details of the person discharging managerial responsibilities / person closely
                             associated
 a.                          Name                                                                        William Callewaert
 2.                          Reason for the notification
 a.                          Position/status                                                             Finance Director
 b.                          Initial notification/Amendment                                              Initial Notification
 3.                          Details of the issuer, emission allowance market participant, auction
                             platform, auctioneer or auction monitor
 a.                          Name                                                                        Ferro Alloy Resources Limited
 b.                          LEI                                                                         213800WAVVOPS85N2205
 4.                          Details of the transaction(s): section to be repeated for (i) each type of
                             instrument; (ii) each type of transaction; (iii) each date; and (iv) each
                             place where transactions have been conducted
 a.                          Description of the Financial instrument, type of instrument Identification  Ordinary Shares NPV
                             code

                                                                                                         GG00BGDYDZ69
 b.                          Nature of the transaction                                                   Grant of Share Options
 c.                          Price(s) and volume(s)

Price   Volume
                                                                                                         13.35p  250,000

 d.                          Aggregated information

                             -     Aggregated volume                                                     250,000

                             -     Price                                                                 13.10 pence
 e.                          Date of the transactions                                                    29 June 2022
 f.                          Place of the transactions                                                   London Stock Exchange

d.

Aggregated information

-     Aggregated volume

-     Price

 

250,000

13.10 pence

e.

Date of the transactions

29 June 2022

f.

Place of the transactions

London Stock Exchange

 

 

 

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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