REG - Ferro-Alloy Rsrcs - Notice of AGM

Ferro-Alloy ResourcesAnnouncement

10/11/2021 14:00

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RNS Number : 9831R  Ferro-Alloy Resources Limited  10 November 2021

 10 November 2021

Ferro-Alloy Resources Limited

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

 

Notice of AGM & Change of Auditor

 

Ferro-Alloy Resources Limited (LSE:FAR), the vanadium mining and processing
company with operations based in Southern Kazakhstan, announces that the
Company's Notice of Annual General Meeting ("AGM") has been posted to
shareholders and is available on the Company's website www.ferro-alloy.com.
The AGM will be held at 11.00 a.m. on 3 December 2021 at The Old Government
House, Hotel Anne's Place, Guernsey, GY1 2NU.

Copies of the Annual Report for the year ended 31 December 2020 are available
on the Company's website.

The Company also announces the appointment of Crowe U.K. LLP ('Crowe') as its
new auditor replacing BDO LLP ('BDO') who have not notified the Company of any
reasons or matters connected with their ceasing to hold office as auditors
which they consider should be brought to the attention of the members or
creditors of the Company.

Crowe will conduct the audit of the Company's financial statements for the
financial year to 31 December 2021. The appointment of Crowe as auditor is
subject to approval by shareholders at the AGM.

 

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                     Jerry Keen/Toby Gibbs      +44 207 408 4090

 (Corporate Broker)

 VSA Capital                       Andrew Monk/Simon Barton   +44 (0)203 005 5000

 St Brides Partners Limited        Catherine Leftley          +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
Kyzylordinskaya 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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