REG - Ferro-Alloy Rsrcs - Result of AGM

Ferro-Alloy ResourcesAnnouncement

10/11/2022 15:45

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RNS Number : 0378G  Ferro-Alloy Resources Limited  10 November 2022

 

10 November 2022

Ferro-Alloy Resources Limited

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

 

Result 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 at the  Annual General Meeting ("AGM") held on 10
November 2022, all resolutions were duly passed.

 

 No.  Ordinary Resolutions                                                             For          Against    Withheld
 1    To receive and adopt the Company's Annual Report for the year ended 31           205,304,748  12,284     52,454
      December 2021
 2    To re-elect Sir Michael Davis as a director                                      205,304,748  55,142     9,596
 3    To re-elect Nicholas Bridgen as a director                                       197,063,048  8,296,842  9,596
 4    To re-elect Andrey Kuznetsov as a director                                       201,632,265  3,725,542  11,679
 5    To re-elect Christopher Thomas as a director                                     196,840,365  8,517,442  11,679
 6    To re-elect James Turian as a director                                           205,304,748  55,142     9,596
 7    To re-elect Petrus Nienaber as a director                                        205,304,748  55,142     9,596
 8    To re-elect William Callewaert as a director                                     205,302,665  55,142     11,679
 9    To re-appoint Crowe U.K. LLP as auditors                                         205,304,748  12,284     52,454
 10   To authorise the directors to determine the auditors' remuneration               205,347,606  12,284     9,596
 11   That the Company is generally and unconditionally authorised to make market      198,045,523  7,314,367  9,596
      purchases of ordinary shares in the capital of the Company on the terms as
      more particularly detailed within resolution 11 as set out in the notice
      convening the AGM
 12   That the directors are generally and unconditionally authorised pursuant to      198,004,748  7,335,142  9,596
      Article 20 of the articles of incorporation of the Company to exercise all the
      powers of the Company to allot Relevant Securities and to grant rights to
      subscribe for or to convert any security into such Relevant Securities on the
      terms as more particularly detailed within resolution 12 as set out in the
      notice convening the AGM.
 No.  Special Resolution                                                               For          Against    Withheld
 13   That the directors are empowered pursuant to Article 21.8 of the Articles to     198,002,665  7,357,225  9,596
      allot Equity Securities on a non pre-emptive basis, on the terms as more
      particularly detailed within resolution 13 as set out in the notice convening
      the AGM.

 

Copies of the Annual Report for the year ended 31 December 2021 are available
on the Company's website.

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/John More                           +44 207 408 4090

 (Joint Corporate Broker)

 Liberum Capital Limited           Scott Mathieson/William King                   +44 20 3100 2000

 (Joint Corporate Broker)
 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 the
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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