REG - Ferro-Alloy Rsrcs - Result of AGM

Ferro-Alloy ResourcesAnnouncement

01/11/2023 17:15

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RNS Number : 0996S  Ferro-Alloy Resources Limited  01 November 2023

1 November 2023

Ferro-Alloy Resources Limited

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

 

Result of 2023 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 the 1
November 2023, 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           179,159,063  7,300,000  -
      December 2022
 2    To re-elect Sir Michael Davis as a director                                      186,449,948  -          9,115
 3    To re-elect Nicholas Bridgen as a director                                       181,601,118  3,670,400  1,187,545
 4    To re-elect Andrey Kuznetsov as a director                                       185,271,518  -          1,187,545
 5    To re-elect Christopher Thomas as a director                                     181,601,118  3,670,400  1,187,545
 6    To re-elect James Turian as a director                                           186,449,948  -          9,115
 7    To re-elect Petrus Nienaber as a director                                        185,271,518  -          1,187,545
 8    To re-elect William Callewaert as a director                                     186,449,948  -          9,115
 9    To re-appoint Crowe U.K. LLP as the Company's  auditors                          186,449,948  -          9,115
 10   To authorise the directors to determine the auditors' remuneration               186,449,948  -          -
 11   That the Company is generally and unconditionally authorised to make market      179,149,948  7,300,000  9,115
      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      179,149,948  7,300,000  9,115
      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     179,149,948  7,300,000  9,115
      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

 

 

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)

 Liberum Capital Limited           Scott Mathieson/Kane Collings                  +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
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 stages, Stage 1 and Stage 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 Stage 1, rising to 22,400 tonnes V(2)O(5) after
Stage 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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