Ferro-Alloy Resources Limited Result of AGM (0378G)

TIDMFAR

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 
       To receive and adopt the Company's 
        Annual Report for the year ended 
 1      31 December 2021                            205,304,748   12,284      52,454 
      ===========================================  ============  ==========  ========= 
       To re-elect Sir Michael Davis as 
 2      a director                                  205,304,748   55,142      9,596 
      ===========================================  ============  ==========  ========= 
       To re-elect Nicholas Bridgen as a 
 3      director                                    197,063,048   8,296,842   9,596 
      ===========================================  ============  ==========  ========= 
        To re-elect Andrey Kuznetsov as a 
 4       director                                   201,632,265   3,725,542   11,679 
      ===========================================  ============  ==========  ========= 
        To re-elect Christopher Thomas as 
 5       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 
      ===========================================  ============  ==========  ========= 
        To re-elect Petrus Nienaber as a 
 7       director                                   205,304,748   55,142      9,596 
      ===========================================  ============  ==========  ========= 
        To re-elect William Callewaert as 
 8       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     205,347,606   12,284      9,596 
         the auditors' remuneration 
      ===========================================  ============  ==========  ========= 
 11     That the Company is generally and           198,045,523   7,314,367   9,596 
         unconditionally authorised to make 
         market 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            198,004,748   7,335,142   9,596 
         and unconditionally authorised pursuant 
         to 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             198,002,665   7,357,225   9,596 
        pursuant to Article 21.8 of the Articles 
        to 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        Nick Bridgen (CEO)          [e-mail] 
  Limited                      / William Callewaert 
                               (CFO) 
 Shore Capital                Toby Gibbs/John More 
  (Joint Corporate Broker)                                [phone] 
  Liberum Capital Limited      Scott Mathieson/William 
  (Joint Corporate Broker)     King                        [phone] 
 St Brides Partners 
  Limited 
  (Financial PR & IR          Catherine Leftley/Ana 
  Adviser)                     Ribeiro                    [phone] 
 

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.

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [e-mail] or visit www.rns.com.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.

END

RAGBMBATMTIBBBT

(END) Dow Jones Newswires

November 10, 2022 10:43 ET (15:43 GMT)