TIDMFAR
RNS Number : 0810M
Ferro-Alloy Resources Limited
12 September 2023
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.
12 September 2023
Ferro-Alloy Resources Limited ('FAR' or the 'Company' or the
'Group')
Grant of Share 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 both William Callewaert, Chief
Financial Officer of the Company, and Andrey Andreyovich Kuznetsov,
Deputy Director General of the Company's operating subsidiary, TOO
Firma Balausa and part of the Group's senior management team.
The Options 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 9.1p 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 (11 September 2023).
Name Options Granted Exercise Price E xercise Total options
Date held post
grant
12 September
William Callewaert 250,000 9.1p 2026 500,000
---------------- --------------- --------------- --------------
Andrey Andreyovich 12 September
Kuznetsov 250,000 9.1p 2026 500,000
---------------- --------------- --------------- --------------
**S**
For further information, visit www.ferro-alloy.com or contact:
Ferro-Alloy Resources Nick Bridgen (CEO)/William info@ferro-alloy.com
Limited Callewaert (CFO)
Shore Capital Toby Gibbs/Lucy Bowden
(Joint Corporate Broker) +44 207 408 4090
Liberum Capital Limited Scott Mathieson/Kane
(Joint Corporate Broker) Collings +44 20 3100 2000
St Brides Partners
Limited
(Financial PR & IR Catherine Leftley/Ana
Adviser) Ribeiro +44 207 236 1177
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 Chief Financial Officer
---------------------------------- -------------------------------
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 2138003T5CF6U9W7Z780
---------------------------------- -------------------------------
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 Ordinary Shares NPV
instrument, type of instrument GG00BGDYDZ69
Identification code
---------------------------------- -------------------------------
b. Nature of the transaction Grant of S hare Options
---------------------------------- -------------------------------
c. Price(s) and volume(s) Price Volume
9 .1 p 250,000
--------
---------------------------------- -------------------------------
d. Aggregated information
* Aggregated volume 250,000
9 .1 pence
* Price
---------------------------------- -------------------------------
e. Date of the transactions 12 September 2023
---------------------------------- -------------------------------
f. Place of the transactions Outside a trading venue
---------------------------------- -------------------------------
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 Andrey Andreyovich Kuznetsov
---------------------------------- -------------------------------
2. Reason for the notification
-------------------------------------------------------------------
a. Position/status Senior management team
---------------------------------- -------------------------------
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 2138003T5CF6U9W7Z780
---------------------------------- -------------------------------
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 Ordinary Shares NPV
instrument, type of instrument GG00BGDYDZ69
Identification code
---------------------------------- -------------------------------
b. Nature of the transaction Grant of S hare Options
---------------------------------- -------------------------------
c. Price(s) and volume(s) Price Volume
9 .1 p 250,000
--------
---------------------------------- -------------------------------
d. Aggregated information
* Aggregated volume 250,000
9 .1 pence
* Price
---------------------------------- -------------------------------
e. Date of the transactions 12 September 2023
---------------------------------- -------------------------------
f. Place of the transactions Outside a trading venue
---------------------------------- -------------------------------
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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END
MSCEANNFFLADEFA
(END) Dow Jones Newswires
September 12, 2023 02:00 ET (06:00 GMT)
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