TIDMFAR
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
To receive and adopt the Company's
Annual Report for the year ended
1 31 December 2022 179,159,063 7,300,000 -
========================================== ============ ========== ==========
To re-elect Sir Michael Davis as
2 a director 186,449,948 - 9,115
========================================== ============ ========== ==========
To re-elect Nicholas Bridgen as a
3 director 181,601,118 3,670,400 1,187,545
========================================== ============ ========== ==========
To re-elect Andrey Kuznetsov as a
4 director 185,271,518 - 1,187,545
========================================== ============ ========== ==========
To re-elect Christopher Thomas as
5 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
========================================== ============ ========== ==========
To re-elect Petrus Nienaber as a
7 director 185,271,518 - 1,187,545
========================================== ============ ========== ==========
To re-elect William Callewaert as
8 a director 186,449,948 - 9,115
========================================== ============ ========== ==========
To re-appoint Crowe U.K. LLP as the
9 Company's auditors 186,449,948 - 9,115
========================================== ============ ========== ==========
To authorise the directors to determine
10 the auditors' remuneration 186,449,948 - -
========================================== ============ ========== ==========
That the Company is generally and
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
11 the notice convening the AGM 179,149,948 7,300,000 9,115
========================================== ============ ========== ==========
12 That the directors are generally 179,149,948 7,300,000 9,115
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 179,149,948 7,300,000 9,115
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
========================================== ============ ========== ==========
For further information, visit www.ferro-alloy.com or
contact:
Ferro-Alloy Resources Nick Bridgen (CEO) info@ferro-alloy.com
Limited / William 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
------------------------ ---------------------
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
RAGBBBRTMTMMBFJ
(END) Dow Jones Newswires
November 01, 2023 13:08 ET (17:08 GMT)
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