23 October 2024
Ferro-Alloy Resources
Limited
("Ferro-Alloy" or "the
Company")
Result of 2024 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 23 October
2024, 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 December 2023
|
264,039,114
|
7,300,000
|
1,060,000
|
|
2
|
To re-elect Sir Michael Davis as a
director
|
271,306,339
|
36,000
|
1,060,000
|
|
3
|
To re-elect Nicholas Bridgen as a
director
|
256,658,535
|
14,683,804
|
1,060,000
|
|
4
|
To re-elect Andrey Kuznetsov as a
director
|
268,947,499
|
2,394,840
|
1,060,000
|
|
5
|
To re-elect Christopher Thomas as a
director
|
256,679,399
|
14,662,940
|
1,060,000
|
|
6
|
To re-elect James Turian as a director
|
268,946,635
|
1,635,565
|
1,820,139
|
|
7
|
To re-elect Petrus Nienaber as a
director
|
271,275,475
|
66,864
|
1,060,000
|
|
8
|
To re-elect William Callewaert as a
director
|
271,275,475
|
56,000
|
1,070,864
|
|
9
|
To re-appoint Crowe U.K. LLP as the
Company's auditors
|
271,336,339
|
-
|
1,066,000
|
|
10
|
To authorise the
directors to determine the auditors' remuneration
|
271,295,475
|
40,864
|
1,066,000
|
|
11
|
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 the notice
convening the AGM
|
264,036,339
|
7,306,000
|
1,060,000
|
|
12
|
That the directors are generally 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
|
263,976,339
|
7,366,000
|
1,060,000
|
|
No.
|
Special Resolution
|
For
|
Against
|
Withheld
|
|
13
|
That the directors are empowered
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
|
263,965,475
|
7,366,000
|
1,070,864
|
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
(Joint Corporate Broker)
Panmure
Liberum
(Joint Corporate Broker)
|
Toby Gibbs/Lucy Bowden
Scott Mathieson/John More
|
+44 207 408 4090
+44 20 3100 2000
|
|
BlytheRay (Financial
PR)
|
Tim Blythe/Will Jones
|
+44 20 7138 3204
|
Notes to
Editors
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%
V2O5 equating to 203,364 contained tonnes of
vanadium pentoxide ("V2O5"). 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 phases,
Phase 1 and Phase 2, with Phase 1 treating 1.65m tonnes per
year.
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.