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.
29 June 2022
Ferro-Alloy Resources Limited ('FAR' or the 'Company' or the 'Group')
Grant of 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 William Callewaert, Chief Financial Officer.
The Options, which form part of Mr. Callewaert's service agreement dated 23 December 2021 where it was contractually agreed to issue the Options 90 days after Mr. Callewaert's commencement as CFO of the Company (being 1 April 2022), 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 13.10p 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.
| Name | Options Granted | Exercise Price | Exercise Date | Total options held post grant |
|
William Callewaert |
250,000 |
13.10p |
29 June 2025 |
250,000
|
**ENDS**
For further information, visit www.ferro-alloy.com or contact:
| Ferro-Alloy Resources Limited | Nick Bridgen (CEO) |
|
| Shore Capital (Joint Corporate Broker) | Toby Gibbs/John More | +44 207 408 4090 |
| Liberum Capital Limited (Joint Corporate Broker) | Scott Mathieson/Lydia Zychowska
| +44 20 3100 2000 |
| St Brides Partners Limited (Financial PR & IR Adviser) | Catherine Leftley/Ana 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 | Finance Director | ||||
| 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 | 213800WAVVOPS85N2205 | ||||
| 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 instrument, type of instrument Identification code | Ordinary Shares NPV GG00BGDYDZ69 | ||||
| b. | Nature of the transaction | Grant of Share Options | ||||
| c. | Price(s) and volume(s) |
| ||||
| d. | Aggregated information - Aggregated volume - Price |
250,000 13.10 pence | ||||
| e. | Date of the transactions | 29 June 2022 | ||||
| f. | Place of the transactions | London Stock Exchange | ||||
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.
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.
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