Ferro-Alloy Resources Limited announced the full results of the updated mineral resource estimate from SRK Consulting Ltd. prepared in accordance with the terms and guidelines of the Australian Code for the Reporting of Exploration Results, Mineral Resources and Ore Reserves for Ore-Body 1 at the Balasausqandiq deposit. MRE Highlights Include: An Indicated Mineral Resource of 32.9 million tonnes for OB1, at a mean grade of 0.62% V2O5, reported at a marginal cut-off grade of 0.4% V2O5 - equating to 203,364 contained tonnes of vanadium pentoxide ("V2O5"). An increase of 8.6 million tonnes (35.4%) of mineral resource and an increase of 38,058 tonnes (23%) of contained V2O5 by comparison with the estimate contained in the Company's 2018 Competent Persons Report.

The results of the previously reported infill drilling and trenching programmes completed during 2021/22 have been successful in converting 100% of the Resources to Indicated for the OB1 deposit. No Measured or Inferred Resource are stated. A total of 75 diamond core holes and 88 trenches were used to define the Resource (a reduction of drill section spacing to 250 metres from the original 500 metres increased confidence).

Confirmation that there are reasonable prospects for eventual economic extraction by constraining the Mineral Resources to an optimised open pit shell (50 degree slopes and a revenue factor of 1) using a selling price for 98% V2O5 flake of USD9.82/lb.