Ferro-Alloy Resources Limited announced an update on the ongoing feasibility study into the large Balasausqandiq vanadium project. Drilling: As previously announced, the drilling programme for Phase 1 of the Feasibility Study has been completed and an updated resource estimate for Phase 1 will be announced during First Quarter 2023. Similarly, the drilling programme for Phase 2 of the Feasibility Study has been completed as far as possible and the Company is assessing drilling options for a residual area of difficult topography.

Metallurgy: Metallurgical test-work continues to advance at SGS Lakefield under the supervision of TetraTech. Extraction of vanadium during acid leaching continues to be above expectations with 94-97% vanadium extraction into solution. The test-work programme will also complete subsequent phases of vanadium, uranium, molybdenum and potassium alum extraction stages, and solid liquid separation tests.

Carbon: Additional technical studies are advancing to understand and validate the potential use of the carbon-rich tailings for the production of a carbon black substitute for the making of rubber and as a feed for the production of ferro silicon. Feasibility Study Engineering: The open pit geotechnical drilling has commenced and will continue into 2023. The results of the drilling and subsequent mechanical testing programme will be used to confirm the open pit slope design.

In addition, a geophysical survey of the water supply bore field area is underway. The results of the survey will be used to define the fieldwork programme required to define the water extraction bore field required to support the projects water needs. The open pit hydrogeology drilling is currently being contracted per the scope defined by SRK Consulting (Kazakhstan) Limited.

The drilling is expected to commence in early 2023.