Ferro-Alloy Resources Limited announced an update on the progress of the expanded feasibility study (the 'Feasibility Study' or 'Study') for the large Balasausqandiq vanadium deposit ('Balasausqandiq') . FAR is currently well advanced in the workstreams necessary to produce a Bankable Feasibility Study ('BFS'). Following the investments by Vision Blue Resources during 2021, the decision has been taken to expand the scope of the Study to include not only the finalisation of the BFS for the first phase of development, known as Phase 1, but also to include Phase 2. Phase 1 envisages the treatment of 1 million tonnes of ore per year to produce 5,600 tonnes of vanadium pentoxide, and Phase 2 envisages an expansion to 4 million tonnes per year with production rising to 22,400 tonnes of vanadium pentoxide. The Company has commissioned SRK Consulting (Kazakhstan) Limited to produce the overall Feasibility Study, with the metallurgy and process plant being covered by Tetra Tech Inc. The results of the BFS are expected during the last quarter of 2022. A considerable body of work has been undertaken in previous studies, including the assessment of the reserves of just one (of five) ore-bodies on a JORC 2012 basis at 23 million tonnes, and the operation of a test plant at which the proposed process was developed and tested at pilot and commercial scales. Balasausqandiq is unusual in being a sedimentary deposit comprised of black shales which are capable of a far lower-cost treatment route, in terms of both capital and operating costs, than the more plentiful vanadium ores comprising titano-magnetite which require pre-concentration and roasting at high temperatures. The former test-plant is currently operating on a commercial basis to produce vanadium, molybdenum and nickel concentrates from bought-in secondary raw-materials. At Balasausqandiq, there are five currently known ore-bodies. The first, OB1, has been explored sufficiently for a reserve of 23 million tonnes of ore to be announced under the JORC 2012 standard, providing enough ore to feed Phase 1 of the development of Balasausqandiq. Ore bodies two to five have been explored and a reserve announced under the former Kazakhstan system of reserve classification. In line with the decision to upgrade the scope of the feasibility study, the decision has been taken to carry out further drilling of OB1 to further understand the underground geometry and to use this information to tailor a drilling programme to be carried out on ore-bodies two to five with the intention of being able to define a reserve under JORC 2012 sufficient for Phase 2. Contracts have been signed with two drilling companies. The first will complete a programme of diamond core-drilling and the second, a programme of the faster Reverse Circulation ('RC') drilling where the core is recovered as the drill chippings rather than as whole core. The core-drilling rigs have now arrived on site and first drilling started on 23 November 2021. An initial programme of 6,000 metres will be carried out after which the requirements for the remainder of the programme, likely to be between 2,000 and 4,000 metres, can be re-assessed. The RC contract provides for an expected start-date of 1 February 2022. The initial programme is for 9,000 metres. After assessment, a decision will be taken on how much further drilling of up to around 5,000 metres is required. It is currently expected that the RC drilling will be completed towards the end of the first quarter 2022.