Ferro-Alloy Resources (FAR), backed by former Xstrata boss Mick Davis, got a share price tweak from Liberum on the latest update from Kazakhstan, but its target still remains around four times the market’s current valuation.
Liberum noted OreBody1’s (OB1) vanadium resource tonnage has increased by 35% with 100% of OB1 now in the Indicated category.
The Feasibility Study for Balausa’s Stage 1 remains on track for the fourth quarter 2023 and Stage two during 2024.
Meanwhile, the secondary operation’s tenfold expansion has been completed and issues with feedstock delivery resolved, so it should operate profitably for the rest of 2023.
Liberum’s updated target price is 39p (previously: 40p) with a ‘buy’ rating intact.