Ferro-Alloy Resources has reiterated it expects to see improvements to its plant this year after what it describes as a challenging 2023.
The vanadium specialist runs a processing operation alongside its development of the huge Balasausqandiq deposit in Kazakhstan where a feasibility study is in progress.
Group revenues dropped 9% to US$6.16 million (2022: US$6.77m) in 2023, attributed to lower prices for vanadium pentoxide and molybdenum during the year and concentrate supply issues at its plant.
Cost of sales decreased to US$6.8m (2022: US$7.5m), reflecting the stabilisation of reagent and fuel costs in the CIS region, with the overall loss for the year at US$5.25m (2022: loss of US$4.29m).
Cash at bank on 31 March 2024 was US$4.44m, while Vision Blue Resources increased its stake in the company to 22.99% following the conversion of loan notes to ordinary shares.
Nick Bridgen, Ferro-Alloy Resources chief executive, added: " It has been a challenging year for the company, with supplier and logistical problems, as well as a deterioration in the price of vanadium pentoxide, mainly attributed to the slowing Chinese construction sector.
"Despite this, the company has continued to make improvements to the plant and the outlook for concentrate supplies is now improving for the remainder of 2024."