On revenues off modestly at US$78mln, the South Africa-focused group delivered profit after tax US$2.3mln higher at US$30.8mln for the six months ended June 30.
Free cash flow advanced to US$23.3mln from US$16.4mln at the same point last year and the company had just over US$66mln in the bank at the period-end.
The ferrovanadium price averaged US$56.3 per kilogram, down from US$65.5 in 2018.
Looking ahead, the transformation programme at the Vametco operation should see output rise to 3,400 metric tonnes of vanadium, up from the current 2019 guidance of 2,800-2,900 tonnes.
By 2022, the figure should be in the order of 4,200 tonnes.