Ferro-Alloy Resources Ltd (LSE:FAR) unveiled a large hike in sales last year, while it insisted it is already operating profitably in 2022.
The vanadium mining and processing company saw revenues surge 96% to US$4.7mln in its full-year 2021 results ended 31 December.
It reported "solid" production performance levels, with a 9.4% increase in vanadium pentoxide production to 260 tonnes and production rates in the second half 70% ahead of the 2020 average.
The Southern Kazakhstan-based company reduced its loss before tax by 28% to US$2.83mln.
It further expanded its Balasausqandiq feasibility study to assess the potential for higher by-product credits, including uranium, molybdenum, aluminium, potassium and rare-earth by-products, that could account for over a third of revenues. It is expected to be completed in the first half of 2023.
"The company is in an exciting phase of development as we invest in our existing operations to maximise profitability from each tonne of material treated and undertake our expanded feasibility study,” Nick Bridgen, chief executive, said.
Last year it completed construction of its new laboratory, warehouses and connection to an adjacent reliable high voltage power line, the company said.
Ferro-Alloy commissioned its second and third roasting oven in 2021 and March this year respectively, while it completed drilling of its ore-body 1 and began the expansion of its drilling programme for remaining ore bodies last year.