Existing Operation Q3 Production Results
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Q3 Production Results
| 2022 | 2023 | |||||||
|---|---|---|---|---|---|---|---|---|
| Q1 2022 | Q2 2022 | Q3 2022 | TOTAL Q1, Q2 & Q3 | Q1 2023 | Q2 2023 | Q3 2023 | TOTAL YTD | |
| Tonnes of concentrate processed | 502.3 | 644.9 | 538.4 | 1,685.6 | 194.1 | 1,016.6 | 314.0 | 1,524.7 |
| Tonnes of vanadium pentoxide produced* | 81.1 | 91.7 | 69.9 | 242.7 | 31.3 | 141.4 | 47.3 | 220.0 |
| Tonnes of molybdenum produced** | 11.3 | 10.4 | 11.0 | 32.7 | 6.5 | 14.1 | 6.4 | 27.0 |
| Tonnes of nickel produced*** | 25.1 | 32.2 | 26.9 | 84.2 | 9.7 | 50.8 | 15.7 | 76.2 |
* as ammonium metavanadate
** as ferro-molybdenum
*** as nickel concentrate
Production Update
As previously announced, the default by one of the Company's major concentrate suppliers has significantly impacted output from the existing operation throughout the year to date. In response, the Company has entered into a number of additional contracts with other concentrate suppliers, but delivery has taken longer than anticipated with the shortage persisting throughout Q3 and into the beginning of Q4.
However, concentrates sufficient for nearly four months of planned production are either now on site or in transit, and the Company is confident that there will be sufficient concentrates to allow the resumption of full operations from now on.
Commenting on the production results, Nick Bridgen, CEO of Ferro-Alloy Resources said:
"In Q2 this year, we experienced our best production quarter to date, demonstrating the improvements made to our processing factory in terms of throughput and recovery, including new capacity for recovering molybdenum and nickel as well as vanadium. Unfortunately, and as we have already announced, output has been restricted by defaults by our suppliers in addition to logistics delays.
"That being said, with the steps that we've taken to increase the quality and number of concentrate suppliers we deal with, the deliveries that have been made to site in the last few days and the pipeline of deliveries already in transit, we are confident that production will not be affected by any foreseeable supply shortages this year and beyond."
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