Ferro Alloy Resources Ltd (LON:FAR) booked revenue of just over US$1.8mln in the year to December 31, 2019.
Losses rang in at US$3.3mln, and there was US$650,000mln in the bank at end December, although the company raised more money post the period end.
Significant progress has now been made towards a major expansion of the existing processing operation, with the new equipment installed increasing capacity to 60 tonnes of vanadium pentoxide per month.
During 2019 overall production of vanadium pentoxide increased 21.6% to 152 tonnes, although revenue dropped as vanadium prices fell.
The company has now completed preparatory work on a second major phase of expansion, planned to take capacity up to some 1,500 tonnes per year.
Separately, Ferro Alloys is also upgrading the feasibility study on the Balasausqandiq vanadium project, which has an NPV of US$2bn at a long-term forecast vanadium pentoxide price of US$7.50 per pound.
And production has now recommenced on the hydrometallurgical process on 1 June 2020 which, in spite of some continuing coronavirus restrictions, has resulted in a significant increase in production to a monthly rate nearly three times that of the first quarter of 2019.