Principal asset is subsoil-use contract for the Balasausqandiq deposit located in the Shieliiskiy Region of Kyzlorda Oblast in southern Kazakhstan; an advanced black shale vanadium development project.

PFS shows post-tax NPV10 of US$2bn using a flat US$7.50/Ib V2O5 price with upfront stage 1 capex of US$100m and stage 2 capex of US$225m internally funded, for respective production of 5.6ktpa and 22.4ktpa V2O5.

Unit costs before by-products of US$2.26/lb, US$1.54/lb on a co-product basis and negative US$-1.20/lb on a by-product basis gives the project an industry leading cost base; around 56% lower than current low cost peers.

Ore body is not titano-vanidiferous-magnetite (TVM) in nature which enables a simpler metallurgical process which does not include high temperature roasting or pre-concentration. This reduces capex and opex by around 60% against TVM peers which account for 80% of current supply. Overall recoveries over 90% versus around 75% for TVM.​

Surface outcropping and large shallow orebody allow low cost mining with a low strip ratio. ​

Annual revenue of US$135mpa combined with strong margins result in free cash flow generation of US$103mpa during phase 1; this rises to US$541mpa and US$430mpa in phase 2. 2.2 years of phase 1 cashflow is sufficient to fund phase 2 internally.

Strategic investment from Vision Blue Resources, led by Sir Mick Davis, former CEO of Xstrata. Deal provides funding in milestone payments, technical expertise and a strong cornerstone shareholder. Funding expedites development and allow completion of FS.

VBR bullish on potential for vanadium flow batteries (VFB) and FAR recently obtained a patent for electrolyte production technology; a high value product.