In 2021, SRK Consulting (Kazakhstan) Limited ("SRK") in conjunction with Tetra Tech Limited ("Tetra Tech"), were commissioned to produce a feasibility study to independently verify the Group's processes. The Group also commissioned SGS Canada Inc ("SGS"), an international independent laboratory testing organisation to carry out the detailed test work under the supervision of Tetra Tech.

Ferro-Alloy stated that the results of the study indicate the potential of the project to become "one of the largest and cheapest vanadium producers in the world."

The company reported "compelling economic performance," noting a net present value of $748 million combined with an internal return rate of 22% on the project.

The report says that the financing required to start production is US$520 million, and reports a lower decile of industry cash operating costs with "attractive potential for by-product cost growth."

Ferro-Alloy reported that the projected price of vanadium pentoxide will be US$8.67 per pound in 2029, with a subsequent increase to US$10.59 per pound in 2037 and beyond.

They also noted the annual production of 8,500 tons of vanadium pentoxide and 247,000 tons of carbon black substitute, as well as the mine's service life of 20 years.

While the main focus of the project is vanadium, the Balasausqandiq ore contains several valuable by-products which are commercially viable for the Company to recover and process, including molybdenum, uranium and carbon. The most significant of those by-products is carbon, which makes up more than 8% of the ore and is in a form similar to carbon black. Studies have been carried out on the enrichment of the carbon from the ore, following the recovery of the vanadium and other metals, and the potential use of this material as a substitute for carbon black in the production of rubber, tyres in particular. For this purpose a 40% carbon concentrate can be produced by flotation, with the remaining material, principally comprising silica. An alternative use of the carbon-silica tailings for making ferro-silicon has been successfully tested. The Company has completed testing on the carbon concentrate and the results have confirmed the suitability of the concentrate for use in tyre rubber manufacture and other rubber applications. The testing undertaken has shown that the carbon concentrate can be successfully used as a partial substitute for conventional carbon black filler in a passenger car tyre sidewall compound formulation. The results show that with a substitution of up to 10% it was possible to produce compounds with similar physical properties to that of the carbon black control formulation. In particular a sample comprised of 90% carbon black, N660 grade, and 10% carbon concentrate from the Balasausqandiq ore yielded properties similar to those of the control compound and would, therefore, be expected to deliver similar performance in a tyre. Whilst the data did show that the carbon concentrate, when substituted at levels greater than 10%, produced slightly less of a reinforcing effect in the rubber compound than conventional carbon black, some potential advantages in physical properties were identified which could lead to improvements in tyre rolling resistance and sidewall damage resistance. The ore also contains rare earth elements and aluminium but recovery is not currently considered to be economically viable.