Issue of Equity and Grant of Share Options

Ferro-Alloy Resources Limited

31 July 2026

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF THE MARKET ABUSE REGULATION (EU) NO. 596/2014 (INCLUDING AS IT FORMS PART OF THE LAWS OF ENGLAND AND WALES BY VIRTUE OF THE EUROPEAN UNION (WITHDRAWAL) ACT 2018 ("MAR").

31 July 2026

Ferro-Alloy Resources Limited

("the "Company")

Issue of Equity, Grant of Share Options and Repayment of Bonds

Ferro-Alloy Resources Limited (LSE:FAR), the vanadium producer and developer of the large Balasausqandiq vanadium deposit in Southern Kazakhstan (the "Balausa Project"), is pleased to announce that it has:

·    issued a total of 167,647,046 ordinary shares of nil par value in the capital of the Company ("New Shares"), raising gross proceeds of £5,700,000; and

·    granted 4,000,000 share options, in aggregate, to intended incoming Chief Executive Officer, Peter Secker, Chief Financial Officer, William Callewaert, and Andrey Andreyevich Kuznetsov, Deputy Director General of the Company's operating subsidiary, TOO Firma Balausa.

Following the issue of equity noted below, the Company has sufficient funds to repay the outstanding principal and accrued interest due to bondholders of Tranche 1 and Tranche 3 of the US$20 million Kazakh bond programme.

Commenting, Nick Bridgen, CEO of Ferro-Alloy Resources, said:

"I have never been more optimistic about the Company's future. My decision to step back from executive responsibilities reflects succession planning rather than any change in my confidence in the business.

As a substantial shareholder, I remain fully invested, both financially and personally, in the Company's success. I believe the strategy is the right one, the management team is exceptionally well placed to execute it, and I look forward to supporting the Company as a non-executive director as it enters its next phase of growth. I remain a significant shareholder in the Company and have every expectation of continuing to participate in the value creation that I believe lies ahead."

Issue of equity

The Company has issued a total of 167,467,046 ordinary shares of nil par value in the capital of the Company, raising gross proceeds of £5,700,000.

The New Shares are being issued at 3.4 pence per share representing a 25.3% discount to the Company's closing mid-market share price as at 30 July 2026. The New Shares are being issued under existing shareholder authority granted at the Company's Annual General Meeting held on 14 November 2025.

Material related party transaction

Participation by Nicholas Bridgen, Christopher Thomas, Petrus Nienaber and Vision Blue Resources ("VBR") in the issue of equity constitutes a material related party transaction pursuant to the Disclosure, Guidance and Transparency Rules. The Independent Directors have considered the terms of the transaction and have concluded that they are fair and reasonable insofar as shareholders are concerned (VBR is a person closely associated with the Company's Chairman, Sir Mick Davis).

The beneficial interest in the issued share capital of the Company of those Company directors following the issue of the New Shares will be as follows:

·    Nicholas Bridgen: 64,340,442 Ordinary Shares, representing 8.52% of the issued share capital of the Company (having subscribed for 1,492,702 New Shares for £50,752).

·    Christopher Thomas: 10,883,874 Ordinary Shares, representing 1.44% of the issued share capital of the Company (having subscribed for 2,764,264 New Shares for £93,985).

·    Petrus Nienaber: 2,520,008 Ordinary Shares, representing 0.33% of the issued share capital of the Company (having subscribed for 1,326,846 New Shares for £45,113).

·    VBR: 197,536,705 Ordinary Shares, representing 26.15% of the issued share capital of the Company (having subscribed for 65,290,848 New Shares for £2,219,889).

Admission

An application has been made to the London Stock Exchange for the New Shares to be admitted to trading on its Main Market for listed securities ("Admission"). It is anticipated that Admission will become effective, and that dealings in the New Shares will commence at or around 8.00 a.m. BST on 5 August 2026.

Total voting rights

Following Admission of the New Shares, the Company's issued ordinary share capital will comprise 755,398,376 Ordinary Shares, with none held in treasury, and therefore, the total number of Ordinary Shares in the Company with voting rights will be 755,398,376. This figure may be used by shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the share capital of the Company under the applicable legal and regulatory requirements.

Grant of share options

The Company has granted options over a total of 4,000,000 ordinary shares of nil par value in the Company ("Options") under the Company's previously approved share option scheme:

·    3,000,000 Options to Peter Secker, incoming Chief Executive Officer of the Company (subject to final contract being signed);

·    500,000 Options to William Callewaert, Chief Financial Officer of the Company; and

·    500,000 Options to Andrey Andreyevich Kuznetsov, Deputy Director General of the Company's operating subsidiary, TOO Firma Balausa, and part of the Group's senior management team.

The Options are exercisable on the third anniversary from the date of grant ("Exercise Date") and are exercisable for a period of two years commencing on the Exercise Date. The Options have an exercise price of 3.4 pence being the price of the ordinary shares issued today, as noted above.

The grant of the Options, in aggregate, represents approximately 0.53% of the Company's new issued share capital following Admission noted above.

The notification below, made in accordance with the requirements of the UK Market Abuse Regulation, provides further detail.

Name	Options Granted	Exercise Price	Exercise Date	Total options held post grant
Peter Secker	3,000,000	3.4p	31 July 2029	3,000,000
William Callewaert	500,000	3.4p	31 July 2029	2,500,000
Andrey Andreyevich Kuznetsov	500,000	3.4p	31 July 2029	2,500,000

Bonds repayment

Upon receipt of the gross proceeds of £5,700,000 (equivalent to US$7.58 million) from the issue of equity noted above, together with the proceeds of US$2 million received from the prepayment contracts for future sales of vanadium and molybdenum products from the Company's existing plant, the Company will have sufficient funds to repay the outstanding principal and accrued interest due to bondholders of Tranche 1 and Tranche 3 within the terms of the US$20 million Kazakh bond programme.

ENDS

For further information,visitwww.ferro-alloy.comorcontact:

Ferro-Alloy Resources Limited	Nick Bridgen (CEO) / William Callewaert (CFO)	info@ferro-alloy.com
Shore Capital  (Joint Corporate Broker) Panmure Liberum Limited (Joint Corporate Broker) BlytheRay (Financial PR)	Toby Gibbs / Lucy Bowden Scott Mathieson / John More Megan Ray / Will Jones	+44 207 408 4090 +44 20 3100 2000 +44 20 7138 3204 ferro-alloy@blytheray.com

Notes to Editors

About Ferro-Alloy Resources Limited:

The Company's operations are all located at the Balasausqandiq deposit in Kyzylordinskoye Oblast in the South of Kazakhstan.

Balasausqandiq is a very large deposit, with vanadium as the principal product together with the CBS and several by-products. Owing to the nature of the ore, the capital and operating costs are very much lower than for other vanadium projects.    

The most recent mineral resource estimate for ore-body one (of seven) provided an Indicated Mineral Resource of 32.9 million tonnes at a mean grade of 0.62% vanadium pentoxide ("V₂O₅") equating to 203,364 contained tonnes of V₂O₅. In the system of reserve estimation used in Kazakhstan the reserves are estimated to be over 70 million tonnes in ore-bodies 1 to 5, but this does not include the full depth of ore-bodies 2 to 5, or the remaining ore-bodies which remain substantially unexplored. 

The grade of carbon in the deposit is over 8%. The carbon flows through to the tailings from where it is concentrated, in a simple low-cost operation, into a 40% carbon product, the CBS, that can be used in place of carbon black as a reinforcing filler in the making of rubber.

The Project will be developed in two phases, Phase 1 and Phase 2, with Phase 1 treating 1.65 million tonnes per year.

The results of the feasibility study, carried out principally by SRK and Tetra Tech, were announced in October 2025, showing a project net present value ("NPV") of US$748m and internal rate of return ("IRR") of 22%.  Since then, a preliminary re-estimation of the capital costs by Chinese engineers China National Chemical Engineering Sixth Construction Co., Ltd has been received, which would have the effect of increasing NPV to US$932m and IRR to 31%.

There is an existing concentrate processing operation at the site of the Balasausqandiq deposit. The production facilities were originally created from a 15,000 tonnes per year pilot plant, which was then expanded and adapted to recover vanadium, molybdenum and nickel from purchased concentrates.  Alongside this operation, there is a well-equipped laboratory and highly skilled technical team, who have already developed the technology that is being built into the feasibility study and is further developing and optimising processes needed for future vanadium and carbon operations. The plant will operate only when profitable concentrates are available and, when not operating as a production facility, will operate on an expanded basis as an R&D centre.

The notifications below, made in accordance with the requirements of the UK Market Abuse Regulation, provide further details.

Notification and public disclosure of transactions by persons discharging managerial responsibilities and persons closely associated with them

1	Details of the person discharging managerial responsibilities / person closely associated
a)	Name	Vision Blue Resources Limited
2	Reason for the notification
a)	Position/status	Vision Blue Resources Limited is a PCA of Ferro-Alloy Resources Limited's Chairman, Sir Mick Davis, who is a person discharging managerial responsibilities
b)	Initial notification /Amendment	Initial notification
3	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)	Name	FERRO-ALLOY RESOURCES LIMITED
b)	LEI	2138003T5CF6U9W7Z780
4	Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted
a)	Description of the financial instrument, type of instrument	Ordinary Shares
	Identification code	GG00BGDYDZ69
b)	Nature of the transaction	Share subscription
c)	Price(s) and volume(s)
			Price(s)	Volume(s)
			3.4p	65,290,848
d)	Aggregated information
	- Aggregated volume	N/A Single transaction
	- Price
e)	Date of the transaction	31 July 2026
f)	Place of the transaction	London Stock Exchange

Notification and public disclosure of transactions by persons discharging managerial responsibilities and persons closely associated with them

1	Details of the person discharging managerial responsibilities / person closely associated
a)	Name	Nicholas Bridgen
2	Reason for the notification
a)	Position/status	Executive Director of Ferro-Alloy Resources Limited
b)	Initial notification /Amendment	Initial notification
3	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)	Name	FERRO-ALLOY RESOURCES LIMITED
b)	LEI	2138003T5CF6U9W7Z780
4	Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted
a)	Description of the financial instrument, type of instrument	Ordinary Shares
	Identification code	GG00BGDYDZ69
b)	Nature of the transaction	Share subscription
c)	Price(s) and volume(s)
			Price(s)	Volume(s)
			3.4p	1,492,702
d)	Aggregated information
	- Aggregated volume	N/A Single transaction
	- Price
e)	Date of the transaction	31 July 2026
f)	Place of the transaction	London Stock Exchange

Notification and public disclosure of transactions by persons discharging managerial responsibilities and persons closely associated with them

1	Details of the person discharging managerial responsibilities / person closely associated
a)	Name	Christopher Thomas
2	Reason for the notification
a)	Position/status	Non- Executive Director of Ferro-Alloy Resources Limited
b)	Initial notification /Amendment	Initial notification
3	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)	Name	FERRO-ALLOY RESOURCES LIMITED
b)	LEI	2138003T5CF6U9W7Z780
4	Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted
a)	Description of the financial instrument, type of instrument	Ordinary Shares
	Identification code	GG00BGDYDZ69
b)	Nature of the transaction	Share subscription
c)	Price(s) and volume(s)
			Price(s)	Volume(s)
			3.4p	2,764,264
d)	Aggregated information
	- Aggregated volume	N/A Single transaction
	- Price
e)	Date of the transaction	31 July 2026
f)	Place of the transaction	London Stock Exchange

Notification and public disclosure of transactions by persons discharging managerial responsibilities and persons closely associated with them

1	Details of the person discharging managerial responsibilities / person closely associated
a)	Name	Petrus Nienaber
2	Reason for the notification
a)	Position/status	Non- Executive Director of Ferro-Alloy Resources Limited
b)	Initial notification /Amendment	Initial notification
3	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)	Name	FERRO-ALLOY RESOURCES LIMITED
b)	LEI	2138003T5CF6U9W7Z780
4	Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted
a)	Description of the financial instrument, type of instrument	Ordinary Shares
	Identification code	GG00BGDYDZ69
b)	Nature of the transaction	Share subscription
c)	Price(s) and volume(s)
			Price(s)	Volume(s)
			3.4p	1,326,846
d)	Aggregated information
	- Aggregated volume	N/A Single transaction
	- Price
e)	Date of the transaction	31 July 2026
f)	Place of the transaction	London Stock Exchange

Notification and public disclosure of transactions by persons discharging managerial responsibilities and persons closely associated with them

1	Details of the person discharging managerial responsibilities / person closely associated
a)	Name	William Callewaert
2	Reason for the notification
a)	Position/status	Executive Director of Ferro-Alloy Resources Limited
b)	Initial notification /Amendment	Initial notification
3	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)	Name	FERRO-ALLOY RESOURCES LIMITED
b)	LEI	2138003T5CF6U9W7Z780
4	Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted
a)	Description of the financial instrument, type of instrument	Ordinary Shares
	Identification code	GG00BGDYDZ69
b)	Nature of the transaction	Grant of Share Options
c)	Price(s) and volume(s)
			Price(s)	Volume(s)
			3.4p	500,000
d)	Aggregated information
	- Aggregated volume	N/A Single transaction
	- Price
e)	Date of the transaction	31 July 2026
f)	Place of the transaction	London Stock Exchange

Notification and public disclosure of transactions by persons discharging managerial responsibilities and persons closely associated with them

1	Details of the person discharging managerial responsibilities / person closely associated
a)	Name	Andrey Andreyevich Kuznetsov
2	Reason for the notification
a)	Position/status	Senior management team
b)	Initial notification /Amendment	Initial notification
3	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)	Name	FERRO-ALLOY RESOURCES LIMITED
b)	LEI	2138003T5CF6U9W7Z780
4	Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted
a)	Description of the financial instrument, type of instrument	Ordinary Shares
	Identification code	GG00BGDYDZ69
b)	Nature of the transaction	Grant of Share Options
c)	Price(s) and volume(s)
			Price(s)	Volume(s)
			3.4p	500,000
d)	Aggregated information
	- Aggregated volume	N/A Single transaction
	- Price
e)	Date of the transaction	31 July 2026
f)	Place of the transaction	London Stock Exchange

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