Issue of Equity and Repayment of Bonds

Ferro-Alloy Resources Limited

02 October 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").

2 October 2026

Ferro-Alloy Resources Limited

(“the “Company”)

Issue of Equity and Repayment of Bonds

Ferro-Alloy Resources Limited (LSE:FAR), the vanadium producer and developer of the large Balasausqandiq vanadium deposit in Southern Kazakhstan, is pleased to announce that it has raised gross proceeds of £4,679,936 through the issue of a total of 137,645,191 ordinary shares of nil par value in the capital of the Company (“New Shares”).

Highlights

-Non-brokered placement with existing shareholder participation

• Led by Vision Blue Resources Limited (“VBR”), the Company’s strategic investor, the Company has raised gross proceeds of £4,679,936 through the issue of 137,645,191 New Shares, via a non-brokered placement.

-Strategic investor increases ownership

• VBR has increased its shareholding in the Company to 26.24%, reflecting its confidence in the delivery of the Company’s world class Balasausqandiq vanadium and rare earth elements (“REE”) project.

-Tranche 2 bonds repaid in full, opportunities for additional strategic partners opened

• £3,782,148 (US$5 million equivalent) of the funds raised will be used to repay the outstanding principal due to bondholders of Tranche 2 of the 2023 US$20 million Kazakh bond programme (“the Bond Programme”) in full.
• Tranche 1 and Tranche 3 were repaid during August 2026 meaning that the Company has now cleared all US$13 million of debt repayments due for 2026 thereby opening opportunities for additional strategic partners.

-Final tranche of bonds due for repayment in November 2027

• The Company expects Tranche 4, the final tranche of bonds of US$5 million issued under the Bond Programme, to be repaid during November 2027 from the proceeds of new debt connected to the debt financing for the main project.

-Rare earth element progression with the US

• The Company will utilise the balance of the funds raised for general working capital purposes and will include the development of its REE strategy, as announced on 23 September 2026, in light of growing interest for the Company’s REE production potential and continued discussions with large US government financing institutions.

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

“This financing completes the planned repayment of the US$13 million of bonds due this year, and the path ahead is now clear to advance the project at pace. The financing will also help unlock the development of our rare earth elements strategy, and we are excited by the potential for yttrium and other rare earth elements to further strengthen the project’s compelling economic proposition.”

Issue of equity

The Company has issued a total of 137,645,191 ordinary shares of nil par value in the capital of the Company, raising gross proceeds of £4,679,936.

The New Shares are being issued at 3.4 pence per share representing a 23.1% discount to the Company’s closing mid-market share price as at 1 October 2026. The New Shares are being issued under existing shareholder authority granted at the Company’s Annual General Meeting held on 14 November 2025.

Use of proceeds

The proceeds will be utilised to repay the outstanding principal due to bondholders of Tranche 2 of the Bond Programme (having repaid Tranche 1 and Tranche 3 during August 2026) (c. £3,782,148), and to fund the Company’s general working capital requirements (c. £897,788), including the development of the previously announced REE strategy in the US in light of growing interest for the Company’s REE production potential and continued discussions with large US government financing institutions.

Material related party transaction

Participation by 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 of VBR in the issued share capital of the Company following the issue of the New Shares will be 234,379,279 Ordinary Shares, representing 26.24% of the issued share capital of the Company (having subscribed for 36,842,574 New Shares for £1,252,648).

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 6 October 2026.

Total voting rights

Following Admission of the New Shares, the Company's issued ordinary share capital will comprise 893,043,567 Ordinary Shares, with none held in treasury, and therefore, the total number of Ordinary Shares in the Company with voting rights will be 893,043,567. 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.

Bonds repayment

Upon repayment of Tranche 2, the Company will have repaid all tranches of bonds falling for maturity during 2026 under the Bond Programme. The Company expects that the final tranche of bonds issued under the Bond Programme, Tranche 4, will be repaid in November 2027 from the issue of new debt connected to the debt financing for the main project.

ENDS

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

Ferro-Alloy Resources Limited	Nick Bridgen (CEO) / William Callewaert (CFO)	info@ferro-alloy.com
Shore Capital (JointCorporate 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	36,842,574
d)	Aggregated information
	- Aggregated volume	N/A Single transaction
	- Price
e)	Date of the transaction	2 October 2026
f)	Place of the transaction	London Stock Exchange

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