This announcement contains inside information for the purposes of Article 7 of Regulation (EU) No 596/2014 which is part of UK law by virtue of the European Union (Withdrawal) Act 2018.

12 September 2023

Ferro-Alloy Resources Limited ('FAR' or the 'Company' or the 'Group')

Grant of Share Options

Ferro-Alloy Resources Limited (LSE:FAR), the vanadium producer and developer of the large Balasausqandiq vanadium deposit in Southern Kazakhstan, today announces that is has granted options over 250,000 ordinary shares in the Company ("Options") under the Company's share option scheme to both William Callewaert, Chief Financial Officer of the Company, and Andrey Andreyovich 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 9.1p pence being the closing mid-market price of the Company's ordinary shares as quoted on the main market of the London Stock Exchange on the last business day before the date of grant (11 September 2023).

**ENDS**

For further information, visit   www.ferro-alloy.com   or   contact:

The notification below is made in accordance with the requirements of article 19 of MAR and provides further details, including as to awards granted to persons discharging managerial responsibility, which has been updated accordingly.

The notification below is made in accordance with the requirements of article 19 of MAR and provides further details, including as to awards granted to persons discharging managerial responsibility, which has been updated accordingly.

About Ferro-Alloy Resources Limited:

The Company's operations are all located at the Balasausqandiq deposit in Kyzylordinskoye Oblast in the South of Kazakhstan. Currently the Company has two main business activities:

a) the high grade Balasausqandiq vanadium project (the "Project"); and

b) an existing vanadium concentrate processing operation (the "Existing Operation")   

Balasausqandiq is a very large deposit, with vanadium as the principal product together with several by-products. Owing to the nature of the ore, the capital and operating costs of development 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% V₂O₅ equating to 203,364 contained tonnes of vanadium pentoxide ("V₂O₅"). In the system of reserve estimation used in Kazakhstan the reserves are estimated to be over 70m 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 Project will be developed in two stages, Stage 1 and Stage 2, treating 1m tonnes per year and an additional 3m tonnes per year. Production will be some 5,600 tonnes of V₂O₅ from Stage 1, rising to 22,400 tonnes V₂O₅ after Stage 2 is commissioned.

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. 

The existing operation is located on the same site and uses some of the same infrastructure as the Project, but is a separate operation which will continue in parallel with the development and operation of the Project.