23 June 2025

Ferro-Alloy Resources Limited

("Ferro-Alloy", the "Group" or the "Company")

Appointment of Lead Financial Adviser

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 appointed Northcott Capital Limited ("Northcott"), in partnership with Oval Advisory Limited ("Oval"), as lead financial adviser with respect to the financing of Phase 1 of the Balasausqandiq Project.

Northcott is an independent financial adviser operating exclusively in the natural resources sector, comprising investment bankers, senior risk management professionals, geologists, mining engineers and financial modellers that have collectively raised over US$15 billion for clients operating across 40 countries, including Kazakhstan.

Oval is an independent group based in London, delivering strategic, technical and financing advisory services to producers and consumers of raw materials. Oval has long-standing access to the raw materials sector and potential funding partners, including traditional banking relationships and alternative providers of capital, as well as a deep knowledge of, and a transactional track record in, key mining jurisdictions.

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

"The appointment of Northcott and Oval as lead financial adviser for the financing of Phase 1 of the Balasausqandiq Project is an important milestone as we progress towards construction. Their combined wealth of expertise and experience across the natural resources sector, and in Kazakhstan as a jurisdiction, will greatly benefit the Company as we look to advance these important financing arrangements."

ENDS

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

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 carbon black substitute ("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.

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.