6 May 2026

Ferro-Alloy Resources Limited

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

Non-Executive Director Share Sale

Ferro-Alloy Resources Limited (LSE:FAR), the vanadium producer and developer of the large Balasausqandiq vanadium deposit in Southern Kazakhstan (the "Project"), announces that James Turian, one of the Company's non-executive directors, has sold 512,765 shares in the Company for gross proceeds of £27,424.

Summary

As previously announced, James Turian, one of the Company's non-executive directors, has accepted on a number of occasions, Company shares in lieu of cash in settlement of fees owed to him by the Company with respect to services provided.

Mr Turian has sold 512,765 shares in the Company for gross proceeds of £27,424 to cover his local personal tax and social security liabilities.

Following the disposal, Mr Turian holds 1,150,000 shares in the Company, representing 0.2% of the Company's issued share capital.

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

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 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.

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.