Total Voting Rights

1 September 2026

Ferro-Alloy Resources Limited

(the "Company")

Total Voting Rights

Notification of Admission of Equity Securities to Trading

On 31 July 2026, the Company announced that it had issued and allotted 167,647,046 new ordinary shares of nil par value ("New Ordinary Shares"), raising gross proceeds of £5,700,000.

The following notification is made in accordance with Rule 5.6 of the FCA's Disclosure Guidance and Transparency Rules.

As at close of business on 28 August 2026, the Company confirms that its issued ordinary share capital consists of a total of 755,398,376 ordinary shares, with none held in treasury, and therefore, the total number of ordinary shares in the Company with voting rights is 755,398,376. This figure may be used by shareholders in the Company as the denominator for the calculations by which they can 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.

In accordance with the Financial Conduct Authority's Prospectus Rules: Admission to Trading on a Regulated Market sourcebook 1.6.4R, the Company notifies the market that the New Ordinary Shares have been admitted to trading (as detailed in the table below).

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 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.