Issue of Equity
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Ferro-Alloy Resources Limited (LSE:FAR), the vanadium producer and developer of the large Balasausqandiq vanadium deposit in Southern Kazakhstan (the "Project"), is pleased to announce that it has issued a total of 20,638,879 ordinary shares of nil par value in the capital of the Company ("New Shares"), raising gross proceeds of £1,238,333, having received share subscriptions from investors including the Company's strategic shareholder Vision Blue Resources Limited ("VBR") and certain of the Company's directors. The New Shares are being issued under existing shareholder authority granted at the Company's 2024 Annual General Meeting held on 23 October 2024.
Commenting, Nick Bridgen, CEO of Ferro-Alloy Resources, said:
"This small equity raise, supported by our key shareholders, will provide the Company with funds while we continue to engage with strategic investors to develop the Project."
Issue of equity
The Company has issued a total of 20,638,879 ordinary shares of nil par value in the capital of the Company, raising gross proceeds of £1,238,333.
Of the New Shares issued, 17,977,081 shares have been issued in respect of subscriptions received from investors, including the Company's strategic shareholder VBR, for proceeds of £1,078,625. Additionally, 2,661,798 New Shares have been issued to certain of the Company's directors, for proceeds of £159,708.
The New Shares are being issued at 6p per share representing a 21.1% discount to the Company's closing mid-market share price as at 4 November 2025. The New Shares are being issued under existing shareholder authority granted at the Company's 2024 Annual General Meeting held on 23 October 2024.
Material related party transaction
Participation by Nicholas Bridgen, Andrey Kuznetsov, Christopher Thomas, James Turian and VBR in the share issue 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 concluded 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 in the issued share capital of the Company of those Company directors following the issue of the Fee Shares will be as follows:
- Nicholas Bridgen: 62,438,854 Ordinary Shares, representing 11.76% of the issued share capital of the Company (having subscribed for 1,133,387 New Shares for £68,004)
- Andrey Kuznetsov: 69,718,767 Ordinary Shares, representing 13.13% of the issued share capital of the Company (having subscribed for 618,101 New Shares for £37,086)
- Christopher Thomas: 7,795,908 Ordinary Shares, representing 1.47% of the issued share capital of the Company (having subscribed for 455,155 New Shares for £27,309)
- James Turian: 1,339,063 Ordinary Shares, representing 0.25% of the issued share capital of the Company (having subscribed for 455,155 New Shares for £27,309)
- Having subscribed for 4,643,748 Cash Shares, VBR will hold 119,465,531 Ordinary Shares, representing 22.5% of the issued share capital of the Company.
Admission
Applications have been made to the Financial Conduct Authority for the New Shares to be admitted to the Official List and 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 11 November 2025.
Total voting rights
Following Admission of the New Shares, the Company's issued ordinary share capital will comprise 530,949,882 Ordinary Shares, with none held in treasury, and therefore, the total number of Ordinary Shares in the Company with voting rights will be 530,949,882. 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.
| a) | Name | Vision Blue Resources Limited |
| 2 | Reason for the notification | |
| b) | Initial notification /Amendment | Initial notification |
| a) | Name | FERRO-ALLOY RESOURCES LIMITED |
| b) | LEI | 2138003T5CF6U9W7Z780 |
| 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) | |
| 6p | 4,643,748 | |
| d) | Aggregated information | |
| - Aggregated volume | N/A Single transaction | |
| - Price | ||
| e) | Date of the transaction | 5 November 2025 |
| f) | Place of the transaction | London Stock Exchange |
| 1 | Details of the person discharging managerial responsibilities / person closely associated | |
| a) | Name | Nicholas Bridgen |
| 2 | Reason for the notification | |
| a) | Position/status | Executive Director of Ferro-Alloy Resources Limited |
| b) | Initial notification /Amendment | Initial notification |
| a) | Name | FERRO-ALLOY RESOURCES LIMITED |
| b) | LEI | 2138003T5CF6U9W7Z780 |
| a) | Description of the financial instrument, type of instrument | Ordinary Shares |
| Identification code | GG00BGDYDZ69 | |
| b) | Nature of the transaction | Shares received in lieu of fees / salary |
| c) | Price(s) and volume(s) | |
| Price(s) | Volume(s) | |
| 6p | 1,133,387 | |
| d) | Aggregated information | |
| - Aggregated volume | N/A Single transaction | |
| - Price | ||
| e) | Date of the transaction | 5 November 2025 |
| f) | Place of the transaction | London Stock Exchange |
| 1 | Details of the person discharging managerial responsibilities / person closely associated | |
| a) | Name | Andrey Kuznetsov |
| 2 | Reason for the notification | |
| a) | Position/status | Executive Director of Ferro-Alloy Resources Limited |
| b) | Initial notification /Amendment | Initial notification |
| a) | Name | FERRO-ALLOY RESOURCES LIMITED |
| b) | LEI | 2138003T5CF6U9W7Z780 |
| a) | Description of the financial instrument, type of instrument | Ordinary Shares |
| Identification code | GG00BGDYDZ69 | |
| b) | Nature of the transaction | Shares received in lieu of fees / salary |
| c) | Price(s) and volume(s) | |
| Price(s) | Volume(s) | |
| 6p | 618,101 | |
| d) | Aggregated information | |
| - Aggregated volume | N/A Single transaction | |
| - Price | ||
| e) | Date of the transaction | 5 November 2025 |
| f) | Place of the transaction | London Stock Exchange |
| 1 | Details of the person discharging managerial responsibilities / person closely associated | |
| a) | Name | Christopher Thomas |
| 2 | Reason for the notification | |
| a) | Position/status | Non-Executive Director of Ferro-Alloy Resources Limited |
| b) | Initial notification /Amendment | Initial notification |
| a) | Name | FERRO-ALLOY RESOURCES LIMITED |
| b) | LEI | 2138003T5CF6U9W7Z780 |
| a) | Description of the financial instrument, type of instrument | Ordinary Shares |
| Identification code | GG00BGDYDZ69 | |
| b) | Nature of the transaction | Shares received in lieu of fees / salary |
| c) | Price(s) and volume(s) | |
| Price(s) | Volume(s) | |
| 6p | 455,155 | |
| d) | Aggregated information | |
| - Aggregated volume | N/A Single transaction | |
| - Price | ||
| e) | Date of the transaction | 5 November 2025 |
| f) | Place of the transaction | London Stock Exchange |
| 1 | Details of the person discharging managerial responsibilities / person closely associated | |
| a) | Name | James Turian |
| 2 | Reason for the notification | |
| a) | Position/status | Non-Executive Director of Ferro-Alloy Resources Limited |
| b) | Initial notification /Amendment | Initial notification |
| a) | Name | FERRO-ALLOY RESOURCES LIMITED |
| b) | LEI | 2138003T5CF6U9W7Z780 |
| a) | Description of the financial instrument, type of instrument | Ordinary Shares |
| Identification code | GG00BGDYDZ69 | |
| b) | Nature of the transaction | Shares received in lieu of fees / salary |
| c) | Price(s) and volume(s) | |
| Price(s) | Volume(s) | |
| 6p | 455,155 | |
| d) | Aggregated information | |
| - Aggregated volume | N/A Single transaction | |
| - Price | ||
| e) | Date of the transaction | 5 November 2025 |
| f) | Place of the transaction | London Stock Exchange |
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