Issue of Equity
Ferro-Alloy Resources Limited has issued 167,647,046 ordinary shares, raising £5,700,000, and granted 4,000,000 share options to key incoming and existing management personnel. These actions provide sufficient funds to repay outstanding principal and interest on Tranche 1 and Tranche 3 of the US$20 million Kazakh bond program. The new shares were issued at 3.4 pence each, representing a discount to the previous day's closing price, and several directors and a significant shareholder participated in this equity raise. The company anticipates admission of the new shares to the London Stock Exchange on August 5, 2026.
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The following amendment has been made to the 'Issue of Equity, Grant of Share Options and Repayment of Bonds' announcement released on 31 July 2026 at 07:30 under RNS no 6509O.
The total number of ordinary shares issued in the first paragraph under "Issue of equity" has been corrected to "167,647,046" rather than the previously stated figure of "167,467,046".
All other details remain unchanged.
The full amended text is shown below.
Ferro-Alloy Resources Limited
("the "Company")
Issue of Equity, Grant of Share Options and Repayment of Bonds
Ferro-Alloy Resources Limited (LSE:FAR), the vanadium producer and developer of the large Balasausqandiq vanadium deposit in Southern Kazakhstan (the "Balausa Project"), is pleased to announce that it has:
- issued a total of 167,647,046 ordinary shares of nil par value in the capital of the Company ("New Shares"), raising gross proceeds of £5,700,000; and
- granted 4,000,000 share options, in aggregate, to intended incoming Chief Executive Officer, Peter Secker, Chief Financial Officer, William Callewaert, and Andrey Andreyevich Kuznetsov, Deputy Director General of the Company's operating subsidiary, TOO Firma Balausa.
Following the issue of equity noted below, the Company has sufficient funds to repay the outstanding principal and accrued interest due to bondholders of Tranche 1 and Tranche 3 of the US$20 million Kazakh bond programme.
Commenting, Nick Bridgen, CEO of Ferro-Alloy Resources, said:
"I have never been more optimistic about the Company's future. My decision to step back from executive responsibilities reflects succession planning rather than any change in my confidence in the business.
As a substantial shareholder, I remain fully invested, both financially and personally, in the Company's success. I believe the strategy is the right one, the management team is exceptionally well placed to execute it, and I look forward to supporting the Company as a non-executive director as it enters its next phase of growth. I remain a significant shareholder in the Company and have every expectation of continuing to participate in the value creation that I believe lies ahead."
Issue of equity
The Company has issued a total of 167,647,046 ordinary shares of nil par value in the capital of the Company, raising gross proceeds of £5,700,000.
The New Shares are being issued at 3.4 pence per share representing a 25.3% discount to the Company's closing mid-market share price as at 30 July 2026. The New Shares are being issued under existing shareholder authority granted at the Company's Annual General Meeting held on 14 November 2025.
Material related party transaction
Participation by Nicholas Bridgen, Christopher Thomas, Petrus Nienaber and Vision Blue Resources ("VBR") in the issue of equity 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 have concluded that 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 New Shares will be as follows:
- Nicholas Bridgen: 64,340,442 Ordinary Shares, representing 8.52% of the issued share capital of the Company (having subscribed for 1,492,702 New Shares for £50,752).
- Christopher Thomas: 10,883,874 Ordinary Shares, representing 1.44% of the issued share capital of the Company (having subscribed for 2,764,264 New Shares for £93,985).
- Petrus Nienaber: 2,520,008 Ordinary Shares, representing 0.33% of the issued share capital of the Company (having subscribed for 1,326,846 New Shares for £45,113).
- VBR: 197,536,705 Ordinary Shares, representing 26.15% of the issued share capital of the Company (having subscribed for 65,290,848 New Shares for £2,219,889).
Admission
An application has been made 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 5 August 2026.
Total voting rights
Following Admission of the New Shares, the Company's issued ordinary share capital will comprise 755,398,376 Ordinary Shares, with none held in treasury, and therefore, the total number of Ordinary Shares in the Company with voting rights will be 755,398,376. 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.
Grant of share options
The Company has granted options over a total of 4,000,000 ordinary shares of nil par value in the Company ("Options") under the Company's previously approved share option scheme:
- 3,000,000 Options to Peter Secker, incoming Chief Executive Officer of the Company (subject to final contract being signed);
- 500,000 Options to William Callewaert, Chief Financial Officer of the Company; and
- 500,000 Options to Andrey Andreyevich 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 3.4 pence being the price of the ordinary shares issued today, as noted above.
The grant of the Options, in aggregate, represents approximately 0.53% of the Company's new issued share capital following Admission noted above.
| Name | Options Granted | Exercise Price | E xercise Date | Total options held post grant |
|---|---|---|---|---|
| Peter Secker | 3,000,000 | 3.4p | 31 July 2029 | 3,000,000 |
| William Callewaert | 500,000 | 3.4p | 31 July 2029 | 2,500,000 |
| Andrey Andreyevich Kuznetsov | 500,000 | 3.4p | 31 July 2029 | 2,500,000 |
Bonds repayment
Upon receipt of the gross proceeds of £5,700,000 (equivalent to US$7.58 million) from the issue of equity noted above, together with the proceeds of US$2 million received from the prepayment contracts for future sales of vanadium and molybdenum products from the Company's existing plant, the Company will have sufficient funds to repay the outstanding principal and accrued interest due to bondholders of Tranche 1 and Tranche 3 within the terms of the US$20 million Kazakh bond programme.
| 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) | |
| 3.4p | 65,290,848 | |
| d) | Aggregated information | |
| - Aggregated volume | N/A Single transaction | |
| - Price | ||
| e) | Date of the transaction | 31 July 2026 |
| 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 | Share subscription |
| c) | Price(s) and volume(s) | |
| Price(s) | Volume(s) | |
| 3.4p | 1,492,702 | |
| d) | Aggregated information | |
| - Aggregated volume | N/A Single transaction | |
| - Price | ||
| e) | Date of the transaction | 31 July 2026 |
| 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 | Share subscription |
| c) | Price(s) and volume(s) | |
| Price(s) | Volume(s) | |
| 3.4p | 2,764,264 | |
| d) | Aggregated information | |
| - Aggregated volume | N/A Single transaction | |
| - Price | ||
| e) | Date of the transaction | 31 July 2026 |
| f) | Place of the transaction | London Stock Exchange |
| 1 | Details of the person discharging managerial responsibilities / person closely associated | |
| a) | Name | Petrus Nienaber |
| 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 | Share subscription |
| c) | Price(s) and volume(s) | |
| Price(s) | Volume(s) | |
| 3.4p | 1,326,846 | |
| d) | Aggregated information | |
| - Aggregated volume | N/A Single transaction | |
| - Price | ||
| e) | Date of the transaction | 31 July 2026 |
| f) | Place of the transaction | London Stock Exchange |
| 1 | Details of the person discharging managerial responsibilities / person closely associated | |
| a) | Name | William Callewaert |
| 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 | Grant of Share Options |
| c) | Price(s) and volume(s) | |
| Price(s) | Volume(s) | |
| 3.4p | 500,000 | |
| d) | Aggregated information | |
| - Aggregated volume | N/A Single transaction | |
| - Price | ||
| e) | Date of the transaction | 31 July 2026 |
| f) | Place of the transaction | London Stock Exchange |
| 1 | Details of the person discharging managerial responsibilities / person closely associated | |
| a) | Name | Andrey Andreyevich Kuznetsov |
| 2 | Reason for the notification | |
| a) | Position/status | Senior management team |
| 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 | Grant of Share Options |
| c) | Price(s) and volume(s) | |
| Price(s) | Volume(s) | |
| 3.4p | 500,000 | |
| d) | Aggregated information | |
| - Aggregated volume | N/A Single transaction | |
| - Price | ||
| e) | Date of the transaction | 31 July 2026 |
| f) | Place of the transaction | London Stock Exchange |
Cleaned text: letterheads, contacts and legal notices removed. View the original announcement ↗ · Company filings. Not investment advice.