THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF THE MARKET ABUSE REGULATION (EU) NO. 596/2014 (INCLUDING AS IT FORMS PART OF THE LAWS OF ENGLAND AND WALES BY VIRTUE OF THE EUROPEAN UNION (WITHDRAWAL) ACT 2018 ("MAR").
7 July 2025
Ferro-Alloy Resources Limited
("Ferro-Alloy", the "Group" or the "Company")
Issue of Equity
Ferro-Alloy Resources Limited (LSE:FAR), the vanadium producer and developer of the large Balasausqandiq vanadium deposit in Southern Kazakhstan (the "Balasausqandiq Project" or the "Project") , is pleased to announce that it has issued a total of 16,666,667 ordinary shares of nil par value in the capital of the Company ("New Shares"), raising gross proceeds of £1,000,000, having received share subscriptions from investors including certain directors of the Company and the Company's strategic shareholder Vision Blue Resources Limited ("VBR").
Commenting, Nick Bridgen, CEO of Ferro-Alloy Resources, said:
"This small equity raise, supported by our key shareholders, will help us to optimise the carbon black substitute element of the Project and we look forward to the full results of the Feasibility Study in September."
Issue of equity
The Company has issued a total of 16,666,667 ordinary shares of nil par value in the capital of the Company, raising gross proceeds of £1,000,000, having received share subscriptions from investors including certain directors of the Company and the Company's strategic shareholder VBR (the "Subscription").
The New Shares are being issued at 6p per share representing a 19.5% discount to the Company's closing mid-market share price as at 4 July 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 and VBR in the Subscription 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 that have subscribed for New Shares will be as follows:
· Nicholas Bridgen : 61,305,467 ordinary shares of nil par value in the capital of the Company ("Ordinary Shares"), representing 12.01% of the issued share capital of the Company (having subscribed for 1,833,334 New Shares)
· Andrey Kuznetsov : 69,100,666 Ordinary Shares, representing 13.54% of the issued share capital of the Company (having subscribed for 583,333 New Shares)
· Christopher Thomas : 7,340,753 Ordinary Shares, representing 1.44% of the issued share capital of the Company (having subscribed for 500,000 New Shares)
· Having subscribed for 3,750,000 New Shares, VBR will hold 114,821,783 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 10 July 2025.
Total voting rights
Following Admission of the New Shares, the Company's issued ordinary share capital will comprise 510,311,003 Ordinary Shares, with none held in treasury, and therefore, the total number of Ordinary Shares in the Company with voting rights will be 510,311,003. 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.
ENDS
For further information, visit www.ferro-alloy.com or contact:
| Ferro-Alloy Resources Limited |
Nick Bridgen (CEO) / William Callewaert (CFO) |
info@ferro-alloy.com
|
| Shore Capital (Joint Corporate Broker)
Panmure Liberum Limited (Joint Corporate Broker)
BlytheRay (Financial PR) |
Toby Gibbs / Lucy Bowden
Scott Mathieson / John More
Tim Blythe / Megan Ray / Will Jones
|
+44 207 408 4090
+44 20 3100 2000
+44 20 7138 3204 ferro-alloy@blytheray.com |
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.
The notifications below, m ade in accordance with the requirements of the UK Market Abuse Regulation, provide further details .
Notification and public disclosure of transactions by persons discharging managerial responsibilities and persons closely associated with them
| 1
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Details of the person discharging managerial responsibilities / person closely associated
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| a)
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Name
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Vision Blue Resources Limited |
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| 2
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Reason for the notification
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| a)
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Position/status
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Vision Blue Resources Limited is a PCA of Ferro-Alloy Resources Limited's Chairman, Sir Mick Davis, who is a person discharging managerial responsibilities
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| b)
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Initial notification /Amendment
|
Initial notification |
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| 3
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Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
|
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| a)
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Name
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FERRO-ALLOY RESOURCES LIMITED
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| b)
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LEI
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2138003T5CF6U9W7Z780 |
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| 4
|
Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted
|
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| a)
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Description of the financial instrument, type of instrument |
Ordinary Shares |
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| |
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| Identification code |
GG00BGDYDZ69 |
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| |
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| b)
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Nature of the transaction
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Share subscription |
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| c)
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Price(s) and volume(s) |
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| |
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Price(s) |
Volume(s) |
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6p |
3,750,000 |
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| d)
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Aggregated information |
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| - Aggregated volume |
N/A Single transaction |
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| - Price |
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| e)
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Date of the transaction
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7 July 2025 |
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| f)
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Place of the transaction
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London Stock Exchange |
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Notification and public disclosure of transactions by persons discharging managerial responsibilities and persons closely associated with them
| 1
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Details of the person discharging managerial responsibilities / person closely associated
|
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| a)
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Name
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Nicholas Bridgen |
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| 2
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Reason for the notification
|
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| a)
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Position/status
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Executive Director of Ferro-Alloy Resources Limited
|
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| b)
|
Initial notification /Amendment
|
Initial notification |
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| 3
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Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
|
||||
| a)
|
Name
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FERRO-ALLOY RESOURCES LIMITED
|
|||
| b)
|
LEI
|
2138003T5CF6U9W7Z780 |
|||
| 4
|
Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted
|
||||
| a)
|
Description of the financial instrument, type of instrument |
Ordinary Shares |
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| |
|
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| Identification code |
GG00BGDYDZ69 |
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| |
|
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| b)
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Nature of the transaction
|
Share subscription |
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| c)
|
Price(s) and volume(s) |
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|
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| |
|
Price(s) |
Volume(s) |
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| |
|
6p |
1,833,334 |
|
|
| |
|
|
|
|
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| d)
|
Aggregated information |
|
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| |
|
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| - Aggregated volume |
N/A Single transaction |
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| |
|
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| - Price |
|
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| |
|
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| e)
|
Date of the transaction
|
7 July 2025 |
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| f)
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Place of the transaction
|
London Stock Exchange |
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Notification and public disclosure of transactions by persons discharging managerial responsibilities and persons closely associated with them
| 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 |
|||
| 3
|
Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
|
||||
| a)
|
Name
|
FERRO-ALLOY RESOURCES LIMITED
|
|||
| b)
|
LEI
|
2138003T5CF6U9W7Z780 |
|||
| 4
|
Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted
|
||||
| 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 |
583,333 |
|
|
| |
|
|
|
|
|
| d)
|
Aggregated information |
|
|||
| |
|
||||
| - Aggregated volume |
N/A Single transaction |
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| |
|
||||
| - Price |
|
||||
| |
|
||||
| e)
|
Date of the transaction
|
7 July 2025 |
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| f)
|
Place of the transaction
|
London Stock Exchange |
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Notification and public disclosure of transactions by persons discharging managerial responsibilities and persons closely associated with them
| 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 |
|||
| 3
|
Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
|
||||
| a)
|
Name
|
FERRO-ALLOY RESOURCES LIMITED
|
|||
| b)
|
LEI
|
2138003T5CF6U9W7Z780 |
|||
| 4
|
Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted
|
||||
| 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) |
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|
| |
|
6p |
500,000 |
|
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| |
|
|
|
|
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| d)
|
Aggregated information |
|
|||
| |
|
||||
| - Aggregated volume |
N/A Single transaction |
||||
| |
|
||||
| - Price |
|
||||
| |
|
||||
| e)
|
Date of the transaction
|
7 July 2025 |
|||
| f)
|
Place of the transaction
|
London Stock Exchange |
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