Ferro-Alloy Resources Limited (LON:FAR), the vanadium producer and developer of the large Balasausqandiq vanadium deposit in Southern Kazakhstan, has announced that it has issued a total of 28,179,747 ordinary shares of nil par value in the capital of the Company, raising gross proceeds of £1,549,886, having received share subscriptions from investors including the Company’s strategic shareholder Vision Blue Resources Limited and certain of the Company’s directors. The New Shares are being issued under existing shareholder authority granted at the Company’s 2025 Annual General Meeting held on 14 November 2025.
Commenting, Nick Bridgen, CEO of Ferro-Alloy Resources, said:
“Backed by the confidence of our key shareholders, this equity raise will strengthen the Company’s funding position while we continue discussions with strategic investors to progress the Project, supported by the positive results of our recent Feasibility Study.”
Issue of equity
The Company has issued a total of 28,179,747 ordinary shares of nil par value in the capital of the Company, raising gross proceeds of £1,549,886.
Of the New Shares issued, 24,931,147 shares have been issued in respect of subscriptions received from investors, including the Company’s strategic shareholder VBR, for proceeds of £1,371,213. Additionally, 3,248,600 New Shares have been issued to certain of the Company’s directors, for proceeds of £178,673.
The New Shares are being issued at 5.5p per share representing a 23.1% discount to the Company’s closing mid-market share price as at 4 December 2025. The New Shares are being issued under existing shareholder authority granted at the Company’s 2025 Annual General Meeting held on 14 November 2025.
Material related party transaction
Participation by Nicholas Bridgen, Andrey Kuznetsov, Christopher Thomas, James Turian, Petrus Nienaber and VBR in the share issue constitutes a material related party transaction pursuant to the Disclosure, Guidance and Transparency Rules. The Independent Director has considered the terms of the transaction and has 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: 62,847,740 Ordinary Shares, representing 11.24% of the issued share capital of the Company (having subscribed for 408,886 New Shares for £22,489)
· Andrey Kuznetsov: 71,101,823 Ordinary Shares, representing 12.72% of the issued share capital of the Company (having subscribed for 1,383,056 New Shares for £76,068)
· Christopher Thomas: 8,119,610 Ordinary Shares, representing 1.45% of the issued share capital of the Company (having subscribed for 323,702 New Shares for £17,804)
· James Turian: 1,662,765 Ordinary Shares, representing 0.30% of the issued share capital of the Company (having subscribed for 323,702 New Shares for £17,804)
· Petrus Nienaber: 1,193,162 Ordinary Shares, representing 0.21% of the issued share capital of the Company (having subscribed for 809,254 New Shares for £44,509)
· Having subscribed for 6,340,443 Cash Shares, VBR will hold 125,805,974 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. 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 December 2025.
Total voting rights
Following Admission of the New Shares, the Company’s issued ordinary share capital will comprise 559,129,629 Ordinary Shares, with none held in treasury, and therefore, the total number of Ordinary Shares in the Company with voting rights will be 559,129,629. 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.
