Ferro-alloy Resources Ltd. · LSE:FAR
Ferro-alloy Resources — Investor Presentation (October 2025)
19 slides from Ferro-alloy Resources's investor presentation, October 2025
Slide 1: FAR Corporate Presentation October 2025
FAR Corporate Presentation October 2025
Slide 2: Disclaimer
Disclaimer The information contained in this confidential document (“Presentation”) has been prepared by Ferro-Alloy Resources Limited (the “Company”). It has not been fully verified and is subject to material updating, revision and further amendment. This Presentation has not been approved by an au
Slide 3: Ferro-Alloy Resources Overview
Ferro-Alloy Resources Overview Feasibility Study complete on strategic vanadium project capable of large scale, low cost production, located in close proximity to existing logistics and power infrastructure Kyzylorda Corporate • Listed on London Stock Exchange and Aktobe Astana International Exchang
Slide 4: Feasibility study highlights
Feasibility study highlights Pathway to becoming one of the largest and lowest cost vanadium producers globally Overview Project funding requirement Item US$m • Compelling economics o NPV of US$748m (Phase 1) Capital expenditure (see breakdown below) 490.2 o IRR of 22% (Phase 1) Contingency 73.5 Pre
Slide 5: Value enhancement opportunities
Value enhancement opportunities Significant value upside opportunities under evaluation, capable of further reducing capital and operating costs, and enhancing production volumes 1. Reagent consumption and metallurgical recovery: the Group’s technical team believe, based on previous pilot plant test
Slide 6: Balasausqandiq – mineral resource / ore reserves
Balasausqandiq – mineral resource / ore reserves (Ore-body 1) Ore-body 1 Mineral resource Resource Weathering Mass Grade (%) Material Content (tonnes) Class grade (Mt) V2O5 Mo U C V2O5 Mo U C Measured - - - - - - - - - Oxide 1.56 0.67 0.0139 0.0047 7.16 10,560 216 73 112,151 Transitional 1.25 0.66 0
Slide 7: The Vanadium Market
The Vanadium Market 7
Slide 8: Vanadium pentoxide price
Vanadium pentoxide price Metal Bulletin V2O5 Monthly Midpoint Average Real Price Jan. 2004 - Aug. 2025 $60.00 Inflated to Dec 2024 US$ May-05, $50.53 US$/lb. V2O5 Mean $11.69 In Warehouse $50.00 Median $9.83 Rotterdam, Duty Not High $50.53 (May Paid Basis 2005) Nov 18, $38.48 $40.00 Low $4.53 (Jan.
Slide 9: Global vanadium consumption by application
Global vanadium consumption by application Vanadium Consumption by Application 300,000 250,000 200,000 Metric Tons V 150,000 100,000 50,000 - 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025e 2026e 2027e 2028e 2029e 2030e Steel Titanium Chemicals V Flow Battery Source: VANITEC, TTP Squared, LLC 9
Slide 10: Supply and demand 2002-2030
Supply and demand 2002-2030 V Consumption and Production 300,000 $35.00 Price basis: fused flake (98% purity) V2O5 In Warehouse Rotterdam, duty not paid 250,000 Inflated to December 2024 US$ $30.00 $25.00 Price (US$/lb V2O5) 200,000 $20.00 MTV 150,000 $15.00 100,000 $10.00 50,000 $5.00 0 $- 2025e 20
Slide 11: Vanadium cash cost curve
Vanadium cash cost curve Source: TTP Squared LLC 11
Slide 12: Balasausqandiq – a huge cost advantage over other producers and projects
Balasausqandiq – a huge cost advantage over other producers and projects Crucially not a titano-vanadiferous magnetite deposit WHY THIS MATTERS: • No need for high temperature roasting • Significantly reduces capital costs • No need to pre-concentrate ore • Significantly reduces operating costs • Hi
Slide 13: Balasausqandiq – other advantages
Balasausqandiq – other advantages FAVOURABLE GEOLOGY • Outcrops at surface, open pit, • Very large deposit – 33m tonnes of resource in first ore body out of seven identified • Low stripping ratio 4.4:1 EXISTING INFRASTRUCTURE AND TRANSPORT LINKS • Surfaced road already existing to site from town of
Slide 14: Carbon black substitute (“CBS”)
Carbon black substitute (“CBS”) Background • The ore at Balasausqandiq contains 8.35% carbon • After extraction of the vanadium and other metals by leaching, the carbon can be recovered from the tailings and concentrated to a level of 40% carbon, for use as a carbon black substitute • Test-work by S
Slide 15: Carbon – ultra-low CO2 emissions
Carbon – ultra-low CO2 emissions Standard carbon black: • Made by the incomplete combustion of hydrocarbons • From two to three tonnes of CO2 emitted in manufacture per tonne of product CBS: • Naturally occurring in the ore • Recovered from the tailings from the vanadium treatment plant which would
Slide 16: Share capital
Share capital Major shareholders Shareholder Current shares (m) Vision Blue Resources 114.9 (22.5%) Andrey Kuznetsov 69.1 (13.5%) Nicholas Bridgen 61.3 (12.0%) Other shareholders 265.0 (52%) Total 510.3 16
Slide 17: Appendix
Appendix 17
Slide 18: Kazakhstan
Kazakhstan An attractive operating environment • An upper-middle income country (World Bank) • GDP growth 5% (2024) • GDP per capita $14,349 (2024) • 25th (of 191) in ease of doing business (World Bank 2020) • 20% profits tax, low personal taxes • No general requirement for government free-carry or
Slide 19: Board
Board Experienced team with proven capability Sir Mick Davis Chairman A highly successful mining executive accredited with building Xstrata plc into one of the largest mining companies in the world prior to its acquisition by Glencore plc. Before listing Xstrata on the LSE as CEO he was CFO of Billi
Ferro-Alloy Resources — Investor Presentation (October 2025) on 6ix