Ferro-alloy Resources Ltd. · LSE:FAR
Ferro-alloy Resources — Investor Presentation (January 2026)
29 slides from Ferro-alloy Resources's investor presentation, January 2026
Slide 1: A world-class, low-cost emerging vanadium producer
A world - class, low - cost emerging vanadium producer Corporate presentation January 2026 1
Slide 2: Disclaimer
Disclaimer The information contained in this confidential document This Presentation may contain forward-looking statements contained herein shall form the basis of any contract or (“Presentation”) has been prepared by Ferro-Alloy Resources that involve substantial risks and uncertainties, and actua
Slide 3: Agenda
01 Introduction and overview 02 Our project Agenda 03 Our market 04 Investor profile and capital structure 3
Slide 4: Introduction and overview
01 Introduction and overview 4
Slide 5: Opportunity overview
Opportunity overview Ferro - Alloy Resources Limited (LON:FAR) Feasibility study & Project development • Junior mining company developing the very large vanadium and carbon • Feasibility study (“FS”) for Phase 1 prepared by SRK and Tetra Tech completed Balasausqandiq deposit in southern Kazakhstan o
Slide 6: Investment case
Investment case • Critical mineral at the heart of the energy transition • On track to be the world’s lowest-cost vanadium producer • High-value carbon by-product = extra margin, less price risk • Stand-out project economics with strong downside protection • Direct leverage to long-duration energy s
Slide 7: Project economics
Project economics Compelling Phase 1 financial outcomes Key financial highlights (incorporating CC6 EPC) Key assumptions NPV (post tax) US$932m Post tax discount rate 8% IRR 31% V2O5 pricing: 2028 / 2034 onwards US$ 8.02lb / US$ 10.59lb Cash cost per pound (V2O5 equivalent basis) US$ 4.35/lb CBS pri
Slide 8: Significant value upside
Significant value upside Reagent consumption and metallurgical recovery New CBS product Carbon recovery The Group’s technical team believe, Made from mining waste - not captured Recirculation of the concentrator based on previous pilot plant testing, by the FS. Around 225,000t of this new tailings s
Slide 9: Project funding (based on CC6 EPC)
Project funding (based on CC6 EPC) Project funding requirement • Phase 1 to be funded through a combination of equity and Item US$ m debt financing Mining 13 • The Company has received a preliminary quotation for an Tailings storage facility 18 EPC covering most of the scope of the project implying
Slide 10: Project timeline
Project timeline Financing / final investment decision 2025 Phase 1 feasibility study published 2026 Front end engineering and design • Financial advisers appointed for project debt and • FEED to commence once financed strategic equity (Northcott / Oval) • EPC pricing to be confirmed once FEED compl
Slide 11: Our project
O02 Our project FR
Slide 12: The Balasausqandiq project
The Balasausqandiq project A globally significant vanadium project Planned two - phase development The Balasausqandiq deposit is a unique vanadium resource capable of becoming the world’s largest and lowest cost 01 Phase 1 02 Phase 2 primary producer. 1.65m tonnes of ore treated Potential to reach f
Slide 13: The Balasausqandiq advantage
The Balasausqandiq advantage Huge cost advantage, driven by metallurgy, processing, geology and infrastructure Metallurgy Processing • Ore does not require pre-roasting • High recovery levels for V2O5 and C 01 • Ore not concentrated pre-treatment 02 • Improvements expected on commissioning • Signifi
Slide 14: Our market
03 Our market 14
Slide 15: Vanadium is a critical industrial metal
Vanadium is a critical industrial metal Steel alloying (current core use) Energy storage (rapid growth) Vanadium increases the strength-to-weight ratio of steel, enabling The emerging vanadium redox flow battery (VRFB) sector is projected to transform reduced material usage across construction, auto
Slide 16: Vanadium is a critical industrial metal: price volatility
Vanadium is a critical industrial metal Price volatility 2004 to 2025 Metal Bulletin V 2 O 5 Monthly Midpoint Average Real Price Jan. 2004 - Aug. 2025 2005 and 2018 price spikes caused by significant supply shortages in the market Inflated to Dec 2024 US$ $60.00 US$/lb. V2O5 May-05, $50.53 Mean US$1
Slide 17: Vanadium is a critical industrial metal: price distribution
Vanadium is a critical industrial metal V 2 O 5 Real Price Frequency Distribution Jan. 2004 - Aug. 2025 Inflated to Dec 2024 US$ 45 Since January 2004 US$/Pound V2O5 In Warehouse Rotterdam, Duty Not Paid Basis 40 V2O5 prices on an inflated basis have Mean US$ 11.69 35 been below current Median US$ 9
Slide 18: Vanadium consumption vs. production
Vanadium is a critical industrial metal Vanadium Consumption vs. Production Price basis: fused flake (98% purity) V 2O 5 In Warehouse Rotterdam, duty not paid Inflated to December 2024 US$ 300,000 $35.00 $30.00 250,000 $25.00 200,000 Price (US$/lb V2O5) $20.00 MTV 150,000 $15.00 100,000 $10.00 50,00
Slide 19: Vanadium production by country
Vanadium production by country Current global production dominated by China creating a geopolitical supply risk for other jurisdictions to benefit from 2001 – 2030e 250,000 Middle East Latvia Vietnam 200,000 Kazakhstan Brazil 150,000 Australia India MTV Taiwan 100,000 Korea Japan 50,000 Europe North
Slide 20: Carbon Black Substitute
Carbon Black Substitute Traditional carbon black CBS Attributes • The ore at Balasausqandiq contains c. 8% carbon in a chemical • After extraction of the vanadium and other metals by leaching, the structure similar to carbon black carbon in the tailings (which would otherwise be dumped) can be conce
Slide 21: Investor profile and capital structure
04 Investor profile and capital structure 21
Slide 22: Significant shareholders and capital structure
Significant shareholders Capital structure Shareholder Current shares US$ Vision Blue Resources 125.8m (22.5%) Market capitalisation 53m Andrey Kuznetsov 71.1m (12.7%) Current debt (Kazakh bonds) 18m Nicholas Bridgen 62.8m (11.2%) Enterprise value 71m Other 299.4m (53.6%) Most recent equity fundrais
Slide 23: Appendices
O05 Appendices FR
Slide 24: Experienced team with proven capability
Experienced team with proven capability Sir Mick Davis Nicholas Bridgen William Callewaert A highly successful mining executive accredited with Chartered accountant, lived in Kazakhstan since 2000 and Experienced finance professional, FCA qualified and a building Xstrata plc into one of the largest
Slide 25: Experienced team with proven capability
Experienced team with proven capability Andrey Kuznetsov Chris Thomas James Turian Peet Nienaber Engineer with PhD in mathematical Chairman of I&S BBDO, Japan and Background in accounting and trust Former CEO of Xstrata Alloys, one of logic, native Russian language, previously CEO for BBDO in the ma
Slide 26: Feasibility study – further select information
Feasibility study – further select information • Permitting / licences: current Subsoil Use Contract in place – all licences, contracts and mining allotments have been reviewed and confirmed as in good standing • Mining: mine will operate as a conventional open pit using drill-and-blast, truck and s
Slide 27: Balasausqandiq deposit
Balasausqandiq deposit OB1 Mineral resource (as at 30 April 2023) • Indicated Mineral Resource Resource Weathering Mass of 32.9 million tonnes for Grade (%) Material Content (tonnes) Class grade (Mt) OB1, at a mean grade of 0.62% V2O5, reported at a V2O5 Mo U C V2O5 Mo U C marginal cut-off grade of
Slide 28: Balasausqandiq deposit
Balasausqandiq deposit OB1 Ore reserves (as at 30 September 2025) Weathering Ore Class Mass (Mt) Grade (%) Material Content (tonnes) grade V2O5 Mo U C V2O5 Mo U C Probable All Material 30.93 0.59 0.0143 0.0049 8.35 181,781 4,421 1,520 2,528,596 Reserve Types * The Balasausqandiq Ore Reserve Statemen
Slide 29: Thank you
Thank you Ferro - Alloy Resources Group Maison Allaire, Smith Street St. Peter Port Guernsey, GY1 2NG info@ferro-alloy.com www.ferro-alloy.com 29
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