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1 A world - class, low - cost emerging vanadium producer Corporate presentation January 2026
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2 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 authorised person in accordance with Section 21 of the Financial Services and Markets Act 2000 (“FSMA”). It is provided for information purposes only and it is not being provided in connection with any offer of securities in any way in any jurisdiction. While the information contained herein has been prepared in good faith, neither the Company nor any of its shareholders, directors, officers, agents, employees or advisers give, have given or have authority to give, any representations or warranties (express or implied) as to, or in relation to, the accuracy, reliability or completeness of the information in this Presentation, or any revision thereof, or of any other written or oral information made or to be made available to any interested party or its advisers (all such information being referred to as “Information”) and liability therefore is expressly disclaimed. Accordingly, neither the Company nor any of its shareholders, directors, officers, agents, employees or advisers take any responsibility for, or will accept any liability whether direct or indirect, express or implied, contractual, tortious, statutory or otherwise, in respect of, the accuracy or completeness of the Information or for any of the opinions contained herein or for any errors, omissions or misstatements or for any loss, howsoever arising, from the use of this Presentation. This Presentation may contain forward-looking statements that involve substantial risks and uncertainties, and actual results and developments may differ materially from those expressed or implied by these statements. These forward- looking statements are statements regarding the Company's intentions, beliefs or current expectations concerning, among other things, the Company's results of operations, financial condition, prospects, growth, strategies and the industry in which the Company operates. By their nature, forward-looking statements involve risks and uncertainties because they relate to events and depend on circumstances that may or may not occur in the future. These forward- looking statements speak only as of the date of this Presentation and the Company does not undertake any obligation to publicly release any revisions to these forward- looking statements to reflect events or circumstances after the date of this Presentation. In furnishing this Presentation, the Company does not undertake or agree to any obligation to provide the recipient with access to any additional information or to update this Presentation or to correct any inaccuracies in, or omissions from, this Presentation which may become apparent. This Presentation should not be considered as the giving of investment advice by the Company or any of its shareholders, directors, officers, agents, employees or advisers. In particular, this Presentation does not constitute an offer or invitation to subscribe for or purchase any securities and neither this Presentation nor anything contained herein shall form the basis of any contract or commitment whatsoever. Each party to whom this Presentation is made available must make its own independent assessment of the Company after making such investigations and taking such advice as may be deemed necessary. In particular, any estimates or projections or opinions contained herein necessarily involve significant elements of subjective judgment, analysis and assumptions and each recipient should satisfy itself in relation to such matters. Neither this Presentation nor any copy of it may be (a) taken or transmitted into Australia, Canada, Japan, the Republic of South Africa or the United States of America (each a “Restricted Territory”), their territories or possessions; (b) distributed to any U.S. person (as defined in Regulation S under the United States Securities Act of 1933 (as amended)) or (c) distributed to any individual outside a Restricted Territory who is a resident thereof in any such case for the purpose of offer for sale or solicitation or invitation to buy or subscribe any securities or in the context where its distribution may be construed as such offer, solicitation or invitation, in any such case except in compliance with any applicable exemption. The distribution of this document in or to persons subject to other jurisdictions may be restricted by law and persons into whose possession this document comes should inform themselves about, and observe, any such restrictions. Any failure to comply with these restrictions may constitute a violation of the laws of the relevant jurisdiction. Disclaimer
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3 Agenda Introduction and overview 01 02 03 04 Our project Our market Investor profile and capital structure
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4 01 Introduction and overview
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5 • Junior mining company developing the very large vanadium and carbon Balasausqandiq deposit in southern Kazakhstan on a phased basis • Listed on the London Stock Exchange and the Astana International Exchange • Strategic investor is Vision Blue Resources, Sir Mick Davis’ energy transition investment vehicle • Primary products are vanadium pentoxide (“V2O5”) and a carbon black substitute (“CBS”) products • Feasibility study (“FS”) for Phase 1 prepared by SRK and Tetra Tech completed • Highly competitive initial quotation for FEED and EPC received from Chinese construction company (“CC6”) • Financing strategies in development following receipt of debt funding and equity finance expressions of interest Ferro - Alloy Resources Limited (LON:FAR) Feasibility study & Project development Opportunity overview
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6 • 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 storage growth • Scalable asset with clear expansion upside Investment case
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7 Project economics Compelling Phase 1 financial outcomes NPV (post tax) US$932m IRR 31% Cash cost per pound (V2O5 equivalent basis) US$ 4.35/lb Cash cost per pound (net of by-products) US$ 0.36/lb V2O5 annual production 8,500 tonnes CBS annual production 247,000 tonnes CAPEX US$ 355m Key financial highlights (incorporating CC6 EPC) Post tax discount rate 8% V2O5 pricing: 2028 / 2034 onwards US$ 8.02lb / US$ 10.59lb CBS pricing US$ 500/tonne Revenue split: V2O5 / CBS / Other 57% / 37% / 6% MET: V2O5 (CBS exempt) 5.2% Corporate tax rate (exempt to 2038) 20% Annual Run of Mine throughput 1.65m tonnes Average ore grades: V2O5 / C 0.62% / 8.69% Average processing recovery: V2O5 / C 86.2% / 72% Life of mine (Ore body No 1 only) 20 years Key assumptions
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8 The Group’s technical team believe, based on previous pilot plant testing, that lower reagent consumption and higher recovery can be achieved in actual operations, and this will be tested further in the next phase. Reagent consumption and metallurgical recovery Significant value upside 01 Made from mining waste - not captured by the FS. Around 225,000t of this new type of material might be produced per year in addition to the 247,000t of original CBS included in the FS. This material is available at no additional mining cost, requiring limited capex on crushing and dry milling. New CBS product 02 Recirculation of the concentrator tailings still to be confirmed but could lead to a higher recovery that would increase the scale of CBS production, expanding the Company’s by-product value and further reducing the project’s already industry-leading forecast net cash operating costs. Carbon recovery 03 Changing to a dry milling process for carbon black substitute production could deliver significant capital cost savings and further enhancement of project economics. CBS dry milling 04 While the FS is premised on the production of V2O5 flake, the proposed plant can be tailored to produce the full spectrum of vanadium based products including high purity V2O5 and the oxides required for battery electrolyte that command higher prices. Product range 05
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9 Item US$ m Mining 13 Tailings storage facility 18 Water / power supply 15 Processing 205 Sulphuric acid plant 31 Sub total 282 Working capital 22 Other (owners costs, insurance etc) 9 Contingency (15% of plant construction costs) 42 Total cost of construction 355 Pre-production income, less costs (44) Funding requirement to get into production 311 • Phase 1 to be funded through a combination of equity and debt financing • The Company has received a preliminary quotation for an EPC covering most of the scope of the project implying a capital cost of US$313m (excluding contingency) Project funding requirement Project funding (based on CC6 EPC) Debt Equity Estimated project funding split 70% 30% Funding requirement US$ 311m US$ 218m US$ 93m
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10 Phase 1 feasibility study published 2025 2026 Financing / final investment decision Front end engineering and design Project timeline • Financial advisers appointed for project debt and strategic equity (Northcott / Oval) • Non-binding conditional loan offer received from Bank of Communication, Hubei Branch • Letter of project support issued to Sinosure by the Chinese Chamber of Commerce for International Contractors • FEED to commence once financed • EPC pricing to be confirmed once FEED completed (six months) • Identification of strategic investors and project debt providers to enable FID 2027 2028 Detailed design / construction Construction Commissioning / production 2026
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11 02 Our project
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12 A globally significant vanadium project The Balasausqandiq deposit is a unique vanadium resource capable of becoming the world’s largest and lowest cost primary producer. Planned two - phase development What is the difference and why does it matter? Black shale leads to significantly reduced capital and operating costs, with no need for high temperature roasting or pre-concentration, and achieving higher recovery rates. Black shale deposit, NOT titano - vanadiferous magnetite Phase 1 Phase 2 1.65m tonnes of ore treated per year Potential to reach four times the size of Phase 1, based on ore- bodies 2, 3 and 4 Three additional ore-bodies remain for further phases of development 01 02 The Balasausqandiq project
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13 Huge cost advantage, driven by metallurgy, processing, geology and infrastructure The Balasausqandiq advantage • Open pit mining • Low strip ratio (4.4:1) • Results in lower mining costs and lower cash cost of production 03 • Existing power line in place • Existing road / rail access from nearby town of Shieli • Therefore, limited further infrastructure CAPEX required to deliver the project to production Infrastructure 04 • Ore does not require pre-roasting • Ore not concentrated pre-treatment • Significant energy cost savings in comparison to other primary producers Metallurgy 01 • High recovery levels for V2O5 and C • Improvements expected on commissioning • All mining and V2O5 processing completed on site i.e. no multi site processing and so no ore transport costs Processing 02 Geology
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14 03 Our market
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15 Vanadium increases the strength-to-weight ratio of steel, enabling reduced material usage across construction, automotive and infrastructure. This sector forms the backbone of current global demand and is expected to grow steadily as nations modernise building standards and low-carbon steelmaking intensifies. Steel alloying (current core use) The emerging vanadium redox flow battery (VRFB) sector is projected to transform the market. CRU forecasts that VRFBs will account for ~76% of global V₂O₅ demand by 2040, driven by the global shift toward renewable energy, grid stability, and long- duration power storage solutions. This surge is expected to push the global vanadium market into deep structural deficit from 2029, with annual supply deficit exceeding total 2024 production by 2035. Energy storage (rapid growth) Vanadium Redox Flow Batteries (VRFBs) • Long-duration, safe, scalable energy storage • Lowest levelised cost for long-duration battery energy storage • Ideal complement to renewable power expansion • Critical alloying metal for strength, durability and weight reduction • Supports construction, automotive, infrastructure, and rebar standards • Stable growth with global demand tied to low-carbon steelmaking Vanadium is a critical industrial metal
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16 Metal Bulletin V 2 O 5 Monthly Midpoint Average Real Price Jan. 2004 - Aug. 2025 Inflated to Dec 2024 US$ source: Fastmarkets, TTP Squared, LLC. Vanadium is a critical industrial metal Jan-04, US $8.06 May-05, $50.53 Jun-08, $23.88 Jan-16, $4.53 Nov 18, $38.48 Aug-25, $5.28 $- $10.00 $20.00 $30.00 $40.00 $50.00 $60.00 Jan-04 May-04 Sep-04 Jan-05 May-05 Sep-05 Jan-06 May-06 Sep-06 Jan-07 May-07 Sep-07 Jan-08 May-08 Sep-08 Jan-09 May-09 Sep-09 Jan-10 May-10 Sept.-10 Jan.-11 May-11 Sept-11 Jan-12 May-12 Sept-12 Jan-13 May-13 Sept-13 Jan-14 May-14 Sept.-14 Jan-15 May-15 Sept-15 Jan-16 May-16 Sep-16 Jan-17 May-17 Sept 17 Jan 18 May 18 Sep 18 Jan 19 May 19 Sep 19 Jan 20 May 20 Sept 20 Jan 21 May 21 Sept. 21 Jan 22 May 22 Sept 22 Jan 23 May 23 Sep 23 Jan-24 May-24 Sept.-24 Jan-25 May-25 US$/lb V2O5 In Warehouse Rotterdam, Duty Not Paid Basis US$/lb. V2O5 Mean US$11.69 Median US$9.83 High US$50.53 (May 2005) Low US$4.53 (Jan 2016) 2005 and 2018 price spikes caused by significant supply shortages in the market Price volatility 2004 to 2025
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17 source: Fastmarkets. TTP Squared, LLC. Vanadium is a critical industrial metal 0 5 10 15 20 25 30 35 40 45Number of Occurances US$/Pound V2O5 Mean US$ 11.69 Median US$ 9.83 High US$ 50.53 (May 2005) Low US$ 4.53 (Jan 2016) Since January 2004 V2O5 prices on an inflated basis have been below current levels for 3 months or 1.0% of the time In Warehouse Rotterdam, Duty Not Paid Basis Jan. 2004 - Aug. 2025 Inflated to Dec 2024 US$ V 2 O 5 Real Price Frequency Distribution
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18 Price basis: fused flake (98% purity) V 2 O 5 In Warehouse Rotterdam, duty not paid Inflated to December 2024 US$ $- $5.00 $10.00 $15.00 $20.00 $25.00 $30.00 $35.00 0 50,000 100,000 150,000 200,000 250,000 300,000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025e 2026e 2027e 2028e 2029e 2030e Price (US$/lb V2O5) MTV Consumption Traditional Markets Energy Storage Production V2O5 Price Vanadium is a critical industrial metal source: Fastmarkets. TTP Squared, LLC. Vanadium Consumption vs. Production
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19 2001 – 2030e Vanadium production by country - 50,000 100,000 150,000 200,000 250,000 MTV Middle East Latvia Vietnam Kazakhstan Brazil Australia India Taiwan Korea Japan Europe North America South Africa Russia China Current global production dominated by China creating a geopolitical supply risk for other jurisdictions to benefit from source: Fastmarkets. TTP Squared, LLC.
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20 • The ore at Balasausqandiq contains c. 8% carbon in a chemical structure similar to carbon black • Carbon black is produced from the incomplete combustion of hydrocarbons, a CO2 polluting process • Carbon black has multiple uses in rubber / plastic products but predominantly used globally in tyre manufacturing • Multiple grades / quality of carbon black produced resulting in price of range of c. US$1,000 to US$2,000/tonne • Carbon black likely to incur high tariffs under the EU (and other) carbon border adjustment mechanisms Traditional carbon black CBS Attributes • After extraction of the vanadium and other metals by leaching, the carbon in the tailings (which would otherwise be dumped) can be concentrated to a level of 40%, for use as a CBS • Marketing study advises that the CBS can be marketed at a price of between US$500 and US$600 per tonne • FS projects production of c. 247,000 tonnes per year leading to more than US$110m per year of additional revenue • Potential use in all black rubber products e.g. tyres, conveyor belts, tubing, matting • Significant test work programmes completed in the UK and CIS on the substitution of CBS for carbon black in passenger car tyre rubber with successful results • A fraction of the CO2 emissions associated with manufacture of CBS compared with the production of carbon black - opens the possibility of realising carbon credits, or reduced import carbon equalisation tariffs • Less than 0.5 tonnes of CO2 emitted per tonne of CBS produced in comparison to 2.0 – 3.0 tonnes of CO2 per tonne of carbon black produced Carbon Black Substitute
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21 04 Investor profile and capital structure
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22 Our society depends on secure access to clean and reliable energy to meet growing demand and enable technological advances. We are convinced that our capability, expertise and strategy positions Vision Blue to play a role in building a better, more sustainable world. Shareholder Current shares Vision Blue Resources 125.8m (22.5%) Andrey Kuznetsov 71.1m (12.7%) Nicholas Bridgen 62.8m (11.2%) Other 299.4m (53.6%) Shares in Issue: 559,129,629 as of 31st December 2025 “ Sir Mick Davis www.vision-blue.com Significant shareholders Capital structure US$ Market capitalisation 53m Current debt (Kazakh bonds) 18m Enterprise value 71m Most recent equity fundraise completed on 5 December 2025, supported by board members and Vision Blue Resources, raising gross proceeds of US$2m.
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23 05 Appendices
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24 Sir Mick Davis 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 Billiton plc and Chairman of Billiton Coal which he joined from the position of Eskom CFO. During his career in mining he has raised almost US$40bn from global capital markets and successfully completed over US$120bn of corporate transactions. Founder of Vision Blue Resources. William Callewaert Experienced finance professional, FCA qualified and a chartered accountant (ICAEW) with over 20 years' experience working across audit and advisory services both in the UK and offshore. Holds an honours degree in Law from Durham University. Nicholas Bridgen Chartered accountant, lived in Kazakhstan since 2000 and speaks Russian. 14 years with Rio Tinto group in various roles and 26 years’ board level experience with companies operating in the FSU including CEO of Hambledon Mining. Experienced team with proven capability
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25 Andrey Kuznetsov Engineer with PhD in mathematical logic, native Russian language, English speaker. Previously lead the Scientific Department in Central Committee of Youth, Kontakt Research and Development and TOO Firma Balausa. Author of more than 10 vanadium treatment patents. Peet Nienaber Former CEO of Xstrata Alloys, one of the largest producers of ferrochrome and a leading producer of vanadium, with some 20,000 people under Peet’s leadership. Holds a BSc in Metallurgical Engineering and a BSc in Engineering from the University of Pretoria. James Turian Background in accounting and trust management and a Chartered Fellow of the Securities Institute IAQ and a Fellow of the Institute of Directors. Director of Accounts For You Ltd. Chris Thomas Chairman of I&S BBDO, Japan and previously CEO for BBDO in the Americas as well as for Asia, Middle East and Africa. Experienced team with proven capability
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26 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 shovel methods, and external waste rock dumps for disposing of non-ore material • Processing: flowsheet is based on a counter-current atmospheric and pressure acid leach system. Sequential steps: crushing, primary and secondary grinding, atmospheric acid pre-treatment, pressure acid leaching, carbon flotation, metals recovery (including uranium, molybdenum, and vanadium), iron and aluminium precipitation, tailings management, and off-site CBS fine grinding in Kyzylorda • Tailings: tailings storage facility designed by SRK and is designed as a fully lined, downstream-raised, hillside facility constructed in three major phases over the life of mine
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27 OB1 Mineral resource (as at 30 April 2023) Resource Class Weathering grade Mass (Mt) Grade (%) Material Content (tonnes) V2O5 Mo U C V2O5 Mo U C Measured - - - - - - - - - - Indicated resource Oxide 1.56 0.67 0.0139 0.0047 7.16 10,560 216 73 112,151 Transitional 1.25 0.66 0.0138 0.0045 7.17 8,260 172 56 89,869 Fresh- sulphide 30.08 0.61 0.0150 0.0052 8.83 184,814 4,523 1,554 2,655,454 Total 32.89 0.62 0.0149 0.0051 8.69 203,634 4,911 1,683 2,857,473 Inferred - - - - - - - - - - * Differences may occur in totals due to rounding Balasausqandiq deposit • Indicated Mineral Resource of 32.9 million tonnes for OB1, at a mean grade of 0.62% V2O5, reported at a marginal cut-off grade of 0.4% V2O5 - equating to 203,364 contained tonnes of V2O5. • An increase of 8.6 million tonnes (35.4%) of mineral resource and an increase of 38,058 tonnes (23%) of contained V2O5 by comparison with the estimate contained in the Company’s 2018 Competent Persons Report.
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28 OB1 Ore reserves (as at 30 September 2025) Ore Class Weathering grade Mass (Mt) Grade (%) Material Content (tonnes) V2O5 Mo U C V2O5 Mo U C Probable Reserve All Material Types 30.93 0.59 0.0143 0.0049 8.35 181,781 4,421 1,520 2,528,596 * The Balasausqandiq Ore Reserve Statement has its effective date as 30 September 2025 and is reported at a cut-off grade of 0.29% V2O5 equivalent within an optimal pit shell Balasausqandiq deposit
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29 Thank you Ferro - Alloy Resources Group Maison Allaire, Smith Street St. Peter Port Guernsey, GY1 2NG info@ferro-alloy.com www.ferro-alloy.com