Ferro-Alloy Resources Limited announce the completion of drilling for ore body one ("OB1") and the partial completion of drilling on ore bodies 2, 3 and 4 ("OB2, OB3 and OB4"), following a total of19,720metres of drilling undertaken in 2022. The Company has previously announced a resource and a reserve estimate for OB1 of 23 million tonnes, sufficient for a mine-life of more than 20 years for Phase 1 of the project (processing 1 million tonnes of ore per year). As part of the ongoing bankable feasibility study ("BFS"), and with the objective of ensuring a high degree of definition of the OB1 folded deposit, the decision was taken to increase the drilling meterage on OB1.

The drilling programme for OB2, OB3 and OB4, that will support Phase 2 of the project (an additional 3 million tonnes of ore processed per year), has been completed so far as possible. There is an area of difficult topography (not expected to create difficulties for actual mining) and the Company is currently assessing the options available to access the undrilled area or omit it from the BFS if sufficient tonnes of resource and reserve are assessed from the remaining area.