Ferro-Alloy Resources Limited announced the sale of all bonds issued under the USD 5 million second tranche of the Kazakhstan exempt offer bond programme. Background: As previously announced, the Company listed the Second Tranche of bonds under the Programme on 19 September 2023, to accelerate the development of the Balasausqandiq project including front-end engineering. The nominal value of the Second Tranche was US$5m, with a nominal coupon rate of 10%, payable quarterly, and a three year maturity.

Sale /Proceeds: All bonds listed under the Second Tranche have been sold and net proceeds of USD 4.87 million have now been received by the Company. Trading of the Second Tranche of bonds on the Astana International Exchange commenced on 20 September 2023. Summary: The two tranches of bonds issued and listed under the Programme to date have been sold, in aggregate, for US$8m.

Under the terms of the Programme, US$12m of headroom remains for the issue of future tranches by the Company.