Appointment of Chief Executive Officer

Ferro-Alloy Resources Limited

26 October 2026

 

26 October 2026

Ferro-Alloy Resources Limited

(“the “Company”)

Appointment of Chief Executive Officer

Ferro-Alloy Resources Limited (LSE:FAR), the vanadium producer and developer of the large Balasausqandiq vanadium deposit in Southern Kazakhstan (the “Project”), is pleased to confirm that, further to the Company’s announcement on 31 July 2026, Peter Secker has been appointed as Chief Executive Officer (“CEO”), with immediate effect.

Mr Secker is a seasoned mining executive with more than 40 years’ global experience in project development, operations, and corporate growth across the resources sector. He has led the acquisition, development, and operation of projects in Australia, Africa, China, Mexico, and Canada, with expertise across a range of commodities including gold, iron ore, copper, lithium, and titanium. As CEO of multiple publicly listed companies over the past two decades, Mr Secker has raised more than US$2 billion in funding and successfully brought five greenfield projects into production.

In conjunction with the appointment of Mr Secker, Nick Bridgen will step down as the Company’s CEO and transition to the role of Non-Executive Deputy Chairman, with immediate effect. In this position, he will continue to support the Board by drawing on his extensive knowledge of the Project to provide valuable insight and continuity as the Company progresses.

Commenting, Sir Mick Davis, Chairman of Ferro-Alloy Resources, said:

“On behalf of the Board, I thank Nick Bridgen for his leadership of the Company over many years and for bringing the Project to the completion of its bankable feasibility study. Subject to financing, we now move onto the engineering and, thereafter, the construction phases. I am, therefore, very pleased to welcome Peter Secker as Chief Executive Officer of Ferro-Alloy Resources. Peter brings a wealth of leadership experience, proven operational delivery and a strong track record of financing complex mining projects through development and into production.

Peter’s appointment, together with Nick’s continued involvement as Non-Executive Deputy Chairman, further strengthens the leadership team as we unlock the full potential of this unique asset and drive the Company through this exciting next phase of growth.”

Commenting, Peter Secker, CEO of Ferro-Alloy Resources, said:

“I am delighted to join Ferro-Alloy Resources as Chief Executive Officer at such an important stage in the Company’s development. The Project represents a unique opportunity to bring one of the world’s largest and potentially lowest-cost vanadium producers into production, while also benefiting from a number of valuable co-product revenue streams.

Working alongside the Board, management team, our employees, local stakeholders and partners, my focus will be on advancing Balasausqandiq and realising the value of this world-class project.”

With respect to disclosure required under UK Listing Rule 6.4.8R, Mr Secker has held the following directorships within the last five years:

Company	Status
Bacanora Lithium Limited (AIM)	Delisted January 2022
Zinnwald Lithium Limited (AIM)	Resigned July 2026
McLaren Minerals Limited (ASX)	Current (Non-executive director)

Save as disclosed above, there are no further matters required to be disclosed pursuant to UK Listing Rule 6.4.8R in relation to Mr Secker’s appointment.

ENDS

For further information, visit www.ferro-alloy.com or contact:

Ferro-Alloy Resources Limited	Peter Secker (CEO) / William Callewaert (CFO)	[e-mail]
Shore Capital  (Joint Corporate Broker) Panmure Liberum Limited (Joint Corporate Broker) BlytheRay (Financial PR)	Toby Gibbs / Lucy Bowden Scott Mathieson / John More Megan Ray / Will Jones	[phone] [phone] [phone] [e-mail]

Notes to Editors

About Ferro-Alloy Resources Limited:

The Company's operations are all located at the Balasausqandiq deposit in Kyzylordinskoye Oblast in the South of Kazakhstan.

Balasausqandiq is a very large deposit, with vanadium as the principal product together with the CBS and several by-products. Owing to the nature of the ore, the capital and operating costs are very much lower than for other vanadium projects.    

The most recent mineral resource estimate for ore-body one (of seven) provided an Indicated Mineral Resource of 32.9 million tonnes at a mean grade of 0.62% vanadium pentoxide (“V2O5”) equating to 203,364 contained tonnes of V2O5. In the system of reserve estimation used in Kazakhstan the reserves are estimated to be over 70 million tonnes in ore-bodies 1 to 5, but this does not include the full depth of ore-bodies 2 to 5, or the remaining ore-bodies which remain substantially unexplored. 

The grade of carbon in the deposit is over 8%. The carbon flows through to the tailings from where it is concentrated, in a simple low-cost operation, into a 40% carbon product, the CBS, that can be used in place of carbon black as a reinforcing filler in the making of rubber.

The Project will be developed in two phases, Phase 1 and Phase 2, with Phase 1 treating 1.65 million tonnes per year.

The results of the feasibility study, carried out principally by SRK and Tetra Tech, were announced in October 2025, showing a project net present value (“NPV”) of US$748m and internal rate of return (“IRR”) of 22%.  Since then, a preliminary re-estimation of the capital costs by Chinese engineers China National Chemical Engineering Sixth Construction Co., Ltd has been received, which would have the effect of increasing NPV to US$932m and IRR to 31%.

There is an existing concentrate processing operation at the site of the Balasausqandiq deposit. The production facilities were originally created from a 15,000 tonnes per year pilot plant, which was then expanded and adapted to recover vanadium, molybdenum and nickel from purchased concentrates.  Alongside this operation, there is a well-equipped laboratory and highly skilled technical team, who have already developed the technology that is being built into the feasibility study and is further developing and optimising processes needed for future vanadium and carbon operations. The plant will operate only when profitable concentrates are available and, when not operating as a production facility, will operate on an expanded basis as an R&D centre.

 

END