Following the results of the subscription for the shares of Ferro-Alloy Resources Limited (the Company), the volume and distribution of orders received during the subscription period of the retail tranche on the Kazakhstan Stock Exchange (KASE) were not sufficient to ensure proper liquidity for the Company's shares in the secondary market. Therefore, the Company opted not to accept any orders. The Company will continue discussions with potential strategic/financial investors in order to fund its investment program and a listing on the London Stock Exchange (LSE) later in the year is planned. In accordance with Kazakhstan legislation, an offering on KASE alongside the LSE listing will be conducted and the dual listings are expected to provide much greater liquidity to the Company’s shares.