olivLaw · European equity research
Ferro-Alloy Resources Limited FAR.L
United Kingdom · London Stock Exchange · Vertical: Listed companies from United Kingdom
Ferro-Alloy Resources Limited is developing the Balasausqandiq vanadium deposit in Kazakhstan while operating an existing plant that processes bought-in concentrates and runs an R&D centre. The interest rests on an expected vanadium supply deficit that the source links to battery energy storage, against revenue of 4.5 mn USD and a loss of 8.42 mn USD in fiscal 2025.
At the close of 05 Nov 2026, Ferro-Alloy Resources Limited (FAR.L) stock was 0.03 GBP (+0.00% on the day), with beta 0.63, 52-week range 0.03–0.10 GBP.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 39.1
- weak (30–45)
- Bollinger (20, 2)
- 0.03 – 0.04
- in the lower half of the band · %B 0.24 · band width 28.2%
- SMA 50 / 200
- 0.04 / 0.05
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.00 / -0.00
- MACD below signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | EURO STOXX 50 | vs EURO STOXX 50 | Vertical median | |
|---|---|---|---|---|
| 1 month | −19.5% | −0.6% | −18.9 pp | — |
| 3 months | −9.3% | −4.2% | −5.2 pp | — |
| 6 months | −32.7% | +4.3% | −37.0 pp | — |
| Year to date | −46.5% | +7.5% | −54.0 pp | — |
| 1 year | −52.4% | +9.9% | −62.3 pp | +5.8% |
| 3 years | −64.2% | +49.8% | −114.1 pp | +26.3% |
| 5 years | −87.2% | +42.8% | −130.0 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
the price (USD) and the reports are in different currencies
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 5.7 m | 4.7 m | 4.5 m |
| Revenue YoY | unavailable | −17.1% | −4.4% |
| Net income | -5.3 m | -9.4 m | -8.4 m |
| Net income YoY | unavailable | unavailable | unavailable |
| Diluted EPS | -0.01 | -0.02 | -0.02 |
| Diluted EPS YoY | unavailable | unavailable | unavailable |
| net % | -91.9% | -199.0% | -185.7% |
| Free cash flow | -6.1 m | -4.5 m | -1.1 m |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 1.7 m USD
- Financial debt
- 12.9 m USD
- Net debt
- 11.2 m USD
- Equity
- -2.7 m USD
- Total assets
- 19.3 m USD
- Debt / equity
- unavailable
- Current ratio
- 0.31x
- ROE
- unavailable
- ROA
- -43.6%
- FCF margin
- -25.1%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 5.7 m | 4.7 m | 4.5 m | esef· 12 May 2026verified |
| Cost of revenue | 6.8 m | 7.6 m | 6.3 m | esef· 12 May 2026verified |
| Gross profit | -1.1 m | -2.8 m | -1.7 m | esef· 12 May 2026verified |
| Operating income | -5.1 m | -7.5 m | -5.9 m | esef· 12 May 2026verified |
| Pre-tax income | -5.3 m | -9.4 m | -8.4 m | esef· 12 May 2026verified |
| Income tax | 0 | 0 | 0 | esef· 12 May 2026verified |
| Net income | -5.3 m | -9.4 m | -8.4 m | esef· 12 May 2026verified |
| Diluted EPS | -0.01 | -0.02 | -0.02 | esef· 12 May 2026verified |
Balance sheet · USD
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 2.0 m | 3.8 m | 1.7 m | esef· 12 May 2026verified |
| Receivables | 1.3 m | 1.2 m | 1.3 m | esef· 12 May 2026verified |
| Inventories | 2.0 m | 874.0 k | 1.3 m | esef· 12 May 2026verified |
| Current assets | 6.0 m | 6.7 m | 5.2 m | esef· 12 May 2026verified |
| Property, plant & equipment, net | 6.0 m | 3.5 m | 3.6 m | esef· 12 May 2026verified |
| Total assets | 20.0 m | 19.3 m | 19.3 m | esef· 12 May 2026verified |
| Accounts payable | 2.1 m | 1.8 m | 4.1 m | esef· 12 May 2026verified |
| Short-term debt | — | 432.0 k | 12.9 m | esef· 12 May 2026verified |
| Current liabilities | 2.4 m | 2.4 m | 17.0 m | esef· 12 May 2026verified |
| Total liabilities | 9.8 m | 19.5 m | 22.1 m | esef· 12 May 2026verified |
| Equity | 10.2 m | -271.0 k | -2.7 m | esef· 12 May 2026verified |
| Shares outstanding at year end | 437.6 m | 471.5 m | 495.0 m | esef· 12 May 2026derived |
Cash flow · USD
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | -5.1 m | -4.3 m | -857.0 k | esef· 12 May 2026verified |
| Capex | 978.0 k | 204.0 k | 281.0 k | esef· 12 May 2026verified |
| Free cash flow | -6.1 m ≈ | -4.5 m ≈ | -1.1 m ≈ | esef· 12 May 2026derived |
| Investing cash flow | -3.9 m | -2.3 m | -3.6 m | esef· 12 May 2026verified |
| Financing cash flow | 6.5 m | 8.4 m | 2.3 m | esef· 12 May 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- indicators available: 2 of at least 6
- score weight coverage: 10.4% of at least 60%
- valuation methods computed: 0 of at least 1
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: unavailable
Price and reporting are in different currencies; market indicators are unavailable.
Key indicators
Coverage and freshness
Score by group
10% · Insufficient data
Estimated value range
unavailable — no valuation method could be computed
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
- DCF (discounted cash flow)unavailable · input data missing
- Peers: EV/EBITDAunavailable · input data missing
- Peers: P/Eunavailable · the base of the ratio is not positive
- Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
no valuation method could be computed
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Insufficient data
Minimum-evidence gate: indicators available: 2 of at least 6; score weight coverage: 10.4% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | -185.7% | 6 (vs peers) | 60% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | 0.3x | 0 (on a fixed band) | 40% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partial0/100 · 1/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality· partial6/100 · 1/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partialunavailable · 0/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
FERRO-ALLOY RESOURCES LIMITED (FAR.L). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 4.5 m USD in 2025; YoY growth -4.4%; net margin -185.7%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (indicators available: 2 of at least 6; score weight coverage: 10.4% of at least 60%; valuation methods computed: 0 of at least 1).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
No signal among the computed factors. That is not an absence of risk: factors without data were not assessed, and business risks (margins, inventory, demand) are in the source-based analysis.
What contradicts it
- Net margin: -185.7%
- Current ratio: 0.3x
Not assessed (insufficient data or a ratio without meaning): ROIC, FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, Interest coverage, P/E (TTM), EV/EBITDA, FCF yield, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Listed companies from United Kingdom · same country · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| BATS.LBritish American Tobacco P.L.C. | 104.3 bn | 13.5 | 16.5% | 30.3% | −1.0% | +7% / +88% |
| ABF.LAssociated British Foods PLC | 14.7 bn | 14.3 | 9.2% | 5.3% | −3.1% | −5% / −15% |
| 0EV1.LCarnival PLC | 5.5 bn | 4.1 | 46.7% | 13.4% | +6.4% | unavailable / unavailable |
| BAB.LBabcock International Group PLC | 5.1 bn | 24.7 | 34.7% | 4.1% | +7.2% | −10% / +158% |
| AUTO.LAutotrader Group PLC | 4.8 bn | 16.4 | 60.2% | 47.1% | +3.9% | −13% / −23% |
| BBY.LBalfour Beatty PLC | 4.2 bn | 16.3 | 23.2% | 2.8% | +15.2% | +20% / +160% |
| ABDN.LAberdeen Group PLC | 4.1 bn | 10.8 | 8.0% | 28.9% | −2.1% | +11% / +41% |
| BKG.LThe Berkeley Group Holdings PLC | 3.6 bn | 11.3 | 8.8% | 13.4% | −4.2% | −0% / −22% |
| BME.LB&M European Value Retail PLC | 2.9 bn | 17.4 | 21.2% | 2.8% | +3.7% | +68% / −51% |
| AJB.LAj Bell PLC | 2.4 bn | 22.8 | 49.9% | 33.1% | +18.0% | +8% / +128% |
| ASHM.LAshmore Group PLC | 1.4 bn | 13.9 | 13.1% | 71.6% | −0.1% | +28% / +18% |
| BCG.LBaltic Classifieds Group PLC | 1.2 bn | 23.2 | 15.8% | 57.6% | +6.9% | −99% / −99% |
| APN.LApplied Nutrition PLC | 763.6 m | 36.2 | 41.2% | 19.7% | +24.2% | +71% / unavailable |
| BAG.LA.G. Barr P.L.C. | 671.9 m | 14.4 | 14.4% | 10.8% | +4.0% | −7% / +26% |
| ASC.LAsos PLC | 494.5 m | — | -81.3% | -12.0% | −14.7% | +71% / +8% |
| ALFA.LAlfa Financial Software Holdings PLC | 486.8 m | 16.3 | 61.5% | 23.8% | +15.3% | −28% / +10% |
| AML.LAston Martin Lagonda Global Holdings PLC | 344.3 m | — | -93.4% | -39.2% | −20.6% | −45% / −85% |
| APTD.LAptitude Software Group PLC | 111.3 m | 28.5 | 7.2% | 6.2% | −7.3% | −30% / −23% |
| AMGO.LAmigo Holdings PLC | 9.9 m | — | — | — | −81.9% | +325% / +844% |
| ASBE.LAssociated British Engineering PLC | 605.3 k | — | -19.1% | — | unavailable | unavailable / unavailable |
| AMIF.LAmicorp Fs (uk) PLC | 221.6 k | 0.1 | 27.5% | 9.1% | +8.1% | unavailable / unavailable |
| AAF.LAirtel Africa PLC | — | — | 24.1% | 10.6% | +29.5% | −7% / +164% |
| AAL.LAnglo American PLC | — | — | -19.3% | -20.2% | +4.5% | +30% / +76% |
| ACG.LAcg Metals Limited | — | — | -80.3% | -32.0% | +134.8% | +60% / +63% |
| AEP.LAnglo-Eastern Plantations PLC | — | — | 16.1% | 19.5% | +25.0% | +5% / +113% |
1- and 3-year price returns: for FAR.L from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Scenarios are not available. input data missing
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
Ferro-Alloy Resources Limited is developing the Balasausqandiq vanadium deposit in Kazakhstan while operating an existing plant that processes bought-in concentrates and runs an R&D centre. The interest rests on an expected vanadium supply deficit that the source links to battery energy storage, against revenue of 4.5 mn USD and a loss of 8.42 mn USD in fiscal 2025.
SWOT
Strengths
- The Balasausqandiq deposit is described as unique, containing vanadium, carbon, uranium and molybdenum, and the feasibility study states the proposed process needs no pre-concentration or roasting.
- The company reports a lower expected environmental impact than peers, which could matter to customers reviewing supply chain emissions.
- Investor Vision Blue has made significant investments and holds subscription options that could help finance construction.
Weaknesses
- Current revenue is small and the annual net loss remains significant relative to the company's asset base.
- Current liabilities jumped after bonds maturing in 2026 were reclassified, which could put pressure on liquidity.
- The main project is not yet fully funded, and development depends on market conditions when capital is raised.
Opportunities
- If the forecast vanadium deficit materialises, the company's product could become more sought after in energy storage.
- Monetising the nickel concentrate stockpile and the ferro-tungsten project could add revenue with relatively modest investment.
- If tyre-industry customers accept CBS, the product could become a revenue stream separate from vanadium.
Threats
- Vanadium and molybdenum prices can fluctuate, and the absence of formal trading markets makes revenue hard to anticipate.
- Sanctions on transit through Russia could disrupt exports, and alternative routes could prove more costly.
- Regulatory risk in Kazakhstan and currency swings between the US dollar and the tenge could affect financial results.
Risks
- Funding of the Balasausqandiq projecthigh
Development requires substantial debt and equity funding, whose availability depends on market conditions, which could delay construction.
- Liquidity and maturing debthigh
Current liabilities rose after bonds maturing in 2026 were reclassified, and year-end cash was limited, which could force further equity issues.
- Volatility of product pricesmedium
The lack of formal trading markets for project products could make future revenue sensitive to swings in vanadium and molybdenum prices.
- Geopolitical and transport risksmedium
Sanctions on vehicles transiting Russia could block exports via Latvia, and alternative Caspian routes could raise logistics costs.
- Dependence on key personnellow
The company depends on its executive team, and losing these people or struggling to attract qualified staff could affect project execution.
Investment thesis
What would need to be true (bull case)
- If the vanadium deficit arrives earlier than first estimated, the company could benefit from higher prices for a deposit with a declared low production cost.
- If the vanadium energy storage project or CBS converts into commercial contracts, revenue could go beyond the traditional processing segment.
- If the main financing closes, the company could move into larger-scale production with scope for expansion through later phases.
What would break the thesis
- If project funding is delayed, the company could be left with low revenue and high current liabilities, which could force dilution for shareholders.
- If vanadium prices fall or the market fails to confirm the forecast deficit, the investment plans could become harder to justify.
- If sanctions or transport problems widen, exports could be interrupted and costs could rise significantly.
What to watch
- Closing of the main Balasausqandiq project financing2026
- Results of industrial testing of CBS with the tyre-industry customer2026
- Movement of V2O5 and ferro-molybdenum prices relative to April 2026 levelsQ1 2027
- How the company settles bonds maturing in 2026next 10-K
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
Revenue is modest and comes mainly from research activity and opportunistic processing of concentrates rather than from a steady-state operation 1. The company says conventional key performance indicators could be misleading because current operations are not comparable across periods 1. Funding has relied on equity placings and bonds, and current liabilities rose to 17.0 mn USD after bonds maturing in 2026 were reclassified 1.
Beyond vanadium, the company is working on three lines: CBS, a low-carbon carbon black made from mining waste, ferro-nickel from stockpiled residues, and ferro-tungsten, for which it tested a process at the end of 2025 1. The source makes clear that these projects are at development or testing stage and depend on future commercial agreements and funding 1.
Segments
CBS (low-carbon carbon black)
CBS is a product made from vanadium ore waste, with an estimated emissions reduction of about 90% versus conventional carbon black 1. The company has prepared five tonnes for industrial testing by a major customer, and the hypothetical 500 USD/tonne price in the feasibility study could rise toward 600 USD/tonne in non-tyre applications 1.
Market context
According to CRU estimates cited in the report, V2O5 could move into deficit as early as the end of 2026, and use in long-duration energy storage batteries could reach 76% of annual demand by 2040 1. Forecast net-back prices at the factory gate range from 8.02 USD/lb in 2028 to 10.59 USD/lb from 2037 onwards, in 2025 real dollars 1.
The company notes that no formally established trading markets exist for its project products, which could make prices more volatile than modelled 1. Transport risks through Russia and Latvia, should sanctions widen, are also relevant to export flows 1.
Trends
- Vanadium demand from battery energy storagetailwind
Demand for vanadium in VRFB batteries could grow as intermittent renewables take a larger share of power generation, and CRU sees a shortage as a likely result 1.
- Rules restricting burning of low-grade fossil fuelsmixed
If international regulations prohibiting the burning of low-grade fossil fuels are implemented, the availability of concentrates could rise and the company could have more feedstock to process 1.
- Demand for high-performance steeltailwind
Vanadium as an alloy reduces the steel quantity needed, which could support long-term demand if the steel industry increasingly adopts vanadium-containing steels 1.
- Geopolitical tensions and transport routesheadwind
The conflict in Ukraine does not directly affect the company, but sanctions on vehicles transiting Russia could block exports to Latvia, which is why the company is reviewing routes via the Caspian Sea 1.
Competitive position
Most of the world's vanadium is made from titano-vanadiferous magnetite ore, whose processing requires pre-concentration and high-temperature roasting, which the company says makes its ore less energy-intensive 1. Direct competition comes from producers using these ores, though the source does not name them.
In carbon black, competition comes from producers that burn heavy hydrocarbons and emit more CO2 per tonne of product 1. The company suggests its ESG advantage could matter to tyre-industry customers who increasingly review supplier environmental performance 1.
- Producers of vanadium from titano-vanadiferous magnetite ore
The source does not name the companies but indicates that most global vanadium output uses this ore type, which is energy-intensive to process.
- Hydrocarbon-based carbon black producers
Competitors in the CBS segment; the source describes their process as generating significant CO2 and other pollutant emissions.
- Ferrochrome and ferrovanadium suppliers to steelmakers
Potential competitors for steel alloys; the source does not identify specific suppliers.
- Ferro-tungsten and ferro-nickel producers
Products under development at the company; competition in these segments is not detailed in the source.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202512 May 2026
- Annual report 202407 May 2025
Sources
- [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / Ferro-Alloy Resources Limited · 31 Dec 2025
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.