Ferro-Alloy Resources

FAR.L

Industrial Materials · Basic Materials

Price

3.75 GBp

+0.00 (+0.00%)

Market Cap

22.0M GBp

Exchange

London Stock Exchange

Winston Score

Winston is worried

Weak fundamentals across most pillars.

Data as of Aug 9, 2026 · filings through Dec 31, 2025

Share count rising — dilution

+50.8% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 335.1M (2021) → 505.3M (2025)

Ferro-Alloy Resources Ltd. is a mining and processing company focused on vanadium, a metal used to strengthen steel and store energy in large batteries. The company operates the Balasausqandiq vanadium deposit in Kazakhstan, which is considered one of the largest known vanadium deposits in the world. Its potential customers include steel producers and companies building grid-scale energy storage systems.

The company earns money by mining and selling vanadium products, though it is still in early-stage development and is not yet generating meaningful revenue, which explains its deeply negative margins. It operates entirely in Kazakhstan and is listed on the London Stock Exchange, making it a small, pre-profit miner with a high-risk profile. The key growth driver is scaling up production at Balasausqandiq, but the main risk is that the company continues to burn cash while relying on external financing to fund operations before it reaches commercial-scale output.

Winston Score History

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

-22.7% YoY

YoY Growth Rate

Revenue declining

EPS Growth

+16.1% YoY

YoY Growth Rate

Steady EPS growth

R&D Spend

$0/ year

0.0% of revenue

Below sector average (3%)

Research and development spending

Insider Activity

48.7%ownership

Insiders own a meaningful stake in the company

Cash Runway

~6 months

$2M cash & investments

Quarterly Free Cash Flow

→ Burn rate stable

Short runway — potential dilution ahead through share issuance

Cash watch

Ferro-Alloy Resources has less than a year of cash at its current burn rate. Growth investors should watch for potential share dilution from future fundraising — that directly reduces your ownership.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

Each metric is explained in plain language so you know exactly what you're looking at. Start your free trial now.

Quality

Gross Margin

-55.0%

Thin — -55.0% gross margin

Operating Margin

-171.5%

Losing money on operations — -171.5%

ROCE

-11.6%

Weak — -11.6% return on capital

Negative ROIC means the business is losing money on every dollar invested in it.

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Growth

Sales YoY

-4.4%

Shrinking sales (-4.4% YoY)

EPS YoY

N/A

—

Data not available

EPS Consistency

4/8 quarters

Earnings inconsistent quarter-to-quarter

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Cash Flow

Cash Conversion

N/A

—

Data not available

FCF Margin

-99.9%

Burning cash (-99.9%)

Free cash flow is negative. They are burning cash, not generating it.

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Stability

Debt / Equity

N/A

Data not available

Interest Cover

N/A

Data not available

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Valuation

P/E Ratio (TTM)

N/M

—

Negative earnings — P/E not meaningful

P/E vs Forward

N/A

not available

Data not available

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Dividends

Not applicable for this business.

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