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Ferro Alloy Resources (FAR) investor relations material
Ferro Alloy Resources H2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Focused on developing the Balasausqandiq vanadium deposit in Kazakhstan, aiming to become a leading low-cost vanadium producer with significant by-product carbon potential.
Phase 1 feasibility study completed, targeting 8,500 tonnes of vanadium pentoxide annually, with plans for further expansion.
Ongoing R&D and pilot operations, with successful production of vanadium, molybdenum, and carbon black substitute (CBS) products.
Financial highlights
Revenue for 2025 was $4.5m, slightly down from $4.7m in 2024, reflecting R&D focus and opportunistic concentrate processing.
Cost of sales decreased to $6.3m (2024: $7.6m), mainly due to lower raw material and operating costs.
Administrative expenses rose to $3.6m (2024: $3.0m), driven by fundraising and advisory costs.
Net loss for the year was $8.4m, improved from a $9.4m loss in 2024.
Cash at year-end was $1.68m, down from $3.78m, with net cash outflows from operations of $0.9m.
Outlook and guidance
Balasausqandiq Phase 1 expected to deliver industry-leading low cash costs ($0.36/lb net of by-products) and strong project economics (NPV $931.6m, IRR 31%).
Anticipated vanadium market deficit from 2026, supporting robust pricing outlook.
Further phases planned, leveraging additional ore bodies for significant production scale-up.
- Kazakhstan vanadium project aims for lowest costs and strong margins, targeting energy storage growth.FAR
Corporate presentation2 Apr 2026 - Revenue fell and losses widened in H1 2024 amid low vanadium prices and ongoing project investment.FAR
H1 20242 Apr 2026 - Losses increased as revenue fell and focus shifted to R&D, with funding secured for project advancement.FAR
H2 20242 Apr 2026 - Revenue up 17.7% to $2.53m, net loss narrows, feasibility study near completion.FAR
H1 20252 Apr 2026
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