Ferro-Alloy Resources

FAR.L

Industrial Materials · Basic Materials

Exchange

London Stock Exchange

Winston Score

Winston is worried

Weak fundamentals across most pillars.

Data as of Aug 23, 2026 · filings through Dec 31, 2025

How the score breaks down

Quality

Weak

Growth

Weak

Cash Flow

Weak

Stability

Data not available

Valuation

Data not available

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Winston Score History

The full picture

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.

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

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.

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Quality

Profit per sale

Gross Margin

-55.0%

Thin — -55.0% gross margin

Profit after running costs

Operating Margin

-171.5%

Losing money on operations — -171.5%

Return on the money invested

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 growth

Sales YoY

-4.4%

Shrinking sales (-4.4% YoY)

Profit growth

EPS YoY

N/A

—

Data not available

How steady the profit is

EPS Consistency

4/8 quarters

Earnings inconsistent quarter-to-quarter

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Cash Flow

Profit that turns into cash

Cash Conversion

N/A

—

Data not available

Spare cash per sale

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

What it owes vs what it owns

Debt / Equity

N/A

Data not available

Covers its interest

Interest Cover

N/A

Data not available

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Valuation

Price vs profit

P/E Ratio (TTM)

N/M

no trend

Negative earnings — P/E not meaningful

Cheaper or dearer next year

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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