Ferro Alloy Resources (FAR) H1 2025 earnings summary

Executive summary

• Focused on completing the feasibility study for the Balasausqandiq vanadium project, now expected by mid-October 2025.

• Existing plant shifted to R&D, with commercial production only when profitable.

• Commissioned pilot plants for carbon black substitute (CBS) and vanadium oxides for battery applications.

• Issued 10.4 million shares in lieu of cash for director fees, supplier payments, and a share subscription.

Financial highlights

• Revenue for H1 2025 was $2.53m, up 17.7% year-over-year (H1 2024: $2.15m), driven by higher molybdenum content and prices.

• Gross loss of $0.83m (H1 2024: $1.47m); net loss of $3.5m (H1 2024: $3.99m).

• Cash balance at period end was $0.4m, down from $2.5m at H1 2024.

• Net cash outflow from operating activities was $0.5m (H1 2024: $2.6m outflow).

• Net cash used in investing activities increased to $2.2m, mainly due to feasibility study costs.

Outlook and guidance

• Confident in publishing the feasibility study by mid-October 2025.

• Anticipates growth in vanadium demand for energy storage and battery applications.

• Directors confident in securing further funding post-feasibility study.