Ferro Alloy Resources (FAR) H1 2026 earnings summary

Executive summary

• Progressed the Balasausqandiq vanadium project to front-end engineering and design, with ongoing financing discussions and a letter of interest from a major US government financing institution.

• Continued R&D on carbon black substitute (CBS) and rare earth elements (REES), securing a $500,000 grant for CBS pilot production.

• Issued 28.6 million new shares, raising £1.57m in equity.

Financial highlights

• Revenue for H1 2026 was $1.8m, down 28% year-over-year due to a 35% reduction in processed raw materials.

• Gross loss of $0.5m (2025: $0.8m); loss before and after tax of $3.2m (2025: $3.5m).

• Net cash outflow from operations was $2.4m (2025: $0.5m outflow); cash at period end was $0.8m (2025: $0.4m).

• Administrative expenses were $1.6m (2025: $1.5m); net finance costs $1.0m (2025: $1.1m).

Outlook and guidance

• Awaiting construction quotations for the Balasausqandiq project; financing remains a key focus.

• R&D efforts to continue, especially on CBS and REES recovery.