Ferro-Alloy Resources（5PE）株式概要フェロアロイ・リソーシズ社は、カザフスタン共和国でバナジウムおよび関連副産物の採掘、加工、販売を行っている。 詳細5PE ファンダメンタル分析スノーフレーク・スコア評価0/6将来の成長0/6過去の実績0/6財務の健全性2/6配当金0/6リスク分析マイナスの株主資本 German市場と比較して、過去 3 か月間の株価の変動が非常に大きい過去5年間で収益は年間26.1%減少しました。 意味のある収益がありません ( $5M )+2 さらなるリスクすべてのリスクチェックを見る5PE Community Fair Values Create NarrativeSee what others think this stock is worth. Follow their fair value or set your own to get alerts.Your Fair Value€Current Price€0.041189.3% 割高 内在価値ディスカウントGrowth estimate overAnnual revenue growth rate5 Yearstime period%/yrDecreaseIncreasePastFuture-9m6m2016201920222025202620282031Revenue US$5.7mEarnings US$764.9kAdvancedSet Fair ValueView all narrativesFerro-Alloy Resources Limited 競合他社DelignitSymbol: XTRA:DLXMarket cap: €26.6mEcoRubSymbol: DB:7M8Market cap: €40.2mBRAIN BiotechSymbol: XTRA:BNNMarket cap: €64.7mIBU-tec advanced materialsSymbol: XTRA:IBUMarket cap: €77.2m価格と性能株価の高値、安値、推移の概要Ferro-Alloy Resources過去の株価現在の株価UK£0.04152週高値UK£0.1552週安値UK£0.029ベータ0.841ヶ月の変化-18.18%3ヶ月変化-51.50%1年変化-47.40%3年間の変化-48.73%5年間の変化-89.11%IPOからの変化-62.50%最新ニュースBoard Change • May 20No independent directorsNo new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 6 experienced directors. 1 highly experienced director. No independent directors (7 non-independent directors). CFO & Director Will Callewaert was the last director to join the board, commencing their role in 2022. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment.お知らせ • Dec 06Ferro-Alloy Resources Limited has filed a Follow-on Equity Offering in the amount of £1.549886 million.Ferro-Alloy Resources Limited has filed a Follow-on Equity Offering in the amount of £1.549886 million. Security Name: Ordinary Shares Security Type: Common Stock Securities Offered: 24,931,147 Price\Range: £0.055 Security Name: Ordinary Shares Security Type: Common Stock Securities Offered: 3,248,600 Price\Range: £0.055 Transaction Features: Subsequent Direct Listingお知らせ • Nov 12Ferro-Alloy Resources Limited has completed a Follow-on Equity Offering in the amount of £1.238333 million.Ferro-Alloy Resources Limited has completed a Follow-on Equity Offering in the amount of £1.238333 million. Security Name: Ordinary Shares Security Type: Common Stock Securities Offered: 20,638,879 Price\Range: £0.06 Transaction Features: Subsequent Direct Listingお知らせ • Nov 05Ferro-Alloy Resources Limited has filed a Follow-on Equity Offering in the amount of £1.238333 million.Ferro-Alloy Resources Limited has filed a Follow-on Equity Offering in the amount of £1.238333 million. Security Name: Ordinary Shares Security Type: Common Stock Securities Offered: 20,638,879 Price\Range: £0.06 Transaction Features: Subsequent Direct Listingお知らせ • Oct 13Ferro-Alloy Resources Limited Announces Positive Feasibility Study Results IRR of 22%Ferro-Alloy Resources Limited announced the results of its feasibility study on Phase 1 of the large Balasausqandiq vanadium deposit (the "Project") in Southern Kazakhstan (the "Feasibility Study"). Compelling economics with net present value ("NPV") of USD 748 million (post tax discount rate of 8%) and Project internal rate of return ("IRR") of 22%. Funding required to enter production of USD 520 million. Bottom decile of industry cash operating costs, with attractive by-product credit value upside: Cash cost of USD 4.35 per pound ("lb") (V2O5 equivalent basis). Cash cost of USD 0.36/lb (net of by-product credits). Vanadium pentoxide ("V2O5") price forecast of USD 8.67/lb in 2029 increasing to USD 10.59/lb in 2037 and thereafter. Annual production of 8,500 tonnes of V2O5, plus 247,000 tonnes of carbon black substitute ("CBS"). Mine life of 20 years. Phase 2 expansion could increase total production to four times the Phase 1 level, based on ore-bodies 2, 3 and 4, ("OB2,3,4") with an equally long mine life. Areas for optimisation show the potential to significantly improve NPV and IRR following the completion of front-end engineering design ("FEED"). Discussions ongoing with potential customers for a new type of CBS (announced on 27 June 2025) to be made from the mine waste, additional to the current CBS. Discussions in progress, with expressions of interest received from potential debt and equity providers.お知らせ • Oct 09Ferro-Alloy Resources Limited, Annual General Meeting, Nov 14, 2025Ferro-Alloy Resources Limited, Annual General Meeting, Nov 14, 2025. Location: the duke of richmond hotel, anns place, st peter port, gy1 1uy, Guernsey最新情報をもっと見るRecent updatesBoard Change • May 20No independent directorsNo new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 6 experienced directors. 1 highly experienced director. No independent directors (7 non-independent directors). CFO & Director Will Callewaert was the last director to join the board, commencing their role in 2022. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment.お知らせ • Dec 06Ferro-Alloy Resources Limited has filed a Follow-on Equity Offering in the amount of £1.549886 million.Ferro-Alloy Resources Limited has filed a Follow-on Equity Offering in the amount of £1.549886 million. Security Name: Ordinary Shares Security Type: Common Stock Securities Offered: 24,931,147 Price\Range: £0.055 Security Name: Ordinary Shares Security Type: Common Stock Securities Offered: 3,248,600 Price\Range: £0.055 Transaction Features: Subsequent Direct Listingお知らせ • Nov 12Ferro-Alloy Resources Limited has completed a Follow-on Equity Offering in the amount of £1.238333 million.Ferro-Alloy Resources Limited has completed a Follow-on Equity Offering in the amount of £1.238333 million. Security Name: Ordinary Shares Security Type: Common Stock Securities Offered: 20,638,879 Price\Range: £0.06 Transaction Features: Subsequent Direct Listingお知らせ • Nov 05Ferro-Alloy Resources Limited has filed a Follow-on Equity Offering in the amount of £1.238333 million.Ferro-Alloy Resources Limited has filed a Follow-on Equity Offering in the amount of £1.238333 million. Security Name: Ordinary Shares Security Type: Common Stock Securities Offered: 20,638,879 Price\Range: £0.06 Transaction Features: Subsequent Direct Listingお知らせ • Oct 13Ferro-Alloy Resources Limited Announces Positive Feasibility Study Results IRR of 22%Ferro-Alloy Resources Limited announced the results of its feasibility study on Phase 1 of the large Balasausqandiq vanadium deposit (the "Project") in Southern Kazakhstan (the "Feasibility Study"). Compelling economics with net present value ("NPV") of USD 748 million (post tax discount rate of 8%) and Project internal rate of return ("IRR") of 22%. Funding required to enter production of USD 520 million. Bottom decile of industry cash operating costs, with attractive by-product credit value upside: Cash cost of USD 4.35 per pound ("lb") (V2O5 equivalent basis). Cash cost of USD 0.36/lb (net of by-product credits). Vanadium pentoxide ("V2O5") price forecast of USD 8.67/lb in 2029 increasing to USD 10.59/lb in 2037 and thereafter. Annual production of 8,500 tonnes of V2O5, plus 247,000 tonnes of carbon black substitute ("CBS"). Mine life of 20 years. Phase 2 expansion could increase total production to four times the Phase 1 level, based on ore-bodies 2, 3 and 4, ("OB2,3,4") with an equally long mine life. Areas for optimisation show the potential to significantly improve NPV and IRR following the completion of front-end engineering design ("FEED"). Discussions ongoing with potential customers for a new type of CBS (announced on 27 June 2025) to be made from the mine waste, additional to the current CBS. Discussions in progress, with expressions of interest received from potential debt and equity providers.お知らせ • Oct 09Ferro-Alloy Resources Limited, Annual General Meeting, Nov 14, 2025Ferro-Alloy Resources Limited, Annual General Meeting, Nov 14, 2025. Location: the duke of richmond hotel, anns place, st peter port, gy1 1uy, Guernseyお知らせ • Jul 08Ferro-Alloy Resources Limited has completed a Follow-on Equity Offering in the amount of £1 million.Ferro-Alloy Resources Limited has completed a Follow-on Equity Offering in the amount of £1 million. Security Name: Ordinary Shares Security Type: Common Stock Securities Offered: 16,666,667 Price\Range: £0.06 Transaction Features: Subsequent Direct Listingお知らせ • Jun 27Ferro-Alloy Resources Limited Announces Progress in the Development of the Carbon Black Substitute Product and an Update of the Feasibility Study on Phase 1 of the Balasausqandiq ProjectFerro-Alloy Resources Limited announced progress in the development of the carbon black substitute ("CBS") product and an update of the Feasibility Study ("Feasibility Study") on Phase 1 of the Balasausqandiq Project (the "Project"). A new CBS product developed based on processing high-carbon /low vanadium waste rock located within the existing pit shells scheduled to be stripped during the mining of Ore-Body 1 ("OB1"); Successful laboratory testing of the new CBS product (and the existing c. 40% carbon CBS product) by a major manufacturer and supplier of automotive rubber products to the Chinese car industry opens the prospect of a valuable CBS revenue stream with the potential to be brought online prior to the construction of the Project's main processing plant; A 20 tonne sample of the new CBS product is being sent to the potential Chinese customer for industrial testing; Feasibility Study substantially complete including the 1.65 million tonnes per year ("Mtpa") process plant design, tailing storage facility design and mine plan; Potential changes to the CBS product specification, source ore and treatment process, which could materially improve the CBS aspects of the Feasibility Study, will be made over the course of the summer, deferring the projected issue date of the Feasibility Study to September 2025. The marketing division of the same consultancy advised that the CBS product should be marketed, based on a comparison with other reinforcing fillers currently available, at a price of USD 500 per tonne for the tyre market, and between USD 500 and USD 600 per tonne for the non-tyre market. New CBS product On 2 December 2024, the Company announced that the focus of its operating plant would be switched to research and development ("R&D"), including the development of CBS markets. As a result of that R&D, the Company has developed a further CBS product, with a lower carbon content in comparison to the existing CBS product, whilst still maintaining good reinforcing qualities in the manufacture of rubber. The Company has built a test-plant which is currently producing around 400 kg of the new CBS product per hour. A separate plant to produce the new CBS product, processing the stripped high carbon /low vanadium waste rock, could be built and operated in advance of the construction of the Project processing plant, providing the Company with a valuable early cash flow stream. A 20 tonne sample of The new CBS product is being sent To the potential Chinese customer for industrial scale testing, following which, offtake discussions are likely to result. The Feasibility Study is substantially complete with respect to the mining and processing to recover vanadium pentoxide as flake; Mineral reserve 33 million tonnes (OB1 only); Mining and throughput to the process plant - 1.65 Mtpa; Vanadium pentoxide output - 8,500 tonnes per year ("tpa); Carbon black substitute output - up to 220,000 tpa; Process plant design, tailings storage facility design and mine planning complete; Ecological and social studies have not identified any significant issues The Board of Directors is of the opinion that deferring the publication of the Feasibility Study To September 2025 will allow time to conduct additional work on the new CBS product and reflect any offtake agreements that might ensue. The Project will be developed in two phases, Phase 1 and Phase 2.お知らせ • Jun 03Ferro-Alloy Resources Limited Enters into A Non-Binding, Non-Exclusive Framework Agreement with China National Chemical Engineering Sixth Construction Co., LtdFerro-Alloy Resources Limited announced that it has entered into a non-binding, non-exclusive framework agreement (the "Agreement") with China National Chemical Engineering Sixth Construction Co. Ltd. ("CC6") to design and construct Phase 1 of the Balasausqandiq Project. The Company and CC6 (together, the "Parties") have entered into the Agreement to document the common intent between the Parties to advance CC6's potential engagement as the contractor to undertake the front end engineering and design ("FEED") contract and the engineering, procurement and construction ("EPC") contract (together, the "Contracts") for Phase 1 of the Balasqandiq Project. Under the Agreement, the Parties will consider and negotiate the potential contractual terms between the Parties that could lead to the award of the Contracts to CC6. The Agreement is non-binding and non-exclusive. Any ultimate contractual relationship between the Parties remains subject to the entry into the relevant documentation on terms acceptable to both Parties. CC6 CC6, founded in 1965, is a wholly owned subsidiary of China National Chemical Engineering Group Corp, and specialises in the engineering, design and construction of industrial processing plants. CC6 has completed in excess of 4,000 large or medium sized projects in over 20 countries, including Kazakhstan, and has significant prior experience and expertise with FEED and EPC contracts for the design or construction of more than 50 vanadium related projects. Signing this agreement is the first step towards what could turn out to be a very advantageous partnership, which could significantly advance the project schedule and ensure cost-effective engineering and construction.Reported Earnings • Sep 29First half 2024 earnings released: US$0.008 loss per share (vs US$0.003 loss in 1H 2023)First half 2024 results: US$0.008 loss per share (further deteriorated from US$0.003 loss in 1H 2023). Revenue: US$2.15m (down 35% from 1H 2023). Net loss: US$3.99m (loss widened 161% from 1H 2023). Revenue is forecast to grow 64% p.a. on average during the next 3 years, compared to a 1.8% growth forecast for the Metals and Mining industry in Europe. Over the last 3 years on average, earnings per share has fallen by 20% per year but the company’s share price has fallen by 44% per year, which means it is performing significantly worse than earnings.New Risk • Sep 27New minor risk - Revenue sizeThe company makes less than US$5m in revenue. Total revenue: US$4.6m This is considered a minor risk. Companies with a small amount of revenue are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-US$9.5m free cash flow). Share price has been highly volatile over the past 3 months (79% average weekly change). Earnings have declined by 25% per year over the past 5 years. Minor Risks Shareholders have been diluted in the past year (7.5% increase in shares outstanding). Revenue is less than US$5m (US$4.6m revenue). Market cap is less than US$100m (€31.5m market cap, or US$35.2m).お知らせ • Sep 26Ferro-Alloy Resources Limited Provides Update on Results from the Testing Completed on Its Carbon Concentrate and the Balasausqandiq Feasibility StudyFerro-Alloy Resources Limited provided an update on the results from the testing completed on its carbon concentrate and the Balasausqandiq feasibility study. Carbon Concentrate: Results from the testing of the Company's carbon concentrate to be produced from the tailings of the Balasausqandiq ore have confirmed the suitability of the concentrate for use in tyre rubber manufacture and other carbon black based rubber applications. The testing has shown that the carbon concentrate can be successfully used as a partial substitute for conventional carbon black filler in a passenger car tyre sidewall compound formulation. A marketing report quantifying the value proposition of the concentrate is being finalised. Feasibility Study: Feasibility study for Phase 1 is ongoing: Current focus of the study is on the optimisation of the planned tailings storage facility. Site selection is in progress and preliminary capital estimates have been completed on a staged construction basis to refine initial capital spend. Design capacity of the Phase 1 process plant has been increased to 1.65m tonnes throughput per year and the comminution circuit design work has been completed. Reagent optimisation programme commenced to quantify improvements to the project's expected operational expenditure. In order to accommodate the increased design capacity of the Phase 1 process plant and the reagent optimisation programme, the Company now expects the feasibility study to be published during Second Quarter 2025.お知らせ • Sep 19Ferro-Alloy Resources Limited, Annual General Meeting, Oct 23, 2024Ferro-Alloy Resources Limited, Annual General Meeting, Oct 23, 2024. Location: the old government house hotel, anns place, st peter port, gy1 2nu, GuernseyReported Earnings • Apr 30Full year 2023 earnings released: US$0.012 loss per share (vs US$0.011 loss in FY 2022)Full year 2023 results: US$0.012 loss per share (further deteriorated from US$0.011 loss in FY 2022). Revenue: US$5.72m (down 8.9% from FY 2022). Net loss: US$5.25m (loss widened 23% from FY 2022). Revenue is forecast to grow 46% p.a. on average during the next 3 years, compared to a 1.5% growth forecast for the Metals and Mining industry in Europe. Over the last 3 years on average, earnings per share has fallen by 4% per year but the company’s share price has fallen by 51% per year, which means it is performing significantly worse than earnings.New Risk • Mar 29New minor risk - Financial data availabilityThe company's latest financial reports are more than 6 months old. Last reported fiscal period ended June 2023. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-US$8.9m free cash flow). Share price has been highly volatile over the past 3 months (83% average weekly change). Earnings have declined by 39% per year over the past 5 years. Minor Risks Latest financial reports are more than 6 months old (reported June 2023 fiscal period end). Shareholders have been diluted in the past year (8.3% increase in shares outstanding). Market cap is less than US$100m (€24.9m market cap, or US$26.8m).New Risk • Nov 19New minor risk - Shareholder dilutionThe company's shareholders have been diluted in the past year. Increase in shares outstanding: 8.3% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (38% average weekly change). Earnings have declined by 39% per year over the past 5 years. Minor Risks Less than 1 year of cash runway based on current free cash flow (-US$8.9m). Shareholders have been diluted in the past year (8.3% increase in shares outstanding). Market cap is less than US$100m (€48.3m market cap, or US$52.7m).お知らせ • Oct 07Ferro-Alloy Resources Limited, Annual General Meeting, Nov 01, 2023Ferro-Alloy Resources Limited, Annual General Meeting, Nov 01, 2023, at 14:00 Coordinated Universal Time. Location: The Duke of Richmond Hotel, Cambridge Park, St Peter Port Guernsey, GY1 1UY. Guernsey United KingdomReported Earnings • Sep 14First half 2023 earnings released: US$0.003 loss per share (vs US$0.002 loss in 1H 2022)First half 2023 results: US$0.003 loss per share (further deteriorated from US$0.002 loss in 1H 2022). Revenue: US$3.31m (down 15% from 1H 2022). Net loss: US$1.53m (loss widened 121% from 1H 2022). Revenue is forecast to grow 57% p.a. on average during the next 3 years, while revenues in the Metals and Mining industry in Europe are expected to remain flat.New Risk • Jul 03New major risk - Financial positionThe company has less than a year of cash runway based on its current free cash flow trend. Free cash flow: -US$7.8m This is considered a major risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-US$7.8m free cash flow). Share price has been highly volatile over the past 3 months (38% average weekly change). Earnings have declined by 39% per year over the past 5 years. Minor Risks Shareholders have been diluted in the past year (19% increase in shares outstanding). Market cap is less than US$100m (€50.8m market cap, or US$55.4m).Recent Insider Transactions • May 04CEO & Director recently bought €737k worth of stockOn the 2nd of May, Nicholas Bridgen bought around 6m shares on-market at roughly €0.12 per share. This transaction amounted to 12% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. This was Nicholas' only on-market trade for the last 12 months.Reported Earnings • Apr 30Full year 2022 earnings released: US$0.011 loss per share (vs US$0.008 loss in FY 2021)Full year 2022 results: US$0.011 loss per share (further deteriorated from US$0.008 loss in FY 2021). Revenue: US$6.27m (up 33% from FY 2021). Net loss: US$4.29m (loss widened 52% from FY 2021). Revenue is forecast to grow 41% p.a. on average during the next 3 years, compared to a 1.3% decline forecast for the Metals and Mining industry in Europe.お知らせ • Jan 31Ferro-Alloy Resources Limited Provides Earnings and Production Guidance for the Year 2023Ferro-Alloy Resources Limited provided earnings and production guidance for the year 2023. The company believes that both the production and financial results for 2023 are likely to be significantly better than 2022.お知らせ • Dec 20Ferro-Alloy Resources Limited Announces an Update on the Ongoing Feasibility Study into the Large Balasausqandiq Vanadium ProjectFerro-Alloy Resources Limited announced an update on the ongoing feasibility study into the large Balasausqandiq vanadium project. Drilling: As previously announced, the drilling programme for Phase 1 of the Feasibility Study has been completed and an updated resource estimate for Phase 1 will be announced during First Quarter 2023. Similarly, the drilling programme for Phase 2 of the Feasibility Study has been completed as far as possible and the Company is assessing drilling options for a residual area of difficult topography. Metallurgy: Metallurgical test-work continues to advance at SGS Lakefield under the supervision of TetraTech. Extraction of vanadium during acid leaching continues to be above expectations with 94-97% vanadium extraction into solution. The test-work programme will also complete subsequent phases of vanadium, uranium, molybdenum and potassium alum extraction stages, and solid liquid separation tests. Carbon: Additional technical studies are advancing to understand and validate the potential use of the carbon-rich tailings for the production of a carbon black substitute for the making of rubber and as a feed for the production of ferro silicon. Feasibility Study Engineering: The open pit geotechnical drilling has commenced and will continue into 2023. The results of the drilling and subsequent mechanical testing programme will be used to confirm the open pit slope design. In addition, a geophysical survey of the water supply bore field area is underway. The results of the survey will be used to define the fieldwork programme required to define the water extraction bore field required to support the projects water needs. The open pit hydrogeology drilling is currently being contracted per the scope defined by SRK Consulting (Kazakhstan) Limited. The drilling is expected to commence in early 2023.お知らせ • Dec 07Ferro-Alloy Resources Limited Announces Completion of Drilling Programme for 2022Ferro-Alloy Resources Limited announce the completion of drilling for ore body one ("OB1") and the partial completion of drilling on ore bodies 2, 3 and 4 ("OB2, OB3 and OB4"), following a total of19,720metres of drilling undertaken in 2022. The Company has previously announced a resource and a reserve estimate for OB1 of 23 million tonnes, sufficient for a mine-life of more than 20 years for Phase 1 of the project (processing 1 million tonnes of ore per year). As part of the ongoing bankable feasibility study ("BFS"), and with the objective of ensuring a high degree of definition of the OB1 folded deposit, the decision was taken to increase the drilling meterage on OB1. The drilling programme for OB2, OB3 and OB4, that will support Phase 2 of the project (an additional 3 million tonnes of ore processed per year), has been completed so far as possible. There is an area of difficult topography (not expected to create difficulties for actual mining) and the Company is currently assessing the options available to access the undrilled area or omit it from the BFS if sufficient tonnes of resource and reserve are assessed from the remaining area.Board Change • Nov 16No independent directorsFollowing the recent departure of a director, there are no independent directors on the board. The company's board is composed of: No independent directors. 7 non-independent directors. CFO & Director Will Callewaert was the last director to join the board, commencing their role in 2022. The company's lack of independent directors is a risk according to the Simply Wall St Risk Model.お知らせ • Oct 14Ferro-Alloy Resources Limited, Annual General Meeting, Nov 10, 2022Ferro-Alloy Resources Limited, Annual General Meeting, Nov 10, 2022, at 14:00 Coordinated Universal Time. Location: The Old Government House Hotel, St Ann's Place, Guernsey, GY1 2NU Guernsey GuernseyReported Earnings • Sep 16First half 2022 earnings released: US$0.002 loss per share (vs US$0.003 loss in 1H 2021)First half 2022 results: US$0.002 loss per share (improved from US$0.003 loss in 1H 2021). Revenue: US$3.91m (up 153% from 1H 2021). Net loss: US$694.0k (loss narrowed 36% from 1H 2021). Revenue is forecast to grow 44% p.a. on average during the next 2 years, compared to a 3.6% decline forecast for the Metals and Mining industry in Europe.お知らせ • Sep 16Ferro-Alloy Resources Limited has completed a Follow-on Equity Offering in the amount of £8.21089 million.Ferro-Alloy Resources Limited has completed a Follow-on Equity Offering in the amount of £8.21089 million. Security Name: Ordinary Shares Security Type: Common Stock Securities Offered: 4,416,666 Price\Range: £0.12 Security Name: Ordinary Shares Security Type: Common Stock Securities Offered: 64,007,418 Price\Range: £0.12 Transaction Features: Subsequent Direct ListingReported Earnings • May 01Full year 2021 earnings released: US$0.008 loss per share (vs US$0.012 loss in FY 2020)Full year 2021 results: US$0.008 loss per share (up from US$0.012 loss in FY 2020). Revenue: US$4.73m (up 99% from FY 2020). Net loss: US$2.83m (loss narrowed 28% from FY 2020). Over the next year, revenue is forecast to grow 231%, compared to a 32% growth forecast for the mining industry in Germany.Board Change • Apr 27No independent directorsFollowing the recent departure of a director, there are no independent directors on the board. The company's board is composed of: No independent directors. 7 non-independent directors. CFO & Director Will Callewaert was the last director to join the board, commencing their role in 2022. The company's lack of independent directors is a risk according to the Simply Wall St Risk Model.お知らせ • Apr 01Ferro-Alloy Resources Limited Announces the Appointment of William Callewaert as Chief Financial OfficerFerro-Alloy Resources Limited to announce the appointment of William Callewaert as Chief Financial Officer, effective immediately. Mr. Callewaert is an experienced finance professional, FCA qualified and a chartered accountant with over 20 years' experience working across audit and advisory services both in the UK and offshore.お知らせ • Nov 30Ferro-Alloy Resources Limited Announces Update on the Progress of the Expanded Feasibility Study for the Large Balasausqandiq Vanadium DepositFerro-Alloy Resources Limited announced an update on the progress of the expanded feasibility study (the 'Feasibility Study' or 'Study') for the large Balasausqandiq vanadium deposit ('Balasausqandiq') . FAR is currently well advanced in the workstreams necessary to produce a Bankable Feasibility Study ('BFS'). Following the investments by Vision Blue Resources during 2021, the decision has been taken to expand the scope of the Study to include not only the finalisation of the BFS for the first phase of development, known as Phase 1, but also to include Phase 2. Phase 1 envisages the treatment of 1 million tonnes of ore per year to produce 5,600 tonnes of vanadium pentoxide, and Phase 2 envisages an expansion to 4 million tonnes per year with production rising to 22,400 tonnes of vanadium pentoxide. The Company has commissioned SRK Consulting (Kazakhstan) Limited to produce the overall Feasibility Study, with the metallurgy and process plant being covered by Tetra Tech Inc. The results of the BFS are expected during the last quarter of 2022. A considerable body of work has been undertaken in previous studies, including the assessment of the reserves of just one (of five) ore-bodies on a JORC 2012 basis at 23 million tonnes, and the operation of a test plant at which the proposed process was developed and tested at pilot and commercial scales. Balasausqandiq is unusual in being a sedimentary deposit comprised of black shales which are capable of a far lower-cost treatment route, in terms of both capital and operating costs, than the more plentiful vanadium ores comprising titano-magnetite which require pre-concentration and roasting at high temperatures. The former test-plant is currently operating on a commercial basis to produce vanadium, molybdenum and nickel concentrates from bought-in secondary raw-materials. At Balasausqandiq, there are five currently known ore-bodies. The first, OB1, has been explored sufficiently for a reserve of 23 million tonnes of ore to be announced under the JORC 2012 standard, providing enough ore to feed Phase 1 of the development of Balasausqandiq. Ore bodies two to five have been explored and a reserve announced under the former Kazakhstan system of reserve classification. In line with the decision to upgrade the scope of the feasibility study, the decision has been taken to carry out further drilling of OB1 to further understand the underground geometry and to use this information to tailor a drilling programme to be carried out on ore-bodies two to five with the intention of being able to define a reserve under JORC 2012 sufficient for Phase 2. Contracts have been signed with two drilling companies. The first will complete a programme of diamond core-drilling and the second, a programme of the faster Reverse Circulation ('RC') drilling where the core is recovered as the drill chippings rather than as whole core. The core-drilling rigs have now arrived on site and first drilling started on 23 November 2021. An initial programme of 6,000 metres will be carried out after which the requirements for the remainder of the programme, likely to be between 2,000 and 4,000 metres, can be re-assessed. The RC contract provides for an expected start-date of 1 February 2022. The initial programme is for 9,000 metres. After assessment, a decision will be taken on how much further drilling of up to around 5,000 metres is required. It is currently expected that the RC drilling will be completed towards the end of the first quarter 2022.Reported Earnings • Oct 01First half 2021 earnings released: US$0.003 loss per share (vs US$0.005 loss in 1H 2020)The company reported a solid first half result with reduced losses, improved revenues and improved control over expenses. First half 2021 results: Revenue: US$1.55m (up 37% from 1H 2020). Net loss: US$1.08m (loss narrowed 37% from 1H 2020).お知らせ • Sep 24Ferro-Alloy Resources Limited Starts Production of Ferro-Molybdenum and Vanadium PentoxideFerro-Alloy Resources Limited announced that it has started production of ferro-molybdenum and vanadium pentoxide. In October 2020, the company started to recover molybdenum in the form of calcium molybdate as a by-product during the recovery of vanadium from bought-in raw-material concentrates. Calcium molybdate was sold at a discount to the published price for the contained molybdenum. The company is now converting this calcium molybdate to ferro-molybdenum which will enable the company to avoid the discount. The company has also commissioned the equipment to convert ammonium metavanadate (AMV) into vanadium pentoxide. Formerly, the AMV was sold at a small discount to the published price of the contained vanadium pentoxide. Some amounts will continue to be sold as AMV in order to satisfy existing contracts, but increasing amounts will be converted to vanadium pentoxide, thus eliminating the discount for AMV. The material remaining after extraction of the vanadium and molybdenum products from the vanadium-bearing concentrates contains quantities of nickel which the company has been selling as a low-grade concentrate. All of this material is now being sold and there are no remaining tailings or other residues remaining on site from operations. The company is now offering for sale: Ammonium metavanadate (AMV); Vanadium pentoxide; Ferro-molybdenum; and Nickel concentrates. The company has contracted for delivery of an electric arc furnace, expected to be commissioned in the first half of 2022. This will be the last step in the current plans for the existing processing operation which is expected to bring vanadium production up to 1,500 tonnes (vanadium pentoxide equivalent) per year, as well as greatly reducing costs to make ferro-vanadium and enabling the production of ferro-nickel. The necessary connection of the plant to a high-voltage powerline and a 1,000 square metre process-plant extension have already been built in readiness for this equipment.お知らせ • Sep 14Ferro-Alloy Resources Limited Announces Electrolyte Patent Received and Proving Trials Started with Fraunhofer Institute for Chemical TechnologyFerro-Alloy Resources Limited announced it has received a Kazakhstan patent for the efficient technology which it has developed to produce electrolyte for vanadium flow batteries ('VFBs') directly from ammonium metavanadate ('AMV'), a precursor form of vanadium from which vanadium pentoxide is usually made. The company has also signed an agreement with Fraunhofer Institute for Chemical Technology, an institute in Germany that is well-known for its research work on VFBs and electrolyte technology, for testing of the company's electrolyte for battery purposes. Samples have been shipped and work is expected to commence on 15 September 2021. By way of background, VFBs provide a means of storing energy and discharging over longer periods than are economic for lithium-ion battery technology. VFBs advantages compared with lithium-ion and similar technologies include: Energy (kWh) can be scaled independently of power (kw), meaning that economies of scale can be achieved by simply increasing the amount of electrolyte rather than by adding more cells to the battery, thus reducing the cost of storage per kWh; VFBs can be fully charged and discharged repeatedly without damage; VFBs do not catch fire; VFBs do not deteriorate in use after many cycles; and At the end of the battery life, all the components can be easily recycled, including the vanadium electrolyte. For these reasons, VFBs are the front-running technology for large-scale storage of energy produced from solar and wind which typically require storage and discharge over many hours. This market is expected to grow rapidly as the world moves to decarbonise power generation. The company's process of producing electrolyte for VFBs directly from AMV requires relatively simple equipment, is safer, and improves the quality of electrolyte produced compared with other processes. The ability to make electrolyte gives the Company not only the required know-how to enter this market but also a cost advantage over traditional processes.Reported Earnings • Jun 29Full year 2020 earnings released: US$0.012 loss per share (vs US$0.011 loss in FY 2019)The company reported a solid full year result with improved revenues and control over costs, although losses increased. Full year 2020 results: Revenue: US$2.37m (up 29% from FY 2019). Net loss: US$3.94m (loss widened 18% from FY 2019).Recent Insider Transactions • Mar 27CEO & Director recently sold €5.2m worth of stockOn the 24th of March, Nicholas Bridgen sold around 15m shares on-market at roughly €0.35 per share. This was the largest sale by an insider in the last 3 months. This was Nicholas' only on-market trade for the last 12 months.お知らせ • Mar 20Ferro-Alloy Resources Limited has completed a Follow-on Equity Offering in the amount of £1.077432 million.Ferro-Alloy Resources Limited has completed a Follow-on Equity Offering in the amount of £1.077432 million. Security Name: Ordinary Shares Security Type: Common Stock Securities Offered: 11,971,463 Price\Range: £0.09 Transaction Features: Subsequent Direct ListingRecent Insider Transactions • Mar 17Non-Executive Chairman recently bought €158k worth of stockOn the 15th of March, Christopher James Thomas bought around 965k shares on-market at roughly €0.16 per share. This was the largest purchase by an insider in the last 3 months. This was Christopher James' only on-market trade for the last 12 months.お知らせ • Mar 17Ferro-Alloy Resources Limited announced that it expects to receive $1.6 million in funding from Vision Blue Resources LtdFerro-Alloy Resources Limited (LSE:FAR) announced that it will receive $1.6 million in a round of funding on March 15, 2021. The transaction will include participation from new investor Vision Blue Resources Ltd. the company will issue convertible loan notes in the transaction. The notes will be convertible into 12,769,558 shares at a price of $0.12 (£0.09).お知らせ • Mar 15Ferro-Alloy Resources Limited Announces Management ChangesFerro Alloy Resources Limited announced that Sir Mick Davis will join the Company's board as Chairman following completion of the Initial Investment outlined in the Subscription Agreement. Chris Thomas, current Chairman of FAR, will resume the role of Non-Executive Director on Sir Mick Davis's appointment. Sir Mick Davis holds a number of directorships at private companies and is a highly successful mining executive accredited with building Xstrata plc into one of the mining companies in the world prior to its acquisition by Glencore plc. Before listing Xstrata on the LSE as CEO he was CFO of Billiton plc and Chairman of Billiton Coal which he joined from the position of Eskom CFO.株主還元5PEDE Metals and MiningDE 市場7D-1.2%0.05%3.2%1Y-47.4%84.0%2.5%株主還元を見る業界別リターン: 5PE過去 1 年間で84 % の収益を上げたGerman Metals and Mining業界を下回りました。リターン対市場: 5PEは、過去 1 年間で2.5 % のリターンを上げたGerman市場を下回りました。価格変動Is 5PE's price volatile compared to industry and market?5PE volatility5PE Average Weekly Movement32.4%Metals and Mining Industry Average Movement10.5%Market Average Movement6.1%10% most volatile stocks in DE Market13.6%10% least volatile stocks in DE Market2.7%安定した株価: 5PEの株価は、 German市場と比較して過去 3 か月間で変動しています。時間の経過による変動: 5PEの weekly volatility ( 32% ) は過去 1 年間安定していますが、依然としてGermanの株式の 75% よりも高くなっています。会社概要設立従業員CEO（最高経営責任者ウェブサイト2000200Nick Bridgenwww.ferro-alloy.comフェロアロイ・リソーシズ社は、カザフスタン共和国でバナジウムおよび関連副産物の採掘、加工、販売に従事している。ウラン、モリブデン、アルミニウム、希土類金属、カリウム、ニッケル、炭素鉱床の探査を行っている。主にカザフスタン南部に位置するバラサウスカンディク・バナジウム／ポリメタル鉱床の権益を保有している。同社は2000年に法人化され、英国のセント・ピーター・ポートに拠点を置く。もっと見るFerro-Alloy Resources Limited 基礎のまとめFerro-Alloy Resources の収益と売上を時価総額と比較するとどうか。5PE 基礎統計学時価総額€34.03m収益（TTM）-€7.25m売上高(TTM)€3.90m8.7xP/Sレシオ-4.7xPER（株価収益率5PE は割高か？公正価値と評価分析を参照収益と収入最新の決算報告書（TTM）に基づく主な収益性統計5PE 損益計算書（TTM）収益US$4.53m売上原価US$6.25m売上総利益-US$1.72mその他の費用US$6.69m収益-US$8.41m直近の収益報告Dec 31, 2025次回決算日該当なし一株当たり利益（EPS）-0.014グロス・マージン-38.00%純利益率-185.72%有利子負債／自己資本比率-183.2%5PE の長期的なパフォーマンスは？過去の実績と比較を見るView Valuation企業分析と財務データの現状データ最終更新日（UTC時間）企業分析2026/05/22 20:52終値2026/05/22 00:00収益2025/12/31年間収益2025/12/31データソース企業分析に使用したデータはS&P Global Market Intelligence LLC のものです。本レポートを作成するための分析モデルでは、以下のデータを使用しています。データは正規化されているため、ソースが利用可能になるまでに時間がかかる場合があります。パッケージデータタイムフレーム米国ソース例会社財務10年損益計算書キャッシュ・フロー計算書貸借対照表SECフォーム10-KSECフォーム10-Qアナリストのコンセンサス予想+プラス3年予想財務アナリストの目標株価アナリストリサーチレポートBlue Matrix市場価格30年株価配当、分割、措置ICEマーケットデータSECフォームS-1所有権10年トップ株主インサイダー取引SECフォーム4SECフォーム13Dマネジメント10年リーダーシップ・チーム取締役会SECフォーム10-KSECフォームDEF 14A主な進展10年会社からのお知らせSECフォーム8-K* 米国証券を対象とした例であり、非米国証券については、同等の規制書式および情報源を使用。特に断りのない限り、すべての財務データは1年ごとの期間に基づいていますが、四半期ごとに更新されます。これは、TTM（Trailing Twelve Month）またはLTM（Last Twelve Month）データとして知られています。詳細はこちら。分析モデルとスノーフレーク本レポートを生成するために使用した分析モデルの詳細は当社のGithubページでご覧いただけます。また、レポートの使用方法に関するガイドやYoutubeのチュートリアルも掲載しています。シンプリー・ウォールストリート分析モデルを設計・構築した世界トップクラスのチームについてご紹介します。業界およびセクターの指標私たちの業界とセクションの指標は、Simply Wall Stによって6時間ごとに計算されます。アナリスト筋Ferro-Alloy Resources Limited 0 これらのアナリストのうち、弊社レポートのインプットとして使用した売上高または利益の予想を提出したのは、 。アナリストの投稿は一日中更新されます。4 アナリスト機関Duncan HayPanmure LiberumLi LowShore Capital Group LtdRobert SandersShore Capital Group Ltd1 その他のアナリストを表示
Board Change • May 20No independent directorsNo new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 6 experienced directors. 1 highly experienced director. No independent directors (7 non-independent directors). CFO & Director Will Callewaert was the last director to join the board, commencing their role in 2022. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment.
お知らせ • Dec 06Ferro-Alloy Resources Limited has filed a Follow-on Equity Offering in the amount of £1.549886 million.Ferro-Alloy Resources Limited has filed a Follow-on Equity Offering in the amount of £1.549886 million. Security Name: Ordinary Shares Security Type: Common Stock Securities Offered: 24,931,147 Price\Range: £0.055 Security Name: Ordinary Shares Security Type: Common Stock Securities Offered: 3,248,600 Price\Range: £0.055 Transaction Features: Subsequent Direct Listing
お知らせ • Nov 12Ferro-Alloy Resources Limited has completed a Follow-on Equity Offering in the amount of £1.238333 million.Ferro-Alloy Resources Limited has completed a Follow-on Equity Offering in the amount of £1.238333 million. Security Name: Ordinary Shares Security Type: Common Stock Securities Offered: 20,638,879 Price\Range: £0.06 Transaction Features: Subsequent Direct Listing
お知らせ • Nov 05Ferro-Alloy Resources Limited has filed a Follow-on Equity Offering in the amount of £1.238333 million.Ferro-Alloy Resources Limited has filed a Follow-on Equity Offering in the amount of £1.238333 million. Security Name: Ordinary Shares Security Type: Common Stock Securities Offered: 20,638,879 Price\Range: £0.06 Transaction Features: Subsequent Direct Listing
お知らせ • Oct 13Ferro-Alloy Resources Limited Announces Positive Feasibility Study Results IRR of 22%Ferro-Alloy Resources Limited announced the results of its feasibility study on Phase 1 of the large Balasausqandiq vanadium deposit (the "Project") in Southern Kazakhstan (the "Feasibility Study"). Compelling economics with net present value ("NPV") of USD 748 million (post tax discount rate of 8%) and Project internal rate of return ("IRR") of 22%. Funding required to enter production of USD 520 million. Bottom decile of industry cash operating costs, with attractive by-product credit value upside: Cash cost of USD 4.35 per pound ("lb") (V2O5 equivalent basis). Cash cost of USD 0.36/lb (net of by-product credits). Vanadium pentoxide ("V2O5") price forecast of USD 8.67/lb in 2029 increasing to USD 10.59/lb in 2037 and thereafter. Annual production of 8,500 tonnes of V2O5, plus 247,000 tonnes of carbon black substitute ("CBS"). Mine life of 20 years. Phase 2 expansion could increase total production to four times the Phase 1 level, based on ore-bodies 2, 3 and 4, ("OB2,3,4") with an equally long mine life. Areas for optimisation show the potential to significantly improve NPV and IRR following the completion of front-end engineering design ("FEED"). Discussions ongoing with potential customers for a new type of CBS (announced on 27 June 2025) to be made from the mine waste, additional to the current CBS. Discussions in progress, with expressions of interest received from potential debt and equity providers.
お知らせ • Oct 09Ferro-Alloy Resources Limited, Annual General Meeting, Nov 14, 2025Ferro-Alloy Resources Limited, Annual General Meeting, Nov 14, 2025. Location: the duke of richmond hotel, anns place, st peter port, gy1 1uy, Guernsey
Board Change • May 20No independent directorsNo new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 6 experienced directors. 1 highly experienced director. No independent directors (7 non-independent directors). CFO & Director Will Callewaert was the last director to join the board, commencing their role in 2022. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment.
お知らせ • Dec 06Ferro-Alloy Resources Limited has filed a Follow-on Equity Offering in the amount of £1.549886 million.Ferro-Alloy Resources Limited has filed a Follow-on Equity Offering in the amount of £1.549886 million. Security Name: Ordinary Shares Security Type: Common Stock Securities Offered: 24,931,147 Price\Range: £0.055 Security Name: Ordinary Shares Security Type: Common Stock Securities Offered: 3,248,600 Price\Range: £0.055 Transaction Features: Subsequent Direct Listing
お知らせ • Nov 12Ferro-Alloy Resources Limited has completed a Follow-on Equity Offering in the amount of £1.238333 million.Ferro-Alloy Resources Limited has completed a Follow-on Equity Offering in the amount of £1.238333 million. Security Name: Ordinary Shares Security Type: Common Stock Securities Offered: 20,638,879 Price\Range: £0.06 Transaction Features: Subsequent Direct Listing
お知らせ • Nov 05Ferro-Alloy Resources Limited has filed a Follow-on Equity Offering in the amount of £1.238333 million.Ferro-Alloy Resources Limited has filed a Follow-on Equity Offering in the amount of £1.238333 million. Security Name: Ordinary Shares Security Type: Common Stock Securities Offered: 20,638,879 Price\Range: £0.06 Transaction Features: Subsequent Direct Listing
お知らせ • Oct 13Ferro-Alloy Resources Limited Announces Positive Feasibility Study Results IRR of 22%Ferro-Alloy Resources Limited announced the results of its feasibility study on Phase 1 of the large Balasausqandiq vanadium deposit (the "Project") in Southern Kazakhstan (the "Feasibility Study"). Compelling economics with net present value ("NPV") of USD 748 million (post tax discount rate of 8%) and Project internal rate of return ("IRR") of 22%. Funding required to enter production of USD 520 million. Bottom decile of industry cash operating costs, with attractive by-product credit value upside: Cash cost of USD 4.35 per pound ("lb") (V2O5 equivalent basis). Cash cost of USD 0.36/lb (net of by-product credits). Vanadium pentoxide ("V2O5") price forecast of USD 8.67/lb in 2029 increasing to USD 10.59/lb in 2037 and thereafter. Annual production of 8,500 tonnes of V2O5, plus 247,000 tonnes of carbon black substitute ("CBS"). Mine life of 20 years. Phase 2 expansion could increase total production to four times the Phase 1 level, based on ore-bodies 2, 3 and 4, ("OB2,3,4") with an equally long mine life. Areas for optimisation show the potential to significantly improve NPV and IRR following the completion of front-end engineering design ("FEED"). Discussions ongoing with potential customers for a new type of CBS (announced on 27 June 2025) to be made from the mine waste, additional to the current CBS. Discussions in progress, with expressions of interest received from potential debt and equity providers.
お知らせ • Oct 09Ferro-Alloy Resources Limited, Annual General Meeting, Nov 14, 2025Ferro-Alloy Resources Limited, Annual General Meeting, Nov 14, 2025. Location: the duke of richmond hotel, anns place, st peter port, gy1 1uy, Guernsey
お知らせ • Jul 08Ferro-Alloy Resources Limited has completed a Follow-on Equity Offering in the amount of £1 million.Ferro-Alloy Resources Limited has completed a Follow-on Equity Offering in the amount of £1 million. Security Name: Ordinary Shares Security Type: Common Stock Securities Offered: 16,666,667 Price\Range: £0.06 Transaction Features: Subsequent Direct Listing
お知らせ • Jun 27Ferro-Alloy Resources Limited Announces Progress in the Development of the Carbon Black Substitute Product and an Update of the Feasibility Study on Phase 1 of the Balasausqandiq ProjectFerro-Alloy Resources Limited announced progress in the development of the carbon black substitute ("CBS") product and an update of the Feasibility Study ("Feasibility Study") on Phase 1 of the Balasausqandiq Project (the "Project"). A new CBS product developed based on processing high-carbon /low vanadium waste rock located within the existing pit shells scheduled to be stripped during the mining of Ore-Body 1 ("OB1"); Successful laboratory testing of the new CBS product (and the existing c. 40% carbon CBS product) by a major manufacturer and supplier of automotive rubber products to the Chinese car industry opens the prospect of a valuable CBS revenue stream with the potential to be brought online prior to the construction of the Project's main processing plant; A 20 tonne sample of the new CBS product is being sent to the potential Chinese customer for industrial testing; Feasibility Study substantially complete including the 1.65 million tonnes per year ("Mtpa") process plant design, tailing storage facility design and mine plan; Potential changes to the CBS product specification, source ore and treatment process, which could materially improve the CBS aspects of the Feasibility Study, will be made over the course of the summer, deferring the projected issue date of the Feasibility Study to September 2025. The marketing division of the same consultancy advised that the CBS product should be marketed, based on a comparison with other reinforcing fillers currently available, at a price of USD 500 per tonne for the tyre market, and between USD 500 and USD 600 per tonne for the non-tyre market. New CBS product On 2 December 2024, the Company announced that the focus of its operating plant would be switched to research and development ("R&D"), including the development of CBS markets. As a result of that R&D, the Company has developed a further CBS product, with a lower carbon content in comparison to the existing CBS product, whilst still maintaining good reinforcing qualities in the manufacture of rubber. The Company has built a test-plant which is currently producing around 400 kg of the new CBS product per hour. A separate plant to produce the new CBS product, processing the stripped high carbon /low vanadium waste rock, could be built and operated in advance of the construction of the Project processing plant, providing the Company with a valuable early cash flow stream. A 20 tonne sample of The new CBS product is being sent To the potential Chinese customer for industrial scale testing, following which, offtake discussions are likely to result. The Feasibility Study is substantially complete with respect to the mining and processing to recover vanadium pentoxide as flake; Mineral reserve 33 million tonnes (OB1 only); Mining and throughput to the process plant - 1.65 Mtpa; Vanadium pentoxide output - 8,500 tonnes per year ("tpa); Carbon black substitute output - up to 220,000 tpa; Process plant design, tailings storage facility design and mine planning complete; Ecological and social studies have not identified any significant issues The Board of Directors is of the opinion that deferring the publication of the Feasibility Study To September 2025 will allow time to conduct additional work on the new CBS product and reflect any offtake agreements that might ensue. The Project will be developed in two phases, Phase 1 and Phase 2.
お知らせ • Jun 03Ferro-Alloy Resources Limited Enters into A Non-Binding, Non-Exclusive Framework Agreement with China National Chemical Engineering Sixth Construction Co., LtdFerro-Alloy Resources Limited announced that it has entered into a non-binding, non-exclusive framework agreement (the "Agreement") with China National Chemical Engineering Sixth Construction Co. Ltd. ("CC6") to design and construct Phase 1 of the Balasausqandiq Project. The Company and CC6 (together, the "Parties") have entered into the Agreement to document the common intent between the Parties to advance CC6's potential engagement as the contractor to undertake the front end engineering and design ("FEED") contract and the engineering, procurement and construction ("EPC") contract (together, the "Contracts") for Phase 1 of the Balasqandiq Project. Under the Agreement, the Parties will consider and negotiate the potential contractual terms between the Parties that could lead to the award of the Contracts to CC6. The Agreement is non-binding and non-exclusive. Any ultimate contractual relationship between the Parties remains subject to the entry into the relevant documentation on terms acceptable to both Parties. CC6 CC6, founded in 1965, is a wholly owned subsidiary of China National Chemical Engineering Group Corp, and specialises in the engineering, design and construction of industrial processing plants. CC6 has completed in excess of 4,000 large or medium sized projects in over 20 countries, including Kazakhstan, and has significant prior experience and expertise with FEED and EPC contracts for the design or construction of more than 50 vanadium related projects. Signing this agreement is the first step towards what could turn out to be a very advantageous partnership, which could significantly advance the project schedule and ensure cost-effective engineering and construction.
Reported Earnings • Sep 29First half 2024 earnings released: US$0.008 loss per share (vs US$0.003 loss in 1H 2023)First half 2024 results: US$0.008 loss per share (further deteriorated from US$0.003 loss in 1H 2023). Revenue: US$2.15m (down 35% from 1H 2023). Net loss: US$3.99m (loss widened 161% from 1H 2023). Revenue is forecast to grow 64% p.a. on average during the next 3 years, compared to a 1.8% growth forecast for the Metals and Mining industry in Europe. Over the last 3 years on average, earnings per share has fallen by 20% per year but the company’s share price has fallen by 44% per year, which means it is performing significantly worse than earnings.
New Risk • Sep 27New minor risk - Revenue sizeThe company makes less than US$5m in revenue. Total revenue: US$4.6m This is considered a minor risk. Companies with a small amount of revenue are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-US$9.5m free cash flow). Share price has been highly volatile over the past 3 months (79% average weekly change). Earnings have declined by 25% per year over the past 5 years. Minor Risks Shareholders have been diluted in the past year (7.5% increase in shares outstanding). Revenue is less than US$5m (US$4.6m revenue). Market cap is less than US$100m (€31.5m market cap, or US$35.2m).
お知らせ • Sep 26Ferro-Alloy Resources Limited Provides Update on Results from the Testing Completed on Its Carbon Concentrate and the Balasausqandiq Feasibility StudyFerro-Alloy Resources Limited provided an update on the results from the testing completed on its carbon concentrate and the Balasausqandiq feasibility study. Carbon Concentrate: Results from the testing of the Company's carbon concentrate to be produced from the tailings of the Balasausqandiq ore have confirmed the suitability of the concentrate for use in tyre rubber manufacture and other carbon black based rubber applications. The testing has shown that the carbon concentrate can be successfully used as a partial substitute for conventional carbon black filler in a passenger car tyre sidewall compound formulation. A marketing report quantifying the value proposition of the concentrate is being finalised. Feasibility Study: Feasibility study for Phase 1 is ongoing: Current focus of the study is on the optimisation of the planned tailings storage facility. Site selection is in progress and preliminary capital estimates have been completed on a staged construction basis to refine initial capital spend. Design capacity of the Phase 1 process plant has been increased to 1.65m tonnes throughput per year and the comminution circuit design work has been completed. Reagent optimisation programme commenced to quantify improvements to the project's expected operational expenditure. In order to accommodate the increased design capacity of the Phase 1 process plant and the reagent optimisation programme, the Company now expects the feasibility study to be published during Second Quarter 2025.
お知らせ • Sep 19Ferro-Alloy Resources Limited, Annual General Meeting, Oct 23, 2024Ferro-Alloy Resources Limited, Annual General Meeting, Oct 23, 2024. Location: the old government house hotel, anns place, st peter port, gy1 2nu, Guernsey
Reported Earnings • Apr 30Full year 2023 earnings released: US$0.012 loss per share (vs US$0.011 loss in FY 2022)Full year 2023 results: US$0.012 loss per share (further deteriorated from US$0.011 loss in FY 2022). Revenue: US$5.72m (down 8.9% from FY 2022). Net loss: US$5.25m (loss widened 23% from FY 2022). Revenue is forecast to grow 46% p.a. on average during the next 3 years, compared to a 1.5% growth forecast for the Metals and Mining industry in Europe. Over the last 3 years on average, earnings per share has fallen by 4% per year but the company’s share price has fallen by 51% per year, which means it is performing significantly worse than earnings.
New Risk • Mar 29New minor risk - Financial data availabilityThe company's latest financial reports are more than 6 months old. Last reported fiscal period ended June 2023. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-US$8.9m free cash flow). Share price has been highly volatile over the past 3 months (83% average weekly change). Earnings have declined by 39% per year over the past 5 years. Minor Risks Latest financial reports are more than 6 months old (reported June 2023 fiscal period end). Shareholders have been diluted in the past year (8.3% increase in shares outstanding). Market cap is less than US$100m (€24.9m market cap, or US$26.8m).
New Risk • Nov 19New minor risk - Shareholder dilutionThe company's shareholders have been diluted in the past year. Increase in shares outstanding: 8.3% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (38% average weekly change). Earnings have declined by 39% per year over the past 5 years. Minor Risks Less than 1 year of cash runway based on current free cash flow (-US$8.9m). Shareholders have been diluted in the past year (8.3% increase in shares outstanding). Market cap is less than US$100m (€48.3m market cap, or US$52.7m).
お知らせ • Oct 07Ferro-Alloy Resources Limited, Annual General Meeting, Nov 01, 2023Ferro-Alloy Resources Limited, Annual General Meeting, Nov 01, 2023, at 14:00 Coordinated Universal Time. Location: The Duke of Richmond Hotel, Cambridge Park, St Peter Port Guernsey, GY1 1UY. Guernsey United Kingdom
Reported Earnings • Sep 14First half 2023 earnings released: US$0.003 loss per share (vs US$0.002 loss in 1H 2022)First half 2023 results: US$0.003 loss per share (further deteriorated from US$0.002 loss in 1H 2022). Revenue: US$3.31m (down 15% from 1H 2022). Net loss: US$1.53m (loss widened 121% from 1H 2022). Revenue is forecast to grow 57% p.a. on average during the next 3 years, while revenues in the Metals and Mining industry in Europe are expected to remain flat.
New Risk • Jul 03New major risk - Financial positionThe company has less than a year of cash runway based on its current free cash flow trend. Free cash flow: -US$7.8m This is considered a major risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-US$7.8m free cash flow). Share price has been highly volatile over the past 3 months (38% average weekly change). Earnings have declined by 39% per year over the past 5 years. Minor Risks Shareholders have been diluted in the past year (19% increase in shares outstanding). Market cap is less than US$100m (€50.8m market cap, or US$55.4m).
Recent Insider Transactions • May 04CEO & Director recently bought €737k worth of stockOn the 2nd of May, Nicholas Bridgen bought around 6m shares on-market at roughly €0.12 per share. This transaction amounted to 12% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. This was Nicholas' only on-market trade for the last 12 months.
Reported Earnings • Apr 30Full year 2022 earnings released: US$0.011 loss per share (vs US$0.008 loss in FY 2021)Full year 2022 results: US$0.011 loss per share (further deteriorated from US$0.008 loss in FY 2021). Revenue: US$6.27m (up 33% from FY 2021). Net loss: US$4.29m (loss widened 52% from FY 2021). Revenue is forecast to grow 41% p.a. on average during the next 3 years, compared to a 1.3% decline forecast for the Metals and Mining industry in Europe.
お知らせ • Jan 31Ferro-Alloy Resources Limited Provides Earnings and Production Guidance for the Year 2023Ferro-Alloy Resources Limited provided earnings and production guidance for the year 2023. The company believes that both the production and financial results for 2023 are likely to be significantly better than 2022.
お知らせ • Dec 20Ferro-Alloy Resources Limited Announces an Update on the Ongoing Feasibility Study into the Large Balasausqandiq Vanadium ProjectFerro-Alloy Resources Limited announced an update on the ongoing feasibility study into the large Balasausqandiq vanadium project. Drilling: As previously announced, the drilling programme for Phase 1 of the Feasibility Study has been completed and an updated resource estimate for Phase 1 will be announced during First Quarter 2023. Similarly, the drilling programme for Phase 2 of the Feasibility Study has been completed as far as possible and the Company is assessing drilling options for a residual area of difficult topography. Metallurgy: Metallurgical test-work continues to advance at SGS Lakefield under the supervision of TetraTech. Extraction of vanadium during acid leaching continues to be above expectations with 94-97% vanadium extraction into solution. The test-work programme will also complete subsequent phases of vanadium, uranium, molybdenum and potassium alum extraction stages, and solid liquid separation tests. Carbon: Additional technical studies are advancing to understand and validate the potential use of the carbon-rich tailings for the production of a carbon black substitute for the making of rubber and as a feed for the production of ferro silicon. Feasibility Study Engineering: The open pit geotechnical drilling has commenced and will continue into 2023. The results of the drilling and subsequent mechanical testing programme will be used to confirm the open pit slope design. In addition, a geophysical survey of the water supply bore field area is underway. The results of the survey will be used to define the fieldwork programme required to define the water extraction bore field required to support the projects water needs. The open pit hydrogeology drilling is currently being contracted per the scope defined by SRK Consulting (Kazakhstan) Limited. The drilling is expected to commence in early 2023.
お知らせ • Dec 07Ferro-Alloy Resources Limited Announces Completion of Drilling Programme for 2022Ferro-Alloy Resources Limited announce the completion of drilling for ore body one ("OB1") and the partial completion of drilling on ore bodies 2, 3 and 4 ("OB2, OB3 and OB4"), following a total of19,720metres of drilling undertaken in 2022. The Company has previously announced a resource and a reserve estimate for OB1 of 23 million tonnes, sufficient for a mine-life of more than 20 years for Phase 1 of the project (processing 1 million tonnes of ore per year). As part of the ongoing bankable feasibility study ("BFS"), and with the objective of ensuring a high degree of definition of the OB1 folded deposit, the decision was taken to increase the drilling meterage on OB1. The drilling programme for OB2, OB3 and OB4, that will support Phase 2 of the project (an additional 3 million tonnes of ore processed per year), has been completed so far as possible. There is an area of difficult topography (not expected to create difficulties for actual mining) and the Company is currently assessing the options available to access the undrilled area or omit it from the BFS if sufficient tonnes of resource and reserve are assessed from the remaining area.
Board Change • Nov 16No independent directorsFollowing the recent departure of a director, there are no independent directors on the board. The company's board is composed of: No independent directors. 7 non-independent directors. CFO & Director Will Callewaert was the last director to join the board, commencing their role in 2022. The company's lack of independent directors is a risk according to the Simply Wall St Risk Model.
お知らせ • Oct 14Ferro-Alloy Resources Limited, Annual General Meeting, Nov 10, 2022Ferro-Alloy Resources Limited, Annual General Meeting, Nov 10, 2022, at 14:00 Coordinated Universal Time. Location: The Old Government House Hotel, St Ann's Place, Guernsey, GY1 2NU Guernsey Guernsey
Reported Earnings • Sep 16First half 2022 earnings released: US$0.002 loss per share (vs US$0.003 loss in 1H 2021)First half 2022 results: US$0.002 loss per share (improved from US$0.003 loss in 1H 2021). Revenue: US$3.91m (up 153% from 1H 2021). Net loss: US$694.0k (loss narrowed 36% from 1H 2021). Revenue is forecast to grow 44% p.a. on average during the next 2 years, compared to a 3.6% decline forecast for the Metals and Mining industry in Europe.
お知らせ • Sep 16Ferro-Alloy Resources Limited has completed a Follow-on Equity Offering in the amount of £8.21089 million.Ferro-Alloy Resources Limited has completed a Follow-on Equity Offering in the amount of £8.21089 million. Security Name: Ordinary Shares Security Type: Common Stock Securities Offered: 4,416,666 Price\Range: £0.12 Security Name: Ordinary Shares Security Type: Common Stock Securities Offered: 64,007,418 Price\Range: £0.12 Transaction Features: Subsequent Direct Listing
Reported Earnings • May 01Full year 2021 earnings released: US$0.008 loss per share (vs US$0.012 loss in FY 2020)Full year 2021 results: US$0.008 loss per share (up from US$0.012 loss in FY 2020). Revenue: US$4.73m (up 99% from FY 2020). Net loss: US$2.83m (loss narrowed 28% from FY 2020). Over the next year, revenue is forecast to grow 231%, compared to a 32% growth forecast for the mining industry in Germany.
Board Change • Apr 27No independent directorsFollowing the recent departure of a director, there are no independent directors on the board. The company's board is composed of: No independent directors. 7 non-independent directors. CFO & Director Will Callewaert was the last director to join the board, commencing their role in 2022. The company's lack of independent directors is a risk according to the Simply Wall St Risk Model.
お知らせ • Apr 01Ferro-Alloy Resources Limited Announces the Appointment of William Callewaert as Chief Financial OfficerFerro-Alloy Resources Limited to announce the appointment of William Callewaert as Chief Financial Officer, effective immediately. Mr. Callewaert is an experienced finance professional, FCA qualified and a chartered accountant with over 20 years' experience working across audit and advisory services both in the UK and offshore.
お知らせ • Nov 30Ferro-Alloy Resources Limited Announces Update on the Progress of the Expanded Feasibility Study for the Large Balasausqandiq Vanadium DepositFerro-Alloy Resources Limited announced an update on the progress of the expanded feasibility study (the 'Feasibility Study' or 'Study') for the large Balasausqandiq vanadium deposit ('Balasausqandiq') . FAR is currently well advanced in the workstreams necessary to produce a Bankable Feasibility Study ('BFS'). Following the investments by Vision Blue Resources during 2021, the decision has been taken to expand the scope of the Study to include not only the finalisation of the BFS for the first phase of development, known as Phase 1, but also to include Phase 2. Phase 1 envisages the treatment of 1 million tonnes of ore per year to produce 5,600 tonnes of vanadium pentoxide, and Phase 2 envisages an expansion to 4 million tonnes per year with production rising to 22,400 tonnes of vanadium pentoxide. The Company has commissioned SRK Consulting (Kazakhstan) Limited to produce the overall Feasibility Study, with the metallurgy and process plant being covered by Tetra Tech Inc. The results of the BFS are expected during the last quarter of 2022. A considerable body of work has been undertaken in previous studies, including the assessment of the reserves of just one (of five) ore-bodies on a JORC 2012 basis at 23 million tonnes, and the operation of a test plant at which the proposed process was developed and tested at pilot and commercial scales. Balasausqandiq is unusual in being a sedimentary deposit comprised of black shales which are capable of a far lower-cost treatment route, in terms of both capital and operating costs, than the more plentiful vanadium ores comprising titano-magnetite which require pre-concentration and roasting at high temperatures. The former test-plant is currently operating on a commercial basis to produce vanadium, molybdenum and nickel concentrates from bought-in secondary raw-materials. At Balasausqandiq, there are five currently known ore-bodies. The first, OB1, has been explored sufficiently for a reserve of 23 million tonnes of ore to be announced under the JORC 2012 standard, providing enough ore to feed Phase 1 of the development of Balasausqandiq. Ore bodies two to five have been explored and a reserve announced under the former Kazakhstan system of reserve classification. In line with the decision to upgrade the scope of the feasibility study, the decision has been taken to carry out further drilling of OB1 to further understand the underground geometry and to use this information to tailor a drilling programme to be carried out on ore-bodies two to five with the intention of being able to define a reserve under JORC 2012 sufficient for Phase 2. Contracts have been signed with two drilling companies. The first will complete a programme of diamond core-drilling and the second, a programme of the faster Reverse Circulation ('RC') drilling where the core is recovered as the drill chippings rather than as whole core. The core-drilling rigs have now arrived on site and first drilling started on 23 November 2021. An initial programme of 6,000 metres will be carried out after which the requirements for the remainder of the programme, likely to be between 2,000 and 4,000 metres, can be re-assessed. The RC contract provides for an expected start-date of 1 February 2022. The initial programme is for 9,000 metres. After assessment, a decision will be taken on how much further drilling of up to around 5,000 metres is required. It is currently expected that the RC drilling will be completed towards the end of the first quarter 2022.
Reported Earnings • Oct 01First half 2021 earnings released: US$0.003 loss per share (vs US$0.005 loss in 1H 2020)The company reported a solid first half result with reduced losses, improved revenues and improved control over expenses. First half 2021 results: Revenue: US$1.55m (up 37% from 1H 2020). Net loss: US$1.08m (loss narrowed 37% from 1H 2020).
お知らせ • Sep 24Ferro-Alloy Resources Limited Starts Production of Ferro-Molybdenum and Vanadium PentoxideFerro-Alloy Resources Limited announced that it has started production of ferro-molybdenum and vanadium pentoxide. In October 2020, the company started to recover molybdenum in the form of calcium molybdate as a by-product during the recovery of vanadium from bought-in raw-material concentrates. Calcium molybdate was sold at a discount to the published price for the contained molybdenum. The company is now converting this calcium molybdate to ferro-molybdenum which will enable the company to avoid the discount. The company has also commissioned the equipment to convert ammonium metavanadate (AMV) into vanadium pentoxide. Formerly, the AMV was sold at a small discount to the published price of the contained vanadium pentoxide. Some amounts will continue to be sold as AMV in order to satisfy existing contracts, but increasing amounts will be converted to vanadium pentoxide, thus eliminating the discount for AMV. The material remaining after extraction of the vanadium and molybdenum products from the vanadium-bearing concentrates contains quantities of nickel which the company has been selling as a low-grade concentrate. All of this material is now being sold and there are no remaining tailings or other residues remaining on site from operations. The company is now offering for sale: Ammonium metavanadate (AMV); Vanadium pentoxide; Ferro-molybdenum; and Nickel concentrates. The company has contracted for delivery of an electric arc furnace, expected to be commissioned in the first half of 2022. This will be the last step in the current plans for the existing processing operation which is expected to bring vanadium production up to 1,500 tonnes (vanadium pentoxide equivalent) per year, as well as greatly reducing costs to make ferro-vanadium and enabling the production of ferro-nickel. The necessary connection of the plant to a high-voltage powerline and a 1,000 square metre process-plant extension have already been built in readiness for this equipment.
お知らせ • Sep 14Ferro-Alloy Resources Limited Announces Electrolyte Patent Received and Proving Trials Started with Fraunhofer Institute for Chemical TechnologyFerro-Alloy Resources Limited announced it has received a Kazakhstan patent for the efficient technology which it has developed to produce electrolyte for vanadium flow batteries ('VFBs') directly from ammonium metavanadate ('AMV'), a precursor form of vanadium from which vanadium pentoxide is usually made. The company has also signed an agreement with Fraunhofer Institute for Chemical Technology, an institute in Germany that is well-known for its research work on VFBs and electrolyte technology, for testing of the company's electrolyte for battery purposes. Samples have been shipped and work is expected to commence on 15 September 2021. By way of background, VFBs provide a means of storing energy and discharging over longer periods than are economic for lithium-ion battery technology. VFBs advantages compared with lithium-ion and similar technologies include: Energy (kWh) can be scaled independently of power (kw), meaning that economies of scale can be achieved by simply increasing the amount of electrolyte rather than by adding more cells to the battery, thus reducing the cost of storage per kWh; VFBs can be fully charged and discharged repeatedly without damage; VFBs do not catch fire; VFBs do not deteriorate in use after many cycles; and At the end of the battery life, all the components can be easily recycled, including the vanadium electrolyte. For these reasons, VFBs are the front-running technology for large-scale storage of energy produced from solar and wind which typically require storage and discharge over many hours. This market is expected to grow rapidly as the world moves to decarbonise power generation. The company's process of producing electrolyte for VFBs directly from AMV requires relatively simple equipment, is safer, and improves the quality of electrolyte produced compared with other processes. The ability to make electrolyte gives the Company not only the required know-how to enter this market but also a cost advantage over traditional processes.
Reported Earnings • Jun 29Full year 2020 earnings released: US$0.012 loss per share (vs US$0.011 loss in FY 2019)The company reported a solid full year result with improved revenues and control over costs, although losses increased. Full year 2020 results: Revenue: US$2.37m (up 29% from FY 2019). Net loss: US$3.94m (loss widened 18% from FY 2019).
Recent Insider Transactions • Mar 27CEO & Director recently sold €5.2m worth of stockOn the 24th of March, Nicholas Bridgen sold around 15m shares on-market at roughly €0.35 per share. This was the largest sale by an insider in the last 3 months. This was Nicholas' only on-market trade for the last 12 months.
お知らせ • Mar 20Ferro-Alloy Resources Limited has completed a Follow-on Equity Offering in the amount of £1.077432 million.Ferro-Alloy Resources Limited has completed a Follow-on Equity Offering in the amount of £1.077432 million. Security Name: Ordinary Shares Security Type: Common Stock Securities Offered: 11,971,463 Price\Range: £0.09 Transaction Features: Subsequent Direct Listing
Recent Insider Transactions • Mar 17Non-Executive Chairman recently bought €158k worth of stockOn the 15th of March, Christopher James Thomas bought around 965k shares on-market at roughly €0.16 per share. This was the largest purchase by an insider in the last 3 months. This was Christopher James' only on-market trade for the last 12 months.
お知らせ • Mar 17Ferro-Alloy Resources Limited announced that it expects to receive $1.6 million in funding from Vision Blue Resources LtdFerro-Alloy Resources Limited (LSE:FAR) announced that it will receive $1.6 million in a round of funding on March 15, 2021. The transaction will include participation from new investor Vision Blue Resources Ltd. the company will issue convertible loan notes in the transaction. The notes will be convertible into 12,769,558 shares at a price of $0.12 (£0.09).
お知らせ • Mar 15Ferro-Alloy Resources Limited Announces Management ChangesFerro Alloy Resources Limited announced that Sir Mick Davis will join the Company's board as Chairman following completion of the Initial Investment outlined in the Subscription Agreement. Chris Thomas, current Chairman of FAR, will resume the role of Non-Executive Director on Sir Mick Davis's appointment. Sir Mick Davis holds a number of directorships at private companies and is a highly successful mining executive accredited with building Xstrata plc into one of the mining companies in the world prior to its acquisition by Glencore plc. Before listing Xstrata on the LSE as CEO he was CFO of Billiton plc and Chairman of Billiton Coal which he joined from the position of Eskom CFO.
