FAR

Ferro-Alloy Resources Limited

Basic Resources First-pass screen £32m

440/1000 Overall fit

AI beneficiary 35% 42

Operating leverage 25% 68

Valuation 25% 30

Downside protection 15% 35

First-pass take

Pre-revenue vanadium developer with compelling Phase 1 economics (31% IRR, US$931.6m NPV) but no explicit AI exposure—demand is renewable grid energy storage, not AI spending. Lacks valuation data, demonstrated leverage, and material downside protection: <US$2m cash, US$17m bond maturities in 2026, requires US$312m unraised capex.

Flags

pre-revenuemining-projectcommodity-exposedfinancing-riskgeopoliticalemerging-marketno-valuation-dataexecution-riskleveragemicro-cap