11 March 2024

Ferrexpo plc

("Ferrexpo" or the "Group")

Update regarding Ukrainian subsidiary

Ferrexpo plc (LSE: FXPO), notes the press speculation concerning an application from LLC PCC "Kysen" ("Kysen"), a supplier and related party to Ferrexpo Poltava Mining ("FPM"), relating to the potential opening of creditor protection proceedings against FPM, which was accepted by the Commercial Court in Poltava Oblast. The amount of debt claimed by Kysen under the supply agreement is
UAH2.2 million (approximately US$58,000). The Company has been informed that the court has scheduled a preparatory court hearing to decide whether to commence creditor protection proceedings of FPM on 12 March 2024.

Having become aware of proceedings the Board of Ferrexpo has taken steps to settle the debt. Given restrictions with the operation of FPM's bank accounts in Ukraine, and the nature of the payment that is being made to settle the debt, FPM is not able to provide assurance now that funds will be received in a timely manner and for that reason FPM is, in parallel, also seeking to agree an extension of payment terms.

FPM has received notification in Ukraine of a court order issued at the request of the prosecutor in Ukraine to freeze the bank accounts belonging to FPM. This action is linked to the ongoing investigation in Ukraine commenced in November 2022 by the National Police of Ukraine concerning the alleged illegal extraction of minerals ("rubble"), details of which were disclosed in the Group's 2023 Interim Results and 2022 Annual Report.

Ferrexpo is working closely with its legal counsel and other advisers to consider and address the situation. The Company will make further announcements as appropriate. Ferrexpo's operations remain unaffected at this time.

This announcement contains inside information. The person responsible for the release of this announcement is Mark Gregory, Group Company Secretary.

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About Ferrexpo:

Ferrexpo is a Swiss headquartered iron ore company, with assets in Ukraine, and a premium listing on the London Stock Exchange, and part of the FTSE 250 index (ticker FXPO). The Group produces high-grade iron ore pellets, which are a premium product for the global steel industry and enable reduced carbon emissions and increased productivity for steelmakers when the Group's iron ore pellets are converted into steel, compared to more commonly traded forms of iron ore. Ferrexpo's operations have been supplying the global steel industry for over 50 years. Before Russia's invasion of Ukraine in February 2022, the Group was the world's third largest exporter of pellets to the global steel industry. The Group has a customer base comprising of premium steel mills around the world. For further information, please visit www.ferrexpo.com.