20 April 2026

Ferrexpo plc

("Ferrexpo" or the "Company" or the "Group")

Sale of Iron Destiny and Update on Funding Options

Ferrexpo plc (LSE: FXPO), a producer and exporter of premium iron ore products, today announces it has entered into an agreement to sell a transhipping vessel and provides an update on the Group's current funding position.

Sale of Iron Destiny

The Company has entered into an agreement for the sale of its owned transhipping vessel "Iron Destiny" for a total net cash consideration of US$7.7 million. The sale remains subject to delivery of the vessel and customary closing conditions and is expected to complete later this month.

Throughout the period since the commencement of the war, the Group's ability to utilise the transhipping vessel has been constrained, and it has not been possible to operate the "Iron Destiny" as a transhipper. Notwithstanding the underutilisation of the vessel, the Group has continued to incur ongoing maintenance and sustaining capital expenditure on a monthly basis in order to keep the "Iron Destiny" in a seaworthy state.

Given the uncertainty relating to the timing of any end to the war and the return of the Group's ability to fully utilise the "Iron Destiny" as a transhipper, and taking into account the increasing maintenance and capital costs associated with retaining the vessel and that the vessel is approaching the end of its useful life, the Board has determined that a sale of the "Iron Destiny" would be in the best interests of the Group, in order to both receive an immediate cash injection and minimise the ongoing monthly maintenance and future capital expenditure.

Funding Options

The Group remains focused on managing its costs and optimising its sales mix. Taking into account the proceeds which will be received from the sale of "Iron Destiny" at completion, the Group currently estimates that it has extended the runway of having sufficient net accessible cash from at least the end of June 2026 to until approximately the end of August 2026. This estimate remains subject to the volatility of iron ore pricing, operating expenses (including energy costs) and in circumstances where there are no material changes to the operating conditions of the Group, including energy supply, and no restrictive measures are put in place by the insolvency manager appointed within Ferrexpo Poltava Mining ("FPM") and there are no negative outcomes to the various proceedings to which the Group are currently subject.

As announced on 1 April 2026 and 15 April 2026, the Group has been actively exploring a number of potential funding options, including an equity capital raise.

The Board confirms that, following discussions with existing and certain potential new institutional investors, it believes that an equity capital raise is currently the most viable solution in the timeframe required. Any such equity capital raise would likely be structured as a conditional placing of new shares to existing and new institutional investors to raise a minimum of US$100 million to support the working capital position of the Group and meet the Group's short-term operational requirements while operating at a reduced level for the next 18 months (the "Possible Fundraise").

Completion of any Possible Fundraise would be subject to, amongst other things, the passing of resolutions at a general meeting of the shareholders to be convened as early as possible following the launch of any Possible Fundraise (the "General Meeting"). The Company does not intend to publish a prospectus in connection with any Possible Fundraise.

As at the date of this announcement, the Company has engaged with Fevamotinico S.a.r.l. ("Fevamotinico"), its largest shareholder, which currently holds 294,993,686 Ordinary Shares being 49.32 percent of the existing Ordinary Shares in issue (excluding Ordinary Shares held in treasury), as to whether Fevamotinico would provide support for the shareholder resolutions at the General Meeting. These discussions remain ongoing given the impact any Possible Fundraise may have on the dilution of the interests held by Fevamotinico and its desire to participate in any Possible Fundraise.

The Group intends to provide an update on any Possible Fundraise in due course and, at this stage, there can be no certainty that the Group will be successful in progressing towards any Possible Fundraise, or any alternative funding solution, within a suitable timeframe, or at all.

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

For further information, please contact:

About Ferrexpo:

Ferrexpo is a Swiss headquartered iron ore company with assets in Ukraine and a listing in the equity shares commercial companies category on the London Stock Exchange (ticker FXPO) and a constituent of the FTSE All Share and FTSE4Good indices. The Group produces premium grade iron ore products sold to the global steel industry and enabling steel makers to reduce carbon emissions and increase productivity. Ferrexpo's operations have been supplying the global steel industry for over 50 years with a customer base comprising of premium steel mills around the world. For further information, please visit www.ferrexpo.com.

Disclaimers:

This announcement does not contain or constitute an offer for the sale of securities, nor the solicitation of an offer to purchase or subscribe for securities, in any jurisdiction. This announcement can neither be relied on for any investment contract or decision, nor should its contents be construed as legal, business or tax advice.