Mining company Ferrexpo, with its core assets, will hold general meetings of shareholders on September 21 and October 9 of this year to review its 2025 performance and the results of raising $100 million through an additional share issuance.
According to a stock exchange announcement, Ferrexpo plc is convening the meetings to consider certain standard resolutions that are typically submitted to shareholders for approval at the company’s annual general meeting, which took place on June 29, 2026. However, additional time was required to finalize the Group’s financial results for the year ended December 31, 2025, as the implementation of the relevant financing decision—necessary for the preparation of financial statements on a going-concern basis—was pending.
On September 3, 2026, the company announced plans to raise capital through a $100 million stock offering, and on September 4, 2026, it reported the results of this offering (during which $100 million was successfully raised). The fundraising process is expected to be completed on September 22, 2026, subject to shareholder approval at a separate general meeting of the company scheduled for September 21, 2026.
It is clarified that the matters to be considered at the meeting on October 9 differ from those to be considered at the general meeting on September 21, 2026, regarding the capital raise.
“Shareholders are advised to review the separate circular and notice of the general meeting, published on September 4, 2026, for more detailed information regarding the raising of share capital and the voting procedure at that meeting. The following matters will be considered at this general meeting (in a form generally consistent with that proposed to shareholders in previous years): consideration of the annual report and financial statements of the Group for the year ended December 31, 2025; approval of the directors’ compensation report; approval of the reappointment of the Group’s auditor, MHA Audit Services LLP; and authorization of the Audit Committee of the Board of Directors to determine the auditor’s compensation,” the announcement states.
Ferrexpo owns a 100% stake in Yeristivskyi Mining and Processing Plant LLC, a 99.9% stake in Bilanivskyi Mining and Processing Plant LLC, and 100% of the shares in Poltava Mining and Processing Plant PJSC.
CAPITAL, FERREXPO, MINING AND PROCESSING PLANT, share issue, SHAREHOLDER
Ferrexpo, a mining company with its main assets in Ukraine, has secured a $15 million credit line from Fevamotinico SaRL, a company owned by Minco Trust, whose ultimate beneficiary is businessman Konstantin Zhevago.
According to a stock exchange announcement, Ferrexpo plc has entered into a loan agreement with its largest shareholder, Fevamotinico, which will provide an unsecured credit line in the principal amount of $15 million.
The purpose of the loan is to provide the company with immediate access to liquidity until the completion of the capital raising process totaling approximately $100 million, as announced on September 4, 2026, as well as to support working capital needs and production operations, which resumed on September 7. The loan effectively serves as an advance payment of a portion (approximately $40 million) of the funds that Fevamotinico has committed to contribute as part of the capital raising.
It is specified that interest on the loan is accrued at a rate of 9.75% per annum; the maturity date is 12 months after the date the funds are disbursed. Repayment of the loan, together with accrued interest, will be made by offsetting the amounts that Fevamotinico is required to pay to Ferrexpo under the share subscription agreement following the company’s listing. This loan is subordinated; therefore, claims under it will be satisfied after the claims of the company’s existing unsecured creditors.
If the general meeting to be held on September 21, 2026, does not approve the capital raise or if the placement agreement is terminated, the company may decide to repay the loan by issuing new common shares at the placement price (or, if the fair market value is lower than the placement price, at such lower price as agreed upon by the company and Fevamotinico), subject to compliance with all legal or regulatory requirements regarding such issuance of shares, including obtaining prior approval from independent shareholders.
In addition, as long as the loan remains outstanding, the loan agreement restricts the group members’ ability to raise debt or provide collateral for obligations, except for those falling within specified permitted categories (in particular, a potential credit line to finance trade transactions, as well as certain agreements entered into in the ordinary course of business or between group companies) .
The terms of the loan provide for certain standard events of default that entitle Fevamotinico to demand early repayment of the loan. However, Fevamotinico has agreed not to take any action to collect the loan debt in cash prior to its maturity date. The loan agreement also contains a standstill provision, under which Fevamotinico undertakes not to make any claims against Ferrexpo or to initiate proceedings for its liquidation, external administration, or any other insolvency-related proceedings, nor to facilitate such actions by other parties.
If the fundraising does not take place and the placement agreement is terminated, the principal amount of the loan, together with accrued but unpaid interest, will be due for repayment in cash on the maturity date, unless the alternative repayment mechanism described above—involving the transfer of shares—is successfully implemented. If Ferrexpo is unable to repay the loan in cash by the specified deadline, and the alternative repayment mechanism involving shares is not implemented, the company will have to raise additional financing or negotiate other terms for settling the debt with Fevamotinico.
Fevamotinico is a related party of Ferrexpo under the UK Listing Rules, as it is a significant shareholder of the company and has the right to vote (or control the exercise of voting rights) with respect to 49.27% of the votes at the general meeting of shareholders. Accordingly, the granting of the loan is considered a related-party transaction.
The company’s directors consider the terms of the loan to be fair and reasonable in the interests of the shareholders. The Board of Directors received appropriate advice from BDO LLP, which acts as the company’s sponsor. In providing this advice to the directors, BDO LLP took into account the commercial assessment of the loan conducted by the directors themselves.
Ferrexpo owns a 100% stake in Yeristovsky GOK LLC, a 99.9% stake in Bilanivsky GOK LLC, and 100% of the shares in Poltava GOK PJSC.
Ferrexpo, a mining and ore processing company with its main assets in Ukraine, announced the resumption of production at its facilities in Ukraine.
“We are pleased to resume production in Ukraine, and I would like to thank our team, which has once again demonstrated its dedication and determination by ensuring the resumption of operations over the weekend,” said Ferrexpo’s interim CEO, Lucio Genovese.
According to a press release, following the raising of $100 million, which was announced on September 4, 2026, the company took the necessary steps over the weekend, and production was resumed using one pellet production line.
Given the numerous documented incidents of attacks on ports and ships in the Black Sea, the company plans to focus on exporting products to customers in Europe, according to a Ferrexpo stock exchange announcement on Monday.
As reported in early August, Ferrexpo suspended production in Ukraine amid the constant threat of Russian attacks in and around Ukrainian ports in order to preserve working capital.
As of June 30, 2026, the group’s net cash position (excluding lease obligations) stood at approximately $21 million, compared to $25 million as of March 31, 2026, and $47 million as of December 31, 2025.
Ferrexpo owns a 100% stake in Yeristovsky GOK LLC, a 99.9% stake in Bilanovsky GOK LLC, and 100% of the shares in Poltava GOK PJSC.
The London Stock Exchange (LSE) suspended trading in Ferrexpo shares in May due to the company’s inability to publish its annual financial statements on time.
Yeristovsky Mining and Processing Plant LLC (YMPP, Horishni Plavni, Poltava Oblast), a subsidiary of the mining company Ferrexpo, whose majority shareholder is Konstantin Zhevago, reduced its net loss by 21.9% in January–June of this year compared to the same period last year—to 629.283 million UAH from 805.243 million UAH.
According to the company’s interim report, which is available to the Interfax-Ukraine news agency, revenue from ordinary operations for this period fell by a factor of 5.5—to 1,326.967 million UAH from 7,274.247 million UAH.
The uncovered loss as of the end of June 2026 amounted to 1,190,199 million UAH.
As previously reported, in January–March of this year, YEGZK reduced its net loss by 11.7% compared to the same period last year—to 330,780 million UAH from 374,477 million UAH; while revenue from ordinary operations for this period fell by a factor of 14.7—to 400.753 million UAH from 5 billion 898.156 million UAH.
The official report for 2025 has not yet been published. At the same time, YEGZK reported a net loss of 879.341 million UAH for January–September 2025, whereas in the same period of 2024, it had reported a profit of 514.369 million UAH. Revenue for this period decreased by 45.3%—to 8 billion 124.766 million UAH. Retained earnings as of the end of September 2025 amounted to 171.842 million UAH.
According to YouControl, YEGZK’s net loss in 2025 totaled 1 billion 488.580 million UAH, while revenue amounted to 8 billion 773.725 million UAH.
In 2024, the LLC reported a net profit of 1 billion 84.107 million UAH, compared to 1 billion 832.538 million UAH in 2023.
Yeristivsky Mining and Processing Plant LLC extracts both high- and low-grade iron ore. The LLC was registered on July 14, 2008. As of December 31, 2024, the company had 1,797 employees (compared to 1,789 in 2023).
According to the annual report, as of December 31, 2024, Ferrexpo AG (Switzerland) held a 99.999% stake in Yeristivsky GZK LLC, while Ferrexpo Service LLC (Ukraine) held a 0.001% stake.
It is noted that Ferrexpo AG, which is wholly owned by Ferrexpo plc (the ultimate parent company), exercises control over Ferrexpo Service LLC. A stake of less than 50% in Ferrexpo plc is ultimately held by Minso Trust, whose beneficiaries are Konstantin Zhevago and his immediate family members, and which was established to manage the stake in the Ferrexpo group of companies.
The authorized capital of YEGOK LLC is 8 billion 263.698 million UAH.
Ferrexpo plc, a mining and ore company with its main assets in Ukraine, produced 1,385,139 metric tons of pellets in January–June of this year, which is 36% lower than in January–June of last year (2,169,631 metric tons), but in the second quarter, it increased production of this product by 64% compared to the first quarter—to 860,213 thousand metric tons from 524,926 thousand metric tons.
According to the company’s press release on Wednesday, total production of marketable products (pellet and iron ore concentrate) for the first half of 2026 fell by 54% compared to the first half of 2025—to 1,556,160 thousand metric tons. In particular, production of premium-grade Fe67% concentrate amounted to 171,021 thousand metric tons, compared to 1,223,504 thousand metric tons (a decrease of 86%). The company also produced 1,221,968 thousand metric tons of premium-grade pellets (a 41% decrease) and 163,171 thousand metric tons of DR pellets (compared to 81,787 thousand metric tons produced in the first half of 2025).
The press release notes that the group continues to operate under significant constraints caused, in particular, by serious operational and financial risks related to the war in Ukraine. These factors include the mobilization of a significant portion of the workforce into the Armed Forces of Ukraine, as well as disruptions and restrictions in logistics, as a result of which only one iron ore pellet production line is currently in operation.
The group continues to focus on cost management and operational activities to preserve working capital amid significant constraints. At the same time, the Group continues to optimize its product mix (the ratio of pellet production to concentrate production) and manage the allocation of shipments among customers. In addition, operating expenses have been reduced across all business lines over an extended period, a situation that will require a solution in the future.
As a result of these measures, as of June 30, 2026, the Group’s available cash balance stood at approximately $27 million (excluding funds held at MBaer Merchant Bank (MBaer), whose banking license was revoked in February 2026). As of June 30, 2026, the Group’s net cash position (excluding lease obligations) was approximately $21 million (for comparison: as of March 31, 2026, this figure was approximately $25 million; as of December 31, 2025, it was $47 million; as of June 30, 2025, it was $50 million; and as of December 31, 2024, it was $101 million).
Given the measures taken by the Group, as well as current production volumes, actual and projected energy prices for the next quarter, and an optimized sales structure, the Group forecasts that its available net cash (net of lease obligations and funds locked up in MBaer) will be sufficient to continue operations under the current challenging conditions until the beginning of the fourth quarter of 2026. This forecast depends on the volatility of iron ore prices and operating expenses (particularly energy costs) and is based on the assumption that there will be no material changes in the Group’s operating conditions (including energy supply) Furthermore, the arbitration administrator appointed as part of the Poltava Mining and Processing Plant’s bankruptcy proceedings will not impose restrictive measures, and there will be no final, non-appealable adverse decisions in the various judicial and administrative proceedings to which the Group is currently a party.
The Group remains in a precarious financial position and is implementing cost-cutting measures across all areas of its operations, particularly with regard to operating and capital expenditures. In addition, significant operating expenditures have been deferred, particularly those related to the optimization of mining operations, repairs, and maintenance of processing and pellet production facilities, as well as mining equipment.
Against this backdrop, the group is maintaining its workforce at 6,299 employees to retain the skilled professionals needed to manage flexible production volumes in response to market demand. This figure currently includes 804 employees serving in the Armed Forces of Ukraine.
The press release states that the Group’s VAT refunds have been suspended since March 2025. As a result of this suspension, as of June 30, 2026, VAT receivables in Ukraine amounted to $90.4 million (net of related provisions); (for comparison: as of March 31, 2026, this figure stood at $90.3 million). Of this amount, as of the date of this announcement, $87.5 million had been claimed for refunds covering the period from January 2025 through June 2026, with the Ukrainian tax authorities having denied refunds for approximately $80.8 million (relating to the period from January 2025 through April 2026).
The company is in negotiations with Ukrainian authorities to find a long-term solution to the issue of obtaining VAT refunds. Although the company is striving to reach an agreement, given the complexity of the situation, the possibility of reaching such an agreement and the timeline for its implementation remain uncertain, according to the press release.
The company also provides an update on the status of its legal proceedings. Specifically, regarding the long-standing legal dispute between “Maxi Capital Group” Financial Company LLC (Maxi Capital) and PGZK regarding disputed guarantee agreements and a claim in the amount of 4.727 billion hryvnia (approximately $105.4 million as of June 30, 2026), the group reports that the main claim is currently being considered by the Supreme Court of Ukraine. On May 1, 2026, the court expanded the panel to 17 judges. The next court hearing in this case is scheduled for October 12, 2026.
Proceedings in the PGZK bankruptcy case: Following the local court of first instance’s decision on February 24, 2026, to open bankruptcy proceedings based on Maxi Capital’s petition, PGZK filed an appeal against that decision. Following the official recusal of the original three-judge panel on April 30, 2026, a new panel was appointed. During the hearing on June 2, 2026, the appellate court heard the parties’ arguments and scheduled the next hearing for July 27, 2026.
The company has updated information regarding its financing options. The Board of Directors continues to believe that raising equity capital is currently the most viable solution within the required timeframe. This capital raise will likely be structured as a conditional placement of new shares among certain existing and new institutional investors with the aim of raising at least $100 million. These funds are necessary to maintain the Group’s working capital levels, meet its short-term operational needs, increase production volumes, and carry out previously deferred work on deposit development (overburden removal) and capital expenditures while operating at reduced capacity over the next 18 months. The Group is actively working on a series of measures necessary to begin implementing the planned capital raise.
The Company continues negotiations with representatives of its largest shareholder—Fevamotinico S.a.r.l.—regarding its participation in the equity financing. At this stage, there is no certainty that the Group will be able to successfully carry out the planned fundraising. If the issues regarding the delay in VAT refunds and financing problems are not resolved in a timely manner, this could lead to serious negative consequences for the Group. In particular, the Company or Group entities may be forced to file for insolvency in the relevant jurisdictions, and shareholders may lose all or a significant portion of their investments.
Regarding the delay in the publication of the audited financial statements for 2025, the listing, and trading of the Company’s shares: Given that the preparation of the financial statements for the year ended December 31, 2025, under the going concern assumption, depends on the successful completion of the planned capital raising, the Company has not yet been able to publish its audited financial results for that period. The results for the 2025 fiscal year are expected to be released concurrently with the launch of the planned capital raising process.
Following the release of the results for the 2025 fiscal year, the company will apply to the UK Financial Conduct Authority (FCA) to lift the suspension of its listing, thereby allowing trading in the company’s shares to resume.
Commenting on the group’s performance, interim acting chairman Lucio Genovese stated, “We are very pleased that we were able to restore stable production during this period, despite the numerous operational and logistical challenges we faced.”
“We took the opportunity to improve our sales mix through exports of direct-recovery pellets (DR pellets/FDP) and continue to cut costs across the entire company to preserve our available working capital, which is being depleted due to the lack of VAT refunds starting in March 2025. We are continuing our efforts to raise capital, which is the most viable solution for addressing the working capital shortfall,” Genovese noted.
As previously reported, Ferrexpo produced 3,221,461 metric tons of pellets in 2025, which is 47% less than in the previous year (6,070,541 metric tons). At the same time, total production of marketable products (pellets and iron ore concentrate) for 2025 decreased by 9% to 6,141,759 thousand metric tons. Specifically, marketable concentrate output amounted to 2,920,298 thousand metric tons, compared to 709,803 thousand metric tons, respectively. The company also produced 81,787 thousand metric tons of DR pellets (compared to 489,720 thousand metric tons in 2024) and 3,139,674 thousand metric tons of premium-grade pellets (a 44% decrease).
In 2024, Ferrexpo increased pellet production by 58% compared to 2023—to 6,070,541 metric tons from 3,845,325 metric tons. In 2023, the company produced 3.845 million metric tons of pellets, which is 36.5% less than in 2022.
Ferrexpo owns a 100% stake in Yeristivsky Mining and Processing Plant LLC, a 99.9% stake in Bilanivsky Mining and Processing Plant LLC, and 100% of the shares in Poltava Mining and Processing Plant PJSC.
FERREXPO, MINING AND PROCESSING PLANT, PELLETS, PRODUCTION, VAT
Ferrexpo plc, a mining and ore company with its main assets in Ukraine, continues to focus on managing its costs and optimizing its sales structure to maximize its working capital.
According to a company statement released ahead of its annual general meeting on Monday, the group continues to operate under severely constrained conditions due to the war in Ukraine and related operational and financial difficulties.
At the same time, the statement notes that despite significant disruptions in the operating environment in Ukraine, the group continues to operate one of its four pellet production lines and export its products to customers in Europe and the Middle East.
As previously announced, the group decided to sell its own transshipment vessel, the Iron Destiny, for which it received a net profit of $7.7 million. Based on current production rates, current and projected energy prices for the next quarter, and taking into account an optimized sales mix, the group now forecasts that it will have sufficient net available cash—excluding funds frozen at Mbaer Bank—beyond the previously stated end of August 2026.
“This assessment remains subject to the volatility of iron ore prices and operating expenses (including energy costs) and assumes that there will be no significant changes in the Group’s operating conditions—including electricity supply—and that no restrictive measures will be taken by the insolvency administrator at Poltava Mining and Processing Plant (PGZK), and that there will be no final, non-appealable negative outcomes in the various judicial and administrative proceedings currently pending against the group,” the statement said.
In addition, it is noted that the group continues to actively pursue initiatives to enable it to begin raising equity capital in the amount of at least $100 million. As noted in the company’s previous announcements, the group remains confident that raising equity capital is the most viable solution within the required timeframe.
“At this stage, there is no certainty that the group will successfully complete such financing options. If the issues regarding the withholding of VAT refunds and financing are not resolved in a timely manner, this could lead to significant negative consequences for the group. The planned capital raise, if implemented, will be the subject of a further announcement, including the full terms of the planned capital raise,” the press release states.
The company plans to release its production report for the second quarter of 2026 on July 15 of this year.
As previously reported, Ferrexpo plc announced that it will hold its annual shareholders’ meeting on June 29 of this year. The total number of shares whose holders are entitled to vote at the meeting is 598,137,142 ordinary shares. Only one class of shares is outstanding, and each share carries one vote; therefore, the total number of voting rights that can be exercised at the meeting is 598,137,142.
Lucio Genovese, the company’s interim acting chairman, explained that voting on all resolutions will be conducted by poll, and the voting results will be announced through the Regulatory Information Service and published on the group’s website as soon as possible after the general meeting.
Genovese reiterated that the company aims to raise at least $100 million, which is needed to finance Ferrexpo Group’s operations over the next 18 months. The Group’s operations have been significantly impacted since the start of Russia’s full-scale invasion of Ukraine in 2022, leading to a reduction in operational activities and periods of complete suspension of operations. This has had a material impact on the Group’s revenue.
In addition, the decision by Ukraine’s tax authorities to suspend VAT refunds effective March 2025, amounting to approximately $90 million, has further significantly impacted the group’s liquidity. The company intends to complete the equity offering as soon as possible and is actively working toward this goal. However, it is not yet in a position to officially launch the equity offering.
“Until the equity offering is ready to launch, the company cannot publish its audited financial results for the year ended December 31, 2025, on a going-concern basis, as the company and its auditors require sufficient assurance regarding the commencement and successful completion of the equity offering before signing off on the financial statements. Due to the delay in the equity offering and given the dependence on the commencement of the equity offering for the publication of the audited financial statements for the year ended December 31, 2025, on a going-concern basis, the company is unable to finalize the audited annual report and financial statements for the year ended December 31, 2025, but is committed to doing so as soon as possible,” the acting CEO stated in his address.
According to him, this annual shareholders’ meeting is being held solely to address routine matters, namely the reelection of directors and the renewal of authorizations granted to conduct market purchases of the company’s own shares and to convene annual shareholders’ meetings. All directors will step down at the 2026 general meeting of shareholders and will seek re-election by the shareholders, with the exception of Mr. Vitaliy Lisovenko, who, as previously announced, will resign from the company’s board of directors upon the conclusion of the general meeting.
According to the information, the meeting will propose, among other things, the re-election of Stuart Brown, Mykola Kladiev, Lucio Genovese, and Fiona Macaulay as members of the board of directors.
As previously reported, Ferrexpo has delayed the publication of its audited report for 2025.
It was also reported that the London Stock Exchange (LSE) suspended trading in Ferrexpo shares, while the company twice warned shareholders in the second half of April about the suspension of its listing and trading due to its inability to publish its annual financial statements on time. Most recently, on April 28, Ferrexpo noted that it had received indicative, non-binding expressions of interest from institutional investors regarding a potential capital raise of more than $100 million—on which the publication of the report also depends—but that it would not be able to complete this by the end of April.
Ferrexpo owns a 100% stake in Yeristivsky GZK LLC, a 99.9% stake in Bilanivsky GZK LLC, and 100% of the shares in Poltava GZK PJSC.
