Ferrexpo (LSE:FXPO) is considering an equity capital raise after its net cash position narrowed to approximately US$20m.
The company has agreed the sale of its transhipping vessel Iron Destiny for net proceeds of US$7.7m, which it says will extend its runway.
Overall, the Eastern European miner told investors it has sufficient net accessible cash until approximately the end of August 2026.
The group reported first‑quarter production of 593kt (525kt pellets; 68kt Fe67% concentrate) but is operating at around one quarter of pre‑war capacity, with only one of four pellet lines running and is currently loss‑making. Directors say a March 2025 suspension of VAT refunds has materially constrained liquidity: the Group’s net VAT receivable in Ukraine was US$90.3m as at 31 March, of which US$78.9m has been claimed and US$69.4m for 2025 was refused.
Ferrexpo warned its principal operating unit, Ferrexpo Poltava Mining, is in bankruptcy proceedings and an insolvency manager is in place, restricting disposals.
And, it expects a potential cash shortfall around the end of August 2026 and continues to review alternatives while pursuing a phased recovery toward pre‑war capacity, which they target to commence in 2028.
