Ferrexpo (FXPO) Status Update summary

Safety and workforce

• Maintained a rolling 12-month LTIFR of 0.37, below the five-year average of 0.52, with zero fatalities for over three years.

• Five employees serving in the Armed Forces of Ukraine were killed during the quarter; support provided to their families.

• 669 employees are currently serving in the Armed Forces, with 149 returned as veterans and 93 back at work.

Production and operations

• Operated one to two pelletising lines, focusing on higher quality products.

• Total production for 3Q 2024 was 1,397,698 tonnes, down 16.4% from 2Q 2024.

• Nine-month production to September 2024 reached 5,125,034 tonnes, a 47% increase year-on-year.

• Continued production and shipment of DR pellets, with three shipments to two customers.

Market and financial performance

• Faced high electricity tariffs due to 80% imported power, elevated freight rates, and war risk insurance premiums, impacting costs.

• Margins pressured by lower iron ore prices, which briefly fell to $100/tonne before recovering on Chinese stimulus news.

• Cash position at end of 3Q remained around $100 million.

• Cost containment and cash management measures implemented to mitigate margin pressure.