Ferrexpo (FXPO) Status Update summary

Operational performance

• Achieved total commercial production of 1.51 million tonnes in Q3 2025, up 3% from Q2 but down 29% from Q1.

• Pellet production fell 22% quarter-on-quarter, while concentrate output rose 36% due to strong Chinese demand.

• Production for the first nine months of 2025 was 5.1 million tonnes, nearly flat year-on-year.

Financial and cost management

• Withheld VAT refunds reached $47 million by end of August, impacting liquidity and forcing production cuts.

• Cost-cutting measures included reduced working hours, procurement cuts, and suspension of non-essential CapEx and CSR spending.

• About 20% of the workforce was on furlough or reduced hours by end of September.

Safety and workforce

• Rolling 12-month Lost Time Injury Frequency Rate improved to 0.60, with zero workplace fatalities for over five years.

• Three more colleagues were killed in military service during the quarter, totaling 50 since the war began.

• 760 employees are currently serving in the Armed Forces, with 102 having returned to work, some in new roles due to health reasons.