Ferrexpo PLC (LSE:FXPO) share plummeted in London on Wednesday, losing 24.5% to 32.58p, after it told investors that a planned equity raise of at least US$100 million is now the miner's only realistic funding option, as the iron ore producer warned it has enough accessible cash only until the end of August and could face a suspension of its London listing next month if a deal is not completed in time.
The group said the proposed fundraising would support working capital and short-term operations while it runs at reduced capacity over the next 18 months.
Ferrexpo in recent days also agreed the sale of its transhipping vessel Iron Destiny for net cash proceeds of US$7.7 million, but even after that disposal, it said accessible cash extends only to around late August under current assumptions.
The pressure point is worsening liquidity in Ukraine. Ferrexpo said suspended VAT refunds have left it with a net VAT receivable balance of US$90.3 million as of 31 March 2026, while accessible cash had fallen to around US$17 million by 17 April. The company is still operating at about one quarter of its pre-war production rate, with just one of four pellet lines running, and said first-quarter output totalled 593,000 tonnes.
The board said the raise would need to be launched and the bookbuild completed by 30 April for Ferrexpo to publish audited 2025 results on time. Otherwise, the company expects its shares to be suspended from listing and trading from 1 May. Ferrexpo is a Swiss-headquartered iron ore company with assets in Ukraine.