• The safety of the Group’s workforce remains the Group’s highest priority.
• Total iron ore pellet production of 2.7 million tonnes in the first quarter of 2022, representing a figure in line with the same period in 2021, and 11% below the previous quarter (4Q 2021) due to operational and logistical constraints following Russia’s invasion of Ukraine, which persist as per the Group’s previous press release updates in February 2022.
• The Group’s production continues to comprise entirely of high grade forms of iron ore, which are those with an iron ore grade of 65% Fe or above.
• Sales in 1Q 2022 of 2.6 million tonnes, with the Group scaling its production activities to meet accessible pellet demand. Logistics pathways to Europe via rail and barge remain open to the Group, while activities at the Black Sea port of Pivdennyi continue to be suspended.
• Group net cash position of approximately US$159 million as at 31 March 2022, with stable available financing lines marginally impacting the debt position. The Group has maintained an adequate balance of liquidity between funds held both offshore and onshore, ensuring that payments for the Group’s workforce, operations and tax requirements are paid on time and in full.
• The situation in Ukraine remains complex. In accordance with the Government of Ukraine's request for economic activities to continue, the Group will continue to produce and transport its products as long as the capability is in place and it remains safe to do so. 

Jim North, Chief Executive Officer of Ferrexpo commented:

“The safety of our workforce remains our highest priority. Our operations and local communities are outside the main conflict zones within Ukraine, enabling us to continue our activities, including the delivery of iron ore pellets to customers in Europe via rail and barge, which have historically represented approximately 50% of sales. The port of Pivdennyi in southwest Ukraine, where the Group’s berth is located, remains closed, and we are reviewing alternative methods of delivering our products to seaborne markets.”