Operations Update

21 December 2022

Ferrexpo plc

("Ferrexpo" or the "Company" or the "Group")

Operations Update

Ferrexpo plc (LSE: FXPO), a producer and exporter of high grade iron ore pellets to the global steel industry, provides the following update on its operations in central Ukraine. Subsequent to the suspension of its operations in October 2022, the Group is now receiving sufficient levels of power to bring one pelletiser line back into operation. This will allow the Group, together with its stockpiled material, to meet the requirements of existing customer contracts.

As a result of interruptions, and continued instability, within the state-owned electricity network that have been experienced in the fourth quarter of 2022 ("4Q 2022"), approximately 0.3 million tonnes of pellets have been produced to date in 4Q 2022. Total pellet production for 2022 is therefore expected to be approximately 5.9-6.0 million tonnes.

Despite interruptions to the Group's production, shipments to customers during 4Q 2022 have continued at a run rate of approximately 250 kilotonnes per month.

For further information, please contact:

The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulation (EU) No. 596/2014 as amended by The Market Abuse (Amendment) (EU Exit) Regulations 2019. The person responsible for making this notification is Mark Gregory, Company Secretary.

About Ferrexpo:

Ferrexpo is a Swiss headquartered iron ore company with assets in Ukraine and a premium listing on the London Stock Exchange in the FTSE 250 index (ticker FXPO). The Group produces high grade iron ore pellets, which are a premium product for the global steel industry and enable reduced carbon emissions and increased productivity for steelmakers when the Group's iron ore pellets are converted into steel, compared to more commonly traded forms of iron ore. Ferrexpo's operations have been supplying the global steel industry for over 50 years, and in 2021 the Group produced 11.2 million tonnes of iron ore pellets, placing Ferrexpo as the world's third largest exporter of pellets to the global steel industry with a market share of approximately 9%. The Group has a global customer base comprising of premium steel mills around the world, which includes steel mills in Austria, Germany, Japan, South Korea, Taiwan, China, Slovakia, the Czech Republic, Turkey, Vietnam and America. For further information, please visit www.ferrexpo.com.