LONDON (dpa-AFX) - Ferrexpo PLC (FXPO.L), a Swiss iron ore company with
assets in Ukraine, on Tuesday issued an update on proceedings against its
Ukrainian subsidiary Ferrexpo Poltava Mining or FPM.

The company now said it has decided to make a partial payment of the bail
approved by the Kyiv Court of Appeal on April 29 for Viktor Lotous, the General
Director and Chair of the FPM Management Board, in connection with royalty
related investigation. Ferrexpo now said it will pay UAH 50 million or
approximately $1.3 million in the bail amount.

Under Ukrainian law, there is no legal obligation to pay the remainder of the
bail amount.

It was on October 31, 2023 that Lotous, a senior manager of FPM, received a
notice of suspicion regarding accusations for the potential underpayment of iron
ore royalties.

On November 13, 2023, a court of first instance approved a bail for Lotous for
around UAH 800 million or around $20 million. Following an appeal, the Kyiv
Court of Appeal, on April 29, approved a bail of UAH 650 million or around $16.5
million.

The company said the court did not provide any rationale for the high bail
amount, nor its alignment with the financial standing of the suspect. The bail
is separate to the previous bail amounts which were disclosed in the company's
announcement made on November 2, 2023, relating to a different investigation
concerning the sale of waste products.

Ferrexpo said its operations are unaffected, and that further announcements will
be made as appropriate.

The company recently reported a significant increase in production and sales
volumes for the first quarter, the highest since the full-scale invasion of
Ukraine commenced in February 2022.

Ongoing production at the Ukrainian operations continues to perform according to
plan and without disruption in April.

Regarding LLC PCC Kysen, the company said a rescheduled preparatory hearing on
April 29 at the Commercial Court in Poltava Oblast to consider the application
from Kysen was postponed. A preparatory hearing is now rescheduled for June 4.

In London, Ferrexpo shares were trading at 51.80 pence, up 2.98 percent.



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