Ferrexpo Plc saw its London‑listed shares tumble 13% after the Ukrainian iron‑ore miner warned that without fresh capital it may exhaust cash reserves by the end of August. The board said an equity placement of at least $100 million is the only realistic option to fund operations for the next 18 months.

Operating at roughly 25% of pre‑war output, the company’s cash on hand has collapsed from over $100 million at the close of 2024 to about $17 million as of April 17. A planned sale of the transhipping vessel Iron Destiny is expected to bring in $7.7 million, but even combined the inflow leaves a runway that ends in late summer, exposing Ferrexpo to volatile iron‑ore prices and rising energy costs.

The equity raise would likely take the form of a share placing, subject to board and shareholder approval. Largest shareholder Fevamotinico, which owns about 49% of Ferrexpo, is weighing participation against potential dilution. The firm also flagged lingering legal and sanctions‑related risks tied to founder Konstantin Zhevago, which have already hampered VAT refunds and financing access.

Failure to close the fundraising by the April 30 deadline could trigger a suspension of trading and push the company toward insolvency. Investors now face a stark choice between backing a distressed miner or exiting before liquidity evaporates.