Ferrexpo warned on Wednesday it could run out of cash by the end of August without fresh financing. The company is pursuing an equity raise of at least $100mn; absent that capital it would have “no option but to file for insolvency.” The alert follows war‑driven disruption that has already trimmed output to roughly a quarter of pre‑war levels.

The firm reported $17mn of net cash in mid‑April and will sell its vessel for about $7.7mn this month. Ongoing Russian attacks on Ukraine’s energy grid and logistics bottlenecks have forced Ferrexpo to run at about a quarter of its pre‑war output, while a suspension of VAT refunds since March has crippled cash flow. These measures are unlikely to cover operating costs beyond September.

Shares tumbled 23 per cent to 33.1p in London trading after the warning, reflecting investor anxiety over founder Kostyantyn Zhevago’s legal entanglements and his discretionary control of Fevamotinico, which holds roughly 49% of Ferrexpo. With liquidity squeezed and insolvency looming, the company now faces an immediate financing showdown that will determine its survival and could trigger a default on its debt.