Ferrexpo sold the Iron Destiny vessel for $7.7 million to conserve cash after Russian attacks left it unable to operate the ship. The London-listed miner requires $100 million in new equity by April 30 to avoid share suspension. First-quarter iron ore output dropped 72% year-on-year to 593,000 tonnes, while pellet production fell 46.9% in 2025. The Ukrainian government’s suspension of $90.3 million in VAT refunds, linked to sanctioned former executive Kostiantyn Zhevago, has severely restricted available cash.