Revenue and Sales Performance - Revenue increased to $258.1 million, up from $221.2 million in 2024, primarily due to a 25% increase in sales volume despite a 6.4% decrease in iron content prices[6]. - Total revenue for 2025 was $258,052,000, reflecting a 16.7% increase compared to $221,156,000 in 2024[12]. - The sales volume of iron concentrate reached 2,928,251 tons in 2025, up 25.0% from 2,342,633 tons in 2024[12]. - Revenue from iron ore sales increased by 16.7% to $258.1 million, despite the decline in iron ore prices[28]. - Revenue from the small engineering services division, Giproruda, was $321,000 in 2025, up from $202,000 in 2024[31]. - Revenue from customer contracts primarily categorized by major products or services, with iron ore sales generating $257.731 million in 2025, up from $220.954 million in 2024, representing a growth of approximately 16.6%[106]. - Revenue from the People's Republic of China was $248.859 million in 2025, up from $205.162 million in 2024, marking an increase of 21.2%[106]. Production and Operational Efficiency - Production volume rose by 23% to 2,925 thousand tons, compared to 2,378 thousand tons in 2024, attributed to improved ore quality and recovery rates[6]. - The company produced 2,925,373 tons of iron concentrate in 2025, a 23.0% increase from 2,377,519 tons in 2024[12]. - The K&S plant operated at 93% of its design capacity in 2025, contributing to the overall operational efficiency[80]. - The Sutara mine's integration has significantly improved operational performance, contributing to record production and sales for the year[71]. - The company is focused on operational efficiency improvements and has begun internal mining operations to reduce reliance on external contractors[6]. - The company is committed to improving operational efficiency and optimizing internal mining processes to lower costs further[75]. Financial Performance and Losses - Adjusted EBITDA (excluding exceptional items and foreign exchange) was $17.2 million, up from $9.3 million in 2024[6]. - The company reported a net loss attributable to shareholders of $131.5 million, compared to a loss of $20.5 million in 2024[6]. - The company reported a basic loss per share of $10.29 for 2025, compared to a loss of $2.32 per share in 2024, indicating a substantial increase in losses[94]. - The company recorded a loss before tax of $131,778,000 for 2025, compared to a loss of $19,868,000 in 2024, reflecting a significant increase in losses[94]. - The group recorded a loss of $131.5 million for the year, compared to a loss of $20.5 million in 2024, primarily due to impairment losses related to the K&S mine and other assets totaling $159.6 million[47]. - Despite strong sales growth, the company recorded an adjusted net loss of $3.4 million due to declining iron ore prices and the appreciation of the ruble[80]. Impairment and Asset Management - K&S asset impairment expense was $152.9 million, attributed to the appreciation of the Russian ruble and expected future cost increases[6]. - The company recognized an impairment loss provision of $159,610,000 in 2025, which was not applicable in 2024[15]. - The impairment loss related to the K&S mine was $152.9 million, primarily due to the appreciation of the Russian ruble affecting operational costs[21]. - The recoverable amount of the K&S project is approximately $139.9 million as of December 31, 2025, down from $268.1 million in 2024, resulting in an impairment loss of $152.9 million for the year[121]. Cash Flow and Capital Management - Cash and deposits decreased to $41.6 million from $60.7 million as of December 31, 2024, mainly due to voluntary repayment of MIC loans and capital expenditures for mining operations[6]. - Operating cash flow increased to $29.9 million in 2025, up from $6.3 million in 2024, driven by improved EBITDA[49]. - The group’s net cash position improved to $13.5 million in 2025, compared to $15.9 million in 2024[67]. - Capital expenditures for the year amounted to $33.6 million, significantly higher than $17.4 million in 2024, primarily due to the acquisition of K&S mining equipment[50]. - The company raised approximately $41.8 million through a rights issue to strengthen its balance sheet and support future growth[88]. Market Outlook and Economic Environment - The short-term market outlook remains uncertain, with ongoing challenges in the global economic environment and iron ore demand[10]. - The external economic environment remains challenging, with no quick resolution expected, but the company's fundamentals are at their strongest level in years[75]. - The outlook for 2026 is cautious yet optimistic, focusing on operational execution and continuous improvement amid challenging market conditions[90]. Employee and Operational Changes - The total employee cost increased to $45.9 million in 2025, up from $32.9 million in 2024, reflecting an increase in workforce and inflationary pressures[68]. - As of December 31, 2025, the group has 1,817 employees, an increase from 1,670 in 2024, to meet operational demands[68]. - New mining equipment, including a 22-cubic meter excavator and a fleet of trucks, was successfully deployed by the end of 2025 to reduce reliance on third-party contractors[82]. Compliance and Governance - The company has adopted the corporate governance principles and has confirmed compliance with the standards set forth in the Listing Rules Appendix C3 for securities trading by directors[147]. - The group’s auditor has submitted reports on the consolidated financial statements for the years ending December 31, 2024, and December 31, 2025, with no reservations noted[101].

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示 概 不 就 因 本 公 告 全部或任何部分內容而產生或因依賴該等內容而引致的任何損失承擔任何責 任。本 公 告 下 文 所 載 的 資 料 僅 供 參 考，並 不 構 成 收 購、購 買 或 認 購 本 公 司 股 份 的 邀 請 或 要 約。 （於 香 港 註 冊 成 立 的 有 限 公 司） （股 份 代 號：1029） 盈利警告 2026年3月19日（星 期 四）：本 公 告 由 鐵 江 現 貨 有 限 公 司（「鐵江現貨」或「本公司」， 連 同 其 附 屬 公 司 統 稱「本集團」）根據香港聯合交易所有限公司證券上市規則 （「上市規則」）第13.09(2)(a)條及香港法例第571章證券及期貨條例第XIVA部項下 內幕消息條文（定 義 見 上 市 規 則）刊 發。 本公司董事（「董 事」）會（「董事會」）謹 此 告 知 其 股 東 及 有 意 投 資 者，根 據 對 本 集 團截至2025年12月31日止年度未經審核綜合管理賬目的初步評估及 ...

董事會議召開日期 2025年業績將於2026年3月25日公佈 2026年3月10日（星 期 二）：鐵 江 現 貨 有 限 公 司（「鐵江現貨」或「本公司」，連 同 其 附 屬 公 司，統 稱「本集團」，股 份 代 號：1029）董事會（「董事會」）將 於2026年3月19日 召 開 會 議，以 考 慮 本 公 司 及 其 附 屬 公 司 截 至2025年12月31日止年度的年度業 績，並 授 權 董 事 會 執 行 委 員 會（其 中 包 括）考 慮、落 實 及 批 准 本 公 司 及 其 附 屬 公 司截至2025年12月31日 止 年 度 的 年 度 業 績。 董 事 會 謹 此 宣 佈，執 行 委 員 會 將 於2026年3月25日（星 期 三）舉 行 會 議，藉 以（其 中 包 括）考 慮、落 實 及 批 准 刊 發 本 公 司 及 其 附 屬 公 司 截 至2025年12月31日止年度 的 年 度 業 績。 承董事會命 鐵江現貨有限公司 首席執行官 Denis Cherednichenko 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不 負 責，對 其 準 確 性 或 完 整 性 ...

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 | 截至月份: | 2026年2月28日 | 狀態: 重新提交 | | --- | --- | --- | | 致：香港交易及結算所有限公司 | | | | 公司名稱: | 鐵江現貨有限公司 | | | 呈交日期: | 2026年3月3日 | | | I. 法定/註冊股本變動 | 不適用 | | FF301 第 1 頁 共 10 頁 v 1.2.0 FF301 II. 已發行股份及/或庫存股份變動及足夠公眾持股量的確認 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 01029 | 說明 | | | | | | | | | 已發行股份（不包括庫存股份）數目 | | 庫存股份數目 | | 已發行股份總數 | | | 上月底結存 | | | 1,277,948,588 | | 0 | | 1,277,948,588 | | 增加 / 減少 (-) ...

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 | 截至月份: | 2026年2月28日 | 狀態: 新提交 | | --- | --- | --- | | 致：香港交易及結算所有限公司 | | | | 公司名稱: | 鐵江現貨有限公司 | | | 呈交日期: | 2026年3月2日 | | | I. 法定/註冊股本變動 | 不適用 | | FF301 第 1 頁 共 10 頁 v 1.2.0 FF301 II. 已發行股份及/或庫存股份變動及足夠公眾持股量的確認 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 01029 | 說明 | | | | | | | | | 已發行股份（不包括庫存股份）數目 | | 庫存股份數目 | | 已發行股份總數 | | | 上月底結存 | | | 1,277,948,588 | | 0 | | 1,277,948,588 | | 增加 / 減少 (-) ...

Group 1 - The company, 铁货 (01029), announced a rights issue based on a ratio of 1 new share for every 2 existing shares held as of the record date [1] - The rights issue will involve the allocation and issuance of 639 million shares on February 6, 2026 [1]

Group 1 - The company, 铁货 (01029.HK), announced a rights issue based on a ratio of 1 new share for every 2 existing shares held as of the record date [1] - The rights issue will involve approximately 639 million shares being issued and allocated on February 6, 2026 [1]

Group 1 - The company, 铁货 (01029), announced a rights issue based on a ratio of 1 new share for every 2 existing shares held as of the record date [1] - The rights issue will result in the allocation and issuance of 639 million shares on February 6, 2026 [1]

FF305 翌日披露報表 (股份發行人 ── 已發行股份或庫存股份變動、股份購回及/或在場内出售庫存股份) 表格類別： 股票 狀態： 新提交 公司名稱： 鐵江現貨有限公司 呈交日期： 2026年2月6日 如上市發行人的已發行股份或庫存股份出現變動而須根據《香港聯合交易所有限公司（「香港聯交所」）證券上市規則》(「《主板上市規則》」)第13.25A條 / 《香港聯合交易所有限公司GEM證券 上市規則》(「《GEM上市規則》」)第17.27A條作出披露，必須填妥第一章節 。 | 第一章節 | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 | 是 | | | | 證券代號 (如上市) | 01029 | 說明 | | | | | | | | A. 已發行股份或庫存股份變動 | | | | | | | | | | | | | 已發行股份（不包括庫存股份）變動 | | 庫存股份變動 | | | | | 事件 | | 已發行股份（不包括庫存股 ...

Group 1 - The company announced a total of 639 million shares for the rights issue, with 467 million shares (approximately 73.03% of the offered shares) receiving valid applications by the deadline of January 15, 2026 [1] - The underwriter has committed to subscribe to 415 million shares of the rights issue based on irrevocable commitments, while 172 million shares (approximately 26.97% of the offered shares) remain unsubscribed and are subject to compensation arrangements [1] - As of February 2, 2026, no unsubscribed shares were successfully placed under the compensation arrangements, resulting in no net proceeds available for distribution to non-participating shareholders [1] Group 2 - Due to insufficient subscriptions for the rights issue, the underwriter has fulfilled its obligations under the underwriting agreement by subscribing to all 172 million shares that were underwritten [2] - The total number of shares held by the underwriter, including the 415 million shares provisionally allocated and subscribed, amounts to 1.4175 billion shares, representing approximately 73.95% of the company's enlarged issued share capital post-rights issue [2]