Another operation like this at JSW. There's not much money left for a rainy day.

The Supervisory Board of Jastrzębska Spółka Węglowa agreed to redeem 99,295 series A Investment Certificates of the JSW Stabilization Closed-End Investment Fund (FIZ) and 14,306 series C Certificates with a total estimated value of PLN 170 million.

The Supervisory Board agreed to redeem FIZ investment certificates in 2025 with a total estimated value of PLN 3.88 billion.

After the redemption of the FIZ, the value of the investment in the FIZ asset portfolio according to the valuation of 17 October 2025, after the redemption date, is estimated at approximately PLN 0.1 billion.

The funds obtained from the redemption of FIZ Investment Certificates will be used both for purposes related to the company’s current operations and for the implementation of investment activities.

FIZ was established by the company in order to stabilize financial liquidity, as well as to limit the impact of the risk of volatility in coal and coke prices on maintaining the continuity of the capital group's operational and investment activities.

Jastrzębska Spółka Węglowa is in an extremely difficult situation and is teetering on the brink of bankruptcy.

The Jastrzębska Spółka Węglowa capital group is the largest producer of coking coal in the European Union and a significant producer of coke used for steel production.