IRONVELD PLC

("Ironveld" or the "Company")

Interim results for the six months ended 31 December 2024

Ironveld plc, the owner of a High Purity Iron ("HPI"), Vanadium and Titanium project located on the Northern Limb of the Bushveld Complex in Limpopo Province, South Africa (the "Project") is pleased to announce its interim results for the six months ended 31 December 2024 ("the Period").

Highlights

·   Successful completion of a £2.5 million fundraising and the proposed capital reorganisation in October 2024.

·   The smelter facility in Rustenburg remained under secure care and maintenance while design studies are performed. A third-party consultant with extensive experience and expertise in water-based atomisation has made significant progress on the design phase of a pilot plant at our smelter in Rustenburg, intended for the production of market samples. An initial layout has been completed.

·      Work commenced at the DMS Magnetite plant and is progressing according to plan.

Post Period and Outlook

·       Work on completing the DMS Magnetite plant progressed steadily, and the Company successfully renegotiated the joint venture agreement with Sable Platinum Holdings, a wholly owned subsidiary of Sable Exploration and Mining (Pty) Ltd. As a result, the Company increased its equity stake in the project from 25% to 50%.

·      Design work on the pilot project water atomiser progressed, with final design specifications and cost estimates expected to be completed by April 2025.

·        As of 27 March 2025, the Company held cash and cash equivalents of approximately £525,000.

John Wardle, Chairman, said: "The Period saw Ironveld successfully complete a fund raise and commence work on finalising the DMS magnetite plant having successfully renegotiated the joint venture agreement with Sable Platinum. Construction and commissioning of the DMS Magnetite plant remain on track, with first commercial production anticipated in April 2025. As part of our short-term goals, we also aim to produce market samples of water-atomised high-purity iron powders at our smelter facility in Rustenburg, supported by the construction of a pilot plant to validate product quality and market acceptance. Production trials have already demonstrated operational capability, and securing offtake agreements for these products is expected to facilitate further funding opportunities to scale up operations.

"Thank you for your continued support and we look forward to sharing further positive updates with you in the near future."

For further information, please contact:

Notes to Editors:

Ironveld (IRON.LN) is the owner of Mining Rights over approximately 28 kilometres of outcropping Bushveld magnetite with a SAMREC compliant ore resource of some 56 million tons of ore grading 1,12% V2O5, 68,6% Fe2O3 and 14,7% TiO2.

In 2022 Ironveld agreed to acquire and refurbish a smelter facility in Rustenburg, South Africa, in which it can process its magnetite ore into the marketable products of high purity iron, titanium slag and vanadium slag. This transaction became unconditional in March 2023.

Ironveld is an AIM traded company. For further information on Ironveld please refer to www.ironveld.com.

Chairman's Statement:

Ironveld completed a successful fund raise at the end of October 2024. This allowed the continued execution of the Company's business plan which is primarily to complete the DMS Magnetite plant and bring it into profitable production. At the smelter, the plan is to construct a demonstration scale water-based atomiser to produce market samples of the Company's high purity atomised powders in order to secure offtakes and funding for the development of the smelter project. Detailed design and costing studies for the initial plant are currently underway.

The DMS plant has made strong progress and remains on track to commence first commercial production in April 2025. With robust operational plans and growing market demand, I am confident that Ironveld's strategic positioning will enable the Company to generate sustainable growth through the production of DMS Magnetite, iron powders, vanadium slag, and titanium slag. With considerable growth potential within the Project, as well as opportunities to further increase DMS Magnetite production, followed by a transition to higher-value products, I am excited about what the future holds for the Company.

Financial

The Group recorded a loss before tax of £689,000 (H1 2023: loss of £385,000) in the Period. The Company does not plan to pay a dividend for the six months ended 31 December 2024.

Post Period End Events

The Company was able to renegotiate the DMS JV agreement with Sable Platinum Holdings (Pty) Ltd significantly strengthening Ironveld's position by increasing our equity stake in the DMS Magnetite project from 25% to 50%. Under this revised structure, the joint venture will operate as a 50/50 partnership between Altona Processing (Pty) Ltd, a wholly owned subsidiary of Ironveld Holdings, and Lapon Plant (Pty) Ltd, a wholly owned subsidiary of Sable Platinum Holdings (Pty) Ltd. The project has progressed according to schedule and, despite heavy unseasonal rains in late February and March, it is expected to enter first commercial production in April 2025. We have high expectations for this joint venture and believe it will unlock additional exciting and diversified opportunities in the future.

A third-party consultant with extensive experience in water-based atomisation has made significant progress on the design phase of a pilot plant for producing market samples and has completed an initial layout. Final design specifications and cost estimates are expected by the end of April 2025. The agreement for the acquisition of Ferrochrome Furnaces (Pty) Limited ("FCF") remains in place under unchanged terms. The Board continues to regard the transaction as a highly attractive opportunity, taking into account, among other factors, the favourable terms agreed, the significant tax losses available within FCF, and the strong potential to successfully produce high-margin, high-purity iron powders. 

Outlook

The remainder of the year is expected to mark Ironveld's full transition into a producer of DMS grade magnetite, while also initiating the production of market samples of its high-purity, water-atomised iron powders The Company expects to successfully secure offtake agreements for the powders which will result in the development of the smelting facility towards commercial production.  From a market perspective, there continues to be strong customer demand for all of our products: DMS grade Magnetite, water-atomised high-purity iron powder, vanadium slag, and titanium slag.

The completion of the DMS magnetite production plant at our Limpopo mine marks a significant milestone for the Company. We are encouraged by the strong market demand for our product and the attractive margins it is expected to generate. We would like to thank all our shareholders for their continued support for both the Company and the Project and we look forward to providing further updates in the near future.

John Wardle

Non-Executive Chairman

March 31, 2025

IRONVELD PLC

CONSOLIDATED INCOME STATEMENT

FOR THE PERIOD ENDED 31 DECEMBER 2024

IRONVELD PLC

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

FOR THE PERIOD ENDED 31 DECEMBER 2024

IRONVELD PLC

CONSOLIDATED BALANCE SHEET

AS AT 31 DECEMBER 2024

The accompanying notes form an integral part of these financial statements.