This announcement contains inside information

Ironveld PLC

Operational Update

Ironveld PLC (AIM: IRON), the AIM-traded mining development company and owner of a High Purity Iron ("HPI"), Vanadium, and Titanium project (the "Project"), located on the Northern Limb of the Bushveld Complex in Limpopo Province, South Africa, is pleased to provide the following update on key operational developments across its DMS plant, mining operations, and smelting initiatives. 

Dense Media Separation (DMS) Plant

·      Construction of the first phase of the DMS plant is now complete and the plant has been commissioned.

·      Production ramp-up from stockpiled material is currently underway.

·      Trial production runs have been successfully completed and we are now commencing commercial production of DMS grade magnetite for our existing offtake agreement with Sable Platinum Pty Ltd.

·      Initial output from the DMS plant has been analysed by an external laboratory and the results show that the magnetite product meets the required market specifications.

·      A Heads of Agreement for a Joint Venture with Sable Platinum Pty Ltd., a subsidiary of Sable Exploration and Mining Ltd. (SEAM) has been concluded; final legal documentation is in progress and expected to be finalised in the next few weeks. Further details were notified by the Company on 6 March 2025.

·      Offtake agreements for the DMS grade magnetite product are at an advanced stage, and we have potential to sell significant quantities into Mozambique, as well as locally in South Africa, where we are currently in the bidding process for a tender as previously communicated on February 12, 2025.

Mining Operations

·      Overburden clearance of the first mining bench has been completed.

·      The drilling plan has been developed and finalised, and drilling for the first blast is scheduled to be completed imminently by a third-party contractor.

·      The first blast of fresh ore is scheduled to take place immediately following the completion of drilling, utilising the same contractor engaged for the drilling operations.

·      Discussions with potential offtake partners for ore sales are progressing positively, with strong interest from multiple parties targeting export markets. 

Smelting Development

·      An initial engineering study for a small-scale, water-based atomiser plant to produce high-purity iron powder has been completed.

·      A comprehensive design data pack including engineering drawings, proposed procurement strategies, and a list of recommended suppliers for the pilot water-atomised high-purity iron powder plant is currently being reviewed by Ironveld's team and its consultants.

Kris Andersson, CEO of Ironveld, commented:

"I am very pleased with the progress being made on the ground. We are now entering a pivotal phase as we transition into revenue generation, with sales of our DMS-grade magnetite, under the existing offtake agreement with Sable Platinum Pty Ltd., expected to commence shortly. Encouragingly, demand for our material has exceeded expectations, with new enquiries and requests for product coming in on a consistent basis.

"The emerging opportunity to sell ore directly adds an exciting dimension to our revenue streams and further reinforces the international demand for vanadium, titanium, and iron. This is particularly promising for our future smelting operations, which are expected to deliver high-margin products and play a central role in unlocking the full value of our asset base.

"Over the coming months, we anticipate a fundamental shift in Ironveld's trajectory, from a development-stage company to a fully operational, revenue-generating business with positive cash flow. It is an exceptionally exciting time for the Company, and the team and I remain fully committed to executing our strategy and delivering long-term value for our shareholders."  

Further updates will be provided in due course as the Company continues to make progress across all aspects of its operations.

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