11 November 2025

Ironveld PLC

("Ironveld" or the "Company")

Operational Progress Update

Ironveld PLC (AIM:IRON), the mining development company focused on producing high-value strategic metals, is pleased to provide an update on operational progress related to the agreements with Daemaneng Minerals (Pty) Ltd ("Daemaneng") regarding Ironveld's joint-venture DMS-grade magnetite processing facility in Limpopo, South Africa (the "Plant"), which were announced on 7 October 2025 and 30 October 2025.

Daemaneng Progress Update and Projected Timeline

Daemaneng has made significant strides in preparing the Plant for the upcoming operational ramp-up. Key commissioning and readiness activities have been completed, including confirming the Plant's power draw and procuring a new containerised Caterpillar generator, with the existing unit now designated as a backup. The new generator, along with diesel fuel, was effectively delivered to the Dense Media Separation ("DMS") site yesterday.

Daemaneng is also engaged in advanced and developing offtake discussions with several counterparties for the Plant's future production.

The planned schedule leading up to the formal operational handover to Daemaneng, in their capacity as sub-contractor of the Plant, includes the following scheduled workstreams:

·    The new generator will be connected to the Plant, followed by comprehensive mechanical and electrical inspections, including greasing, oil fill-ups and live testing of all equipment. Final manpower allocations for the operational phase will also be completed.

·    The focus will then shift to critical process optimisations. This includes the delivery of a 30-tonne screen, one excavator, one front-end loader and other supporting equipment as production ramps up in the coming weeks. 

·    On the DMS site, the replacement of essential pipework and adjustments to the crushers, mill trommel and magnetic separation units will take place. The Plant is then scheduled to begin processing stockpiled material through the circuit.

·    To further support operational readiness, three storage containers, which are equipped with a comprehensive suite of spare parts, maintenance equipment and tools will also arrive on site.

·    The establishment of prefabricated on-site office facilities and the finalisation of product shedding procedures will complete the preparatory phase scheduled for this week.

This structured approach ensures all safety and compliance protocols are addressed, with relevant Certificates of Compliance being reviewed and documentation for high-risk activities prepared and validated.

Structured Community Engagement 

Alongside this structured approach to safety, Daemaneng has appointed its HR Manager, Mrs. Bongiwe Nkosi, as a dedicated community liaison. Under the direct oversight of Ironveld's Group Compliance Manager, Mr. Bernard Ntuli, Mrs. Nkosi will support initiatives related to local employment, supplier development and the procurement of services. Mr. Ntuli remains the official and sole point of contact for all formal communication. An introductory meeting was held yesterday with the Lekhureng community, which is in the closest proximity to our operations and was very well-received. Further meetings with other relevant communities are scheduled for the remainder of the week. Mr. Ntuli reports directly to Ironveld PLC CEO, Kris Andersson.

Operational Oversight and Control

Ironveld, as the appointed operator, retains full operational oversight and control of the DMS plant and mining operations. This is managed through Mr. Tebogo Phetla, who acts as Ironveld's senior on-site representative, providing direct oversight and serving as the primary liaison with the Daemaneng operational team. In this capacity, Mr. Phetla is responsible for monitoring all activities, collecting and compiling operational reports from Plant Manager, Mr. Victor Mkhaliphi, and reporting these directly to Ironveld PLC CEO, Kris Andersson. Mr. Phetla's extensive project management experience and long-standing involvement with the project since its inception are key to this role.

DMS Plant Expertise to Lead Operations and to Drive Plant Performance

As mentioned, Mr. Victor Mkhaliphi, from the Daemaneng team, will be the Plant Manager overseeing the DMS Plant operations. Mr. Mkhaliphi brings extensive and directly relevant experience to this critical role, including:

·  Proven Leadership in DMS Operation: Recently led the full construction and commissioning of a large-scale 200 tonnes-per-hour DMS plant.

·    Demonstrated Record in Process Optimisation: Has a demonstrated history of improving DMS plant performance, including achieving a 12% reduction in magnetite losses at a coal DMS plant and increasing diamond recovery by 7% across multiple diamond DMS plants.

·    Extensive DMS Technical Knowledge: His background as a Senior Metallurgical Engineer involved designing and reviewing DMS plants, auditing DMS units and implementing process control models to enhance efficiency.

Kris Andersson, CEO of Ironveld, commented:

"We are very pleased with the commitment and progress demonstrated by the Daemaneng team. The project remains on schedule and in line with our previously communicated milestones, and it is particularly encouraging that Daemaneng will be running material through the Plant later this week. This marks a significant and tangible step forward in moving from preparation into early production.

"I am confident we can achieve our production targets, leveraging the dedicated work and support of the Ironveld team alongside Victor's hands-on DMS expertise in both commissioning and optimising DMS plants combined with the additional experience and leadership of the wider Daemaneng team, provides us with a significant advantage as we ramp up operations.

"Overall, this phase represents a clear demonstration of the partnership's capability to deliver results, and we are now well-positioned for continued operational progress. We look forward to providing further updates on key milestones as they are achieved."

Figure 1 - The Ironveld and Daemaneng leadership teams at the plant and mine site (on 6 November, 2025, from left to right): Bernard Ntuli (Ironveld Group Compliance Manager), Kris Andersson (Ironveld CEO), Glenn Norton (Daemaneng CEO), Victor Mkhaliphi (Daemaneng Plant Manager) and Tebogo Phetla (Ironveld Operations Manager).

Figure 2 - Caterpillar generator offloaded at DMS site (on 10 November, 2025)

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