23 December 2025

Ironveld PLC

Operational Update,

Delay to the publication of FY25 Accounts

and Temporary suspension

Ironveld PLC ("Ironveld" or the "Company"), the mining development company focused on producing high-value strategic metals, is pleased to provide an operational update on Ironveld's joint-venture DMS-grade magnetite processing facility in Limpopo, South Africa (the "Plant").  The Company also confirms that there has been a delay to the preparation of its audited accounts for the year ended 30 June 2025 ("FY25 Accounts") and the FY25 Accounts will therefore not be published by 31 December 2025, the deadline under AIM Rule 19. Consequently, the Company's shares will be temporarily suspended from trading on AIM as of 7.30 a.m. on 2 January 2026, pending publication of the FY25 Accounts.

Operational Update

Secured Commercial Milestone: Initial Pre-Paid Trial Order

The Company has secured its first, client pre-paid, trial order for Dense Media Separation ("DMS") grade magnetite for its joint venture. This initial commercial transaction, which involves pre-payment prior to collection, is a critical step in the product qualification process. Successful completion is intended to lead to a larger 12-month offtake contract with this client.

Advanced Offtake Discussions: Major Market Opportunity Progress

Ironveld is pleased to report that discussions with a blue-chip mining house for DMS grade magnetite have progressed substantially. The prospective partner has expressed a clear intention to procure a 1,000-tonne trial order in the first quarter of 2026 ("Q1"). This trial is anticipated to serve as a precursor to a significant annual offtake agreement, with a potential scale in the region of ZAR 180 million per annum. While not yet finalised, these advanced talks demonstrate the strong market demand and validation for the DMS grade magnetite material.

Expanding Sales Pipeline & Product Diversification

The Company, working closely with Daemaneng Minerals (Pty) Ltd ("Daemaneng"), is engaged in discussions with a number of additional counterparties in relation to potential contracts for its DMS-grade magnetite and Run-of-Mine ("ROM") unprocessed ore. The ROM product represents a prospective new revenue stream, with initial revenues from Lapon Mining (Pty) Ltd ("Lapon Mining") expected to commence in early 2026. The continued expansion of the Company's sales pipeline reflects increasing market interest and supports the Company's strategy to diversify its revenue base. The opportunity to sell our ROM product has advanced to the final stages of negotiation for a trial order of approximately 25,000 tonnes, which is anticipated to be delivered in early 2026. Subject to the successful completion of this trial and agreement on final commercial terms, the parties intend to consider a longer-term, consistent offtake arrangement.

Strategic Marketing Partnership to Drive Growth

The Company's operating partner, Daemaneng, is in the final stages of concluding a strategic marketing agreement with an established German trading house with a longstanding presence in Southern Africa. The proposed partnership is intended to leverage the trading house's extensive regional networks to accelerate commercial development, with a focus on securing new customers across South Africa, Botswana and other Southern African jurisdictions. Subject to finalisation, initial business contributions are anticipated to commence in Q1.

The partnership is expected to support an expansion of the planned DMS plant to accommodate increased throughput, with capacity envisaged to approximately double relative to the currently planned configuration.

In addition, access to Asian end-markets is expected to underpin increased demand for ROM product, including the potential for regular, vessel-sized shipments.

Operational Readiness: Plant Optimisation on Track / Mining Operations

Concurrently, Daemaneng continues to make steady progress on planned plant improvements and optimisation initiatives. These works are strategically focused on ensuring operational reliability and capacity and product quality align seamlessly with the anticipated demand growth through 2026 and beyond. Daemaneng has assumed full operational responsibility for the DMS plant operations as well as Mining Operations at Lapon Mining.

Delay to Publication of FY25 Accounts

Despite the best efforts of all parties, Ironveld requires further time for its auditors to complete certain procedures relating to the audit of the Company's FY25 Accounts, with the delay primarily related to completion of audit-related procedures in South Africa. The Directors have provided the information requested to the Company's advisers in South Africa and are working with its audit advisers to complete the audit process as soon as possible.  

The Company anticipates that it will publish the FY25 Accounts during January 2026, following which trading in Ironveld's shares will be restored. A further announcement will be made in due course.

Notwithstanding the temporary suspension of trading in the Company's shares, Ironveld will continue to make announcements as and when there are any developments that require to be notified under the AIM Rules for Companies.

Kris Andersson, CEO of Ironveld, commented: "This update demonstrates meaningful momentum across commercial, strategic, and operational fronts. The secured, pre-paid trial order is our first tangible market validation, and the advanced discussions for a landmark contract signal the scale of the opportunity before us.  Daemaneng's new strategic marketing partnership provides a robust platform for growth. Ironveld remains focused on executing its strategy to become a significant supplier of high-quality magnetite products. We will update shareholders on further material developments."

The information contained within this announcement is deemed to constitute inside information as stipulated under the retained EU law version of the Market Abuse Regulation (EU) No. 596/2014 (the "UK MAR"), which is part of UK law by virtue of the European Union (Withdrawal) Act 2018. The information is disclosed in accordance with the Company's obligations under Article 17 of the UK MAR. Upon the publication of this announcement, this inside information is now considered to be in the public domain.

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