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29 April 2026

Ironveld PLC

("Ironveld" or the "Company")

Operational Update and Commencement of Layer 21 Mineralogical Study

Ironveld (AIM: IRON), the mining development company focused on producing high-value strategic metals, is pleased to provide an update on the reconfiguration of the Lapon Plant and announce a new mineralogical study on Layer 21 at its flagship asset in South Africa.

Lapon Plant Reconfiguration Progress

Following a detailed metallurgical audit to address product variability, the Company has implemented key technical improvements as part of a reconfiguration of the Lapon Plant, which is operated and managed by Daemaneng Minerals ("Daemaneng") on behalf of the Company. The main steps completed or in progress include:

·      Upgraded water supply and storage systems to ensure continuous plant operations.

·      Relocated and optimised the sizing cyclone to maximise separation efficiency.

·    Installed a new axial-aligned magnetic separator, expected to consistently deliver DMS-grade magnetite product above 90% magnetic purity.

·   Replaced product pipelines and finalised product storage facilities, with concrete floors completed on 28 April 2026.

The programme is approximately four days behind schedule due to persistent inclement weather affecting concrete works.

First Deliveries and Production Ramp-Up

The Company's contractor, Daemaneng, is confident of achieving first deliveries of DMS-grade magnetite under the existing offtake contract during May 2026. Furthermore, Daemaneng expects to reach sustained production of 2,500 tonnes per month by June 2026, followed by a gradual increase thereafter.  The Company is targeting the plant's full capacity of 7,500 tonnes per month by the end of 2026 at the very latest, with the potential to reach this level significantly earlier as operational efficiencies improve.

Offtake Options

In addition to the existing contract, the Company has several offtake options at an advanced stage of negotiation, with ongoing alignment on price and terms. However, the Company is not committing to signing new offtake agreements until production capacity is firmly established and can be appropriately aligned with demand and supply capability. These options will then be activated and scaled progressively as production volumes increase.

Mineralogical Assessment of Layer 21 Magnetite: Titanium, Phosphate & Rare Earth Potential

Ironveld has engaged Mintek, South Africa's national mineral research organisation, to perform a mineralogical study on two boreholes from Layer 21 of the magnetite layers, which occur across the company's mining rights. Layer 21 is a magnetite-bearing horizon which outcrops on surface to the west of the main magnetite layer in the mining right area. It contains ilmenite and apatite that may contain rare earth elements ("REEs"). With plant reconfiguration nearing completion and first deliveries imminent, the Company is now in a position to look beyond near-term production and assess the broader mineral potential of its asset. Understanding the composition and variability of Layer 21 will inform future mine planning, potential by-product recovery, and the possibility of selectively mining higher-value zones. The study will specifically investigate the possible presence of a discrete ilmenite (titanium) layer, as well as assess the occurrence of apatite-hosted phosphates to determine whether a discrete apatite-rich layer exists. Additionally, the study will evaluate the potential for REEs, which are often associated with apatite mineralisation and are critical to modern technologies such as renewable energy systems, electronics, and defence applications.

Next Steps

The Company will provide further updates as required.

Kris Andersson, CEO of Ironveld, commented:

"The Lapon Plant reconfiguration continues to progress well, with key technical improvements either completed or currently being implemented. Despite a minor four-day weather-related delay, we are on track to deliver first shipments in mid-May 2026, with sustained production expected by the end of the month. The Company remains focused on ramping up production throughout 2026, with a target of reaching the plant's full capacity of 7,500 tonnes per month during the year.

"We are also highly encouraged by the potential of Layer 21. To better understand the full opportunity beyond what we already know, we have engaged Mintek to assess the asset's titanium, phosphate, and rare earth element potential.  We look forward to reporting those results promptly upon receipt from Mintek and will keep the market updated as further information becomes available"

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