RCS - Ironveld PLC - Operational Progress Update

IronveldAnnouncement

11/11/2025 07:00

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RNS Number : 9599G  Ironveld PLC  11 November 2025

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
(https://otp.tools.investis.com/clients/uk/ironveld_plc/rns/regulatory-story.aspx?cid=2890&newsid=1994360)
and 30 October 2025
(https://otp.tools.investis.com/clients/uk/ironveld_plc/rns/regulatory-story.aspx?cid=2890&newsid=2001918)
.

 

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)

 

 

For further information, please contact:

 Ironveld plc                                          c/o BlytheRay

 Kristoffer Andersson, Chief Executive Officer         +44 20 7138 3204

 Cavendish Capital Markets Limited (Nomad and Broker)  +44 20 7220 0500

 Derrick Lee

 Turner Pope Investments (TPI) Ltd (Joint Broker)      +44 20 3657 0050

 Andrew Thacker / James Pope

 BlytheRay                                             +44 20 7138 3204

 Tim Blythe / Megan Ray

 

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