REG - Ironveld PLC - Interim Results for the 6 Months Ended 31 Dec 2025
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RNS Number : 7236Y Ironveld PLC 31 March 2026
The information contained within this announcement is deemed to constitute
inside information as stipulated under the Market Abuse Regulation (EU) No.
596/2014 (as it forms part of UK law pursuant to the European Union
(Withdrawal) Act 2018). Upon the publication of this announcement, this inside
information is now considered to be in the public domain.
31 March 2026
Ironveld PLC
Unaudited Financial Results for the Six Month Period Ended 31 December 2025
Ironveld PLC ("Ironveld" or the "Company") announces its unaudited interim
results for the six months period ended 31 December 2025. These interim
financial statements are published below and are available on the Company's
website at www.ironveld.com (http://www.ironveld.com) .
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 / Guy McDougall
BlytheRay +44 20 7138 3204
Megan Ray / Said Izagaren / James Mulligan
About Ironveld PLC
Ironveld PLC (AIM: IRON) is a speciality metals producer based in South
Africa, with its shares admitted to trading on the AIM Market of the London
Stock Exchange. The Company is incorporated and registered in England and
Wales (registration number 05555087), with its registered office at Eccleston
Yards, 25 Eccleston Place, London SW1W 9NF. Through its subsidiary Lapon
Mining, the Company holds a mining licence over the Ironveld Project in the
Limpopo province of South Africa, comprising an opencast mine and DMS-grade
magnetite processing plant. Under a Mining Operations Agreement signed in
October 2025, Daemaneng Minerals assumes full operational and financial
responsibility for mining and processing activities on a capital-light basis.
The Project is targeting DMS-grade magnetite production of up to 15,000 tonnes
per month, with the ore prospective for magnetite and vanadium
mineralisation."
IRONVELD PLC - CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE 6 MONTH PERIOD ENDING 31 DECEMBER 2025
Unaudited Unaudited
Period ending Period ending
31 December
31 December
2024
2025
Note £'000 £'000
Continuing Operations
Revenue - -
Administrative expenses (729) (635)
Foreign exchange loss (2) (24)
Operating loss (731) (659)
Finance Costs (1) (30)
Loss before taxation (732) (689)
Income Tax - -
Loss for the period (732) (689)
Total comprehensive loss for the period
Attributable to owners of the Company (685) (660)
Non-controlling interest (47) (29)
Total comprehensive loss for the period attributable to shareholders from (732) (689)
continuing operations
Basic loss per share (pence) 4 (0.004) (0.01)
IRONVELD PLC - CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2025
Unaudited Audited
As At
As At
30 June
2025
31 December
2025
Note £'000 £'000
NON-CURRENT ASSETS
Intangible assets 5 27,340 27,310
Property, plant and equipment 7,331 6,844
TOTAL NON-CURRENT ASSETS 34,671 34,154
CURRENT ASSETS
Inventories 43 41
Trade and other receivables 242 258
Cash and cash equivalents 75 862
TOTAL CURRENT ASSETS 360 1,161
TOTAL ASSETS 35,031 35,315
NON-CURRENT LIABILITIES
Trade and other payables (4,423) (4,128)
Lease liabilities (15) (15)
Deferred tax liabilities (4,012) (3,884)
TOTAL NON-CURRENT LIABILITIES (8,450) (8,027)
CURRENT LIABILITIES
Trade and other payables (4,142) (4,111)
Lease liabilities (11) (13)
Borrowings - -
TOTAL CURRENT LIABILITIES (4,153) (4,124)
TOTAL LIABILITIES (12,603) (12,151)
NET ASSETS 22,428 23,164
EQUITY
Share capital 6 14,244 14,244
Share premium 6 28,806 28,806
Other Reserves 251 238
Retained earnings reserve (13,188) (12,456)
Foreign currency translation reserve (10,489) (10,244)
Non-controlling interest 2,804 2,576
TOTAL EQUITY 22,428 23,164
IRONVELD PLC - CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY - AS AT 31 DECEMBER 2025
Share Share Other Foreign exchange reserve Retained Earnings Non-Controlling Total
Capital Premium Reserves £'000 £'000 Interest Equity
£'000 £'000 £'000 £'000 £'000
Balance at 31 December 2024 14,035 28,025 332 (9,750) (11,704) 2,750 23,688
Loss for period - - - - (754) (113) (867)
Other comprehensive income - - - (494) - (61) (555)
Total comprehensive loss for period - - - (494) (754) (174) (1,422)
Transactions with owners in own capacity
Ordinary shares issued in the period 209 1,181 - - - - 1,390
Share issue costs - (400) 158 - - - (242)
Cancelled share warrants - - (2) - 2 - -
Share based payments - - (250) - - - (250)
Total transactions with owners, recognised in equity 209 781 (94) - 2 - 898
14,244 28,806 238 (10,244) (12,456) 2,576 23,164
Balance at 30 June 2025
Loss for period - - - - (685) (47) (732)
Other comprehensive income - - - (245) (47) 275 (17)
Total comprehensive loss for period - - - (245) (732) 228 (749)
Transactions with owners in own capacity
Share based payments - - 13 - - - 13
Total transactions with owners, recognised directly in equity - - 13 - - - 13
Balance at 31 December 2025 14,244 28,806 251 (10,489) (13,188) 2,804 22,428
IRONVELD PLC - CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS
CONSOLIDATED STATEMENT OF CASHFLOWS
FOR THE 6 MONTH PERIOD ENDING 31 DECEMBER 2025
Period ended Period ended
31 December
31 December
2025 2024
£000 £000
Cash flow from operating activities
Loss before taxation for the period (732) (635)
Adjustments for:
Share based payments 13 12
Depreciation 9 9
Interest (1) (15)
Foreign exchange (82) (1)
Changes in working capital:
Movement in inventories (2) -
Decrease/ (Increase) in trade and other receivables 16 (74)
Increase in trade and other payables 31 270
Net cash outflow from operating activities (748) (434)
Cash flows from investing activities
Exploration and evaluation activities (30) (577)
Net cash outflow from investing activities (30) (577)
Cash flows from financing activities
Proceeds from issue of shares - 2,126
Proceeds from borrowings - 203
Payment of lease liabilities (9) (2)
Net cash (outflow)/ inflow from financing activities (9) 2,327
Net (decrease)/ increase in cash and cash equivalents (787) 1,316
Exchange differences on cash - (1)
Cash and cash equivalents at beginning of the period 862 4
Cash and cash equivalents at end of the period 75 1,319
IRONVELD PLC - CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS
NOTES TO THE CONSOLIDATED INTERIM FINANCIAL STATEMENTS
FOR THE 6 MONTH PERIOD ENDING 31 DECEMBER 2025
1. General information
Ironveld plc is a speciality metals producer based in South Africa, with its
shares admitted to trading on the AIM Market of the London Stock Exchange. The
Company is domiciled in the United Kingdom and incorporated and registered in
England and Wales, with registration number 05555087. The address of its
registered office is Eccleston Yards, 25 Eccleston Place, London SW1W 9NF,
United Kingdom.
Accounting Policies
IAS 8 requires that management shall use its judgement in developing and
applying accounting policies that result in information which is relevant to
the economic decision-making needs of users, that are reliable, free from
bias, prudent, complete and represent faithfully the financial position,
financial performance and cash flows of the entity.
2.1 Basis of Preparation
The condensed consolidated interim financial statements have been prepared in
accordance with the requirements of the AIM Rules for Companies. As permitted,
the Company has chosen not to adopt IAS 34 "Interim Financial Statements" in
preparing this interim financial information. The condensed interim financial
statements should be read in conjunction with the annual financial statements
for the year ended 30 June 2025, which have been prepared in accordance with
UK adopted international accounting standards.
The interim financial information set out above does not constitute statutory
accounts within the meaning of the Companies Act 2006. It has been prepared on
a going concern basis in accordance with the recognition and measurement
criteria of UK adopted international accounting standards.
Statutory financial statements for the year ended 30 June 2025 were approved
by the Board of Directors on 30 March 2026 and will be filed with the
Registrar of Companies. The auditors' report on those financial statements was
unqualified, though it contained a material uncertainty paragraph in respect
of going concern. The condensed interim financial statements are unaudited and
have not been reviewed by the Company's auditor.
2.2 Accounting Policies
Except as described below, the same accounting policies, presentation and
methods of computation have been followed in these condensed interim financial
statements as were applied in the preparation of the Company's annual
financial statements for the year ended 30 June 2025.
Changes in accounting policy and disclosures
(a) New and amended standards adopted by the Group and Company
A number of new and amended standards and interpretations issued by the
International Accounting Standards Board (IASB) have become effective for the
first time for financial periods beginning on or after 1 July 2025 and have
been applied by the Company and Group in these interim financial statements.
None of these new and amended standards and interpretations had a significant
effect on the Company or Group because they are either not relevant to the
Company or Group's activities or require accounting which is consistent with
the Company or Group's current accounting policies.
(b) New standards, amendments and Interpretations in issue but not yet
effective or not yet endorsed and not early adopted
There are a number of standards, amendments to standards, and interpretations
which have been issued by the IASB that are effective in future accounting
periods, and which have not been adopted early.
2.3 Going concern
These financial statements have been prepared on the going concern basis.
Management have prepared cash flow projections which indicate that the Group
will start to generate operating cash flows from its projects in the near
future. Post period, the Group has signed agreements with Daemaneng Minerals
to operate and manage both mining and DMS processing operations on a
capital-light basis.
The projections indicate that further funding may be required in the short
term until such time as the Group is generating operating cash flows. The
Directors are confident that the Group will be able to raise funding in the
required timescale, based on discussions with finance providers and its
history of fundraising. However, while the Directors consider that there are
reasonable prospects of securing such funding, the timing and outcome of these
matters are not wholly within the Group's control. These events and conditions
indicate the existence of a material uncertainty that may cast significant
doubt on the Group's ability to continue as a going concern. The financial
statements do not include the adjustments that would result if the Group were
unable to continue as a going concern.
2.4 Risks and uncertainties
The Board continuously assesses and monitors the key risks of the business.
The key risks that could affect the Company's medium term performance and the
factors that mitigate those risks have not substantially changed from those
set out in the 2025 Annual Report, a copy of which is available on the
Company's website: www.ironveld.com (http://www.ironveld.com) . The key
financial risks are foreign currency risk, liquidity risk, credit risk, market
risk and fair value estimation.
2.5 Critical accounting estimates and judgements
The preparation of condensed interim financial statements requires management
to make estimates and assumptions that affect the reported amounts of assets
and liabilities at the end of the reporting period. Significant items subject
to such estimates are set out in the 30 June 2025 Annual Report. The nature
and amounts of such estimates have not changed significantly during the
interim period.
2.6 Prior year adjustment
The 30 June 2025 Annual Report included a prior year adjustment which effected
the results of the 2024 year end. This adjustment has not been reflected in
the prior year comparatives as set out in this unaudited interim report.
3 Dividends
No dividend has been declared or paid by the Company during the six months
ended 31 December 2025 (2024: £nil).
4 Earnings per Share
The calculation for basic and diluted earnings per ordinary share is based on
the total comprehensive loss after income tax attributable to equity
shareholders for the period and is as follows:
Unaudited Unaudited
Period ended Period ended
31 Dec
31 Dec
2025
2024
Loss attributable to shareholders of Ironveld PLC - £'000 (685) (660)
Weighted average number of ordinary shares in issue 15,830,978,237 6,078,624,000
Basic and diluted earnings per share for continuing operations (pence) (0.004) (0.01)
There is no difference between the diluted loss per share and the basic loss
per share presented. Share options and warrants could potentially dilute basic
earnings per share in the future but were not included in the calculation of
diluted earnings per share as they are anti-dilutive for the period presented.
5 Intangibles
The movement in capitalised exploration and evaluation costs during the period
was as follows:
Exploration & Evaluation at Cost and Net Book Value £'000
Opening balance - 31 December 2024 28,239
Additions 341
Foreign Exchange (1,270)
As at 30 June 2025 27,310
Opening balance - 1 July 2025 27,310
Additions 30
Foreign Exchange -
As at 31 December 2025 27,340
6 Share Capital and Share Premium
Ordinary Shares Share Capital Share Premium Total
# £'000 £'000 £'000
As at 31 December 2024 13,742,089,348 14,035 28,025 42,060
Issue of ordinary shares 2,088,888,889 210 731 941
Share issue costs/adjustments - (1) 50 49
As at 30 June 2025 15,830,978,237 14,244 28,806 43,050
As at 31 December 2025 15,830,978,237 14,244 28,806 43,050
There were no changes to share capital or share premium during the period from
1 July 2025 to 31 December 2025.
7 Events subsequent to period end
There were no material events subsequent to period end that require disclosure
and are not included in the 2025 Annual Report.
8 Related Parties
There were no related party transactions during the six month period ended 31
December 2025; for full details of related party balances and transactions
refer to the audited Annual Report and Accounts for the year ended 30 June
2025.
9 Approval of interim financial statements
The Condensed interim financial statements were approved by the Board of
Directors on 30 March 2026.
10 Availability of interim financial statements
Copies of these interim financial statements are available from the Ironveld
website at www.ironveld.com (http://www.ironveld.com) .
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