REG - Ironveld PLC - Operational Update – Daemaneng Operational Restart

IronveldAnnouncement

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RNS Number : 7237Y  Ironveld PLC  31 March 2026

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31 March 2026

 

Ironveld PLC

Operational Update - Daemaneng Operational Restart

Ironveld PLC ("Ironveld" or the "Company") is pleased to provide a trading
update regarding its Daemaneng contract.

The Board has reviewed written evidence confirming that Daemaneng is fully
funded to restart operations and to bring DMS-grade magnetite production into
operation, with first deliveries of material anticipated before the end of Q2
2026. These deliveries relate to an agreement Daemaneng has secured with a
large, reputable coal producer in South Africa, with expected volumes of no
less than 1,000 tonnes per month.

Stockpiled material is now being delivered from the mine site to the
processing plant, with processing set to commence through the DMS plant. Site
conditions have normalised following the severe seasonal flooding experienced
between November 2025 and February 2026, allowing for an uninterrupted
restart.

This operational momentum will enable the Company to achieve consistent
DMS-grade magnetite production at commercial specifications, which is expected
to progress discussions with offtakers for run of mine material and DMS-grade
magnetite.

Business Development

Building on the operational restart, the Company continues to advance business
development initiatives aimed at unlocking value across its asset base.
Ironveld is progressing discussions with potential strategic partners, aligned
with the Company's strategy to diversify revenue streams, enhance margins, and
establish long-term offtake relationships beyond the current product line.

Financial Update

The Board of the Company continues to monitor the delivery of Ironveld's
commercial strategy against the Company's cash resources and expenses.  As at
31 December 2025, Ironveld had cash and cash equivalents of £75k, which has
been depleted since this time due to delays to the commencement of revenues
from DMS sales as a consequence of flooding at the mine site earlier this
year.  As of 30 March 2026, the Company had creditors totalling c£4m. The
Company intends to reduce this creditor position from cash flows generated
from production, whilst ensuring the Group's operational objectives can be
met.

In order to fund the Company's ongoing working capital commitments, Ironveld
is exploring its funding options, and the Board is confident that additional
funding can be secured to complement the commencement of operating cash flows
in the first half of 2026.

Ironveld has signed agreements with Daemaneng to operate and manage both
mining and DMS processing operations on a capital-light basis. Daemaneng is
fully funded to bring DMS-grade magnetite production into operation and no
additional capital is required to be provided by Ironveld for these
activities.

In the event that the Company is unable to raise capital, the Company may be
unable to realise its assets and discharge its liabilities in the normal
course of business and in these circumstances, there would be a significant
material uncertainty over the Company's ability to continue as a going
concern.

 

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

 

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