REG - Ironveld PLC - Operational Update

IronveldAnnouncement

22/05/2025 08:00

For best results when printing this announcement, please click on link below:
https://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20250522:nRSV7690Ja&default-theme=true

RNS Number : 7690J  Ironveld PLC  22 May 2025

This announcement contains inside information

Ironveld PLC

Operational Update

Ironveld PLC (AIM: IRON), the AIM-traded mining development company and owner
of a High Purity Iron ("HPI"), Vanadium, and Titanium project (the "Project"),
located on the Northern Limb of the Bushveld Complex in Limpopo Province,
South Africa, is pleased to provide the following update on key operational
developments across its DMS plant, mining operations, and smelting
initiatives.

Dense Media Separation (DMS) Plant

·      Construction of the first phase of the DMS plant is now complete
and the plant has been commissioned.

·      Production ramp-up from stockpiled material is currently
underway.

·      Trial production runs have been successfully completed and we are
now commencing commercial production of DMS grade magnetite for our existing
offtake agreement with Sable Platinum Pty Ltd.

·      Initial output from the DMS plant has been analysed by an
external laboratory and the results show that the magnetite product meets the
required market specifications.

·      A Heads of Agreement for a Joint Venture with Sable Platinum Pty
Ltd., a subsidiary of Sable Exploration and Mining Ltd. (SEAM) has been
concluded; final legal documentation is in progress and expected to be
finalised in the next few weeks. Further details were notified by the Company
on 6 March 2025.

·      Offtake agreements for the DMS grade magnetite product are at an
advanced stage, and we have potential to sell significant quantities into
Mozambique, as well as locally in South Africa, where we are currently in the
bidding process for a tender as previously communicated on February 12, 2025.

Mining Operations

·      Overburden clearance of the first mining bench has been
completed.

·      The drilling plan has been developed and finalised, and drilling
for the first blast is scheduled to be completed imminently by a third-party
contractor.

·      The first blast of fresh ore is scheduled to take place
immediately following the completion of drilling, utilising the same
contractor engaged for the drilling operations.

·      Discussions with potential offtake partners for ore sales are
progressing positively, with strong interest from multiple parties targeting
export markets.

Smelting Development

·      An initial engineering study for a small-scale, water-based
atomiser plant to produce high-purity iron powder has been completed.

·      A comprehensive design data pack including engineering drawings,
proposed procurement strategies, and a list of recommended suppliers for the
pilot water-atomised high-purity iron powder plant is currently being
reviewed by Ironveld's team and its consultants.

 

Kris Andersson, CEO of Ironveld, commented:

"I am very pleased with the progress being made on the ground. We are now
entering a pivotal phase as we transition into revenue generation, with sales
of our DMS-grade magnetite, under the existing offtake agreement with Sable
Platinum Pty Ltd., expected to commence shortly. Encouragingly, demand for our
material has exceeded expectations, with new enquiries and requests for
product coming in on a consistent basis.

"The emerging opportunity to sell ore directly adds an exciting dimension to
our revenue streams and further reinforces the international demand for
vanadium, titanium, and iron. This is particularly promising for our future
smelting operations, which are expected to deliver high-margin products and
play a central role in unlocking the full value of our asset base.

"Over the coming months, we anticipate a fundamental shift in Ironveld's
trajectory, from a development-stage company to a fully operational,
revenue-generating business with positive cash flow. It is an exceptionally
exciting time for the Company, and the team and I remain fully committed to
executing our strategy and delivering long-term value for our shareholders."
 

Further updates will be provided in due course as the Company continues to
make progress across all aspects of its operations.

 

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

 Andrew Thacker / James Pope
 BlytheRay                                             +44 20 7138 3204

 Tim Blythe / Megan Ray

 

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  UPDUUVNRVKUVURR