REG - Ironveld PLC - Operations Update & Publication of FY25 Accounts

IronveldAnnouncement

Tue 17:45

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RNS Number : 5917R  Ironveld PLC  03 February 2026

3 February 2026

 

 

Ironveld PLC

 

Update on Operations & Publication of FY25 Accounts

 

Ironveld PLC ("Ironveld" or the "Company"), the mining development company
focused on producing high-value strategic metals, provides the following
update regarding the Company's audited accounts for the year ended 30 June
2025 ("FY25 Accounts").

 

The audit of the FY25 Accounts is now substantially complete and the Company's
UK auditor will shortly be commencing its review procedures. Consequently, the
Board of Ironveld now expects the FY25 Accounts to be published by the end of
February 2026, following which trading in Ironveld's shares will be restored.

 

Notwithstanding the ongoing suspension of trading in the Company's shares,
Ironveld will continue to make announcements as and when there are any
developments that require to be notified under the AIM Rules for Companies.

 

Operational Update

The widely reported regional flooding in Limpopo, South Africa has temporarily
impacted site access and operational activities at the Lapon Mine and the
Company's Dense Media Separation (DMS) processing plant, which is held through
a joint venture ("JV") with Sable Platinum Holdings (Pty) Ltd and managed by
contractor Daemaneng. Daemaneng is preparing to mobilise resources to commence
dewatering of the pit and will perform the necessary repairs to restore full
site accessibility. Subject to weather conditions, which are forecast to
improve, operations are expected to return to normal within one month.

 

To mitigate the risk of extreme weather events on the Company's future
operations, the design process for comprehensive water management
infrastructure has been completed, and it is expected that this infrastructure
will be operational during Q2, 2026.

DMS Off-take

 

On 23 December 2025, the Company confirmed that it was in advanced discussions
with a client regarding an offtake agreement for DMS grade magnetite. These
discussions remain active and are progressing positively, with the intention
being to formalise an agreement for an initial 1,000-tonne ("t") trial of DMS
magnetite. Due to the operational impact of regional flooding, it has been
agreed with the client that the trial will now be scheduled to take place in
the second quarter of 2026. The potential for this trial to lead to a
substantial annual offtake agreement, as previously indicated, remains
unchanged.

 

In addition, the Company's contractor, Daemaneng, has successfully completed a
second fully paid trial delivery of DMS-grade magnetite to an established
South African client, who has indicated a potential off-take capacity of 5,000
tonnes per month ("tpm").

 

Run-of-Mine Off-take

The Company is pleased to confirm that Daemaneng has now concluded key
commercial terms for a significant off-take agreement with a South African
client for an initial 25,000t trial of Run-of-Mine ("ROM") unprocessed ore
from the Lapon Mine, supported by an agreed ZAR 3 million (approx. GBP138,000)
prepayment. The agreement is expected to be formally executed imminently, with
the potential to evolve into a 12-month contract.

 

Daemaneng Strategic Partnership

Ironveld's operating partner, Daemaneng, continues to be in advanced and
exclusive discussions regarding a strategic marketing agreement with an
established German trading house with a longstanding presence in Southern
Africa.

The prospective off-take partner has expressed a clear intent to secure the
entirety of Lapon's ROM output. The envisaged arrangement would follow a
phased implementation plan, with off-take volumes scaling progressively to a
target of up to 300,000tpm. Furthermore, the group has proposed financial and
strategic support to facilitate the operational scale-up to achieve these
targeted volumes.

Concurrently, the group has expressed significant commercial interest in the
Company's DMS-grade magnetite product, with an indicated demand profile that
substantially exceeds the current planned production capacity of the DMS
plant.

Commercial Pipeline

 

The Company, together with Daemaneng, is encouraged by the levels of inbound
enquiries and maintains active negotiations regarding potential off-take
agreements for its DMS-grade magnetite and ROM products with other potential
clients.

 

It should be noted that the Company's and Daemaneng's commercial negotiations
on certain DMS and ROM products remain subject to further negotiation and no
binding terms have been agreed. While the progress and level of interest are
highly encouraging, there can be no certainty that final agreements will be
reached.

 

Further updates will be provided in due course.

 

Kris Andersson, CEO of Ironveld, commented: "While the immediate logistical
and operational impact of the recent flooding is acknowledged, our strategic
outlook for the business is overwhelmingly positive. Our focus is firmly on
capturing the significant opportunities we see across our product portfolio.

"The advanced discussions for our entire projected ROM output highlight a
commercial opportunity greater than initially anticipated. The proposed
long-term off-take framework envisions a gradual, multi-phased ramp-up to a
target volume of 300,000 tonnes per month, which would be achieved over
time. The specific proposal to provide both strategic and financial backing
to Daemaneng for the operational scale-up demonstrates a high degree of
commitment and validates the strategic value of the magnetite ore from Lapon.

"Alongside this, the sustained interest in the DMS grade magnetite, which
exceeds our JV's projected maximum plant capacity, highlights the strong
market demand as well as providing clear commercial validation for our assets.

"Our priority is now to advance these parallel discussions to formal
agreements. We look forward to updating shareholders on the progress being
made to commercialise both our ROM and DMS product streams, which together
form a compelling and diversified growth strategy for Ironveld."

 

The information contained within this announcement is deemed to constitute
inside information as stipulated under the retained EU law version of the
Market Abuse Regulation (EU) No. 596/2014 (the "UK MAR"), which is part of UK
law by virtue of the European Union (Withdrawal) Act 2018. The information is
disclosed in accordance with the Company's obligations under Article 17 of the
UK MAR. Upon the publication of this announcement, this inside information is
now considered to be in the public domain.

 

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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