REG - Ironveld PLC - Receipt of Non-Binding Term Sheet and Board Change

IronveldAnnouncement

23/02/2024 07:00

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RNS Number : 1710E  Ironveld PLC  23 February 2024

Ironveld Plc

("Ironveld" or the "Company")

Receipt of Non-Binding Term Sheet

and

Board Change

 

Ironveld plc ("Ironveld" or the "Company"), the AIM quoted mining development
company, is pleased to provide an update on the direct institutional funding
transaction which the Company has been progressing. The Company is in receipt
of a non-binding term sheet (the "Term Sheet") from a South African based
financial institution, regarding the asset level financing of mining and
smelting activities at the Company's High Purity Iron, Vanadium and Titanium
project located on the Northern Limb of the Bushveld Complex in Limpopo
Province, and Rustenburg, South Africa (the "Project").

The funding would enable Ironveld to invest in all Group operations, including
the transition to production of high purity iron powders. The transaction is
subject to further due diligence, and there is no certainty that a transaction
will be concluded. The Term Sheet is confidential and no further information
can be provided at this time.

Alongside Ironveld's discussions on the Term Sheet, the Board is assessing the
Company's funding requirements until a transaction can be completed.

Further updates will be notified in due course.

Board Change

The Company also announces that Chief Executive Officer, Martin Eales, has
stepped down from the Board with immediate effect. Dr. John Wardle, Executive
Chairman, will take over Mr. Eales' duties on an interim basis.

Dr John Wardle, Executive Chairman of Ironveld, said: "We are delighted to
report that the Company has received a Term Sheet from a South African based
financial institution in order to support the financing of mining and smelting
activities at the Project. It is a wide-ranging proposal which aims to provide
full financing to all planned activities through to sustained production of
high value products including Powdered High Purity Iron. This is an exciting
development for the Company, and we look forward to updating shareholders on
the details of the Term Sheet at the appropriate time.

"In the interim I will assume Mr. Eales' duties as we begin the process to
appoint a new CEO to lead the Company in what we expect to be a challenging
and exciting new phase of growth."

 

For further information, please contact:

 Ironveld plc                                                c/o BlytheRay

 Dr John Wardle, Executive Chairman                          +44 20 7138 3204

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

 Derrick Lee / Adam Rae

 Turner Pope (Joint Broker)                                  +44 20 3657 0050

 Andrew Thacker/James Pope

 BlytheRay                                                   +44 20 7138 3204

 Tim Blythe / Megan Ray

 

 

NOTES TO EDITORS

Ironveld (IRON.LN) is the owner of Mining Rights over approximately 28
kilometres of outcropping Bushveld magnetite with a SAMREC compliant ore
resource of some 56 million tons of ore grading 1.12% V2O5, 68.6% Fe2O3 and
14.7% TiO2.

In 2022, Ironveld agreed to acquire and refurbish a smelter facility in
Rustenburg, South Africa, in which it can process its magnetite ore into the
marketable products of high purity iron, titanium slag and vanadium slag. This
transaction became unconditional in March 2023.

Ironveld is an AIM traded company. For further information on Ironveld please
refer to www.ironveld.com (http://www.ironveld.com) .

 

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