Announcement • Jul 15
Ironveld Confirms Sustained Production And Provides Update On DMS Plant Product Output And Layer 21 Mineralogical Study Ironveld confirmed that the plant has now entered sustained production, currently operating continuously for 16 hours per day on a double shift basis. Current processing throughput is between 2.5 to 3.5 tonnes per hour (tph), against a design level of 5 tph throughput. The plant is consistently producing an average of 1.4 tph of in-specification DMS grade Magnetite product, together with approximately 1 tph of Maghemite. Maghemite possesses valuable industrial properties and has established applications as a weighting material in drilling muds for the oil, gas, and mining industries. The successful recovery of this material could provide an additional revenue stream and further enhance the overall economics of the DMS plant. Plant parameters are currently being tuned with the objective of achieving 5 tph of throughput, while maintaining DMS Magnetite quality, by the end of July 2026. Ironveld reported strong commercial demand, with three clients already secured. Two of these clients, who received approximately 100 tonnes of material, have confirmed their satisfaction with the quality specification and continue to place repeat orders. The third client, a significant off-taker with a monthly consumption requirement of approximately 5,000 tonnes, is scheduled to receive its first batch of sample product shortly. All material is being sold at the projected pricing levels. Current stock on the ground of in-specification product is approximately 350 tonnes. Work on the Layer 21 core at Mintek, South Africa's national mineral research organisation, is progressing well and on schedule. Detailed examination and description of the core have identified sections of interest. Samples are currently being selected and will be prepared for scanning electron microscope (SEM) examination to determine the precise mineralogy and will subsequently be submitted to the laboratory for comprehensive grade analysis. Initial results are expected within 30 days, following which a process flow sheet will be developed and an economic analysis of the viability of processing the Layer 21 ore will be undertaken. Understanding the composition and variability of Layer 21 will inform future mine planning, potential by-product recovery and the possibility of selectively mining higher-value zones. Maghemite is a state of magnetite where the ore has undergone weathering and the ore has partially weathered from Fe304 (magnetite) to Fe2O3 (haematite). In Ironveld's case there is rubble or elluvial ore lying on surface adjacent to the main magnetite layers this rubble ore and certainly the first 1-2 meters of the outcropping ore contained some partially weathered areas maghemite content is about 19% of the magnetite. Generally, at a depth of 2 metres the maghemite decreases to irrelevant amounts. It is interesting to note that the oldest use of maghemite was in the recording industry where it formed the basis of magnetic tapes and recording media. It is also its used in the iron and chrome industries to upgrade final products, in particular ferro-chrome. In addition, it is used in the medical industry for MRI contrast and targeted drug delivery. It has an extensive use in the environmental industry to filter and purify waste water and is used in the pigment and ceramic industries. In the case of the DMS plant, the Maghemite reports to the waste stream from the magnetic separator which captures the highly magnetic magnetite. To enhance recoveries a secondary, more powerful magnetic separator could be installed. Board Change • Jul 01
No independent directors Following the recent departure of a director, there are no independent directors on the board. The company's board is composed of: No independent directors. 4 non-independent directors. CEO & Director Kris Andersson was the last director to join the board, commencing their role in 2024. The company's lack of independent directors is a risk according to the Simply Wall St Risk Model. Announcement • May 02
Ironveld PLC Provides Operational Update and Commences Layer 21 Mineralogical Study Ironveld PLC provided an update on the reconfiguration of the Lapon Plant and announced a new mineralogical study on Layer 21 at its flagship asset in South Africa. Following a detailed metallurgical audit to address product variability, the Company has implemented key technical improvements as part of a reconfiguration of the Lapon Plant, which is operated and managed by Daemaneng Minerals ("Daemaneng") on behalf of the Company. The main steps completed or in progress include: Upgraded water supply and storage systems to ensure continuous plant operations. Relocated and optimised the sizing cyclone to maximise separation efficiency. Installed a new axial-aligned magnetic separator, expected to consistently deliver DMS-grade magnetite product above 90% magnetic purity. Replaced product pipelines and finalised product storage facilities, with concrete floors completed on 28 April 2026. The programme is approximately four days behind schedule due to persistent inclement weather affecting concrete works. The Company's contractor, Daemaneng, is confident of achieving first deliveries of DMS-grade magnetite under the existing offtake contract during May 2026. Furthermore, Daemaneng expects to reach sustained production of 2,500 tonnes per month by June 2026, followed by a gradual increase thereafter. The Company is targeting the plant's full capacity of 7,500 tonnes per month by the end of 2026 at the very latest, with the potential to reach this level significantly earlier as operational efficiencies improve. In addition to the existing contract, the Company has several offtake options at an advanced stage of negotiation, with ongoing alignment on price and terms. However, the Company is not committing to signing new offtake agreements until production capacity is firmly established and can be appropriately aligned with demand and supply capability. These options will then be activated and scaled progressively as production volumes increase. Ironveld has engaged Mintek, South Africa's national mineral research organisation, to perform a mineralogical study on two boreholes from Layer 21 of the magnetite layers, which occur across the company's mining rights. Layer 21 is a magnetite-bearing horizon which outcrops on surface to the west of the main magnetite layer in the mining right area. It contains ilmenite and apatite that may contain rare earth elements ("REEs"). With plant reconfiguration nearing completion and first deliveries imminent, the Company is now in a position to look beyond near-term production and assess the broader mineral potential of its asset. Understanding the composition and variability of Layer 21 will inform future mine planning, potential by-product recovery, and the possibility of selectively mining higher-value zones. The study will specifically investigate the possible presence of a discrete ilmenite (titanium) layer, as well as assess the occurrence of apatite-hosted phosphates to determine whether a discrete apatite-rich layer exists. Additionally, the study will evaluate the potential for REEs, which are often associated with apatite mineralisation and are critical to modern technologies such as renewable energy systems, electronics, and defence applications. The Company will provide further updates as required. 
