Operations Update & Publication of FY25 Accounts

2 March 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") and operations at the Lapon Mine.

FY25 Accounts

Ironveld has continued to work with its South African auditor to address the final outstanding matters related to the audit of Ironveld's South African subsidiaries. We have been informed by the South African auditor that a final report to the UK auditors will be submitted tomorrow, and the group audit is now expected to be completed and the accounts published by no later than 13 March 2026.

The Company fully appreciates the frustration felt by shareholders regarding the ongoing delays to publishing the FY25 Accounts. The information requested by the South African auditor was delivered by Ironveld in a timely manner, and we share shareholders' disappointment at not being able to report by the end of February as previously indicated.

Operational Update

Rainfall materially subsided in February, following a period of severe and above-average heavy rains and localised flooding during the peak months of November, December, and January. Natural dewatering has largely occurred and Daemaneng continues to perform the necessary repairs to restore full site accessibility. Colluvial mining operations, which do not require drill and blast, are now expected to resume in 2-3 weeks according to their projections, once pit dewatering and groundworks aimed at mitigating future flooding risk have been completed.

Commercial Offtake Progress

DMS Grade Magnetite Trial

As previously indicated, the Company is in discussions with a client regarding an offtake agreement for DMS grade magnetite. The Company is focused on completing the necessary plant upgrades to deliver the agreed quality and volume by the end of March, following which the Company will seek to formalise a long-term commercial arrangement with the client.

Run-of-Mine ("RoM") Offtake

As previously announced, key commercial terms have been agreed for a significant RoM offtake, supported by a ZAR 3 million prepayment structure. The recent flooding has delayed these arrangements and the counterparty's logistics plan has been readjusted based on these delays.

The counterparty has advised that it is in the process of establishing logistics to support its longer-term objective of securing 25 thousand tonnes ("kt") per month, and discussions with its end customer remain on track. 

Strategic German Trading House Partnership

The Company together with its operating partner, Daemaneng, continues discussions with the German trading house regarding a strategic marketing agreement. This arrangement will require the plant to deliver 15kt of material at the required specification, and management is focused on delivering the plant optimisations to achieve this output. 

The Company is encouraged by progress with negotiations on other offtake discussions and will provide further updates in due course.

Technical Development and Project Readiness

In parallel with commercial discussions, progress has been made by Daemaneng on the technical planning and operational readiness of the project. The focus has been on ensuring that plant configuration, equipment procurement and site preparation are aligned to deliver consistent product quality and scalable throughput.

Process Design and Technical Validation

· Confirmation of finalised flowsheet for Phase 1 production (target: 15kt of DMS grade magnetite per month)

· Metallurgical review undertaken to ensure ability to consistently achieve >95% magnetics and >85% passing 45 microns

· Identification of plant upgrade requirements necessary to deliver specification compliance at scale

Infrastructure and Site Preparation

· Dewatering strategy implemented (natural dewatering supplemented by pumping)

· Groundworks to mitigate future rainfall-related disruption

· Water retention improved through dam utilisation

Market Outlook

The market outlook for South African magnetite - encompassing RoM, lumpy ore, and DMS-grade material - has strengthened following the recent China-Africa Economic Partnership Agreement signed in Beijing. The duty-free access framework creates a powerful catalyst for magnetite exports, particularly given China's demand for steelmaking inputs and clean energy infrastructure materials.

Beyond China, significant export opportunities are emerging. Mozambique has been identified as a strategic destination for DMS-grade magnetite, with strong potential to absorb significant volumes, and Botswana's expanding mining sector, particularly its coal and processing industries, represents another promising adjacent market. There is also substantial demand for DMS-grade magnetite from the United States export market, driven by growing demand from coal washeries and heavy media separation applications.

On the domestic front, robust demand fundamentals are evident through recent commercial activity, with DMS-grade magnetite trials and offtake discussions progressing.

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.

Kris Andersson, CEO of Ironveld said, "First and foremost, I want to acknowledge the patience our shareholders have shown. We share your frustration regarding the delays in our financial reporting, and we anticipate publishing our annual results within the fortnight, with the interims to follow shortly after.

"From an operational perspective, the extreme weather events of the past few months presented a challenge beyond anyone's control. However, I am pleased to confirm that the worst is behind us. Daemaneng has used this period productively to conduct a comprehensive review of the groundworks designs, ensuring full alignment with the approved EMPR (Environmental Management Programme). The updated designs are specifically aimed at mitigating future flood risk while maintaining the integrity of clean water systems by keeping them isolated from potential contamination.

"On the commercial front, we continue to make tangible progress, the market backdrop continues to strengthen, and simultaneously, we are seeing robust demand signals from domestic and regional markets like Mozambique and Botswana These efforts reflect our ongoing focus on methodically laying the groundwork for scalable, high-quality production."

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.

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