IRON Ironveld Plc

6 March 2025

This announcement contains inside information

Ironveld PLC

Operational Update

Ironveld PLC ("Ironveld" or the "Company"), the owner of a, High Purity Iron ("HPI"), Vanadium, and Titanium project located on the Northern Limb of the Bushveld Complex in Limpopo Province, South Africa, is pleased to announce that on 5 March 2025, its subsidiary, Ironveld Holdings signed an updated term sheet with Sable Exploration and Mining Ltd. ("SEAM") regarding the Company's joint venture at the Lapon magnetite plant in Limpopo Province, South Africa (the "Plant").

Following successful renegotiations, Ironveld has revived the agreement with SEAM and has committed to funding the completion of the beneficiation plant, from the funds raised from the capital raise completed in November 2024. Commissioning of the Plant is expected to take place within the coming weeks, with the Plant set to process, produce, market, and sell DMS-grade magnetite.

Following completion of the Plant, the joint venture will be structured as a 50/50 partnership between Altona Processing (Pty) Ltd, a wholly owned subsidiary of Ironveld Holdings, and SEAM's wholly owned subsidiary, Lapon Plant (Pty) Ltd. As part of the renegotiated agreement, SEAM has also committed to a prepayment of R5,000,000 for DMS grade magnetite material.

The revised joint venture agreement remains subject to signing of the final contract and therefore the terms expected to be agreed remain subject to change.

Ironveld is pleased to report that, despite heavy rainfall in Limpopo Province, construction of the DMS plant remains on track. Commissioning of the Plant and first magnetite production is expected in March 2025, with the first commercial production scheduled for April 2025.  Management anticipates that the Plant will reach full operational capacity by the end of April 2025.

Ironveld Mining is actively clearing the mine site following the heavy rains and preparing to deliver ore for the DMS plant's commissioning. Community engagements continue, and the company has made its first contribution towards the academic requirements of the Social Labour Program.

Ironveld Smelting has made significant progress on the design of the water-based atomizer for producing market samples, with consultants having completed an initial layout. The final design and cost estimates are expected by the end of April.

Accounts Update

The Company continues to work towards publication of its annual accounts, which is now expected to occur by the end of March 2025, at which point trading of shares is expected to resume.

Kris Andersson, CEO of Ironveld, commented: "The renegotiated agreement with SEAM significantly enhances Ironveld's position, increasing our equity stake in the DMS project from 25% to 50%. We are excited to collaborate with SEAM on this strategic partnership and look forward to advancing the project together."

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