Operations Update & 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

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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."