Operational Update – Daemaneng Operational Restart
Ironveld PLC has announced the operational restart of its Daemaneng contract, with first DMS-grade magnetite deliveries expected before the end of Q2 2026 to a South African coal producer, involving at least 1,000 tonnes per month. Site conditions have normalized after seasonal flooding, allowing for uninterrupted processing of stockpiled material. While the company had £75k in cash and cash equivalents as of December 31, 2025, and approximately £4m in creditors as of March 30, 2026, it is exploring funding options to cover ongoing working capital commitments and reduce creditor positions from future production cash flows. The company emphasizes that Daemaneng is fully funded for operations and processing, requiring no additional capital from Ironveld, but notes a significant material uncertainty over its ability to continue as a going concern if capital cannot be raised.
Select text to share a quote on X · sign in to keep highlights & notes in your IRON notes
596/2014 (as it forms part of UK law pursuant to the European Union (Withdrawal) Act 2018).
Ironveld PLC
Operational Update - Daemaneng Operational Restart
Ironveld PLC ("Ironveld" or the "Company") is pleased to provide a trading update regarding its Daemaneng contract.
The Board has reviewed written evidence confirming that Daemaneng is fully funded to restart operations and to bring DMS-grade magnetite production into operation, with first deliveries of material anticipated before the end of Q2 2026. These deliveries relate to an agreement Daemaneng has secured with a large, reputable coal producer in South Africa, with expected volumes of no less than 1,000 tonnes per month.
Stockpiled material is now being delivered from the mine site to the processing plant, with processing set to commence through the DMS plant. Site conditions have normalised following the severe seasonal flooding experienced between November 2025 and February 2026, allowing for an uninterrupted restart.
This operational momentum will enable the Company to achieve consistent DMS-grade magnetite production at commercial specifications, which is expected to progress discussions with offtakers for run of mine material and DMS-grade magnetite.
Business Development
Building on the operational restart, the Company continues to advance business development initiatives aimed at unlocking value across its asset base. Ironveld is progressing discussions with potential strategic partners, aligned with the Company's strategy to diversify revenue streams, enhance margins, and establish long-term offtake relationships beyond the current product line.
Financial Update
The Board of the Company continues to monitor the delivery of Ironveld's commercial strategy against the Company's cash resources and expenses. As at 31 December 2025, Ironveld had cash and cash equivalents of £75k, which has been depleted since this time due to delays to the commencement of revenues from DMS sales as a consequence of flooding at the mine site earlier this year. As of 30 March 2026, the Company had creditors totalling c£4m. The Company intends to reduce this creditor position from cash flows generated from production, whilst ensuring the Group's operational objectives can be met.
In order to fund the Company's ongoing working capital commitments, Ironveld is exploring its funding options, and the Board is confident that additional funding can be secured to complement the commencement of operating cash flows in the first half of 2026.
Ironveld has signed agreements with Daemaneng to operate and manage both mining and DMS processing operations on a capital-light basis. Daemaneng is fully funded to bring DMS-grade magnetite production into operation and no additional capital is required to be provided by Ironveld for these activities.
In the event that the Company is unable to raise capital, the Company may be unable to realise its assets and discharge its liabilities in the normal course of business and in these circumstances, there would be a significant material uncertainty over the Company's ability to continue as a going concern.
Cleaned text: letterheads, contacts and legal notices removed. View the original announcement ↗ · Company filings. Not investment advice.