31 March 2022

IRONVELD PLC

("Ironveld" or the "Company")

Interim results for the six months ended 31 December 2021

Ironveld plc, 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 (the "Project") is pleased to announce its interim results for the six months ended 31 December 2021 ("the period").

Highlights

Operational

·      Overheads incurred during the period reflected continued low level of activity whilst Company awaited Grosvenor transaction to proceed to completion.

Corporate Transactions

·      Investment transactions with Grosvenor Resources announced in October 2021 and December 2021 for a total of approximately £8.40 million (ZAR 161 million); and

·      Board remains in regular dialogue with Grosvenor regarding its funding arrangements and still expects the transactions to close when finalised.

Martin Eales, CEO, said:

"The announced transactions with Grosvenor will, when completed, represent a transformational change for Ironveld, bringing a significant and well-connected South African partner to the share register.  The Board is in regular communication with Grosvenor,regarding its funding process and the institutions involved and we look forward to completion soon."

For further information, please contact:

Notes to Editors:

Ironveld (IRON.LN) is 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. Ironveld expects to mine its own VTM ore as feedstock for smelting which will produce speciality iron products including high purity iron powder as well as vanadium and titanium slag products.

The Definitive Feasibility Study published in April 2014 confirms the project's viability to deliver an exceptionally high-grade iron product (99.5% Fe) called High Purity Iron which commands a premium in the market place. Vanadium and Titanium slag containing commercial grades of vanadium and titanium will also be produced and sold.

Ironveld is an AIM traded company. For further information on Ironveld please refer to www.ironveld.com.

Chairman's Statement:

During the period the Company announced two significant investment transactions with Grosvenor Resources Pty Limited ("Grosvenor"), whereby Grosvenor will subscribe for 561,505,950 new ordinary shares at 1.0 pence per share and an intention to acquire 51% of Ironveld's subsidiary company, Luge prospecting and Mining Company Pty Limited ("Luge"), for ZAR 50 million (approximately £2.6 million).  The Luge transaction was formally signed post period end in January 2022. The Board considers that these transactions are highly attractive for the Company's development as they will introduce a well-connected South Africa based investment group to the share register in a material size.

The Ironveld Board remains confident that the Company's asset, containing 27 million tons of HPI, together with significant Vanadium and Titanium content, continues to demonstrate robust economics and has a potential value many times in excess of the Company's market capitalisation and balance sheet carrying value.

The fundamentals driving vanadium pricing in particular continue to be supportive as the global annual demand grows, partly driven by increasing Chinese demand and the advancements in technology for vanadium redox batteries, which is forecast to comprise 15% of all vanadium demand by 2025. In recent months, the price of vanadium has seen a strong increase and now rests at its highest level since early 2019.

The demand for HPI, as a water atomised powder, continues to increase due to its common use in the automotive industry, powder metallurgy and magnetic materials. A growing new market incorporates metal powders in 3D printing.  Titanium slag is a key element in the development of new battery technology and is widely utilised in the steel, alloy and pigment industries.

We remain committed to operating responsibly, working closely with stakeholders and local communities at grassroots level to improve standards of living. We continue to support our 'Keep a Girl in School' initiative working alongside our local partners, The Imbumba Foundation and the Nelson Mandela Foundation, to provide hygiene support to approximately 600 female students at school in the local area.

Financial

A reduced level of Administrative expenses totalling £384,000 (2020: £458,000) were incurred in the period as the Company focused on keeping tight control on costs prior to securing the necessary development funding.

The Group recorded a loss before tax of £382,000 (H1 2020: loss of £79,000), broadly in line with Administrative expenses, and had cash balances of £24,000 (30 June 2021: £270,000) at the end of the period. The Company does not plan to pay a dividend for the six months ended 31 December 2021.

On 30 December 2021, the Company announced a £200,000 Bridge Loan Facility with Giles Clarke and Nick Harrison, both Directors of the Company.

Transactions with Grosvenor

The equity subscription transaction with Grosvenor was announced in October 2021 and the Luge transaction was announced in December 2021, but formally signed post period end in January 2022.  When both transactions are closed, Grosvenor will have invested a total of approximately £8.40 million (or ZAR 161 million) and will hold approximately 29.9% of Ironveld's issued share capital.

Shareholder approval for the Grosvenor equity subscription was granted at a General Meeting in November 2021 and refreshed at the Annual General Meeting of the Company in January 2022.

As at today's date Grosvenor has not finalised its own funding arrangements which will enable it to close the announced transactions. Ironveld has been made fully aware during regular communication with Grosvenor as to the status of these funding arrangements and the institutions involved and consequently the Board has taken the view that despite the time taken the transactions are likely to close following Grosvenor completing its own funding package.

Going concern

Given the anticipated cash inflow from the Grosvenor transactions, the Directors are confident that sufficient funds can be raised for planned activities. The Directors therefore have a reasonable expectation that the Group will have adequate resources to continue in operational existence for the foreseeable future being 12 months from the date of the approval of these interim financial statements in the absence of any further funding and therefore present these accounts on a Going Concern basis.

COVID-19

At Ironveld, the wellbeing of our people and our business is of upmost importance.

The Company closely follows health and travel advice as it develops in relation to COVID-19 as well as the guidance from the Governments and authorities relevant to our operations.

For Ironveld, there are currently no operations or supply chains that have been interrupted and there has been no material day to day impact other than restricted international travel which can be dealt with using electronic communications.

Outlook

Whilst completion of the Grosvenor transactions has taken longer than anticipated, the Board retains the view that the agreed injection of funds and the partnership with Grosvenor remains highly attractive in view of the development opportunities for Ironveld's project in South Africa.

The long-term strategic focus of the Company remains to become a production led mining company as we look to monetise our vast HPI, Vanadium and Titanium resources.

We would like to thank all of our shareholders for their continuing support for both the Company and the Project and we look forward to providing further updates in the near future.

Giles Clarke

Chairman

31 March 2022

IRONVELD PLC

CONSOLIDATED INCOME STATEMENT

FOR THE PERIOD ENDED 31 DECEMBER 2021

IRONVELD PLC

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

FOR THE PERIOD ENDED 31 DECEMBER 2021

IRONVELD PLC

CONSOLIDATED BALANCE SHEET

AS AT 31 DECEMBER 2021

The accompanying notes form an integral part of these financial statements.