IRONVELD PLC

• ⚠

  Material uncertainty over going concern

  However, while the directors consider that there are reasonable prospects of securing such funding, the timing and outcome of these matters are not wholly within the Group's control. As a result, these events and conditions indicate the existence of a material uncertainty that may cast significant doubt on the Group's ability to continue as a going concern.

1. IRONVELD PLC 2012-08-15 → present
2. MERCURY RECYCLING GROUP PLC 2001-05-03 → 2012-08-15
3. ARGON GROUP PLC 2000-12-08 → 2001-05-03
4. FUTURESCHEME PLC 2000-10-24 → 2000-12-08

Values shown as filed in the company's annual accounts. — indicates the figure wasn't present under that line item in that period. About these numbers

Margins divide P&L lines by turnover. Gearing is liabilities over total assets. Current ratio is current assets over creditors falling due within one year. Interest cover is operating profit over absolute finance costs. Sector-distribution context coming next.

Accounting basis

IFRS

Reporting scope

Consolidated group

Auditor

Moore Kingston Smith LLP

Audit opinion

Unqualified (clean)

Going concern

Material uncertainty disclosed

“However, while the directors consider that there are reasonable prospects of securing such funding, the timing and outcome of these matters are not wholly within the Group's control. As a result, these events and conditions indicate the existence of a material uncertainty that may cast significant doubt on the Group's ability to continue as a going concern.”

Group structure

1. IRONVELD PLC · parent
   1. Ironveld (Mauritius) Limited 100% · Mauritius · Holding Company
   2. Ironveld Holdings (Proprietary) Limited 100% · South Africa · Holding Company
   3. Ironveld Mining (Proprietary) Limited 100% · South Africa · Mining and exploration
   4. Ironveld Energy (Proprietary) Limited 100% · South Africa · Ore processing and smelting
   5. Ironveld Smelting (Proprietary) Limited 74% · South Africa · Ore processing and smelting
   6. Altona Processing (Proprietary) Limited 100% · South Africa · Ore processing and smelting
   7. HW Iron (Proprietary) Limited 68% · South Africa · Prospecting and mining
   8. Lapon Mining (Proprietary) Limited 74% · South Africa · Prospecting and mining
   9. Luge Prospecting and Mining (Proprietary) Limited 74% · South Africa · Prospecting and mining

Significant events

• “Subsequent to the year end, the Group entered into two binding agreements with Daemaneng Minerals (Pty) Ltd ("Daemaneng") which together represent a significant post balance sheet event. On 7 October 2025, the Group's 74%-owned subsidiary Lapon Mining (Pty) Ltd entered into a Mining Operations Agreement under which Daemaneng assumed full responsibility for all mining operations at the Lapon site, including all capital and operating expenditure, thereby eliminating any future mining-related cash outflows for the Group.”
• “Daemaneng has committed to fund approximately ZAR 500 million (c. £21.6 million) over a five-year period, recoverable solely from sales of mined material, while Ironveld retains full ownership of the mining licence and governance oversight.”
• “Subsequently, on 30 October 2025, the Group's subsidiary Altona Processing (Pty) Ltd and joint venture partner Sable Platinum Holdings (Pty) Ltd signed a binding term sheet appointing Daemaneng as exclusive manager of the joint venture DMS magnetite processing plant.”
• “Under this agreement, Daemaneng will fund all capital and operating costs, target a production ramp-up to 15,000 tonnes per month by April 2026, and act as exclusive marketing and sales agent, with revenues distributed under a profit-sharing waterfall entitling Altona and Sable to a guaranteed base revenue per tonne plus participation in additional profit.”
• “As part of this arrangement, Daemaneng will provide an initial prepayment of ZAR 1.6 million (c. £70,000), split equally between Altona and Sable, to support near-term liquidity.”
• “Together, these agreements establish a fully integrated, capital-light operating model across the Group's mining and processing activities, materially de-risking Ironveld's funding requirements and cash flow profile by removing future mining and processing expenditure obligations, while securing guaranteed revenue streams, accelerating near-term cash inflows, and retaining exposure to production and market upside.”

Auditor, going-concern and subsidiary information is drawn from the narrative of the latest annual accounts. About these numbers

Filings

11

last 12 months

Capital events

6

last 24 months

Officers appointed

1

last 12 months

Officers resigned

2

last 12 months

Direct counts from the register. No score, no rating — see the Filing timeline for the underlying events.

• Turnover

  -97.6%

  £164,000 → £4,000

• Cash

  +21,450%

  £4,000 → £862,000

• Net assets

  +7%

  £21,643,000 → £23,164,000

• Employees

  —

  Not reported

• Profit before tax

  +11.4%

  -£1,756,000 → -£1,556,000

• Wages

  +143%

  £135,000 → £328,000

Each % is (latest − prior) ÷ |prior| for the line item as filed. The comparison is only shown when the latest and prior accounts cover broadly equal-length periods — short or long stubs (typical around incorporation or a year-end change) are suppressed rather than misrepresented. Lines a company doesn't report are omitted. About these numbers