Ironveld PLC (LON:IRON), the owner of a High Purity Iron, Vanadium, and Titanium project located on the Northern Limb of the Bushveld Complex in Limpopo Province, South Africa, announced on 20 November 2024 that all the proposed resolutions tabled at the Company’s General Meeting were duly passed.
The detailed results of the voting are set out below:
| Res. Number | For | For Chairman’s Discretion | Total For | % For | Total Against | % Against |
| 1 | 2,055,997,666 | 50,000 | 2,056,047,666 | 99.69 | 6,450,533 | 0.31 |
| 2 | 2,057,249,068 | 50,000 | 2,057,299,068 | 99.75 | 5,199,131 | 0.25 |
| 3 | 2,056,997,666 | 50,000 | 2,057,047,666 | 99.74 | 5,450,533 | 0.26 |
| 4 | 2,055,997,666 | 50,000 | 2,056,047,666 | 99.7 | 6,199,131 | 0.3 |
| 5 | 2,056,949,001 | 50,000 | 2,056,999,001 | 99.73 | 5,499,198 | 0.27 |
| 6 | 2,037,848,030 | 50,000 | 2,037,898,030 | 99.73 | 5,499,198 | 0.27 |
Following the passing of the resolutions the proposed Placing, Subscription and Capital Reorganisation, as described in the Company’s announcement on 30th October 2024, has now commenced.
The new shares issued pursuant to the Transaction were admitted to trading on AIM with effect from 21 November 2024. The Company’s issued share capital now consists of 13,742,089,347 Ordinary Shares of 0.01 pence each. Accordingly, the figure of 13,742,089,347 may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in the Company under the FCA’s Disclosure Guidance and Transparency Rules.
Ironveld PLC has taken a decisive step towards its strategic goals, following the announcement that all proposed resolutions at the General Meeting on 20 November 2024 were duly passed. This marks a significant milestone for the company, which recently raised £2.5 million in new funding to support its ambitious plans. Turner Pope Investments, acting as joint broker, facilitated the raise, and the research insights were led by Barry Gibb.
Funding to Power Ironveld’s Vision
The new funding will be instrumental in advancing Ironveld’s operations in South Africa, specifically its high-purity iron (HPI), vanadium, and titanium project located on the Bushveld Complex’s Northern Limb. The company aims to use the capital for critical enhancements, including the completion of outstanding works at its mine site and the transition of its Rustenburg smelter to regular production by the first quarter of 2025.
Barry Gibb, Research Analyst at Turner Pope Investments, highlighted the company’s long-term potential: “Today’s fundraising provides Ironveld with the momentum it needs to execute its plans, including the production of market samples of coarse and fine high-purity iron powders to gain acceptance and secure offtake agreements. The passage of the General Meeting resolutions represents a strong vote of confidence in the Board’s vision.”
Path to Positive Cash Flow
The funding will also address pressing creditor payments and enhance working capital, setting the stage for sustained operations. Ironveld expects to achieve positive cash flow from February 2025 as it ramps up production from two operational furnaces, with a third anticipated to come online by September 2025. Cash flows have the potential to “improve sharply” from February 2025, noted Gibb, as throughput increases, efficiencies improve, and the third furnace comes onstream. The production output includes high-purity iron powder, vanadium slag, and titanium slag, with confirmed demand from international markets.
Ironveld’s management remains confident about the prospects of becoming a key player in the specialised HPI market. Coarse HPI currently commands a market price of $1,000–$1,200 per tonne, while fine water-atomised HPI can fetch up to $1,500 per tonne. By targeting the fine HPI market, the company is positioning itself as the only producer of this product in Africa.
Sustainable Growth and Future Ambitions
In a forward-looking move, Ironveld is exploring green energy solutions through a partnership with BurnStar Technologies, aiming to use hydrogen as a reductant in its operations. Additionally, the company plans to commission a demonstration unit for fine HPI to secure long-term offtake agreements, potentially unlocking further funding opportunities.
On a final note, Ironveld’s successful fundraising and operational advancements underline its commitment to delivering sustainable growth. With solid plans in place and the support of shareholders, the company is on track to realise its vision of becoming a leading supplier in the high-value metals market.
