Ironveld plc
Ironveld Plc is an AIM-listed, England & Wales incorporated company developing a vanadiferous and titaniferous magnetite ore deposit in South Africa, together with a DMS-grade magnetite beneficiation plant and the Rustenburg smelter complex (via the Ferrochrome Furnaces acquisition). The Group remains in the exploration/development stage with no material revenue to date, and during and after the FY2025 period it restructured its operating model around mining and operations agreements with contractor Daemaneng Minerals to become capital-light. The parent company is a UK holding company; all mining/processing operations and staff are in South Africa.
FY2025 in sixty seconds
year to 30 Jun 2025 · approved 30 Mar 2026 · 63 pages · Companies House
Ironveld Plc is developing a magnetite ore deposit, a processing plant and a smelter in South Africa, and has yet to make meaningful sales. Revenue for the year to 30 June 2025 was £4k, down from £164k the year before. The loss after tax narrowed to £1.4m from £2.2m. The group is still at the development stage, so costs continue with almost no income.
Cash at the year end was £862k, up from £4k, largely because the company raised £3.5m by issuing new shares. Day-to-day operations used £2.1m of cash. No dividend was paid. A debt of about £5.0m linked to buying the Rustenburg smelter remains subject to contract.
Management said the company enters the new year "materially de-risked" after an October 2025 agreement under which contractor Daemaneng Minerals takes on the running and cost of mining. The report warns of a material uncertainty over whether the group can keep going without further funding; management said it was confident of raising it, though this is not wholly within its control.
DMS-grade magnetite sales (export markets)
Market for South African magnetite strengthened after China-Africa Economic Partnership Agreement; export opportunities identified in China, Mozambique, Botswana and the US (coal washeries/heavy media separation)
page 6Daemaneng Mining Operations Agreement shifting mining opex/capex to contractor
Daemaneng assumes exclusive responsibility for mining operations/costs over a 5-year period, de-risking Ironveld's cost base while it retains licence/governance
page 9In October 2025, subsidiary Lapon Mining entered into a Mining Operations Agreement with Daemaneng Minerals, a defining step enabling continuous mining without direct capital deployment by the Company
page 4No dividend paid or recommended for FY2025 (2024: £nil); no dividend can be paid given the loss for the year
page 811 years on one page · FY2015–FY2025
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GBP millions, negatives in brackets. Per-share lines in pence. Share counts in millions. Margins and returns as percentages, calculated from the filed figures. later is what a following report restated the figure to; vs is a second reading that disagrees. The figure shown is the one the original filing printed, and both readings are kept. Click any figure: opens the report page it was read from, highlighted; shows how it was calculated.
15 figures restated in a later report
Every figure is read again from the following year’s report: 285 confirmed, 2 differ, 15 restated.
| Line | Year | As first filed | In the later report |
|---|---|---|---|
| FY2024 | £1.2mFY2024 report | £841kFY2025 report | |
| FY2024 | £26kFY2024 report | £18kFY2025 report | |
| FY2024 | £28.4mFY2024 report | £28.0mFY2025 report | |
| FY2024 | −£334kFY2024 report | −£695kFY2025 report | |
| FY2024 | −£1.4mFY2024 report | −£2.2mFY2025 report | |
| FY2024 | −£1.1mFY2024 report | −£1.7mFY2025 report | |
| FY2024 | −£1.2mFY2024 report | −£1.8mFY2025 report | |
| FY2024 | £267kFY2024 report | £164kFY2025 report | |
| FY2024 | £192kFY2024 report | £494kFY2025 report | |
| FY2024 | £35.7mFY2024 report | £35.3mFY2025 report | |
| FY2024 | £162kFY2024 report | £53kFY2025 report | |
| FY2024 | £22.6mFY2024 report | £21.6mFY2025 report | |
| FY2024 | £13.1mFY2024 report | £13.6mFY2025 report | |
| FY2024 | £115kFY2024 report | £6kFY2025 report | |
| FY2024 | £713kFY2024 report | £881kFY2025 report |