Ironveld plc
10 annual reports read, FY2016 to FY2025
Open a year to see what its report said. Every line in it carries the page it was read from.
Sources: Companies House (10)
FY2026Next report expected 5 Jan 2027
- Open the reportJSONComing soonSixty seconds on the FY2025 report
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.
From the reportevery line sits on the page it namesWhat drove revenueDMS-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 6AndVanadium/titanium slag and High Purity Iron via Rustenburg smelter
Principal activity described as development of a Vanadiferous and Titaniferous Magnetite ore deposit; smelter asset held for processing ore into HPI, vanadium and titanium slag
page 13What moved the margintailwindDaemaneng 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 9AndheadwindInflationary pressure on wages, consumables, diesel and energy
Group's cost base highly susceptible to inflationary pressures; input costs can rise faster than general inflation in high commodity-price cycles
page 9One-offs in the year−£992k charge: Prior period restatement of FY2024 South African subsidiary errors (loan/E&E misclassification, prepayments/environmental guarantee, employee cost timing and gross/net presentation)
page 62What management saidIn 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 4After the year end7 October 2025: Lapon Mining (74%-owned) entered a Mining Operations Agreement with Daemaneng Minerals under which Daemaneng assumes full responsibility for all mining operations/capex at Lapon over a 5-year term, committing to fund ~ZAR 500 million (c. £21.6 million)
page 62The dividendNo dividend paid or recommended for FY2025 (2024: £nil); no dividend can be paid given the loss for the year
page 8Going concern and the auditMaterial uncertainty related to going concern disclosed (net operating cash outflow £2,087,000, further funding required). Auditor Moore Kingston Smith LLP issued an unmodified (unqualified) opinion but flagged going concern as a Key Audit Matter, with further KAMs on carrying value of non-current assets, recognition of assets under construction/associated debt obligations (Rustenburg smelter), and carrying value of investments in subsidiaries (Parent company). Auditors changed from Crowe U.K. LLP to Moore Kingston Smith LLP during the year following a tender process
page 23The risks it names first- Operational risks across mining, production and smelting (mechanical outages, fuel/supply issues, weather/soil conditions); post-period Daemaneng agreement de-risks mining cost basep.9
- Availability of finance — Group at early stage of commercial production, not yet generating sufficient revenue; material uncertainty over going concernp.9
- Governance and compliance risk within a complex, multi-jurisdictional regulatory environment, relying on NOMAD/company secretary/in-house SA advocate given limited Board sizep.9
- Health and safety risk inherent to mining and smelting operationsp.10
Read from C000690-AR-2025-ch.
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