RE: One trick pony7 Oct 2025 09:41
This is the Limpopo operations update which seems to have been missed : check it out:
Operational Progress Update
Ironveld is also pleased to report ongoing progress across its DMS and mining operations in Limpopo, complementing the Daemaneng agreement and reinforcing the Company's transition into production on a larger scale and cash-flow generation.
DMS Plant Progress
Construction of the DMS plant was completed in May 2025, followed by successful commissioning to produce a magnetite concentrate suitable for Dense Media Separation ("DMS") applications.
During commissioning, throughput was progressively increased as the steel ball load in the mill was optimised. The plant successfully achieved targeted tonnage rates and consistently produced magnetite that met the required magnetic content specifications. Minor refinements to product moisture and sizing have been completed, and attention is now focused on optimising water recovery and recirculation systems to support continuous operations.
Mining Progress
Mining activities have advanced in parallel. The initial open-pit overburden strip of approximately 250 metres was completed in May, yielding around 2,000 tonnes of weathered magnetite ore for plant commissioning. In June, the first waste blast across a 30-metre strike length was executed successfully, and by late July, approximately 4,000 tonnes of fresh magnetite ore were blasted and delivered to the DMS plant for the final stages of commissioning and separator calibration.
Sales and Market Engagement
Initial trial production samples have been delivered to prospective offtake partners, who provided positive feedback while identifying certain process adjustments to further align production with specific requirements. These adjustments have now been implemented.
Tender and Market Update
Regarding the tender process for the supply of DMS-grade magnetite previously communicated, the Company can report that, following correspondence received in mid-June 2025 and again in September 2025, the tender remains open and under evaluation, with no award made to any party at this stage.
Feedback has been constructive and positive, noting satisfaction with the quality of magnetite samples supplied during trial production. The communication also confirmed continued interest in establishing a long-term supply relationship, with the plants' logistical advantage and proximity to key industrial users identified as important differentiating factors.
While the reasons for the delay in awarding the tender have not been communicated, we have no reason to believe anything other than that we remain well positioned within the process.
Beyond this process, the addressable market for DMS-grade magnetite in South Africa alone currently exceeds 100,000 tonnes per month, with Mozambique and Botswana also representing strategically attractive adjacent markets where Ironveld continues to receive active commercial interest.
A positive futu