IFL.L Regulatory News (IFL)

International Ferro Metals Limited - DMI Approval of Lesedi Mining Right Transfer

PR Newswire

London, July 6

6 July 2017

International Ferro Metals Limited

(“IFL” or the “Company”)

Department of Mineral Resources Approval of Lesedi Mining Right Transfer

Further to the announcement released by the Company on 1 November 2016, IFL announces that the Department of Mineral Resources has approved the transfer of IFL’s South African subsidiary International Ferro Metals (SA) (Pty) Limited’s (“IFMSA”) Lesedi mining right to Samancor Chrome Limited (“Samancor”). The purchase consideration of ZAR140 million will become payable by Samancor upon registration of the cession of the Lesedi mining right at the Mineral and Petroleum Titles Registration Office, which is expected to take four to eight weeks. The proceeds will be distributed to creditors of IFMSA in accordance with the amended business rescue plan.

The remaining transaction, for which conditions are in the process of being fulfilled, is for the sale of IFL’s 80% equity interest in Sky Chrome Mining (Pty) Limited (“Sky Chrome”) for ZAR100 and IFMSA’s claims against Sky Chrome for ZAR70 million.

The outstanding conditions include obtaining regulatory approvals, specifically ministerial approval for the transfer of the Sky Chrome mining right, and consents of other parties to certain material contracts, which are usual for transactions of this nature.

The Company reiterates that it is not likely that IFL shareholders would receive any distribution from the conclusion of the business rescue process.

Further announcements in relation to the Business Rescue process will be released in due course.

- ENDS-

For further information please visit http://www.ifml.com/ or contact:

International Ferro Metals Limited

Jannie Muller, Finance Director +27 82 785 1364

Wayne Kernaghan, Company Secretary +61 407 233 153

About International Ferro Metals:

International Ferro Metals produces ferrochrome, the essential ingredient in stainless steel, from its integrated chromite mine and ferrochrome processing operations in South Africa. International Ferro Metals is listed on the London Stock Exchange under the symbol IFL.

Forward Looking Statements

This announcement contains certain forward looking statements which by nature, contain risk and uncertainty because they relate to future events and depend on circumstances that occur in the future. There are a number of factors that could cause actual results or developments to differ materially from those expressed or implied by these forward looking statements.