TR-1 NOTIFICATION OF MAJOR INTEREST IN SHARES

1. Identity of the issuer or the underlying issuer of existing shares to which voting rights are attached: ii

International Ferro Metals

2 Reason for the notification (please tick the appropriate box or boxes):

An acquisition or disposal of voting rights

YES

An acquisition or disposal of qualifying financial instruments which may result in the acquisition of shares already issued to which voting rights are attached

An acquisition or disposal of instruments with similar economic effect to qualifying financial instruments

An event changing the breakdown of voting rights

Other (please specify):

3. Full name of person(s) subject to the notification obligation: iii

Aberforth Partners LLP

4. Full name of shareholder(s)

(if different from 3.): iv

Shareholder

Aberforth Smaller Companies Trust Plc

Aberforth UK Small Companies Fund

All shares are registered in the name of Nortrust Nominees Ltd A/c Aberfrth

Shares

57,646,635

9,361,552

5. Date of the transaction and date on which the threshold is crossed or reached: v

24/11/2014

6. Date on which issuer notified:

25/11/2014

7. Threshold(s) that is/are crossed or

reached: vi, vii

12%

8. Notified details:

A: Voting rights attached to shares viii, ix

Class/type ofshares

if possible usingthe ISIN CODE

Situation previousto the triggeringtransaction

Resulting situation after the triggering transaction

NumberofShares

NumberofVotingRights

Numberof shares

Number of votingrights

% of voting rights x

Direct

Direct xi

Indirect xii

Direct

Indirect

Ordinary AU0000XINAK8

64,102,807

64,102,807

67,008,187

N/A

67,008,187

N/A

12.10

B: Qualifying Financial Instruments

Resulting situation after the triggering transaction

Type of financialinstrument

Expirationdate xiii

Exercise/ConversionPeriod xiv

Number of votingrights that may beacquired if theinstrument isexercised/ converted.

% of votingrights

 N/A

N/A

N/A

N/A

N/A

C: Financial Instruments with similar economic effect to Qualifying Financial Instruments xv, xvi

Resulting situation after the triggering transaction

Type of financialinstrument

Exerciseprice

Expirationdate xvii

Exercise/Conversionperiod xviii

Number of votingrights instrumentrefers to

% of voting rights xix, xx

 N/A

N/A

N/A

N/A

N/A

Nominal

Delta

N/A

N/A

Total (A+B+C)

Number of voting rights

Percentage of voting rights

 67,008,187

12.10

9. Chain of controlled undertakings through which the voting rights and/or thefinancial instruments are effectively held, if applicable: xxi

Held by Aberforth Partners LLP

Proxy Voting:

10. Name of the proxy holder:

 N/A

11. Number of voting rights proxy holder will cease to hold:

N/A

12. Date on which proxy holder will cease to hold voting rights:

N/A

13. Additional information:

14. Contact name:

 Pauline Robson, Aberforth Partners LLP

15. Contact telephone number:

0131 220 0733

Note: Annex should only be submitted to the FCA not the issuer

Annex: Notification of major interests in share

A: Identity of the persons or legal entity subject to the notification obligation

Full name

(including legal form of legal entities)

Aberforth Partners LLP

Contact address

(registered office for legal entities)

Contact: 14 Melville Street, Edinburgh, EH3 7NS

Registered Office: The Broadgate Tower, Primrose Street, London EC2A 2EW

Phone number & email

0131 220 0733

David.holland@aberforth.co.uk

Other useful information

(at least legal representative for legal persons)

Contact: David Holland

B: Identity of the notifier, if applicable

Full name

As above

Contact address

As above

Phone number & email

As above

Other useful information

(e.g. functional relationship with the person or legal entity subject to the notification obligation)

As above

C: Additional information

For notes on how to complete form TR-1 please see the FCA website.