Northern Limb Pig Iron Project

January 2014

1

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2

Company Snapshot

Corporate Summary

Shares in Issue 286.3million

52 Week Low 3.98p

52 Week High 19.85p

Current Share Price 11.56p

Market Capitalization £33.21 million

Major Shareholders No. of

Shares

%

Africa Asia Capital 39,746,893 13.92

Michinoko Limited 34 472 224 12.07

Weighbridge Trust

Limited 22 044 100 7.72

Directors and related

hldgs 21 168 169 7.41

Barclays Wealth 15 018 932 5.26

Artemis Fund Managers 10 907 408 3.82

143 357 725 50.2

Recent Announcements Date

Ironveld Plc Grant of Share

Options

08 Nov 13

Ironveld Plc Result of AGM 05 Nov13

Ironveld Plc AGM Statement 05 Nov 13

Ironveld Plc Director’s Dealings 29 Oct 13

Ironveld Plc Blocklisting

Application

18 Oct 13

3

Ironveld Strategic approach

Drivers Bushveld Ti Magnetite cannot be exported as Direct Shipping Ore as it is:

Lower grade than haematite

Cannot be used directly in a blast furnace

Carries a titanium penalty which outweighs the vanadium bonus

In order to maximise value the ore must be processed on site to: Produce pig iron and

Vanadium by products

Reduce logistics requirements

Approach Technology

Pre heating not pre reduction

Reduces electrical power requirements

Uses cheaper coal readily available in South Africa

Value add South African drive to beneficiate not export ore – reduced royalty payments

Transport a lower volume much higher value products

Significant vanadium revenues

Off take potential is both local and offshore

Project Scale Matches infrastructure and utilities availability

12MW smelter proposed as project start

4

Ironveld Pig Iron Project

Ironveld holds interests in prospecting rights in the Northern Limb of the Bushveld Complex north of Mokopane, South Africa

Ironveld will develop a new pig iron plant with associated vanadium and titanium slag by products

Ironveld expects to mine its own magnetite resource at approximately 2.4 million tons magnetite per annum as feedstock for its Pig Iron Plant to produce 1,000,000 tons of Pig Iron per annum.

Total Project Mineral Resource of 32.05 million tons of Iron in situ

Excellent infrastructure of roads, rail and access to power and water

Pre Feasibility Study published June 2013.

12MW smelter recommended. Anticipated production of 46 000 tonnes of pig iron by mid 2015 with vanadium by products

5

PFS Highlights

PFS demonstrates the viability of developing the Ironveld Pig Iron Project delivering one

million tons per annum of pig iron and 9,670 tons of Ferro Vanadium production from

2019

World class vanadium grades significantly enhance the overall Project economics

Post- tax project IRR of 28.8% and NPV (10%) of R 10,694 million (US$ 1,069 million)

with a capital payback of seven years

Estimated capex of R 9,375 million (US$ 938 million) for a 25 year LOM with operating

Cost of R 2,393/t pig iron and R 47/kg FeV

Study has been based on pig iron prices of U$ 450/ t and U$35/kg for FeV, yielding total

annual revenue of R 6,500 million at full production

Robust infrastructure surrounding the Project with delivery routes for water, rail and

power identified

Confirmation of viability to install an early stage 12MW smelter to produce an initial

46,000 tons of Pig iron and 445 tons of ferro vanadium per annum from 2015 some two

years ahead of the larger project

The 12MW smelter will provide significant near term revenue as well as deliver proof of

concept ahead of commissioning of four 75MW smelters required to achieve the longer

term one million ton production target

Cost of 12MW smelter estimated to be US$60 million. It is expected that this would be

financed principally through third party project finance

6

Pig Iron fundamentals

Lower melting point than that of steel scrap.

Combined with a denser charge make-up result in lower energy requirements and faster melting time in steel manufacture

Two main types of Pig Iron Basic (used for steel making)

Foundry (used for grey iron –automotive industry)

Pig Iron prices carry a significant mark up in comparison to Iron Ore

Using Ti magnetite to make pig iron by products are produced as part of the iron making process. Ti slag and a vanadium slag. The

Vanadium can be processed to vanadium products

Currently doing work to commercialize Ti slag

$-

$200.00

$400.00

$600.00

$800.00

2001 M

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PIG

IR

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$/t

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YEAR/MONTH

Brazilian Pig Iron Export prices

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Introduction

ROM feed (massive) Mt/a ~2.10

Ore concentrate Mt/a 2.10

Key mineral processing plant parameters:

MML ore feed

8

Introduction (cont).

ROM feed (MML + disseminated)

Mt/a ~2.50

Ore concentrate Mt/a 2.10

Key mineral processing plant parameters: MML +

disseminated feed

9

Introduction (cont).

Ore concentrate Mt/a 2.10

Pig iron ingots Mt/a 1.00

Ferrovanadium kt/a 9.20

Key products from metallurgical

plant

Fe Carbon Silicon

97.3 2.5 0.1

Grade % V C Si P S Al Mn Fe

FeV 75-A 75 0.2 1 0.05 0.04 2 0.5 Balance

10

Process flow sheet selection

11

Removal of gangue minerals to upgrade the iron

oxide content to over 50% as Fe

Massive ore fraction (>40% Fe)

Disseminated ore fraction (<40% Fe)

Coarse crushing magnetic separation at >50 mm

Finer crushing, grinding and magnetic separation <

3mm

Dry LIMS (Low Intensity Magnetic Separation)

Concentrate particle size < 1 mm

Mineral Processing

12

Feed compositions

Disseminated

Massive

Concentrate composition

Mineral Processing (cont).

Fe TiO2 Al2O3 CaO MgO SiO2 V2O5

50 15 5 1.5 1.6 5 1.16

13

Massive

Disseminated

Photo-micrographs

Mineral Processing (cont).

14

Massive

Disseminated

Photo-micrographs

Mineral Processing (cont)

15

Massive

Disseminated

Photo-micrographs

Mineral Processing (cont)

16

Permroll magnetic separation equipment

Mineral Processing

17

Pre-heating vs. Pre-reduction

Benefits of Pre-heating vs Pre-reduction and considerations

Pre-treatment Benefit in electrical energy saving

Pre-heating 20%

Pre-reduction 40%

Pre-heating with Cogen up to 50%

Pre-treatment Coal requirement

Pre-heating normal thermal coal (abundant)

Pre-reduction highly reactive coal (scarce)

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Drying concentrate at 150 degrees C

Pre-heating concentrate to 1000 degrees C

Hot transfer to DC arc smelting furnace at 800

degrees C

Smelting at 1700 degrees C

Tapping of iron for transfer to refining stage

Tapping of titania slag prior to granulation and

storage

Pre-heating and Smelting

19

Pre-heating furnaces

Smelting furnaces

Vanadium pig iron

Pre-heating and Smelting

Polysius Polcal 80 t/h

x 4

DC arc furnaces – SMS

Siemag (75 MW x 4)

20

Hot transfer of molten iron into transfer ladles

Tapping cooling of titania slag

Refining of molten iron converter stage to remove

vanadium

Removal of vanadium oxide into slag from converter.

Further refining of iron and re-carburising to foundry

iron

Casting of foundry iron

Production of FeV (Ferrovanadium) from V2O5 flake

extracted from converter slag

Tapping, hot metal transfer, refining and casting

21

Hot transfer of molten iron into transfer ladles 1.05 Mt/a

Refining of molten iron converter stage to remove

vanadium

Removal of vanadium oxide as converter slag ~9 kt V/a

(as V2O5).

Further refining of iron and re-carburising to foundry iron

1 Mt/a

Iron Production

Fe Carbon Silicon

97.3 2.5 0.1

22

Conclusions

MML ore to concentrate requires minimal processing

MML + disseminated requires more extensive

processing

Pre-heating preferable to pre-reduction

Smelting of iron containing vanadium

Refining of iron and extraction of vanadium

Recovery of vanadium via converter slag to V2O5 flake

and FeV

All process stages have been used at industrial scale

Confirmation testwork on large pilot-scale planned mid

2013

23

Next steps

Aug Sept Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sept Oct Nov Dec Jan Feb Mar Apr

Smelting Trial

12MW

Smelter design

DFS

Power supply engineering

Powerline construction

Water Supply

Offtake

Engineering and construction

Commision

4x75MW Smelter project

Power supply feasibilty study

Water Supply feasibilty study

Vanadium process and engineering design

DFS

Exploration

LUGE exploration

20142013 2015ACTIVITY

24

Infrastructure and Logistics Power

Pre reduction and hot charging furnace reduces power requirements

Eskom have indicated supply For 12MW smelter by Q12015

For 75MW dependent on completion of Medupi Power Station now scheduled for late 2015

Water

Located close to Glen Alpine Dam; off take to be negotiated

Olifants/Steelpoort Rivers Joint Water forum planned Mokopane supply by 2015

Logistics

80kms of road to rail siding

Transport of higher value pig iron can be containerised allowing use of container facilities at Richards Bay which are being upgraded

25

Metallurgical Test Work

Test work conducted on 414kg of material from MML & 283kg from

disseminated footwall magnetite

Excellent recovery rates of FE 92%, grading 53% FE and 3.1% SiO2

Indicates viability of mining main magnetite layer & 5M of disseminated

footwall magnetite

Positive impact on ore resource targets & life of mine

Trial smelt conducted at Mintek produced 70 tons of Pig Iron

Appendix

27

Main Magnetite Layer

28

Resource Statement Mineral Resource estimations were undertaken on the MML down to a

vertical depth of 120 m, at a 20% Fe cut-off. The Mineral Resource has been separately calculated for the massive magnetite layers (MML) and for the MML including the disseminated Ti-magnetite mineralisation in the footwall (FW).

Farm Cut-off Million Density Fe Fe2O3 Fe Metal TiO2 V2O5 SiO2 P2O5 S

Name Fe% Tonnes g/cm3 % % millions % % % % %

Measured Mineral Resources

Altona* 20 2.18 4.55 51.7 73.9 1.13 16.3 1.15 2.9 0.01 0.08

Total Measured 20 2.18 4.55 51.7 73.9 1.13 16.3 1.15 2.9 0.01 0.08

Indicated Mineral Resources

Nonnenwerth* 20 22.64 4.20 45.2 64.7 10.24 13.8 1.06 8.5 0.01 0.16

La Pucella* 20 5.61 4.50 50.3 72.0 2.83 15.5 1.16 4.4 0.01 0.08

Altona* 20 7.48 4.54 51.4 73.6 3.85 15.9 1.15 3.2 0.01 0.08

HACRA* 20 12.12 4.31 48.1 68.8 5.83 14.5 1.14 6.0 0.01 0.05

Total Indicated 20 47.85 4.31 47.5 68.0 22.74 14.5 1.11 6.6 0.01 0.11

Inferred Mineral Resources

HACRA* 20 6.31 4.45 50.1 71.7 3.16 15.4 1.21 4.2 0.01 0.03

Total Inferred 20 6.31 4.45 50.1 71.7 3.16 15.4 1.21 4.2 0.01 0.03

Measured, Indicated and Inferred Mineral Resources

Project Total 20 56.35 4.34 48.0 68.6 27.03 14.7 1.12 6.1 0.01 0.10

Farm Cut-off Million Density Fe Fe2O3 Fe Metal TiO2 V2O5 SiO2 P2O5 S

Name Fe% Tonnes g/cm3 % % millions % % % % %

Measured Mineral Resources

Altona* 20 4.36 3.86 36.3 52.0 1.58 9.7 0.72 19.2 0.01 0.10

Total Measured 20 4.36 3.86 36.3 52.0 1.58 9.7 0.72 19.2 0.01 0.10

Indicated Mineral Resources

Nonnenwerth* 20 32.32 3.89 37.9 54.2 12.24 10.6 0.84 16.6 0.01 0.14

La Pucella* 20 6.28 4.35 47.1 67.4 2.96 14.1 1.07 7.8 0.01 0.09

Altona* 20 12.58 3.97 39.0 55.8 4.90 10.7 0.80 16.4 0.01 0.09

HACRA* 20 18.37 3.92 38.9 55.7 7.15 10.7 0.85 15.6 0.01 0.13

Total Indicated 20 69.55 3.95 39.2 56.1 27.26 11.0 0.86 15.5 0.01 0.12

Inferred Mineral Resources

HACRA* 20 6.53 4.40 49.1 70.2 3.21 15.0 1.18 5.3 0.01 0.03

Total Inferred 20 6.53 4.40 49.1 70.2 3.21 15.0 1.18 5.3 0.01 0.03

Measured, Indicated and Inferred Mineral Resources

Project Total 20 80.45 3.99 39.8 57.0 32.05 11.2 0.88 14.9 0.01 0.11

29

Prospecting Rights Contractual Arrangements

Ironveld has contracted with Pan Palladium and Hacra to explore for Magnetite Ore for its own account

On completion of the exploration Ironveld will apply for mining rights in the name of Pan Palladium and Hacra with a simultaneous section 11 transfer of the mining rights to Ironveld.

Prospecting Right Status Hacra Mining Right application

submitted Pan Palladium Mining Right

application being prepared Luge Mining and Exploration

have a prospecting right for iron ore accepted but not yet granted