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Share Name Share Symbol Market Type Share ISIN Share Description
Ironveld Plc LSE:IRON London Ordinary Share GB0030426455 ORD 0.1P
  Price Change % Change Share Price Shares Traded Last Trade
  0.005 1.69% 0.30 4,461,650 08:22:58
Bid Price Offer Price High Price Low Price Open Price
0.29 0.31 0.31 0.295 0.295
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Mining -0.47 -0.05 9
Last Trade Time Trade Type Trade Size Trade Price Currency
13:45:19 O 47,248 0.3069 GBX

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Date Time Title Posts
07/12/202216:07Ironveld plc7,235
13/7/202214:53Who are the real turkeys?1
19/9/202111:59THIS MONDAY IRONVELD MAY RISE 1000% ON A BUY OUT..WATCH AND LEARN!348
10/2/202112:59The Iron Ore thread57
03/2/202019:05Ironveld...possible bid for all assets at good premium to price ?102

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Posted at 07/12/2022 08:20 by Ironveld Daily Update
Ironveld Plc is listed in the Mining sector of the London Stock Exchange with ticker IRON. The last closing price for Ironveld was 0.30p.
Ironveld Plc has a 4 week average price of 0.28p and a 12 week average price of 0.25p.
The 1 year high share price is 1.33p while the 1 year low share price is currently 0.25p.
There are currently 2,893,128,854 shares in issue and the average daily traded volume is 12,674,915 shares. The market capitalisation of Ironveld Plc is £8,679,386.56.
Posted at 12/10/2022 12:02 by ladeside
Remember we have the warrants which at some point are likely to raise further funds at 0.30, they've already been priced in as a negative yet ironically are above the current share price and haven't been factored in currently as a positive.

I also wouldn't be surprised if the DPA wasn't RNS'd on completion as the company have more or less confirmed that it was a mere formality. Knowing how GC worked in Amer, we could get an RNS in a few weeks which will give a far more substantial update on where we are in terms of refurbishment along with the fact that the DPA was already signed off and possibly something else included, that would be typical GC.

Who knows what will happen, but it wouldn't be outwith the realms of possibility to see a share consolidation (possibly 10 to 1) and then a further cash call ??

Like everyone else here I've no idea but I still like the odds at current share price ....

Posted at 11/10/2022 19:03 by al101uk
If you base your assumptions on the note from a while ago, but factor in a placing for working capital you can get an idea of a basic valuation.

I'd use a placing price of around the current share price, that means an additional 1.56 billion shares. I'd use the notes estimations for their discounted cashflow at around a 10% discount (I've used something between 8 and 10 for simple numbers and rounded at 1p per share on current share count).

That means with an increased sharecount of 4.46 billion shares in issue the discounted cashflow can be re-adjusted to 0.65p per share.

I'd say this is the central case.

Obviously worst case is the smelter deal doesn't complete and on that basis I'd value the company at a million quid, but to be fair writing off your capital at that point is probably not unreasonable as substantial further capital investment is likely... I'll use 0p because it's easier and it's close enough.

Best case is probably a placing at something above 0.25p, if we assume the price doubles on sentiment when/if the smelter deal is done, we get half the dilution and a valuation based on that of 0.78p per share.

...and now arbitary percentage chances:

Lower Case: 25%
Central Case: 50%
Upper Case: 25%

So on a risk weighted basis that gives a current valuation of 0.5p per share.

On RS's metrics, I reckon he'd come in at 0.03p per share or lower (5% chance of mid case) which is a market cap of £500K.

I reckon Ladeside will have a scenario better than the ones I show, but probably comes in mostly on the upper end at 0.78p.

Remember this is a risk adjusted valuation, it's not where you expect the share price to be, the situation changes, Ironveld likely won't stand still once the deal is done and will be looking at ways to increase capacity further... they may do some other financing deal to get the working capital... but these seem like small percentage chances at this point in time and are not things the company has hinted at or that are mentioned in the note.

Also, just because I've put a valuation of 0.5p on the share doesn't make it a buy. You have to factor in volatility, risk and management history. This is just a base case from which to work using only the fundamentals of the business. Personally I wouldn't buy the company until I know they are fully funded to profitability, but that doesn't make it worth nothing.

edit - I didn't even really think much about my percentages, so I wouldn't assume them as my view, more an illustration.

Looking back I'd probably use a higher discount rate than 10% in the current environment.

Posted at 11/10/2022 10:01 by ladeside
Al, we can only hope that our board and Management are competent and are going to produce what ultimately is part of their basic job description / responsibilities and as such the share price will take care of itself.

I'm in no rush and I've already encountered the dilution and subsequent share price crash, so as I've said often before, I've now re-based my expectations and averaged down accordingly, it may not be the result that I had once hoped / dreamed of, however at current prices given the fact that we have no debt and have over £4 Million of funding already in place, then I see significant value on any purchases made around this lowly share price

Price targets are pointless as the story unfolds both positive and negative and any assumptions made right now can look bloody stupid 6 months in the future, however I maintain that there is much value to be had at the current share price and I'll leave the crazy price targets to those with the outrageous thoughts and sinister agendas ......

Posted at 12/9/2022 14:40 by al101uk
I think when you're a company in the early stages of development and pre-revenue your share price has huge volatility.

I think a newly listed company with Ironvelds acerage and relatively unknown management would have a market cap higher than Ironveld today. From that perspective I think Ladeside is correct.

I think a company that progressed from a standing start to where IRON are today, in a straight line, would be valued considerably higher than the newly listed company I describe above.

The problem is that Ironveld haven't gone in a straight line from newly listed to the smelter deal and when you look back it appears that some of the issues were self inflicted. That destroys sentiment and raises questions around if management are even capable getting this project off the ground.

If you don't believe in managements ability to execute in a pre-revenue environment, then the company is worth close to nothing (possibly the option value of management being replaced). That's where IRON are, it's unfortunate, but it also has real consequences for their ability to raise further money via equity. That's clearly visible if you compare the last placing with the first they ever did. Even adjusting for number of shares the company is deemed to be worth less now than it was when it first listed. I don't think anyone would argue that the company is in a worse situation now than then.

It's important to recognise that setiment can not only temporarily hit a companies shareprice, it can cause real harm to shareholders by diluting their interests to a far greater extent than would otherwise be the case.

I don't think you can look at sentiment and think "everything is now priced in" to the upside or the down. I think sentiment is always relative to where the shareprice was before sentiment changed the price. That means even if the assets are undervalued and the delays and failure are priced in... IRON can still go lower.

I guess the good news is that the further to the downside you get from a blank slate company with IRONs assets, the bigger the potential bounce should things come good. So as an option on sentiment there may be value in buying IRON now should you want to play that game. If you still believe in managements ability to execute then there is reason to buy/hold/add.

On the other hand, if like me, you don't want to play either of those games and just want to invest in a small cap miner that is incredibly cheap... it's probably still a waiting game but that's specifically because I don't want to make bets on sentiment, nor do I want to make bets on Ironveld managements abilities.

Posted at 09/8/2022 22:58 by rec0very stock
Post 6900:

"As far as the consultation process goes and when it happens, as there is no process in legislation to use to guess how far along the company is I cannot guess, but I would guess that they first started talking to some locals about mining in 2013. As the company has said nothing about it we don't know, so I make no assumptions on the consultation process. What I do know is no relocation has occurred yet - it costs money and the company has not had any to spend on that and what would be the point when there was no smelter to feed with what has been dug up after relocation has occurred. I know from other companies, who have done it, that it can take quite a while to do the relocation."

If you can't read my posts then it is not my fault. The PFS was 2013 so it is logical that as part of that they would have had to talk to someone.

Have you located the farms yet and had a look on google satellite yet. All those small villages and towns. All those primary schools. Not reading something, looking at the real ground.

Post 6900

"Someone who was interested in doing research and contributing to the shared pool of knowledge might find the area on google and look at the satellite picture."

Post 6901

"To prove these as facts would require an intricate knowledge of the Ironveld acerage, any sources (preferably not twitter)?"

Post 6902

"Why not do as I suggested. The names of the farms are in RNSs then JFGI. When I did it I know what I saw and remembering it will require blasting to get the stuff out, I really would not like to guess what it will cost or how long it would take to relocate. Admittedly they would not need to do the whole licence area in one go, but sound, dust and vibration from explosions travel a long way. Try it it is called DYOR and you are right not to take someone who you don't know from Adam's word for it."

hTTps://beyondgovernance.com/news-and-insights/reviewing-articles-of-association/#:~:text=The%20articles%20of%20association%20(%E2%80%9CArticles,in%20accordance%20with%20current%20legislation.

"The articles of association (“Articles”) are the governing rule book of the Company. A regular review of your company’s Articles ensures that they contain the provisions that are right for your company and are in accordance with current legislation."

Nothing in 10 years not even to put the right company name on it. Do they reflect how things are run today?

Eg para 50 "All business shall be deemed special that is transacted at a general meeting" - why aren't the resolutions at GMs all specials?

When was the corporate governance page on the website last looked at? It still names directors who left in 2019

"Seek to understand and meet shareholder needs and expectations" - "The Company holds an AGM which provides private shareholders with an opportunity to ask questions and engage with Company management. Investors are actively encouraged to attend our AGM." but we will storm out of GMs and refuse to take questions.

Yep this is a well run bottom of the AIM cesspit company - it does a great job of printing new shares just like most of them. Since the 2014 DFS it has been false dawn after false dawn.

The 2013 PFS RNS was interesting:
PFS Highlights:

-- The Study 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 ("FeV") production from 2019

-- World class ferro 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 life of mine ("LOM") with operating Cost of R 2,393/t pig iron and R 47/kg FeV [with that level of CAPEX I'm sure they could have promised the locals a measly few $M to relocate and take their dead ancestors with them]

-- 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.

Sound anything like today's proposed project? Have expectations been raised that now won't be met? Did just 10Kt for a bulk sample alert the locals to what it would be like for the next 100 years if they did not get a decent relocation package? Or are they just being whipped up by Steve Biko's reincarnation telling them the kids in primary schools will all need to wear ear defenders and will suffer from shell shock before they reach puberty? Might be worth finding and following their twitter feeds to see what they are saying about it all, might give you some ideas on how you might get the answers to your questions for yourself.

"In order to produce one million tons of pig iron it will be necessary to build four 75MW smelters. It is planned that these will be located on the farm Altona." - might be somewhere someone could find on google satellite noting:

"Ironveld has interests in the Northern Limb of the Bushveld Complex north of Mokopane, South Africa, which were acquired from Sylvania Platinum.

The prospecting rights cover seven adjacent farms totalling 165 square kilometres [about 13km by 13km]."

If you can't be bothered to read and DYOR, why are you still here?

AIM - don't die of ignorance! There are ways to find out if you bother to try.

Posted at 01/8/2022 12:46 by rec0very stock
The fact that the book build was well underway without much happening to the share price and the fact that the placing was ultimately oversubscribed at 0.3p makes it clear that had RJ not done what he did ie put in a requisition for a sack the BoD GM which had to be responded to (vexatious according to the company) AND publically tell everyone how big the placing was (£5m), that it was discounted (from 0.7p at the time) and that exisitng shareholders would be toast, the placing and broker option and broker warrants and the price the BoD converted their loans at would have been much more than 0.3p.

The share price chart says it all - on the day the company had to release an RNS it would ordinarily not have had to release, but for RJ, and RJ went fully public on his own site, the share price fell off a cliff - that is a cause and effect not a coincidence. If shareholders would have been toast had RJ kept his mouth shut, they are burnt to a crisp now because RJ opened his mouth.

The next and most pressing hurdle the company needs to get over, now the smelter aquisition will almost certainly go through, is dealing with the landowners. It would appear GC and ME have, to now, treated them with the same contempt they have treated shareholders.

Posted at 01/8/2022 10:42 by hedgehog 100
01/08/2022 11:28 UKREG Ironveld PLC Result of General Meeting

Ironveld plc ("Ironveld" or the "Company") announces that all the proposed resolutions tabled at the Company's General Meeting held earlier today were successfully passed. As a result, the proposed placing set out in the announcement made by the Company on 13 July 2022 will now proceed with the placing shares being admitted to trading at 8.00 a.m. on 2 August 2022 ("Admission").

The full text of each resolution was set out in the Notice of the General Meeting, a copy of which can be found on the Company's website at hxxps://www.ironveld.com/shareholders.php

Following Admission, the Company will have 2,893,128,854 ordinary shares of 0.1 pence each ("Ordinary Shares") admitted to trading. The Company does not hold any Ordinary Shares in treasury and therefore this figure of 2,893,128,854 Ordinary Shares may be used by the Company's shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the share capital of the Company under the FCA's Disclosure Guidance and Transparency Rules.

Peter Cox, Ironveld's Technical Director, who has been working on the Project for over 10 years said:

"I am delighted the Placing has been approved for all our team in South Africa and especially for our Black Empowerment Partners. Mr Jennings has been focused on his own selfish aims, and manifestly doesn't care about those whose hopes of employment have been placed in this project for a long time. As a Board we are focused on bringing this project to production and creating the very jobs which will generate real shareholder value. Indeed, his attitude towards them in my judgement is utterly unacceptable.

"The importance of this project to the future of quite literally thousands of members of our local communities and several hundred prospective workers and their families, is immense. At last we will be able to mine our world class ore deposits, supply our offtake partners, particularly Glencore who have been most supportive and very patient. I would like to thank our shareholders for their support and welcome our new investors to a tremendous future for Ironveld."

https://uk.advfn.com/stock-market/london/ironveld-IRON/share-news/Ironveld-PLC-Result-of-General-Meeting/88721491

Posted at 25/7/2022 09:19 by hedgehog 100
Remember this from just eight months ago:-

27/11/2020 16:49 UK Regulatory (RNS & others) Ironveld PLC Posting of GM Circular LSE:IRON Ironveld Plc

" ... Directors Settlement Shares

Following the announcement on 26 November 2020 the Board has engaged with its major shareholders in respect of the proposed capitalisation of accrued Director salary / fees. The Board acknowledges that a substantial proportion of these salary / fees relate to periods when the Company's share price was higher than the proposed Placing Price and has therefore agreed that a settlement based on the volume weighted average price of the Company's shares during the periods in which salary / fees were deferred would be more appropriate.

This will result in the number of Director Settlement Shares being issued in satisfaction of the GBP780,900 of deferred fees decreasing from 260,299,999 to 52,774,570, at an effective issue price per share of 1.48 pence. Any deferred sums remaining due to Chief Executive Martin Eales and settled in equity at a later date will be similarly calculated. ..."

https://uk.advfn.com/stock-market/london/ironveld-IRON/share-news/Ironveld-PLC-Posting-of-GM-Circular/83780426


An admission from Giles Clarke etc. that historic salary conversion, when the share price has fallen heavily, should appropriately occur at the previous higher share price in place when much of the salary accrued.

So how dare they now convert on a basis that they have recently admitted is inappropriate?

Especially when:-
• Their salaries are arguably too high in any case.
• They have repeatedly failed miserably on a business level.
• They have repeatedly misled the market in serious ways.


"IRONVELD PROPOSED PLACING – “DON’T BE A TURKEY”
July 13, 2022 | Posted by admin

... 2 – I can confirm that Martin Eales confirmed to me at a meeting in London in November last year & reiterated again in April of this year that his and the BoD’s salaries would ALL be converted into shares at the average price over the period that it was deferred. This has been thrown out of the window this morn with the conversion of the vast majority at the 0.3p level – again this is designed to ensure maximum dilution. ..."

HTTP://www.alignresearch.co.uk/ironveld/ironveld-proposed-placing-dont-be-a-turkey/


"STATEMENT TO IRONVELD SHAREHOLDERS – RESPONSE TO CIRCULAR TO REMOVE CLARKE & EALES
July 22, 2022 | Posted by admin

... Given the magnitude of Director loans and accrued salaries then it became, irony of ironies, in their interest to place as low as possible from a pure economic perspective let alone the benefit they would gain through the dilution to me/Align at the removal vote and unfortunately by extension to ALL other existing shareholders unable or unwilling to commit to the discounted placing. ...

I learnt 43 years ago that there is only one way to deal with bullies – that is to stand up to them (I would suggest googling “Giles Clarke Bully” to see what others have to say in this regard). ...

Similarly with Ironveld – from approaching 20p in 2013 to a 0.3p raise today. If this is “success” we’d like to see failure… Whatever Mr Clarke’s earlier successes many years ago, sadly for his faith holders in recent years in the public markets this has most certainly not been their experience at Kazera & Ironveld. Between the 2 companies he has earnt over seven figures in salaries and benefits from a look at the aggregate R&A’s whilst shareholders holding stock over the last several years have lost 90% of their equity value. ..."

HTTP://www.alignresearch.co.uk/ironveld/statement-to-ironveld-shareholders-response-to-circular-to-remove-clarke-eales/

Posted at 22/7/2022 15:39 by al101uk
Bit of an information dump, might help move on from the current arguments here:

From 2013:

Ironveld plc, the pig iron and vanadium company, is pleased to announce the completion of a successful large-scale pilot plant campaign at Mintek in South Africa on samples taken from the Company's pig iron and ferro-vanadium project (the "Project") on the Northern Limb of the Bushveld Complex in Limpopo Province South Africa.

During the campaign, over 60 tons of iron was produced from 140 tons of Ironveld's titanomagnetite ore grading close to 50% Fe and containing 1.2% V2O5. The majority of iron produced during the campaign contained over 95% and close to 97% Fe with between 2.5% and 3.5% carbon. Sufficient carbon-containing iron has therefore been produced to use as material to test market acceptance.

The sample was taken from close to surface and did not require any beneficiation. The ore was merely crushed to less than 7mm for material handling requirements. The smelting operation was carried out at around 1,700 degrees C in a 2MW DC arc furnace in which the iron oxides in the titanomagnetite ore fines were reduced using fine low-ash anthracite.

High recoveries of iron in excess of 90% were achieved as a result of iron oxide levels of less than 5% being obtained in the slag during the campaign. The distribution of the vanadium into the metal increased significantly ranging from 1.1 to 1.5% as the iron level in the slag decreased. The resulting vanadium recovery at the higher vanadium levels obtained in the iron was over 70%.

Titania levels in the slag of over 50% and up to 65% were achieved at the higher levels of iron reduction. Samples of titania-rich slag will undergo further testwork to look at the possibility of recovering the titanium values.

Posted at 13/7/2022 21:16 by unnd
To me Aligns proposal is far better as it anchors the share price around 1p with a much less number of share e.g. if £5m is raised through equity, debt and monetising warranties then the maximum number of additional shares will be circa 0.5b to give a total number of shares in circulation of around 1.8b.
Under the BOD's proposal the share price is anchored around 0.3p with over 1.7b of additional shares being issued to give a total of over 3b shares in issue and the share price held at 0.3p due to the 0.5b broker shares being drip fed into the market over a long period.
The possible risk with Align is if the Company is not able to repay the debt in Aug 2024 some 2 years from now. If the BOD cannot get into production before then then we have no hope in any case. If they do get into production as promised then the debt will in all probability be turned into shares at 1p (which is included in the 0.5b shares noted above).
In addition to this it would still leave the door open to Grosvenor under the 'imminent' agreement to close the deal as the share price would be around the 1p level ( i doubt that they would complete with the share price at 0.3p?).
To me it is a no brainer with the advantage of ridding the company of GC and maybe ME who both started this whole fiasco by stating that the the Grosvenor deal was imminent some 9 months ago (where was the due diligence to ensure the funds where available).
Vote Align.

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