24 March 2016

    International Ferro Metals Limited

                               ("IFL" or the "Company")                            

                       Approval of Amended Business Rescue Plan                    

    Further to the announcement released by the Company on 18 March 2016, IFL
    announces that the Amended Business Rescue Plan ("Plan") in respect of its
    South African subsidiary, International Ferro Metals (SA) (Pty) Limited
    ("IFMSA") proposed by the Business Rescue Practitioner ("BRP") and available on
    the Company's website, has been unanimously approved by creditors. The BRP will
    now seek to execute the relevant sale agreements with Samancor Chrome Limited
    ("Samancor") as quickly as possible.

    The amended Plan provides an illustration and estimate of the potential
    distribution to creditors of IFMSA, and based on the Plan's distribution
    schedule, 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 www.ifml.com or contact:

    International Ferro Metals Limited             Tel: +27 14 574 6302
    Chris Jordaan, Chief Executive Officer

    Numis Securities Limited                         Tel: +44 (0) 20 7260 1000
    James Black / John Prior / Paul Gillam

    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.