29 December 2015

    International Ferro Metals Limited

                               ("IFL" or the "Company")                            

         Chromite Supply Agreement with Rustenburg Platinum Mines Limited and      
                                publication of accounts                            

    The Company announces that its South African subsidiaries, International Ferro
    Metals (SA) (Pty) Limited ("IFMSA") (in business rescue) and International
    Ferro Metals SA Holdings (Pty) Ltd ("IFMSAH") have commenced proceedings
    against Rustenburg Platinum Mines Limited ("RPM") to protect their interests
    under a Chromite Supply Agreement under which RPM is obliged to supply UG2
    chrome ore to IFMSAH. RPM has purported to terminate the Agreement. IFMSA and
    IFMSAH have received counsel's advice that the purported termination is
    invalid, and have commenced court proceedings to seek orders to protect their
    position, including orders that the purported termination is ineffective and
    that RPM is obliged to continue to supply chrome ore under the Chromite Supply
    Agreement. The proceedings are expected to be heard in mid-January 2016.

    In the meantime, RPM has agreed to continue to supply about 57,000 tonnes of
    ore which IFMSAH has an accrued right to receive but which have not yet been
    delivered, at a rate of 5,000 tonnes per month. The reduced supply of UG2
    chrome ore from RPM in the interim period will considerably reduce the group's
    revenue and place significant strain on its liquidity. As a result, the Company
    is no longer in a position to publish its annual report and accounts for the
    year ended 30 June 2015 by the end of December, but expects to do so following
    the successful resolution to this dispute.

    Additionally, the Company has applied to the Australian Securities and
    Investments Commission ("ASIC") for a further deferral of its Annual General
    Meeting to 31 March 2016.

    Further announcements in relation to these proceedings 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.