19 May 2016

                                                                                                                    
    International Ferro Metals Limited

                               ("IFL" or the "Company")                            

                           Update on Business Rescue Process                       

    As previously announced by the Company on 24 March 2016,  the amended business
    rescue plan in respect of its South African subsidiary, International Ferro
    Metals (SA) (Pty) Limited ("IFMSA"), has been approved by creditors.
    Conditional sale agreements have been entered into with Samancor Chrome Limited
    ("Samancor"). The conditions are being fulfilled and are expected to be
    completed by the calendar year end. IFL confirms that the sale agreement to
    dispose of the equity of Sky Chrome Proprietary Limited has been signed.
    Completion of the equity sale is also subject to a number of conditions
    precedent being fulfilled, including that the Sale of Business Agreement and
    Sale of Mining Right Agreement (both part of the amended business rescue plan)
    have been implemented. Based on the latest distribution schedule it is now
    clear that there will be no distribution to shareholders at the conclusion of
    this process.

    The Company is still not in a position to release its financial results for the
    year ended 30 June 2015 and interim accounts to 31 December 2015 and its shares
    remain suspended.

    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

    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.