8 December 2015

    International Ferro Metals Limited

                               ("IFL" or the "Company")                            

                           Approval of Business Rescue Plan                        

    Further to the announcement released by the Company on 1 December 2015, IFL
    announces that the Business Rescue Plan ("Plan") proposed by the Business
    Rescue Practitioner ("BRP") (available on the Company's website), has been
    approved by creditors. The BRP will now seek to negotiate and execute the
    relevant sale agreements with Samancor Chrome Limited ("Samancor") as quickly
    as possible, but by no later than 15 February 2016, otherwise the BRP will need
    to revert to International Ferro Metals (SA) (Pty) Limited's ("IFMSA") major
    creditors, Bank of China and the Company's subsidiary International Ferro
    Metals SA Holdings (Pty) Limited.

    The Company reiterates that it currently is not possible to assess with any
    certainty what potential return may be received by the Company because of
    uncertainties related to future costs and cash flows to fund the business
    rescue proceedings. The Plan does provide an illustration and estimate of the
    potential distribution to creditors of IFMSA in terms of the Plan. The Plan
    assumes that the proceeds derived by IFMSA from the proposed transaction will
    be an amount of ZAR720 million. However, it is no more than an example and is
    not binding on the BRP. The illustration is subject to change depending on the
    circumstances at the time the distribution is to be made.

    The principles of the offer from Samancor are as follows:

    <>·····- 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.