1 December 2015

    International Ferro Metals Limited

                               ("IFL" or the "Company")                            

                          Publication of Business Rescue Plan                      

    Further to the announcement released by the Company on 15 September 2015, the
    Company announces that the Business Rescue Plan ("Plan") in respect of its
    South African subsidiary, International Ferro Metals (SA) (Pty) Limited
    ("IFMSA") proposed by the Business Rescue Practitioner is now available on the
    Company's website.

    The Plan will be considered by creditors at a meeting on 7 December 2015.

    At that meeting, the Business Rescue Practitioner will seek approval of the
    Plan to implement an offer received from Samancor Chrome Limited ("Samancor").

    It currently is not possible to assess with any certainty what potential return
    may be received by the Company if the Plan is implemented 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 R720 million. However, it is no more than an example and is not
    binding on the Business Rescue Practitioner. 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:

      * currently is non-binding, and will only become legally binding once
        comprehensive sale and purchase agreements are executed;

      * has offered an aggregate consideration of ZAR720 million of which:

      * ZAR650 million is for the business and assets of IFMSA; and
      * ZAR70 million is for certain receivables of Sky Chrome;

      * is subject to a number of conditions being satisfied before Samancor would
        be required to complete the acquisition, including obtaining regulatory
        approvals and consents of other parties to certain material contracts,
        which are usual for transactions of this nature.

    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.