18 March 2016

                          International Ferro Metals Limited                       

                               ("IFL" or the "Company")                            

                      Publication of Amended Business Rescue Plan                  

    Further to the announcement released by the Company on 21 January 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 is now available on the
    Company's website. The Plan will be considered by creditors at a meeting on 24
    March 2016. At that meeting, the Business Rescue Practitioner will seek
    approval of the Plan to implement a revised offer received from Samancor Chrome
    Limited ("Samancor").

    Pursuant to IFMSA's settlement with Rustenburg Platinum Mines, Samancor reduced
    its aggregate offer price from ZAR720 million to ZAR520 million.

    The amended Plan provides an illustration and estimate of the potential
    distribution to creditors of IFMSA. The Plan assumes that the proceeds derived
    by IFMSA from the proposed transaction will be an amount of ZAR520 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 principle terms of the offer from Samancor are as follows:

    ·     will only become legally binding once approved by creditors at the
    creditors meeting;

    ·     has offered an aggregate consideration of ZAR520 million in three
    divisible tranches:

    -   ZAR310 million for the business and assets of IFMSA;

    -   ZAR140 million for the IFMSA Mining Right and Beneficiation Plant; and

    -   ZAR70 million for certain receivables of Sky Chrome and Sky Chrome's equity
    for ZAR1;

    ·     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.

    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.

    Due to the continuing material uncertainties facing the Company, the Company
    remains not in a position to publish its annual report and accounts for the
    year ended 30 June 2015 and interim accounts to 31 December 2015 at this time.

    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.