6 July 2017

    International Ferro Metals Limited

                               ("IFL" or the "Company")                            

       Department of Mineral Resources Approval of Lesedi Mining Right Transfer    

    Further to the announcement released by the Company on 1 November 2016, IFL
    announces that the Department of Mineral Resources has approved the transfer of
    IFL's South African subsidiary International Ferro Metals (SA) (Pty) Limited's
    ("IFMSA") Lesedi mining right to Samancor Chrome Limited ("Samancor"). The
    purchase consideration of ZAR140 million will become payable by Samancor upon
    registration of the cession of the Lesedi mining right at the Mineral and
    Petroleum Titles Registration Office, which is expected to take four to eight
    weeks. The proceeds will be distributed to creditors of IFMSA in accordance
    with the amended business rescue plan.

    The remaining transaction, for which conditions are in the process of being
    fulfilled, is for the sale of IFL's 80% equity interest in Sky Chrome Mining
    (Pty) Limited ("Sky Chrome") for ZAR100 and IFMSA's claims against Sky Chrome
    for ZAR70 million.

    The outstanding conditions include obtaining regulatory approvals, specifically
    ministerial approval for the transfer of the Sky Chrome mining right, and
    consents of other parties to certain material contracts, which are usual for
    transactions of this nature.

    The Company reiterates that it is not likely that IFL shareholders would
    receive any distribution from the conclusion of the business rescue process.

    Further announcements in relation to the Business Rescue process will be
    released in due course.

                                        - ENDS-                                    

    For further information please visit http://www.ifml.com/ or contact:

    International Ferro Metals Limited

    Jannie Muller, Finance Director                     +27 82 785 1364

    Wayne Kernaghan, Company Secretary       +61 407 233 153

    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.