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Earlier-than-anticipated pathway targets initial production of approximately 56% TiO₂ ilmenite concentrate and 62% Fe magnetite concentrate through on-site preparation and Tivani Toll-milling
WILMINGTON, Del., Aug. 26, 2026 (GLOBE NEWSWIRE) -- Smartkem, Inc. (Nasdaq: SMTK) ("Smartkem" or the "Company") today welcomed the announcement today that Ferrox Critical Materials (Ferrox), the company’s proposed merger partner, is advancing an accelerated development program for the Tivani Project in Limpopo, South Africa, designed to bring a working demonstration-scale processing circuit into operation during the fourth quarter of 2026, earlier than previously contemplated.
The revised pathway is intended to move Tivani from development into initial revenue-generating production using a combination of on-site ore preparation and wash-plant infrastructure at Tivani and a toll-milling arrangement with S. African local operator. The demonstration program is targeting production of an ilmenite concentrate grading approximately 56% TiO₂ and a magnetite concentrate grading approximately 62% Fe, subject to commissioning, metallurgical performance and final operating parameters.
Key Development Highlights
- Targeting a working demonstration plant during Q4 2026, which could bring the project’s initial production timeline forward.
- Tivani Toll-milling arrangement is anticipated to provide a faster route to demonstration-scale processing while permanent Tivani infrastructure continues to advance.
- On-site wash-plant construction and site works at Tivani are progressing to prepare material for downstream processing.
- Target concentrate specifications of approximately 56% TiO₂ ilmenite and 62% Fe magnetite.
- Purchase order signed with Sound Mining for optimization of the Tivani open-pit mine plan, supporting the transition from resource definition toward practical mine scheduling and production planning.
Accelerating the Path to Initial Production
Ferrox’s near-term strategy is to reduce the time required to demonstrate commercial processing of Tivani ore by using existing third-party milling infrastructure in local South African operation while advancing complementary infrastructure at the Tivani Mine site. This approach is designed to enable the project team to establish operating data, product quality and initial sales capability before completion of a larger permanent processing build-out.
The Toll-milling route is expected to provide Ferrox with a practical platform to demonstrate the separation and upgrading of Tivani’s titanomagnetite mineralization into two saleable mineral concentrates. The company expects the demonstration campaign to generate operating information that can be incorporated into the design, scale-up and financing of subsequent production modules.
Tivani Mine-Site Work Continues in Parallel
In parallel with the Tivani Toll-milling program, Ferrox is advancing work at the Tivani Mine site, including construction of a wash plant and associated site preparation. The mine-site work is intended to support material handling, washing and preparation ahead of downstream concentration and to establish the infrastructure required for a repeatable production flow from mine to product.
Ferrox has also recently issued a purchase order to Sound Mining for optimization of the Tivani open-pit mine plan. The work is expected to refine mining sequences, production scheduling and the practical integration of mine output with the demonstration and scale-up processing strategy.
Building Toward Revenue and Scale
Ferrox believes the accelerated demonstration program can materially de-risk the next stage of Tivani development by establishing a shorter route to physical product, customer qualification and initial revenue. Subject to successful commissioning and product performance, the company expects the demonstration operation to provide a bridge between the current development phase and larger-scale modular production.
The immediate technical objective is to consistently produce two concentrates from Tivani material: an ilmenite concentrate at approximately 56% TiO₂ and a magnetite concentrate at approximately 62% Fe. Final product specifications, recoveries, throughput and economics will depend on commissioning results, feed characteristics and operating conditions.
“The objective is simple: move Tivani from development into physical production sooner, prove the flowsheet at meaningful scale, and begin creating real operating and commercial data. By combining the work underway at the Tivani Mine site with the Tivani Toll-milling route, we believe we can materially accelerate that process and target initial concentrate production in the fourth quarter of 2026.” — Terrence Duffy, Chairman & CEO, Ferrox Critical Minerals
About the Tivani Project
The Tivani Project is a titanium- and iron-bearing mineral project located in Limpopo Province, South Africa. Ferrox is developing the project around the production of ilmenite and magnetite concentrates, with a staged development strategy intended to establish early production and progressively expand capacity as technical, commercial and financing milestones are achieved.
About Smartkem, Inc.
Smartkem develops and manufactures custom electronic materials designed to enable the next generation of electronics. Our advanced TRUFLEX® materials integrate into existing manufacturing processes, supporting efficient, scalable production and high-performance outcomes across a broad range of electronic applications. We combine materials science expertise with practical engineering to deliver tailored solutions for partners seeking to innovate in electronics.
For more information, visit the Smartkem website or follow on LinkedIn.
About Ferrox Critical Minerals
Ferrox Critical Minerals was incorporated in 2006 as a holding company for a portfolio of South African mineral assets. The company's strategy is focused on the development and production of titanium, iron and vanadium products from its flagship Tivani Deposit in the Limpopo Province of South Africa.
The company is incorporated in the British Virgin Islands (BVI) and operates through several South African subsidiaries, including Tivani (Pty) Limited and Tivani Projects (Pty) Limited. Its primary operating asset is the Tivani Project, in which Ferrox holds a 74% beneficial interest through its subsidiary structure.
Ferrox is fully compliant with South Africa's Broad-Based Black Economic Empowerment (B-BBEE) legislation. Red River Exploration and Mining (Pty) Limited, the project's B-BBEE partner, holds a 26% interest in the Tivani project and other joint ventures and has the option to extend its participation by acquiring neighbouring extension properties.
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