International Ferro Metals Limited has the following committees in place:

Audit Committee

The Committee is chaired by an independent non-executive director and comprises only non-executive directors. The committee meets formally twice a year with the external auditors, the Chairman, the CEO, the CFO and the head of the internal audit function, while the Committee Chairman meets with executives and the auditors whenever necessary. The Committee’s responsibilities are varied and include ensuring that the necessary internal controls and checks and balances are in place, establishing that management are enforcing use of the controls, and acting as a liaison between the external auditors and the Board. The internal and external auditors have unfettered access to the committee and its members throughout the year.

Remuneration Committee

The Remuneration Committee, which meets twice a year, or as may be required by the chairman, is chaired by a non-executive director and comprises non-executive directors. The Chairman, Deputy Chairman and the CEO attend each meeting by invitation. The committee is responsible for reviewing and approving the remuneration of directors and senior management. The Chairman, Deputy Chairman and the CEO are excluded from reviewing, deliberating, or approving their own remuneration packages.

Nominations Committee

The Nominations Committee is an ad-hoc committee, is chaired by the Chairman and comprises non-executive directors. The committee is responsible for identifying and evaluating candidates who could be appointed as directors. Recommendations are presented to the Board.