IBEX (IBEX) Chief AI & Digital Officer reports 7,011-share stake

Rhea-AI Filing Summary

IBEX Ltd filed an initial ownership report for Chief AI & Digital Officer Michael Joseph Darwal. As of January 1, 2026, he beneficially owned 7,011 common shares. This amount includes 490 fully vested shares, 3,521 restricted stock units granted on November 18, 2024 that vest 25% on July 1, 2025 and annually thereafter, and 3,000 restricted stock units granted on September 16, 2025 that vest 25% on September 16, 2026 and annually thereafter. All holdings are reported as directly owned.

SEC Form 3

FORM 3

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

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1. Name and Address of Reporting Person^*

Darwal Michael Joseph

(Last) (First) (Middle)

1717 PENNSYLVANIA AVENUE NW

SUITE 825

(Street)

WASHINGTON DC 20006

(City) (State) (Zip)

2. Date of Event Requiring Statement (Month/Day/Year)
01/01/2026

3. Issuer Name and Ticker or Trading Symbol
IBEX Ltd [ IBEX ]

4. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	Chief AI & Digital Officer

5. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Beneficially Owned
1. Title of Security (Instr. 4)	2. Amount of Securities Beneficially Owned (Instr. 4)	3. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	4. Nature of Indirect Beneficial Ownership (Instr. 5)
Common Shares	7,011(1)	D

Table II - Derivative Securities Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 4)	2. Date Exercisable and Expiration Date (Month/Day/Year)		3. Title and Amount of Securities Underlying Derivative Security (Instr. 4)		4. Conversion or Exercise Price of Derivative Security	5. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	6. Nature of Indirect Beneficial Ownership (Instr. 5)
	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

1. The 7,011 shares includes 490 fully vested shares; 3,521 restricted stock units ("RSUs") granted on November 18, 2024, with 25% of the shares vesting on July 1, 2025 and annually thereafter; 3,000 RSUs granted on September 16, 2025, with 25% of the shares vesting on September 16, 2026 and annually thereafter.

Remarks:

Exhibit 24 - Power of Attorney

	Lisa Lenstrohm, Attorney-in-Fact	01/27/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 5 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

Who is the reporting person in the IBEX (IBEX) Form 3 filing?

The reporting person is Michael Joseph Darwal, who serves as Chief AI & Digital Officer of IBEX Ltd.

How many IBEX (IBEX) common shares does Michael Joseph Darwal beneficially own?

He beneficially owns 7,011 IBEX common shares as reported in the Form 3.

What equity awards are included in Michael Joseph Darwal’s IBEX (IBEX) holdings?

His reported 7,011 shares include 3,521 restricted stock units granted on November 18, 2024 and 3,000 restricted stock units granted on September 16, 2025, in addition to 490 fully vested shares.

How do the IBEX (IBEX) RSUs held by Michael Joseph Darwal vest?

The 3,521 RSUs granted on November 18, 2024 vest 25% on July 1, 2025 and annually thereafter. The 3,000 RSUs granted on September 16, 2025 vest 25% on September 16, 2026 and annually thereafter.

Are Michael Joseph Darwal’s IBEX (IBEX) holdings direct or indirect?

The Form 3 reports his 7,011 IBEX common shares as held in direct ownership.

What is the purpose of this IBEX (IBEX) Form 3 filing?

The Form 3 provides an initial statement of beneficial ownership of IBEX common shares by officer Michael Joseph Darwal as of January 1, 2026.