Market Abuse Regulation ("MAR") Disclosure

This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 ("MAR"), and is disclosed in accordance with the Company's obligations under Article 17 of MAR. 

11 March 2022

Bushveld Minerals Limited

("Bushveld Minerals" "Bushveld" or the "Company")

Update on the VRFB Holdings Limited Investment by Mustang Energy Plc ("Mustang")

Bushveld Minerals Limited (AIM: BMN), the AIM-quoted, integrated primary vanadium producer and energy storage solutions provider, with ownership of high-grade assets in South Africa, hereby provides a further update, following the statement on 07 March 2022 regarding the extension of the period for Mustang to issue notice in respect of its election to exercise the backstop ("Notice Date").

Mustang and Bushveld have agreed to a further extension of the Notice Date to close of business on Thursday, 17 March 2022.

As previously announced on 19 January 2022, one of the Mustang convertible loan notes ("CLNs") holders, Primorus Investment Plc ("Primorus"), elected to sell US$1.0 million of its CLNs to other CLN noteholders. In addition, Primorus accepted an option, granted by Bushveld, to sell its residual CLNs (face value of US$1.5 million) to Bushveld, in consideration for either cash or the issuance of new Bushveld convertible loan notes, at the discretion of Bushveld. Primorus has now elected to exercise its option and further information will follow in due course.

ENDS

Enquiries: [email protected]

ABOUT BUSHVELD MINERALS LIMITED

Bushveld Minerals is a low-cost, vertically integrated primary vanadium producer. It is one of only three operating primary vanadium producers, owning 2 of the world's 4 operating primary vanadium processing facilities. In 2020, the Company produced more than 3,600 mtV, representing approximately three per cent of the global vanadium market. With a diversified vanadium product portfolio serving the needs of the steel, energy and chemical sectors, the Company participates in the entire vanadium value chain through its two main pillars: Bushveld Vanadium, which mines and processes vanadium ore; and Bushveld Energy, an energy storage solutions provider. Bushveld Vanadium is targeting to materially grow its vanadium production and achieve an annualised steady state production run rate of between 5,000 mtVp.a. and 5,400 mtVp.a by the end of 2022, from projects currently being implemented. Beyond that, pre-feasibility studies are in progress to determine the optimal path to increase production even further to a steady state production run rate of between 6,400 mtVp.a. and 6,800 mtVp.a. in the medium-term and to a steady state production run rate of 8,400 mtVp.a in the long term.

Bushveld Energy is focused on developing and promoting the role of vanadium in the growing global energy storage market through the advancement of vanadium-based energy storage systems, specifically Vanadium Redox Flow Batteries ("VRFBs").

Detailed information on the Company and progress to date can be accessed on the website www.bushveldminerals.com 

ABOUT BUSHVELD ENERGY LIMITED

Bushveld Energy is a leading energy storage solutions provider, focusing on the African market. Bushveld Energy recognises that the requirement for electricity in Africa touches on both the paramount potential for social transformation and an immense commercial opportunity.

Bushveld Energy is focused on developing and promoting the role of vanadium in the growing global energy storage market through application in vanadium redox flow batteries ("VRFB"). Its near-term strategy is to deploy several VRFB systems as part of its longer-term vision to become a significant electricity storage provider in Africa, meeting the demand for utility scale energy storage in Africa by leveraging South Africa-mined and beneficiated vanadium. Bushveld Energy's business model embraces a number of activities along the VRFB value chain, including electrolyte manufacturing, investment in VRFB manufacturing, battery deployment and project development. 

http://www.bushveldenergy.com

ABOUT MUSTANG ENERGY

Mustang Energy PLC is a Special Purpose Acquisition Company (SPAC), whose shares are listed on the Standard List of the Main Market of the London Stock Exchange, which intends to utilise its strong management experience and strategic relationship with Acacia Resources Limited, the Company's largest shareholder, to acquire interests in energy storage and stationary battery assets.

http://www.mustangplc.com/