Mineral Resources and Reserves Annual Update

RNS Number : 5921L

Bushveld Minerals Limited

23 April 2024

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.

23 April 2024

Bushveld Minerals Limited

("Bushveld", the "Company" or the "Group")

Vametco 2023 Mineral Resources and Reserves Annual Update

Bushveld Minerals Limited (AIM: BMN), the primary vanadium producer, is pleased to provide an updated Mineral Resources and Ore Reserves for the Vametco vanadium mine near Brits on the Western Limb of the Bushveld Complex. The resources and reserve estimation was carried out by MSA Group Inc in accordance with the terminology and definitions given in the JORC Code (2012).

Key Highlights

· The total Ore Reserves have increased by approximately 10 per cent from the previous Ore Reserve estimate as at 31 December 2022. The Ore Reserves are reported as at the 31 December 2023 at 293,400 tonnes V₂O₅ in magnetite at a grade of 2.00 per cent V₂O₅ (in magnetite).

· The combined Inferred and Indicated Mineral Resource comprises 3 Seams (The Lower, Intermediate and Upper Seams) and is reported as at the 31 December 2023 at 180.4 million tonnes (Mt) at an average grade of 1.98 per cent V₂O₅ (in magnetite), with an average magnetite content of 35.0 per cent (in whole rock) for 694.6 thousand tonnes of contained vanadium. The previously reported combined Inferred and Indicated Mineral Resource, as a 31 December 2022, was 181.5 Mt at an average grade of 1.98 per cent V₂O₅ (in magnetite), with an average magnetite content of 35.0 per cent (in whole rock) for 699.0 thousand tonnes of contained vanadium.

· Within this, the Ore Reserve in the Probable Category comprise 3 Seams (The Lower, Intermediate and Upper Seams) and is reported as 51.0 Mt at an average grade of 2.00 per cent V₂O₅ (in magnetite), with an average magnetite content of 28.9 per cent (in whole rock) for 164,300 tonnes of vanadium.

· The Lower Seam is the main ore seam and the thickest, ranging from 13.8 to 52.0 metres in thickness, comprising a Probable Reserve of 41.2 Mt at an average grade of 2.03 per cent V₂O₅ (in magnetite), with an average magnetite content of 28.2 per cent (in whole rock) for 132,200 tonnes of vanadium.

· The decrease in the total 2023 Mineral Resource, by 0.61 per cent less tonnes than the 31 December 2022 estimate, is attributed to mining of the seams over the last 12 months. No Mineral Resource exploration was carried out over the period.

· The year-on-year depletion which was calculated to be 1.1 Mt, was offset by an increase in tonnage through improved definition of the existing pit design (1.7 Mt) and an adjustment to the modifying factors (4.1 Mt), resulting in an increase in the total Ore Reserves from 46.4 Mt to 51.0 Mt as at 31 December 2023. The Ore Reserve modifying factors (mining loss and dilution) were adjusted based on pit to plant reconciliation production data supplied by Bushveld Vametco Alloys (Pty). Ltd. This resulted in a significant increase in the Upper Seam ore tonnes from 36.2 Mt to 41.2 Mt.

Table 1: Vametco Mineral Resource at a cut-off grade of 20% magnetite, as at 31 December 2023
Class	Seam Name	Tonnes	V₂O₅ grade of whole rock	Magnetite grade of whole rock	V₂O₅ grade in magnetite	Tonnes V₂O₅ in magnetite	Tonnes V in magnetite
Class	Seam Name	(Millions)	%	%	%	(Thousands)	(Thousands)
Indicated	Upper	5.3	1.44	65.9	1.78	61.7	34.6
	Intermediate	27.3	0.67	32.9	1.91	171.3	95.9
	Lower	105.3	0.72	32.4	2.03	692.7	387.9
	Total	137.9	0.74	33.7	2.00	925.7	518.4
Inferred	Upper	10.1	1.46	63.6	1.75	112.9	63.2
	Intermediate	7.0	0.67	32.1	1.92	43.4	24.3
	Lower	25.4	0.74	31.3	2.00	158.4	88.7
	Total	42.5	0.90	39.1	1.93	314.7	176.2
Indicated and Inferred	Upper	15.4	1.45	64.4	1.76	174.6	97.8
	Intermediate	34.4	0.67	32.7	1.91	214.7	120.2
	Lower	130.6	0.72	32.1	2.03	851.1	476.6
	Total	180.4	0.77	35.0	1.98	1,240.4	694.6

Notes:

1. All tabulated data have been rounded and as a result minor computational errors may occur.

2. Mineral Resources which are not Ore Reserves have no demonstrated economic viability.

3. Mineral Resources are inclusive of Ore Reserves (not indicated in the table).

4. Magnetite content (grade) is determined as the proportion of magnetite concentrate recovered using Davis Tube methodology.

5. Due to the magnetite grade being a recovered grade, differences will occur between whole rock V₂O₅ grades back-calculated from concentrate, versus those derived from whole rock assays.

6. Depleted using the 31 December 2023 pit survey.

7. Reported on a Gross Basis. Bushveld Minerals shareholding in Bushveld Vametco Alloys is 100%

Table 1a: Vametco Mineral Resource at a cut-off grade of 20% magnetite, 31 December 2023 versus 31 December 2022
Class	Seam Name	Tonnes	V₂O₅ grade of whole rock	Magnetite grade of whole rock	V₂O₅ grade in magnetite	Tonnes V₂O₅ in magnetite	Tonnes V in magnetite	Tonnes		V₂O₅ grade of whole rock	Magnetite grade of whole rock	V₂O₅ grade in magnetite	Tonnes V₂O₅ in magnetite	Tonnes V in magnetite
		(Millions)	%	%	%	(Thousands)	(Thousands)	(Millions)		%	%	%	(Thousands)	(Thousands)
		31 December 2023							31 December 2022
Indicated	Upper	5.3	1.44	65.9	1.78	61.7	34.6	5.4		1.44	65.9	1.78	62.7	35.1
	Intermediate	27.3	0.67	32.9	1.91	171.3	95.9	27.6		0.67	32.9	1.91	173.1	97.0
	Lower	105.3	0.72	32.4	2.03	692.7	387.9	105.9		0.72	32.4	2.03	697.2	390.4
	Total	137.9	0.74	33.7	2.00	925.7	518.4	139.0		0.74	33.8	2.00	933.0	522.5
Inferred	Upper	10.1	1.46	63.6	1.75	112.9	63.2	10.2		1.46	63.6	1.75	113.3	63.5
	Intermediate	7.0	0.67	32.1	1.92	43.4	24.3	7.0		0.67	32.1	1.92	43.4	24.3
	Lower	25.4	0.74	31.3	2.00	158.4	88.7	25.4		0.74	31.3	2.00	158.4	88.7
	Total	42.5	0.90	39.1	1.93	314.7	176.2	42.6		0.90	39.1	1.93	315.2	176.5
Indicated and Inferred	Upper	15.4	1.45	64.4	1.76	174.6	97.8	15.5		1.45	64.4	1.76	176.0	98.6
	Intermediate	34.4	0.67	32.7	1.91	214.7	120.2	34.7		0.67	32.7	1.91	216.5	121.3
	Lower	130.6	0.72	32.1	2.03	851.1	476.6	131.3		0.72	32.1	2.03	855.6	479.2
	Total	180.4	0.77	35.0	1.98	1,240.4	694.6	181.5		0.77	35.0	1.98	1,248.2	699.0

Notes:

1. All tabulated data have been rounded and as a result minor computational errors may occur.

2. Mineral Resources which are not Ore Reserves have no demonstrated economic viability.

3. Mineral Resources are inclusive of Ore Reserves (not indicated in the table).

4. Magnetite content (grade) is determined as the proportion of magnetite concentrate recovered using Davis Tube methodology.

5. Due to the magnetite grade being a recovered grade, differences will occur between whole rock V₂O₅ grades back-calculated from concentrate, versus those derived from whole rock assays.

6. 2022 depletion as at 31 December 2022.

7. 2023 depletion as at 31 December 2023.

8. Reported on a Gross Basis. Bushveld Minerals shareholding in Bushveld Vametco Alloys is 100%.

Table 2: Vametco Ore Reserves, 31 December 2023 - Gross Basis
Class	Seam Name	Tonnes	V₂O₅ grade of whole rock	Magnetite grade of whole rock	V₂O₅ grade in magnetite	Tonnes V₂O₅ in magnetite	Tonnes V in magnetite
Class	Seam Name	(Millions)	%	%	%	(Thousands)	(Thousands)
Probable	Upper	1.8	1.15	53.5	1.77	17.3	9.7
	Intermediate	8.0	0.57	26.8	1.87	39.9	22.4
	Lower	41.2	0.62	28.2	2.03	236.2	132.2
	Total	51.0	0.63	28.9	2.00	293.4	164.3

Notes:

1. All tabulated data have been rounded and as a result minor computational errors may occur.

2. Ore Reserve tonnes and grades reported on dry run of mine (RoM) (plant feed) basis after mining modifying factors have been applied but before beneficiation down-stream recoveries/losses have been applied.

3. Reporting was prepared on a Mineral Resource model developed by MSA.

4. Ore Reserves depleted as at 31 December 2023 using 31 December 2023 pit survey.

5. Ore Reserve estimate was based on a revised pit design completed in September 2022

6. Ore Reserve modifying factors adjusted by seam based on analysis of pit to plant production information

7. Ore Reserve estimate depleted using Datamine Studio 5DP Open Pit software and latest topography supplied by Vametco as of 31 December 2023.

8. Reported on a Gross Basis. Bushveld Minerals shareholding in Bushveld Vametco Alloys is 100%.

Table 2a: Vametco Ore Reserve at a cut-off grade of 20% magnetite, 31 December 2023 versus 31 December 2022 - Gross Basis
Class	Seam Name	Tonnes	V₂O₅ grade of whole rock	Magnetite grade of whole rock	V₂O₅ grade in magnetite	Tonnes V₂O₅ in magnetite	Tonnes V in magnetite	Tonnes	V₂O₅ grade of whole rock	Magnetite grade of whole rock	V₂O₅ grade in magnetite	Tonnes V₂O₅ in magnetite	Tonnes V in magnetite
		(Millions)	%	%	%	(Thousands)	(Thousands)	(Millions)	%	%	%	(Thousands)	(Thousands)
		31 December 2023							31 December 2022
Probable	Upper	1.8	1.15	53.5	1.77	17.3	9.7	1.9	1.07	50.2	1.77	16.7	9.3
	Intermediate	8.0	0.57	26.8	1.87	39.9	22.4	8.3	0.57	26.7	1.87	41.3	23.1
	Lower	41.2	0.62	28.2	2.03	236.2	132.2	36.2	0.62	28.1	2.03	206.7	115.7
	Total	51.0	0.63	28.9	2.00	293.4	164.3	46.4	0.63	28.7	1.99	264.6	148.2

Notes:

1. All tabulated data have been rounded and as a result minor computational errors may occur.

2. Ore Reserve tonnes and grades reported on dry RoM (plant feed) basis after mining modifying factors have been applied but before beneficiation down-stream recoveries/losses have been applied.

3. Reporting was prepared on a Mineral Resource model developed by MSA.

4. 2022 depletion as at 31 December 2022.

5. 2023 depletion as at 31 December 2023.

6. Ore Reserve estimate was based on a revised pit design completed in September 2022

7. Ore Reserve modifying factors adjusted by seam based on analysis of historical pit to plant production information.

8. Ore Reserve estimate depleted using Datamine Studio 5DP Open Pit software and latest topography supplied by Vametco as of 31 December 2023.

9. Ore Reserve estimate compared to previous depleted Ore Reserves estimate compiled in December 2022.

10. Reported on a Gross Basis. Bushveld Minerals shareholding in Bushveld Vametco Alloys is 100%.

Enquiries: [email protected]

Bushveld Minerals Limited		+27 (0) 11 268 6555
Craig Coltman, Chief Executive Officer
Chika Edeh, Head of Investor Relations

SP Angel Corporate Finance LLP	Nominated Adviser & Joint Broker	+44 (0) 20 3470 0470
Richard Morrison / Charlie Bouverat
Grant Barker / Richard Parlons

Hannam & Partners	Joint Broker	+44 (0) 20 7907 8500
Andrew Chubb / Matt Hasson / Jay Ashfield

Tavistock	Financial PR	+44 (0) 207 920 3150
Gareth Tredway / Tara Vivian-Neal / James Whitaker

Competent Person's Statement

In accordance with the "AIM Rules - Note for Mining and Oil and Gas Companies", the information contained within the announcement has been reviewed and approved by Simon Nethononda, the Mining Manager for Bushveld Minerals SA (Pty) Ltd. Simon has 12 years' experience in mining management, economic geology, and mineral resource management. His experience extends through several commodities including precious metals, PGEs, coal, and base metals. He is a member of the South African Council for Natural Scientific Professions (SACNASP - 124439) in good standing. Simon has 8 years' experience in Fe-V-Ti Mineral Resources, which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined under the JORC Code (2012). Simon Nethononda consents to the inclusion in this announcement of the matters based on his information in the form and context in which it appears.

ENDS

ABOUT BUSHVELD MINERALS LIMITED

Bushveld Minerals is a primary vanadium producer, it is one of only three operating primary vanadium producers. Bushveld has a diversified vanadium product portfolio serving the needs of the steel, energy and chemical sectors.

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

Glossary of Technical Terms

Cut-off grade	The lowest grade, or quality, of mineralised material that qualifies as economically mineable and available in a given deposit. May be defined on the basis of economic evaluation, or on physical or chemical attributes that define an acceptable product specification.
Indicated Mineral Resources or Indicated Resources	Indicated Mineral Resource or Indicated Resource is that part of a Mineral Resource for which quantity, grade or quality, densities, shape and physical Glossary of Technical Terms Cut-off grade The lowest grade, or quality, of mineralised material that qualifies as economically mineable and available in a given deposit. May be defined on the basis of economic evaluation, or on physical or chemical attributes that define an acceptable product specification. Indicated Mineral Resources or Indicated Resources Indicated Mineral Resource or Indicated Resource is that part of a Mineral Resource for which quantity, grade or quality, densities, shape and physical characteristics, can be estimated with a level of confidence sufficient to allow the appropriate application of technical and economic parameters, to support mine planning and evaluation of the economic viability of the deposit. The estimate is based on detailed and reliable exploration and testing information gathered through appropriate techniques from locations such as outcrops, trenches, pits, workings and drill holes that are spaced closely enough for geological and grade continuity to be reasonably assumed Inferred Mineral Resources or Inferred Resources An Inferred Mineral Resource or Inferred Resource is that part of a Mineral Resource for which quantity and grade (or quality) are estimated on the basis of limited geological evidence and sampling. Geological evidence is sufficient to imply but not verify geological and grade (or quality) continuity. It is based on exploration, sampling and testing information gathered through appropriate techniques from locations such as outcrops, trenches, pits, workings and drill holes. JORC Code The Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (the "JORC Code"), a professional code of practice that sets minimum standards for Public Reporting of minerals Exploration Results, Mineral Resources and Ore Reserves. Magnetite Naturally occurring form of iron ore with the formula Fe3O4. Mt Millions of tonnes mt or mtV Metric tonne or Metric tonne of Vanadium Ore or Mineral Reserves Ore or Mineral Reserves are sub-divided into two categories. The "Proved" category - the highest level of Reserves or the level with the most confidence and the "Probable" category - the lower level of confidence of the Reserves. Reserves are distinguished from resources as all the technical and economic parameters have been applied and the estimated grade and tonnage of the resources should closely approximate the actual results of mining. The guidelines state: "Mineral Reserves are inclusive of the diluting material that will be mined in conjunction with the Mineral Reserve and delivered to the treatment plant or equivalent facility." The guidelines also state that: "The term 'Mineral Reserve' need not necessarily signify that extraction facilities are in place or operative or that all government approvals have been received. It does signify that there are reasonable expectations of such approvals." Seam A bed or a distinct layer of vein of rock in other layers of rock Vanadium Vanadium is a chemical element with the symbol V and atomic number 23. Vanadium Oxide Vanadium(V) oxide is the inorganic compound with the formula V₂O₅. characteristics, can be estimated with a level of confidence sufficient to allow the appropriate application of technical and economic parameters, to support mine planning and evaluation of the economic viability of the deposit. The estimate is based on detailed and reliable exploration and testing information gathered through appropriate techniques from locations such as outcrops, trenches, pits, workings and drill holes that are spaced closely enough for geological and grade continuity to be reasonably assumed
Inferred Mineral Resources or Inferred Resources	An Inferred Mineral Resource or Inferred Resource is that part of a Mineral Resource for which quantity and grade (or quality) are estimated on the basis of limited geological evidence and sampling. Geological evidence is sufficient to imply but not verify geological and grade (or quality) continuity. It is based on exploration, sampling and testing information gathered through appropriate techniques from locations such as outcrops, trenches, pits, workings and drill holes.
JORC Code	The Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (the "JORC Code"), a professional code of practice that sets minimum standards for Public Reporting of minerals Exploration Results, Mineral Resources and Ore Reserves.
Magnetite	Naturally occurring form of iron ore with the formula Fe3O4.
Mt	Millions of tonnes
mt or mtV	Metric tonne or Metric tonne of Vanadium
Ore or Mineral Reserves	Ore or Mineral Reserves are sub-divided into two categories. The "Proved" category - the highest level of Reserves or the level with the most confidence and the "Probable" category - the lower level of confidence of the Reserves. Reserves are distinguished from resources as all the technical and economic parameters have been applied and the estimated grade and tonnage of the resources should closely approximate the actual results of mining. The guidelines state: "Mineral Reserves are inclusive of the diluting material that will be mined in conjunction with the Mineral Reserve and delivered to the treatment plant or equivalent facility." The guidelines also state that: "The term 'Mineral Reserve' need not necessarily signify that extraction facilities are in place or operative or that all government approvals have been received. It does signify that there are reasonable expectations of such approvals."
Seam	A bed or a distinct layer of vein of rock in other layers of rock
Vanadium	Vanadium is a chemical element with the symbol V and atomic number 23.
Vanadium Oxide	Vanadium(V) oxide is the inorganic compound with the formula V₂O₅.

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END

UPDFFFEISDIFFIS

RNS Number : 5921L

Bushveld Minerals Limited

23 April 2024

Market Abuse Regulation ("MAR") Disclosure

23 April 2024

Bushveld Minerals Limited

("Bushveld", the "Company" or the "Group")

Vametco 2023 Mineral Resources and Reserves Annual Update

Key Highlights

Table 1: Vametco Mineral Resource at a cut-off grade of 20% magnetite, as at 31 December 2023
Class	Seam Name	Tonnes	V₂O₅ grade of whole rock	Magnetite grade of whole rock	V₂O₅ grade in magnetite	Tonnes V₂O₅ in magnetite	Tonnes V in magnetite
Class	Seam Name	(Millions)	%	%	%	(Thousands)	(Thousands)
Indicated	Upper	5.3	1.44	65.9	1.78	61.7	34.6
	Intermediate	27.3	0.67	32.9	1.91	171.3	95.9
	Lower	105.3	0.72	32.4	2.03	692.7	387.9
	Total	137.9	0.74	33.7	2.00	925.7	518.4
Inferred	Upper	10.1	1.46	63.6	1.75	112.9	63.2
	Intermediate	7.0	0.67	32.1	1.92	43.4	24.3
	Lower	25.4	0.74	31.3	2.00	158.4	88.7
	Total	42.5	0.90	39.1	1.93	314.7	176.2
Indicated and Inferred	Upper	15.4	1.45	64.4	1.76	174.6	97.8
	Intermediate	34.4	0.67	32.7	1.91	214.7	120.2
	Lower	130.6	0.72	32.1	2.03	851.1	476.6
	Total	180.4	0.77	35.0	1.98	1,240.4	694.6

Notes:

1. All tabulated data have been rounded and as a result minor computational errors may occur.

2. Mineral Resources which are not Ore Reserves have no demonstrated economic viability.

3. Mineral Resources are inclusive of Ore Reserves (not indicated in the table).

4. Magnetite content (grade) is determined as the proportion of magnetite concentrate recovered using Davis Tube methodology.

5. Due to the magnetite grade being a recovered grade, differences will occur between whole rock V₂O₅ grades back-calculated from concentrate, versus those derived from whole rock assays.

6. Depleted using the 31 December 2023 pit survey.

7. Reported on a Gross Basis. Bushveld Minerals shareholding in Bushveld Vametco Alloys is 100%

Table 1a: Vametco Mineral Resource at a cut-off grade of 20% magnetite, 31 December 2023 versus 31 December 2022
Class	Seam Name	Tonnes	V₂O₅ grade of whole rock	Magnetite grade of whole rock	V₂O₅ grade in magnetite	Tonnes V₂O₅ in magnetite	Tonnes V in magnetite	Tonnes		V₂O₅ grade of whole rock	Magnetite grade of whole rock	V₂O₅ grade in magnetite	Tonnes V₂O₅ in magnetite	Tonnes V in magnetite
		(Millions)	%	%	%	(Thousands)	(Thousands)	(Millions)		%	%	%	(Thousands)	(Thousands)
		31 December 2023							31 December 2022
Indicated	Upper	5.3	1.44	65.9	1.78	61.7	34.6	5.4		1.44	65.9	1.78	62.7	35.1
	Intermediate	27.3	0.67	32.9	1.91	171.3	95.9	27.6		0.67	32.9	1.91	173.1	97.0
	Lower	105.3	0.72	32.4	2.03	692.7	387.9	105.9		0.72	32.4	2.03	697.2	390.4
	Total	137.9	0.74	33.7	2.00	925.7	518.4	139.0		0.74	33.8	2.00	933.0	522.5
Inferred	Upper	10.1	1.46	63.6	1.75	112.9	63.2	10.2		1.46	63.6	1.75	113.3	63.5
	Intermediate	7.0	0.67	32.1	1.92	43.4	24.3	7.0		0.67	32.1	1.92	43.4	24.3
	Lower	25.4	0.74	31.3	2.00	158.4	88.7	25.4		0.74	31.3	2.00	158.4	88.7
	Total	42.5	0.90	39.1	1.93	314.7	176.2	42.6		0.90	39.1	1.93	315.2	176.5
Indicated and Inferred	Upper	15.4	1.45	64.4	1.76	174.6	97.8	15.5		1.45	64.4	1.76	176.0	98.6
	Intermediate	34.4	0.67	32.7	1.91	214.7	120.2	34.7		0.67	32.7	1.91	216.5	121.3
	Lower	130.6	0.72	32.1	2.03	851.1	476.6	131.3		0.72	32.1	2.03	855.6	479.2
	Total	180.4	0.77	35.0	1.98	1,240.4	694.6	181.5		0.77	35.0	1.98	1,248.2	699.0

Notes:

1. All tabulated data have been rounded and as a result minor computational errors may occur.

2. Mineral Resources which are not Ore Reserves have no demonstrated economic viability.

3. Mineral Resources are inclusive of Ore Reserves (not indicated in the table).

4. Magnetite content (grade) is determined as the proportion of magnetite concentrate recovered using Davis Tube methodology.

5. Due to the magnetite grade being a recovered grade, differences will occur between whole rock V₂O₅ grades back-calculated from concentrate, versus those derived from whole rock assays.

6. 2022 depletion as at 31 December 2022.

7. 2023 depletion as at 31 December 2023.

8. Reported on a Gross Basis. Bushveld Minerals shareholding in Bushveld Vametco Alloys is 100%.

Table 2: Vametco Ore Reserves, 31 December 2023 - Gross Basis
Class	Seam Name	Tonnes	V₂O₅ grade of whole rock	Magnetite grade of whole rock	V₂O₅ grade in magnetite	Tonnes V₂O₅ in magnetite	Tonnes V in magnetite
Class	Seam Name	(Millions)	%	%	%	(Thousands)	(Thousands)
Probable	Upper	1.8	1.15	53.5	1.77	17.3	9.7
	Intermediate	8.0	0.57	26.8	1.87	39.9	22.4
	Lower	41.2	0.62	28.2	2.03	236.2	132.2
	Total	51.0	0.63	28.9	2.00	293.4	164.3

Notes:

1. All tabulated data have been rounded and as a result minor computational errors may occur.

3. Reporting was prepared on a Mineral Resource model developed by MSA.

4. Ore Reserves depleted as at 31 December 2023 using 31 December 2023 pit survey.

5. Ore Reserve estimate was based on a revised pit design completed in September 2022

6. Ore Reserve modifying factors adjusted by seam based on analysis of pit to plant production information

7. Ore Reserve estimate depleted using Datamine Studio 5DP Open Pit software and latest topography supplied by Vametco as of 31 December 2023.

8. Reported on a Gross Basis. Bushveld Minerals shareholding in Bushveld Vametco Alloys is 100%.

Table 2a: Vametco Ore Reserve at a cut-off grade of 20% magnetite, 31 December 2023 versus 31 December 2022 - Gross Basis
Class	Seam Name	Tonnes	V₂O₅ grade of whole rock	Magnetite grade of whole rock	V₂O₅ grade in magnetite	Tonnes V₂O₅ in magnetite	Tonnes V in magnetite	Tonnes	V₂O₅ grade of whole rock	Magnetite grade of whole rock	V₂O₅ grade in magnetite	Tonnes V₂O₅ in magnetite	Tonnes V in magnetite
		(Millions)	%	%	%	(Thousands)	(Thousands)	(Millions)	%	%	%	(Thousands)	(Thousands)
		31 December 2023							31 December 2022
Probable	Upper	1.8	1.15	53.5	1.77	17.3	9.7	1.9	1.07	50.2	1.77	16.7	9.3
	Intermediate	8.0	0.57	26.8	1.87	39.9	22.4	8.3	0.57	26.7	1.87	41.3	23.1
	Lower	41.2	0.62	28.2	2.03	236.2	132.2	36.2	0.62	28.1	2.03	206.7	115.7
	Total	51.0	0.63	28.9	2.00	293.4	164.3	46.4	0.63	28.7	1.99	264.6	148.2

Notes:

1. All tabulated data have been rounded and as a result minor computational errors may occur.

2. Ore Reserve tonnes and grades reported on dry RoM (plant feed) basis after mining modifying factors have been applied but before beneficiation down-stream recoveries/losses have been applied.

3. Reporting was prepared on a Mineral Resource model developed by MSA.

4. 2022 depletion as at 31 December 2022.

5. 2023 depletion as at 31 December 2023.

6. Ore Reserve estimate was based on a revised pit design completed in September 2022

7. Ore Reserve modifying factors adjusted by seam based on analysis of historical pit to plant production information.

8. Ore Reserve estimate depleted using Datamine Studio 5DP Open Pit software and latest topography supplied by Vametco as of 31 December 2023.

9. Ore Reserve estimate compared to previous depleted Ore Reserves estimate compiled in December 2022.

10. Reported on a Gross Basis. Bushveld Minerals shareholding in Bushveld Vametco Alloys is 100%.

Enquiries: [email protected]

Bushveld Minerals Limited		+27 (0) 11 268 6555
Craig Coltman, Chief Executive Officer
Chika Edeh, Head of Investor Relations

SP Angel Corporate Finance LLP	Nominated Adviser & Joint Broker	+44 (0) 20 3470 0470
Richard Morrison / Charlie Bouverat
Grant Barker / Richard Parlons

Hannam & Partners	Joint Broker	+44 (0) 20 7907 8500
Andrew Chubb / Matt Hasson / Jay Ashfield

Tavistock	Financial PR	+44 (0) 207 920 3150
Gareth Tredway / Tara Vivian-Neal / James Whitaker

Competent Person's Statement

ENDS

ABOUT BUSHVELD MINERALS LIMITED

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

Glossary of Technical Terms

Cut-off grade	The lowest grade, or quality, of mineralised material that qualifies as economically mineable and available in a given deposit. May be defined on the basis of economic evaluation, or on physical or chemical attributes that define an acceptable product specification.
Indicated Mineral Resources or Indicated Resources	Indicated Mineral Resource or Indicated Resource is that part of a Mineral Resource for which quantity, grade or quality, densities, shape and physical Glossary of Technical Terms Cut-off grade The lowest grade, or quality, of mineralised material that qualifies as economically mineable and available in a given deposit. May be defined on the basis of economic evaluation, or on physical or chemical attributes that define an acceptable product specification. Indicated Mineral Resources or Indicated Resources Indicated Mineral Resource or Indicated Resource is that part of a Mineral Resource for which quantity, grade or quality, densities, shape and physical characteristics, can be estimated with a level of confidence sufficient to allow the appropriate application of technical and economic parameters, to support mine planning and evaluation of the economic viability of the deposit. The estimate is based on detailed and reliable exploration and testing information gathered through appropriate techniques from locations such as outcrops, trenches, pits, workings and drill holes that are spaced closely enough for geological and grade continuity to be reasonably assumed Inferred Mineral Resources or Inferred Resources An Inferred Mineral Resource or Inferred Resource is that part of a Mineral Resource for which quantity and grade (or quality) are estimated on the basis of limited geological evidence and sampling. Geological evidence is sufficient to imply but not verify geological and grade (or quality) continuity. It is based on exploration, sampling and testing information gathered through appropriate techniques from locations such as outcrops, trenches, pits, workings and drill holes. JORC Code The Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (the "JORC Code"), a professional code of practice that sets minimum standards for Public Reporting of minerals Exploration Results, Mineral Resources and Ore Reserves. Magnetite Naturally occurring form of iron ore with the formula Fe3O4. Mt Millions of tonnes mt or mtV Metric tonne or Metric tonne of Vanadium Ore or Mineral Reserves Ore or Mineral Reserves are sub-divided into two categories. The "Proved" category - the highest level of Reserves or the level with the most confidence and the "Probable" category - the lower level of confidence of the Reserves. Reserves are distinguished from resources as all the technical and economic parameters have been applied and the estimated grade and tonnage of the resources should closely approximate the actual results of mining. The guidelines state: "Mineral Reserves are inclusive of the diluting material that will be mined in conjunction with the Mineral Reserve and delivered to the treatment plant or equivalent facility." The guidelines also state that: "The term 'Mineral Reserve' need not necessarily signify that extraction facilities are in place or operative or that all government approvals have been received. It does signify that there are reasonable expectations of such approvals." Seam A bed or a distinct layer of vein of rock in other layers of rock Vanadium Vanadium is a chemical element with the symbol V and atomic number 23. Vanadium Oxide Vanadium(V) oxide is the inorganic compound with the formula V₂O₅. characteristics, can be estimated with a level of confidence sufficient to allow the appropriate application of technical and economic parameters, to support mine planning and evaluation of the economic viability of the deposit. The estimate is based on detailed and reliable exploration and testing information gathered through appropriate techniques from locations such as outcrops, trenches, pits, workings and drill holes that are spaced closely enough for geological and grade continuity to be reasonably assumed
Inferred Mineral Resources or Inferred Resources	An Inferred Mineral Resource or Inferred Resource is that part of a Mineral Resource for which quantity and grade (or quality) are estimated on the basis of limited geological evidence and sampling. Geological evidence is sufficient to imply but not verify geological and grade (or quality) continuity. It is based on exploration, sampling and testing information gathered through appropriate techniques from locations such as outcrops, trenches, pits, workings and drill holes.
JORC Code	The Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (the "JORC Code"), a professional code of practice that sets minimum standards for Public Reporting of minerals Exploration Results, Mineral Resources and Ore Reserves.
Magnetite	Naturally occurring form of iron ore with the formula Fe3O4.
Mt	Millions of tonnes
mt or mtV	Metric tonne or Metric tonne of Vanadium
Ore or Mineral Reserves	Ore or Mineral Reserves are sub-divided into two categories. The "Proved" category - the highest level of Reserves or the level with the most confidence and the "Probable" category - the lower level of confidence of the Reserves. Reserves are distinguished from resources as all the technical and economic parameters have been applied and the estimated grade and tonnage of the resources should closely approximate the actual results of mining. The guidelines state: "Mineral Reserves are inclusive of the diluting material that will be mined in conjunction with the Mineral Reserve and delivered to the treatment plant or equivalent facility." The guidelines also state that: "The term 'Mineral Reserve' need not necessarily signify that extraction facilities are in place or operative or that all government approvals have been received. It does signify that there are reasonable expectations of such approvals."
Seam	A bed or a distinct layer of vein of rock in other layers of rock
Vanadium	Vanadium is a chemical element with the symbol V and atomic number 23.
Vanadium Oxide	Vanadium(V) oxide is the inorganic compound with the formula V₂O₅.

END

UPDFFFEISDIFFIS

Date	23 Apr 2024
Time	07:00:08
Category	Corporate updates
ID	5921L

Date	23 Apr 2024
Time	07:00:08
Category	Corporate updates
ID	5921L

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