Primorus Investments plc

("Primorus" or the "Company")

Backstop arrangements for the Investment in Mustang Energy PLC

Further to the RNS announcements dated 27 April 2021 and 14 July 2021, Primorus Investments plc (AIM: PRIM) provides a brief update in relation to its investment in Mustang Energy PLC ("MUST").

The litigation, notified within the 14 July RNS, is ongoing between the relevant parties and may not be concluded prior to the 31 December 2021 (the "Maturity Date").

Primorus would like to reiterate its statement from the RNS issued on the 27 April 2021, as follows:

"If Readmission does not take place by the Maturity Date, AIM-quoted vanadium producer Bushveld Minerals Limited (whose subsidiary Bushveld Energy Limited ("BEL") is the majority shareholder in VRFBH) has agreed, as part of the Fundraising, to issue new ordinary shares in its capital ("BMN Shares") to the holders of the MUST Loan Notes in return for MUST transferring to BEL all of its shares in VRFBH and paying a fee to BMN of an amount equal to 5 per cent. of the MUST Fundraise (the "Backstop"). Primorus has the sole discretion to elect to receive shares directly in the capital of VRFBH in lieu of BMN Shares. Further details relating to the Backstop can be seen in the announcement released by MUST."

Primorus has, at this stage, elected to receive BMN Shares if the Backstop provision is enacted.

Upon receipt of the BMN shares, the board of Primorus will have sole discretion over its ability to manage the BMN shareholding.

Notwithstanding the above, Primorus, MUST and BMN are continuing an open dialogue with each other to try and find an alternative solution for all parties prior to Backstop Date.

A further announcement will be issued when the final details of this transaction are agreed.

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