Primorus Investments plc

("Primorus" or the "Company")

Bushveld Convertible Loan Note Update

14 July 2023

Further to its announcement of 29 March 2022, Primorus Investments plc (AIM: PRIM) announces that the Company and Bushveld Minerals Limited ("BMN") have agreed in principle, subject to contract, to alter the terms of the convertible loan note ("BCLN") held by the Company in BMN.

Details of the BCLN were first announced by the Company on 19 January 2022 which included a maturity date of 14 July 2023 ("Maturity Date"). On 6 April and 26 April 2022, BMN announced that the Company had exercised its rights under the BCLN with BMN and converted a total of £411,000 of the BCLN into 4,157,645 new ordinary shares in BMN ("BMN Shares"). The Company disposed of the BMN Shares for approximately £432,000.

As at the Maturity Date, the total principal amount and accrued interest of the outstanding BCLN is approximately £910,000.

Following the lapse of the Maturity Date, BMN and the Company have agreed in principle, subject to contract, to vary the terms of repayment such that BMN will make the repayment in cash as opposed to shares on the following terms:

·      The outstanding balance shall bear interest at the annual rate of 10%

·      Initial payment of USD$150,000 by BMN, followed by payments of USD$125,000 to the Company every two weeks, with the final payment to be received prior to the 30 November 2023.

Capitalised terms used in this announcement shall, unless otherwise defined, have the same meanings as set out in the Company's announcement of 19 January 2023.

This announcement contains inside information for the purposes of the UK Market Abuse Regulation and the Directors are responsible for the release of this announcement.

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Forward Looking Statements

This announcement contains forward-looking statements relating to expected or anticipated future events and anticipated results that are forward-looking in nature and, as a result, are subject to certain risks and uncertainties, such as general economic, market and business conditions, competition for qualified staff, the regulatory process and actions, technical issues, new legislation, uncertainties resulting from potential delays or changes in plans, uncertainties resulting from working in a new political jurisdiction, uncertainties regarding the results of exploration, uncertainties regarding the timing and granting of prospecting rights, uncertainties regarding the Company's ability to execute and implement future plans, and the occurrence of unexpected events. Actual results achieved may vary from the information provided herein as a result of numerous known and unknown risks and uncertainties and other factors.