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. 

14 December 2023

Bushveld Minerals Limited

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

Option Agreement with Portillion

Bushveld Minerals Limited (AIM: BMN), the integrated primary vanadium producer, is pleased to announce that that it has entered into an option agreement ("Option Agreement") with Portillion Capital Limited ("Portillion"), for Portillion to subscribe for 44,847,748 new Ordinary shares at a price of 3 pence per share, for an amount of £1,345,432.44.

Further to the Company's announcement of 5 December 2023 in relation to the conditional fundraising undertaken by the Company, and the announcement of 12 December 2023 in relation to closing of the PrimaryBid Offer, the Company has conditionally raised approximately US$18.5 million (£14.7 million).

In addition, the Company has now entered into the Option Agreement whereby, under the Company's existing share authorities, Portillion has been granted the option to subscribe, on or before 28 February 2024, for up to 44,847,748 new ordinary shares of 1p each in the Company to raise up to an additional £1,345,432.44 (representing an exercise price per new Ordinary Share of 3 pence) (the "Option"), which would increase the total funds raised up to approximately US$20.2 million (£16.0 million).

Pursuant to the Option Agreement, Portillion has also given an irrevocable undertaking to vote in favour of the resolutions to be proposed to shareholders at the Company's forthcoming General Meeting due to take place on 27 December 2023.

The Option Agreement is conditional on inter alia on the approval by the requisite majority of shareholders of the Company of each of the Fundraising Resolutions (as defined in the circular ("Circular") published by the Company on 5 December 2023) and completion of the Fundraising, the Orion Restructure and completion of the Vametco Acquisition (as each term is defined in the Circular).

Mr. Kamran Sattar, CEO of Portillion, currently holds approximately 5.04% of the Company's issued share capital and, if Portillion exercises the option in full, Mr. Sattar and Portillion will retain, in aggregate, the same percentage in the Company's enlarged share capital  following exercise of the Option.

Craig Coltman, CEO of Bushveld Minerals commented: "We appreciate Portillion's support of the restructuring initiatives and their endorsement of the resolutions being put to shareholders. This capital raise will allow us to fund capital expenditure at Vametco and Vanchem and to increase production." 

Kamran Sattar CEO of Portillion Capital stated:  "Portillion is pleased to support the restructuring of Bushveld Minerals. We are excited to see management deliver on their plans and for Bushveld to be a Company that investors can trust."

Enquiries : info@Bushveldminerals.com  

ABOUT BUSHVELD MINERALS LIMITED 

Bushveld Minerals is a vertically integrated primary vanadium producer, it is one of only three operating primary vanadium producers. In 2022, the Company produced 3,842 mtV, representing more than 3% of the global vanadium market. With 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