31 May 2024

Bushveld Minerals Limited

("Bushveld" or the "Company")

Competition Commission Approval for the sale of a 64% interest in Mokopane

Further to the Company's announcement on 15 December 2023, Bushveld Minerals Limited (AIM: BMN), the integrated primary vanadium producer, is pleased to announce that the Competition Commission of South Africa ("CCSA") has unconditionally approved the proposed sale of Mokopane by SPR Fund I ("SPRF"), represented by its general partner SPR GP1. Mokopane is controlled by Bushveld Resources which is, in turn wholly owned by Bushveld Minerals. Mokopane is the holder of the sole and exclusive mining rights to extract minerals, including vanadium titanium. The CCSA is of the view that the proposed transaction is unlikely to substantially lessen or prevent competition in any market and the proposed transaction does not raise public interest concerns. The following conditions precedent remain outstanding:

· SPRF having conducted a satisfactory confirmatory legal due diligence;

· Completion of the Vanchem acquisition by SPRF; 

· Consent of the Minister of Mineral Resources and Energy to the change of control of Mokopane in respect of each mining and prospecting licence.

Enquiries: info@bushveldminerals.com

ENDS

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 more than 3,800 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.

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