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To be honest, at today's SP this is an absolute steal of a buying price!

If you are buying for an investment to hold for 1 to 5 years you are buying into a company that is going to be not only huge in a mega fast-growing market - Energy Storage and Vanadium Redox Flow Batteries, but also into a well-established market of providing essential steel strengthening additive, which it appears to have woken up in China!

This means strong revenues from:
- Ferro Vanadium Sales, Nitrovan Sales, V205 Sales (global market 90,000 mtV in 2018)
- Vanadium Electrolyte for VRFB
- VRFB Sales in Africa
- VRFB Investments in Avalon and Redt
- VRFB Investment in Enerox GmbH, a leading Vanadium Redox Flow Battery manufacturer in Austria
- Renewable Energy Projects management in Africa
- Vanadium Electrolyte Leasing
- A 10% shareholding in Africa's fastest-growing Tin mining company Afritin

Yet still, the value is a frankly ridiculously low £265 million - In 3 years time we will be making more than 50% higher this in annual profit!

All in my opinion but Fortune and Mikhail have explained how this is laid out!

19th December – Update on Enerox GmbH Acquisition
The Consortium, which currently includes Bushveld Minerals, has signed an initial sale and purchase agreement ("ISPA"). In terms of the ISPA, the members of the Consortium have acquired, in equal proportions, 24.9 per cent of the issued share capital of Enerox for €150,000 from CellCube Energy Storage Systems Inc (the "Seller"). In addition to this amount, to date, the Consortium has invested €600,000 in Enerox to fund ongoing working capital. The Consortium has committed to make three further staged payments of €300,000 in December, January and early February which will bring the total initial investment in Enerox to €1.65 million. In due course Bushveld Minerals intends that Bushveld Energy Limited, an 84 per cent owned subsidiary of Bushveld Minerals, will take its place in the Consortium.
As previously announced, the Consortium has been granted exclusivity until the end of February 2020 to complete due diligence and now expects to negotiate a subsequent main sale and purchase agreement to acquire the remaining issued share capital of Enerox for a further consideration of €10.85 million on a debt free basis within the same timeframe. Whilst it remains a minority shareholder in Enerox, in addition to the call and put arrangements previously announced, Bushveld Minerals has been granted customary minority protections under the ISPA.
Bushveld Minerals anticipates contributing not more than 50 per cent of the funds to be invested by the Consortium and is considering additional investors to participate as part of the Consortium.
The Enerox investment is part of Bushveld Minerals' strategy of partnering with VRFB Original Equipment Manufacturers ("OEMs") that incudes supply of vanadium and electrolyte, deployments and investment. The investment strategy is implemented through the VIP, which seeks to make significant minority investments into high potential VRFB OEMs. The VIP allows for the flow of investment into VRFB OEMs and provides investors with access to the rapidly growing energy storage market.
Further announcements will be made in due course.
Fortune Mojapelo, CEO of Bushveld Minerals, commented:
"This is another positive step towards the Consortium's acquisition of Enerox, and we are pleased with the progress.
"Enerox is one of the most established VRFB OEMs with over 130 global installations to date. Bushveld's participation in this investment enhances our VIP, while providing additional strength to the Company's vertical integration strategy, supporting VRFB adoption and helping to grow the overall vanadium market."

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7th November – Bushveld Minerals Q3 Operation Update
Fortune Mojapelo, CEO of Bushveld Minerals Limited, commented:
"At the core of our strategy to build a leading integrated vanadium platform is a low cost, scalable primary production base, of which Vametco is the flagship. Along with the newly acquired Vanchem business, these assets provide Bushveld Minerals with a sound base to implement our growth strategy.
In this context, I am delighted to report on the great work done to improve Vametco's processing and production levels as a result of the initiatives that were identified as part of the Transformation Programme, which Vametco has now successfully implemented.
Thanks to the recent efforts from our team on the ground, the maintenance programme was successfully implemented ahead of schedule. Following this work, Vametco was soon running at improved levels, achieving record production of more than 300 mtV from magnetite concentrate during the month of September. These sustainable operational achievements keep us on track to achieve our stated guidance for the year at both the cost and production levels.
We are also excited to have secured operational control of Vanchem, with Bushveld now owning two of the four operating primary processing facilities globally. Alongside the Mokopane mining right application granted recently, the completion of the Vanchem acquisition, gives us a scalable platform that will allow us to grow our production base towards the 8,400 mtV per annum target we have communicated.
In addition, as announced recently, the restructuring of the purchase price for Vanchem and the recent bank facilities secured from Nedbank will enhance the Company's financial position as it implements its growth strategy.
Looking at our energy division, our recently revealed intention to establish a VRFB Investment Platform to lead investments in this space adds another important piece to our energy storage strategy. The platform will allow us to mobilise additional third party financing to support VRFB manufacturers' efforts to scale up their manufacturing capacity. The proposed merger of two proven VRFB suppliers, Avalon and redT Energy is an exciting first investment opportunity for the platform. The interim funding provided by Bushveld will help advance their merger and the eventual creation of a stronger VRFB company.
The investment platform comes at an apt time, as developments in South Africa's energy sector point to a large local stationary energy storage market. These include the recently announced Eskom 1,400 MWh battery tender and the South African Integrated Resource Plan ("IRP") which include a dedicated allocation for new energy storage deployments of over 2,000 MW over the next 10 years. We believe that these developments will position South Africa as one of the largest markets for energy storage in the world.
In conclusion, we have laid the key building blocks to achieve our production target of 8,400

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1st November – Strategic Vanadium Investment Platform for VRFB OEM’s
Fortune Mojapelo, CEO of Bushveld Minerals Limited, commented:
"The energy storage market presents a sizeable commercial opportunity, potentially exceeding $660 billion by 2040 according to Bloomberg, and significantly greater than the value of the vanadium supply opportunity on its own. The VRFB Investment Platform is an exciting new opportunity to directly access the massive upside in energy storage and support select OEMs. In addition, pursuing a wide array of partnerships with VRFB OEMs that cover supply, deployment and investment gives Bushveld many more options to unlock value through its integrated strategy. Bushveld Energy will continue to pursue value accretive relationships with VRFB companies along these three avenues, reinforcing our leading position as a growing, low-cost, vertically integrated vanadium company."
7th November – Vanchem Completion
Fortune Mojapelo, CEO of Bushveld Minerals Limited, commented:
"We are delighted to announce the successful completion of the acquisition of the Vanchem assets and Ivanti shares as this is a transformational acquisition and represents a significant step in the execution of the Company's strategic plan.
I want to take this opportunity to welcome André Strydom and the Vanchem management team to Bushveld Minerals. The Vanchem team will complement the Vametco team's skills and knowledge, which will support cross-pollination of vanadium expertise and experience, as well as unlock multiple synergies across Vametco, Vanchem and Mokopane.
The acquisition places the Company in an advantageous position to offer an attractive and diverse suite of vanadium products capable of servicing the steel and chemical sectors and the burgeoning energy storage market.
We are now able to fine tune the plan for these assets and then provide, in due course, a comprehensive strategy to our stakeholders.
As we come towards the end of 2019, we have laid the groundwork for a strong 2020, which will see Bushveld Minerals strengthening its competitive position as the leading vertically integrated primary vanadium producer."

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23rd October – Yellow Dragon – Early Settlement
Fortune Mojapelo, CEO of Bushveld Minerals Limited, commented:
"We are pleased to have agreed terms with Yellow Dragon for the early settlement of the earn-out under our 2017 Bushveld Vametco acquisition terms. This represents the final leg of our balance sheet simplification exercise, which we are pleased to coincide with the completion of the Vanchem acquisition, which is expected to complete shortly. We would also like to take this opportunity to thank Yellow Dragon for its support over the years, particularly at the time of the transformational Vametco acquisition. Their contribution to our success, along with their long-standing presence as one of our significant shareholders, is appreciated."
30th October – 375 Million Rand Debt Facility Secured
Fortune Mojapelo, CEO of Bushveld Minerals Limited, commented:
"We are pleased to announce the successful conclusion of the debt facility discussions. The funding provides additional flexibility for our business as we advance strategic initiatives at Bushveld Vanadium and Bushveld Energy.
The Company is committed to maintaining a conservative balance sheet and believes shareholders will benefit from the improved capital structure."

1st November – $5 Million Support for Redt and Avalon Merger
Fortune Mojapelo, CEO of Bushveld Minerals Limited, commented:
"This is a major leap forward in the development of our downstream energy business at an attractive price and prudent entry level. It also demonstrates our conviction in the VRFB technology's potential and our ability to meet the vanadium supply needs of the energy storage industry. The energy storage market presents a very large commercial opportunity, potentially exceeding $300 billion by 2030, with the combined redT-Avalon well placed to capitalise on this opportunity."
"This transaction deepens our downstream integration in the vanadium value chain by giving Bushveld Energy direct exposure to the VRFB technology for the first time. It also exemplifies the kind of partnerships we continue to establish within the sector, covering supply, deployment and investment through Bushveld Energy."
Neil O'Brien, Executive Chairman of redT Energy, commented:
"The market for storage assets to support renewable energy targets is developing rapidly and the combination of redT and Avalon will be a leading player in this market. The combination of strengths across both companies in people, technology, and market opportunity gives me confidence in the success of the merged entity. We are looking forward to working with Bushveld as a partner and strategic investor once we have completed the merger."
Larry Zulch, CEO of Avalon Battery, commented:
"A commitment to renewable energy is increasingly a commitment to large-scale energy storage. This storage must be dependable, safe and economical, all characteristics of VRFBs that will be highlighted as Avalon and redT combine to create the

Page 10 of 16

1st October - Tanyaradzwa ("Tanya") Chikanza as Finance Director of Bushveld Minerals
Fortune Mojapelo, CEO of Bushveld Minerals Limited, commented:
"We are delighted to welcome a person of Tanya's calibre in the Finance Director position. She has a deep understanding of the South African mining industry; is versed in the intricacies of various financial markets, and has experience in engaging debt and equity investors. She joins at a very important time in the Company's evolution and will play a significant role as we enter the next stage of growth and development. We look forward to working with her as we build Bushveld Minerals into the leading, innovative company we aspire to be."
21st October – Mokopane Mining Right – The end of Imminent!
Mokopane is one of the world's largest primary vanadium resources, with a 298 Mt JORC compliant resource and a weighted average V2O5 grade of 1.75 per cent in magnetite (1.41 per cent in-situ).
Fortune Mojapelo, CEO of Bushveld Minerals Limited, commented:
"The granting of a mining right application is a significant milestone in the development of the Mokopane Vanadium Project. It comes at an important time as the Company executes its growth strategy. The Mokopane Project is one of the best and most developed greenfield primary vanadium projects that is well positioned to support the Company's growth strategy as primary supply to Vanchem, potential supply of ore to other third party processing facilities, all the while retaining the option to develop downstream primary processing capacity as the market develops and grows.
The Company will be executing, and the Department of Mineral Resources and Energy will be issuing the mining right in due course.
"I wish to thank everyone who has been involved in securing this important milestone which brings the Mokopane project much closer to production with significant job creation and overall economic benefits for the company and all its associated stakeholders."
October 23rd – Vanchem completion – The sweetest deal of 2019
Fortune Mojapelo, CEO of Bushveld Minerals Limited, commented:
"Bushveld's ambition to become a leading low cost producer takes a big step forward with the acquisition of Vanchem. With this acquisition, the Company will have two quality primary processing assets producing a complementary suite of products, with a four kiln configuration, that gives it unmatched production flexibility. This is supported by the Company's high grade resource base, that is well serviced by logistics infrastructure. Furthermore, Vanchem's attractive suite of vanadium products complements the Nitrovan produced at Vametco. These include ferrovanadium, vanadium pentoxide vanadium trioxide and vanadium chemicals. The vanadium chemicals capability will be particularly key as the Company grows its exposure to the emerging stationary energy storage industry through vanadium redox flow batteries.

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31st July – Q2 full operational update

Fortune Mojapelo, CEO of Bushveld Minerals Limited, commented:
"Results from work under the Transformation Programme at Vametco, aimed at establishing operational excellence and stability, continue to be reflected in the operating performance with Q2 2019 being a record quarter since the same quarter in 2017. In addition, Vametco generated an EBITDA of US$49 million in the first half of the year and an EBITDA margin in excess of 50%.
"We are pleased to report that we are on course to meet Vametco's production guidance of 2,800 mtV to 2,900 mtV for the 2019 calendar year, with several further productivity initiatives to be implemented during the course of H2 2019, from where we can continue to build towards our target of 3,400mtv per annum during the course of 2020.
"We are delighted to announce the successful completion of the wage negotiations with AMCU for the next three years, which eliminates the risks of strikes relating to wage negotiations and highlights the ongoing cooperative relationship with our workforce and AMCU. We continue to work on finalising an Employee Share Ownership Participation structure, which will allow our workforce to share in the success of the Company.
"The Company is working to complete the acquisition of Vanchem, however certain conditions precedent remain outstanding and we now expect to complete the acquisition on the second target date being 31 October 2019.

"We continue to make progress on several fronts within Bushveld Energy, including the production of the first batch of electrolyte from Vametco feedstock, which has been sent for testing at various battery producers. In addition, we delivered our first vanadium battery rental product, which was developed in conjunction with and sold by Avalon Battery Corporation of Fremont, California.

"I am pleased by the solid performance the Group has achieved during this first half of the year and I look forward to an even stronger second half."

29th August – Vanchem Purchase approval
Fortune Mojapelo, CEO of Bushveld Minerals Limited, commented:
"Competition Commission approval marks yet another key milestone in closing this exciting transaction. We remain on track to complete the acquisition within our targeted timeframe, at which point we will have significantly increased our processing capacity, giving us the ability to unlock even more of our existing large high grade resource base and produce a diverse array of products for the steel market, chemical industry and energy storage sector. Furthermore, significant progress is being made in respect of the preparation ahead of the integration of Vanchem post transaction closure."

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10th June - Bushveld Energy and Avalon Battery Innovate with Vanadium Electrolyte Rental
Mikhail Nikomarov, CEO of Bushveld Energy commented: "Renting electrolyte is only practical with vanadium because the metal does not degrade after its useful life, one more reason that vanadium is the preferred mineral for energy storage systems. We are pleased to partner with Avalon Battery for commercial deployment of a concept that has been in development for a while, but not successfully implemented. Now vanadium takes its place alongside gold, silver, and platinum, as a metal that can be leased, opening up immense future opportunities for this model."

Matt Harper, President and Chief Product Officer of Avalon Battery commented: "Avalon is thrilled to have partnered with Bushveld Energy for a project that both benefits our customers and highlights Bushveld Energy's spirit of innovation. Avalon's mission is to deliver battery solutions that are dependable, safe and economical, each a critical attribute for energy storage that will drive our electrical future. Renting electrolyte is a massive leap forward."

Scott Laskey, Founder and CEO of Sandbar commented: "Energy storage makes renewable energy a resource our customers can use when they need it, not just when they make it. However, the upfront cost of high-quality energy storage batteries like Avalon's has kept some of our customers from making the investment. Renting electrolyte makes energy storage truly economical."
21st June Brits Resource confirmed
Fortune Mojapelo, CEO of Bushveld Minerals Limited, commented:
"We are pleased to be able to report solid results confirming that we have a high-quality asset at the Brits Project, where its average grade of 1.58% V2O5 in magnetite is among the highest in the world.
"This represents an important step in the development of Brits - as we recently detailed our path to producing over 8,400 mtV per annum and Brits provides the optionality for additional ore feed for the Vametco plant and, if required, concentrate feed for the Vanchem plant."

Page 6 of 16
May 23rd Brings Final Results for 2018 – Very strong indeed!
2018 Highlights
Bushveld Minerals
· Raised our effective underlying interest in Vametco from 59.1 per cent to 74.0 per cent in September 2018
· Raised over US$20 m in an equity placing at 10.3 pence per share from experienced mining and UK institutional investors
· The best performing FTSE-AIM Materials stock
· 3rd best performer on the FTSE-AIM All Shares Index
· Revenue of US$192.1 million (2017: US$ 2.8million)
· Adjusted EBITDA (reported as operating profit before depreciation) of US$101 million
· Total cash of US$42 million as at 31 December 2018 (31 December 2017: US$9.7 million) with no debt (31 December 2017: US$7.9 million)

Bushveld Vanadium
· Vametco delivered a solid financial performance in 2018, underpinned by a strong vanadium price environment
· Vametco's Revenue (Revenue reported net of all sales commissions) and EBITDA for the year ended 31 December 2018 increased by 131% and 353% respectively to US$183.0 million (2017: US$ 79.1 million) and US$108.3 million (2017: US$23.9 million)
· Average Ferrovanadium price up 149% to US$81.2 KgV (2017: US$32.6)
· Vametco annual production down 3.4% to 2,560 mtV (2017: 2,649 mtV) following 37.5 days of stoppages and unexpected operational challenges
· Vametco achieved a safety record of 5,375,848 man-hours without recording a lost time injury and there were no fatalities during the year

Bushveld Energy
· Commissioned the VRFB project with South African national power utility Eskom, including site acceptance testing
· Secured a grant from the USTDA of US$500,000 to support the Eskom project and the energy storage industry in South Africa
· Progressed the development of a 200MWh vanadium electrolyte production facility, including allocating the facility's site in the East London Industrial Development Zone ("ELIDZ") and initiating an Environmental Impact Assessment ("EIA") on site
· Purchased the first 2 mtV from Vametco for conversion into electrolyte using a new production process designed specifically for Vametco's vanadium feedstock
Full report - http://www.bushveldminerals.com/financial-reports/
Final summary from Fortune:
I have often said that "the story of Bushveld Minerals is not half-told yet." We have since successfully acquired Vametco and are in the process of acquiring Vanchem. Post the expansion and refurbishment programmes at Vametco and Vanchem, we will have a production platform with an attractive portfolio of vanadium products supplying approximately ten per cent of the global market, while poised to realise our ambition in the energy storage market by playing a leading role along the vanadium redox flow battery value chain. With these achievements, perhaps the story is now half-told. Much remains ahead!

Page 5 of 16
15th May brought the Vametco Q1 Update
Fortune Mojapelo, CEO of Bushveld Minerals Limited, commented:
"We ended the quarter on a very strong note, with the best monthly production output from Vametco in more than 21 months. This reflects the initial work completed under the Transformation Programme, announced earlier this year, which resulted in improvements in several key areas of the flow sheet, including scheduling, feed grade and overall plant recoveries.
"Furthermore, as part of the Transformation Programme we have undertaken several changes within the leadership team at Vametco, including the appointment of Bertina Symonds as Vametco's General Manager. In addition, Lyndon Williams, previously Vametco's COO, has been appointed as Group Vanadium Specialist in support of operations integration and technical support to the Group's product marketing initiatives; and William Steinberg, previously Vametco's Works Manager, has been appointed as the new Chief Transformational Officer, responsible for driving the operations improvement programme.
"As the Company's revenue and earnings generator and thus engine for growth it is imperative that Vametco operates to its full potential. It is for this reason that we initiated the Transformation Programme, designed to ensure that we maximise production throughput, minimise costs on the back of the improvements implemented by our motivated and fully engaged workforce.
"We are pleased to provide 2019 production guidance for Vametco of 2,800 mtV to 2,900 mtV, which reflects continued expected improvements under the Transformation Programme and represents an overall production increase of between 9 and 13 per cent on the previous year. This does not include any contribution from the proposed acquisition of the Vanchem plant, which we anticipate to complete as soon as July and no later than October.
"We are confident of steadily delivering on Vametco's productivity targets and, with the recently announced conditional acquisition of the Vanchem vanadium project for US$68 million, Bushveld Minerals is on a clear path to achieving its long term capacity target of 10,000 mtV of annual production capacity. These initiatives will significantly enhance our competitive position in the Vanadium market over the coming years."

22nd May brings exciting news from Vametco on the ore reserves 1.284 million tonnes of V205 combination indicated and inferred!
Fortune Mojapelo, CEO of Bushveld Minerals Limited, commented:
"Following a significant amount of exploration work, including drilling to greater depths, as well as a reinterpretation of the geological model to include the cut-off grade of the magnetite, we have been able to report a significant increase in Ore Reserves and grade from the 2017 estimate.
"The conversion of additional Indicated Mineral Resources to Probable Ore Reserves, plus the larger pit shell, means we have added significant increased production life at Vametco.

Page 4 of 16
1st May – Massive News and Hotly tipped – Vanchem Aquisition!
Fortune Mojapelo, CEO of Bushveld Minerals Limited, commented:
"It is with great pleasure that we announce another transformative acquisition for Bushveld Minerals and its shareholders. True to our previously stated goals, we are pleased to conditionally acquire another brownfield operating asset on South Africa's Bushveld Complex, to cement our position as one of the leading vanadium producers globally and setting us on the path to achieving our 10,000 mtV per annum production capacity target.
This highly strategic transaction combines our existing portfolio of high-grade low-cost primary vanadium resources, including the Mokopane greenfield deposit, with an established production facility. This substantially reduces the capital required to bring the Mokopane Project into production, while also bringing it online in a much shorter timeframe than if we were to construct a new plant. We consider ourselves the ideal buyer for these businesses and given our sound portfolio of high quality deposits and a strong operating base established with Vametco, now is the perfect time to take advantage of this opportunity.
Apart from the benefits generated by adding further brownfield processing capacity to complement the Company's high-grade deposits, there are several features of Vanchem that make it particularly attractive to the Company's journey going forward.
Vanchem not only brings immediate scalable processing capacity, it also has a three-kiln configuration which provides important flexibility in terms of the Company's production throughputs without compromising its cost efficiencies. Furthermore, Vanchem's attractive suite of vanadium products complements the NitrovanTM produced at Vametco. These include ferrovanadium, vanadium pentoxide vanadium trioxide and vanadium chemicals. The vanadium chemicals capability will be particularly key as the Company grows its exposure to the emerging stationary energy storage industry through vanadium redox flow batteries.
This acquisition is core to our growth strategy of becoming a leading, low-cost, vertically integrated producer and our ability to adequately supply the burgeoning energy storage sector."

Page 3 of 16

27th March – Bushveld Energy Q4 brought more very exciting news:

Mikhail Nikomarov, CEO of Bushveld Energy, commented:
"Completion of our first energy storage project in Africa, with Eskom, has allowed Bushveld Energy to expand its project development capabilities during the final quarter of 2018. We can approach the development of a more complex project that includes a hybrid of solar generation and VRFB storage technologies with even higher confidence.
"The mini-grid project will demonstrate both the superior technical merits of long duration VRFB systems when paired with renewable energy, while providing a commercial return to its investors. It will also use locally mined and beneficiated vanadium, showing how VRFB energy solutions can create more local value to South Africa than any other storage technology.
"More urgently, with the current load shedding in South Africa this project is a first step in mitigating the single greatest risk to production faced by the mining sector in South Africa. Combined with our ongoing work with the Industrial Development Corporation on electrolyte manufacturing, the Eskom project and now the hybrid mini-grid will demonstrate solutions to South Africa's energy challenges that can utilise South African sourced materials."
5th April - News of the Operational leadership being strengthened

Fortune Mojapelo, CEO of Bushveld Minerals Limited, commented:
"An important part of delivering on our growth aspirations is building sound leadership capacity. The addition of Bertina Symonds and Hiten Ooka to the team is excellent news indeed, as is the change in role for Lyndon.
"I would also like to take the opportunity to thank Malcolm for his service as CEO of Bushveld Vametco Alloys.
"This is an important year for Bushveld as we implement the Transformational Programme at Vametco in order to achieve the 2019 targets which we will continue to outline in future updates. We are confident that with these appointments we will be able to drive operational excellence across the Group."
10th April - brings news from Lemur
Prince Nyati, CEO of Lemur Holdings Limited, commented:
"We are pleased that the Imaloto Project is progressing according to plan. We are particularly delighted to receive support from the Development Bank of SA provide 1 million US$ of Project Preparation Finance. We believe that the funding will help us finalise our objective of achieving financial close and providing reliable base load power to southern Madagascar. DBSA participation in the development of the Imaloto Project highlights the economic potential of our project as well as the developmental benefits it offers to southwestern Madagascar."

Page 1 of 16

Vametco, Vanchem and VIP

The year started of the back of one of the biggest spikes in vanadium prices ever meaning that Bushveld completed 2018 with not only substantial profits but a huge cash injection to set up 2019.

30th January - The first significant RNS with the full Q4 update:
Vametco's sales revenue and EBITDA for the 2018 financial year increased by 142.7% and 349.2% respectively to US$192.2 million (2017: US$79.2 million) and US$107.5 million (2017: US$23.9 million), underpinned by higher vanadium prices.
· Ferrovanadium price averaged US$81.2/KgV in 2018, an increase of 148.9% relative to the previous year.
Vametco' s realised price is based on the prior month's average price.
Ferrovanadium price has averaged US$76/KgV, year to date1.
· Vametco's production for the 2018 financial year was 2,560 mtV (2017: 2,649 mtV) in the form of Nitrovan from magnetite concentrate, compared to previously announced guidance range of 2,600 to 2,650 mtV. Production was impacted by an unplanned maintenance and repairs programme in Q4 at the refractory and cooler girth sections of the plant.
· Vametco's production for Q4 2018 was 657 mtV in the form of Nitrovan from magnetite concentrate (Q4 2017: 539 mtV), an increase of approximately 22.4% relative to Q3 2018 (Q3 2018: 537 mtV), following the unprotected industrial action from the previous quarter.
· On October 2018 the Company, with the assistance of an independent external consultant, initiated a detailed diagnostic review of the Vametco plant performance. Following the completion of the review in December 2018, the Company commenced an operational Transformation Programme to enhance Vametco's performance.
· The Company has commenced the implementation of the Transformation Programme and expects production levels in the current year to be higher than 2018. Guidance for 2019 will be provided in the Q1 2019 operational update once all aspects of this programme have been scheduled.
· The Company has completed 13 (VM001 - VM013) exploration drill holes, as part of an initiative to increase geological confidence and grade control of the ore mined at Vametco. The results provide evidence of additional resources and reserves at Vametco mine with an updated Mineral Resource Estimate due to be published in Q1 2019.
· The Company has received all assay results for Phase 1 of its exploration programme at the neighbouring Brits Project, which has to date been above/in line with management's expectations. Results of the Phase 2 drill holes are expected to be received in Q1 2019 with a maiden Mineral Resource Estimate in Q2 2019.

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