Bushveld Minerals Regulatory News (BMN)

9 November 2017

AfriTin Mining Limited

("AfriTin" or the "Company" and together with its subsidiaries the "Group")

Admission to AIM and First Day of Dealings

AfriTin, a newly formed company which has acquired the tin assets of Bushveld Minerals Limited ("Bushveld") in Namibia and South Africa, is pleased to announce that Admission and dealings in its Ordinary Shares on the AIM market of the London Stock Exchange commences at 08:00am today, 9 November 2017, under the ticker symbol ATM.

A placing and subscription for existing and new institutional and sophisticated private investors raised gross proceeds of £3.5 million with a further £1m raised from convertible loan notes that convert on admission, bringing the total amount raised to £4.5 million. On Admission, the Company will have 297,464,888 shares of nil par value in issue. AfriTin is expected to have a market capitalisation of £11.6 million on Admission.

The Company's Admission Document will be available from Admission, on the AfriTin Website: http://afritinmining.com. WH Ireland is acting as the Company's Nominated Adviser and sole Broker.

Highlights

· AfriTin's flagship asset, the Uis Tin project, is located in the Erongo Region, north-west Namibia, and is comprised of three separate mining licenses;

· Uis is a brownfield near-term production opportunity, which was once one of the largest opencast tin mine of its kind in the world;

· AfriTin will take advantage of the current global deficit for primary production tin and is the only AIM quoted, conflict-free tin mining company;

· The Project contains historical resource estimates (non JORC compliant) of over 70,000,000 tonnes of mineralised pegmatite, with approximately 95,000 tonnes of contained tin as prepared by SRK Consulting in 1989;

· Funds raised alongside a London admission are to progress the mine development plan at Uis and for working capital purposes;

· The London admission has allowed the Company to raise funds with a view to bringing the Uis project into early stage production; and,

· The company has an experienced management team who have proven success in the mining sector across a multiple jurisdictions.

The total number of Ordinary Shares with voting rights in the Company with effect from Admission is 297,464,888. This figure may be used by shareholders as the denominator for the calculations by which they determine if they are required to notify their interest in, or a change of their interest in, the Company under the FCA's Disclosure Guidance and Transparency Rules.

Anthony Vijoen, CEO commented:

"I'm pleased to announce our admission to the AIM market of the London Stock Exchange today. Following the successful transformation of Bushveld from an explorer to a producer, the de-merger allows AfriTin to become the only pure play tin company listed on AIM."

"There is a widespread view in our markets that we may see a constraint in global tin supply. With initial funding secured to scale up our pilot plant from initial production to steady state production of 60 to 70tpm we believe are now well placed to take advantage of any market tightening with our near-production asset."

"AfriTin has an experienced management team and board. We are confident that Uis will generate significant value for shareholders and we look forward to providing the market with updates as work progresses."

Enquiries:

The Uis Tin Project

The Uis Tin Project was once the largest open cast tin mine of its kind in the world and the Directors believe it can add significant value to the Company's post Admission group ("AfriTin Group"). Uis is located in the Erongo Region, north west of Windhoek Namibia, and is comprised of three separate mining licenses. The Uis Tin Project which contains historical resource estimates containing over 70,000,000 tonnes of mineralised pegmatite, with approximately 95,000 tonnes of contained tin. The area was extensively mined by South African state-owned ISCOR up until the collapse of the tin price in the late 80's.

The Tin Market

The last 10 years has seen the tin price rise from ~USD 14,000/t to above USD 20,000/t. However there has been significant volatility over this period with the price peaking at USD 33,000/t in April 2011 and a low of USD 10,000/t in December 2008. The global tin market was valued at US$6.3bn in 2016 and tin is currently priced at approximately US$20,800 per tonne, up c. 24.2% in the past 18 months. This is driven particularly by the use of tin in consumer electronics, where it is a key component (over 50% of the tin in used in soldering) in most semiconductor-based industries due to its high durability and reliable connection of components.

 Total consumption of refined tin has grown from 341,000 tonnes per annum in 2012 to 368,000 tonnes per annum in 2016, with global production growing from 335,000 tonnes to 358,000 tonnes over the same period. The consistent deficit between supply and production is balanced by recycling. The majority of transactions are conducted on the London Metal Exchange.

Increases in tin use since 2000 have been driven (particularly in the early 2000's) by a move to lead-free solder alloys. Additionally, there are new markets where tin-based products have already moved out of the laboratory and into commercial production, such as lithium ion batteries.

This can help meet a huge demand for better batteries in mobile phones, cameras, and other mobile devices. As a new market for tin, this looks set to grow quickly, especially with growing use of lithium ion batteries in hybrid car and energy storage technology. Replacement of graphite as the anode material in all current batteries by a tin-based composite material could generate a new demand for tin of some 17,000 tonnes per annum.

Bushveld interest

Following admission, Bushveld Minerals will retain an interest of 17.48% and with the distribution to the Bushveld shareholders, a further 24.39% (a combined interest in 41.9%).

Board and Management

Glen Parsons, aged 50 - Chairman

Glen Parsons is a qualified Chartered Accountant with an honours degree in Accounting Science and a Bachelor of Commerce degree in Economics. Glen Parsons has over 20 year's international experience in company building, corporate finance, treasury, operational and general management. His most recent role was as Chief Executive Officer of Mariana Resources PLC which was acquired in 2017 for $175m by Sandstorm Gold Ltd and before that, he was Chief Development Officer and Corporate Development Officer at Neptune Minerals Plc. He has built new profitable businesses and divisions within both large and small organisations. Glen was also an executive director of RFC Corporate Finance Ltd, a specialist minerals resources investment bank and fund manager. Duties included corporate finance mandates which included mergers and acquisitions, strategic advice, mineral project assessment and capital raisings. He has specific LSE-AIM experience and has been involved with a number of successful equity and debt raisings for junior and developing mining companies.

Anthony Viljoen, aged 40 - Chief Executive Officer

Anthony is a mining entrepreneur and founding shareholder of VM Investment company, a principal investments company within the African mining sector. Anthony has been involved in the development of numerous exploration and mining projects across Africa over a wide range of commodities and geographies. He was instrumental in the development and listing of Lemur Resources, a Coal project in Madagascar, on the Australian Stock Exchange and raising AU$25 million on IPO and sat as the Chief Executive Officer of that company. Anthony is also a founding and current executive director of Bushveld and has completed a number of acquisitions in the tin and vanadium markets in Africa for Bushveld. He has a deep knowledge of African mining and is familiar with the London markets.

Anthony holds a post-graduate degree in finance and began his career in investment banking in London.

Laurence Robb, aged 65 - Non-Executive Director

Before moving to the United Kingdom, Laurence Robb was Professor of Economic Geology in the School of Geosciences at the University of the Witwatersrand (Wits), South Africa, and between 2001-2005, also Director of its Economic Geology Research Institute (EGRI). He is currently Visiting Professor in the Department of Earth Sciences at the University of Oxford. He has worked for over 30 years on many the great mineral districts of the African continent and is currently involved in research on the metallogeny of Myanmar/Burma and also Western Sahara. His main field of expertise is in granite related mineral deposits - he is also the author of the internationally acclaimed text-book, 'Introduction to Ore-Forming Processes' that is widely used all over the world.

He served a term as President of the Geological Society of South Africa in 1999-2000 and is currently President of the Society of Economic Geologists, based in Denver, USA.

Roger Alyn Williams, aged 54 - Non-Executive Director

Mr Williams is a Chartered Accountant with over 20 years' international experience in mining finance and an honours degree in French and Spanish. He was previously CFO of Randgold Resources Limited and part of the management team that transformed it from being an exploration and development company into a major gold producer. He then went on to become CFO of JSE-listed AECI Limited. His other experience includes directorships and interim executive appointments with various mining and mining services companies. Mr Williams is currently a Non-Executive Director of Sylvania Platinum Limited, Alecto Minerals plc and Digby Wells and Associates.