Bushveld Minerals Regulatory News (BMN)

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. 

10 February 2022

Bushveld Minerals Limited

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

Issue of Equity and Total Voting Rights

Bushveld Minerals Limited (AIM: BMN), the AIM quoted, integrated primary vanadium producer and energy storage solutions provider with ownership of high-grade assets in South Africa, confirms that in partial satisfaction of awards, which were granted under the 2020 Short-term Incentives ("STI") scheme, the Company is issuing a total of 1,510,320 new ordinary shares of 1 pence each in the Company ("Ordinary Shares") representing 50% of the Bonus Awards, which vested 12 months after the 2020 award period, along with Ordinary Shares that were awarded as a result of two thirds of the cash component of the 2020 STI being settled in equity. The Ordinary Shares are being issued to senior employees who are not deemed persons discharging managerial responsibilities ("PDMRs"). This includes Lyndon Williams who is no longer deemed a PDMR.

The Company confirms that a further announcement will be made once Ordinary Shares are issued to PDMRs in respect of awards granted under the 2020 STI scheme (as announced on 6 August 2021) once all vesting conditions have been met.

Admission to AIM and Total Voting Rights

Application will be made for admission of the combined 1,510,320 new Ordinary Shares to trading on AIM ("Admission"). It is expected that Admission will take place on or around 15 February 2022.

Following Admission, there will be a total of 1,261,969,177 Ordinary Shares in issue, 670,000 of which are held in treasury. Shareholders should use the figure of 1,261,299,177 as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in the voting rights of the Company, under the FCA's Disclosure and Transparency Rules.

ENDS

Enquiries: info@bushveldminerals.com

ABOUT BUSHVELD MINERALS LIMITED

Bushveld Minerals is a low-cost, vertically integrated primary vanadium producer. It is one of only three operating primary vanadium producers, owning 2 of the world's 4 operating primary vanadium processing facilities. In 2020, the Company produced more than 3,600 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, the Company participates in the entire vanadium value chain through its two main pillars: Bushveld Vanadium, which mines and processes vanadium ore; and Bushveld Energy, an energy storage solutions provider. Bushveld Vanadium is targeting to materially grow its vanadium production and achieve an annualised steady state production run rate of between 5,000 mtVp.a. and 5,400 mtVp.a by the end of 2022, from projects currently being implemented. Beyond that, pre-feasibility studies are in progress to determine the optimal path to increase production even further to a steady state production run rate of between 6,400 mtVp.a. and 6,800 mtVp.a. in the medium-term and to a steady state production run rate of 8,400 mtVp.a in the long term.

Bushveld Energy is focused on developing and promoting the role of vanadium in the growing global energy storage market through the advancement of vanadium-based energy storage systems, specifically Vanadium Redox Flow Batteries ("VRFBs").

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