Bushveld Minerals Regulatory News (BMN)

THIS ANNOUNCEMENT IS FOR INFORMATIONAL PURPOSES ONLY, AND DOES NOT CONSTITUTE OR FORM PART OF ANY OFFER OR INVITATION TO SELL OR ISSUE, OR ANY SOLICITATION OF AN OFFER TO PURCHASE OR SUBSCRIBE FOR, ANY SECURITIES OF BUSHVELD MINERALS LIMITED.

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN OR INTO, OR TO ANY PERSON LOCATED OR RESIDENT IN, ANY JURISDICTION WHERE IT IS UNLAWFUL TO RELEASE, PUBLISH OR DISTRIBUTE THIS ANNOUNCEMENT.

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART IN OR INTO THE UNITED STATES, CANADA, AUSTRALIA, THE REPUBLIC OF SOUTH AFRICA OR JAPAN.

Capitalised terms not otherwise defined herein shall have the meanings given to them in the announcement made by Bushveld Minerals Limited in respect of the launch of the PrimaryBid Offer on 5 December 2023, unless the context requires otherwise.

12 December 2023

Bushveld Minerals Limited

("Bushveld Minerals" or the "Company")

Results of PrimaryBid Offer

Bushveld Minerals (AIM: BMN), the AIM quoted, integrated primary vanadium producer, is pleased to announce the successful completion of the PrimaryBid Offer that was announced on 5 December 2023.

Following the successful completion of the Placing and the Subscription, as announced by the Company on 5 December 2023 (the "Results Announcement"), retail investors have subscribed via the PrimaryBid platform for a total of 2,451,114 new ordinary shares of 1 pence each in the Company ("Ordinary Shares") at an issue price of 3 pence per Ordinary Share, ("Primary Bid Shares") raising gross proceeds of approximately £73,533.

Consequently, further to the Company's announcement on 5 December 2023 confirming a placing and subscription to raise approximately US$18.4 million (£14.6 million) through the issue of 486,038,755 new Ordinary Shares at 3 pence per Ordinary Share and the issue of the Primary Bid Shares in aggregate, 488,489,869 new Ordinary Shares will be issued pursuant to the Fundraise ("Fundraise Shares"), subject to resolutions numbered 1 and 2 ("Fundraising Resolutions") in the General Meeting Circular published on 5 December 2023 ("Circular") and to be proposed at a general meeting of the Company's shareholders to be held on 27 December 2023 in connection with the Fundraise.

Additionally, further to the Company's announcement of 27 November 2023. and as detailed in the Circular, 124,267,747 new Ordinary Shares will be issued, subject to the passing of the Fundraising Resolutions, pursuant to the restructuring of the Orion Mine Finance Convertible Loan Note Refinancing, ("Orion Shares").

The Fundraise Shares will represent approximately 22.5 per cent. of the Company's issued share capital as enlarged by the Fundraise and issue of Orion Shares (excluding treasury shares), and raising aggregate gross proceeds of approximately £14.7 million.

Craig Coltman, CEO of Bushveld Minerals commented: "We are grateful to all investors that are supporting the Company and subscribed through the PrimaryBid platform."

Admission, settlement and Total Voting Rights

An application will be made to the London Stock Exchange for the 488,489,869 Fundraise Shares and 124,267,747 Orion Shares to be admitted to trading on AIM. It is expected that Admission will become effective and dealings in the Fundraise Shares and Orion Shares to be issued pursuant to the Fundraise will commence on or around 28 December 2023, subject to the approval by the Company's shareholders of the Fundraising Resolutions ("Admission").

Following Admission, there will be a total of 2,170,969,475 Ordinary Shares in issue, 670,000 of which are held in treasury. Shareholders should use the figure of 2,170,299,475 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 Company, under the FCA's Disclosure and Transparency Rules.

The new Ordinary Shares to be issued pursuant to the PrimaryBid Offer will be issued free of all liens, charges and encumbrances and will, on Admission, rank pari passu in all respects with the new Ordinary Shares to be issued pursuant to the Placing, the Subscription and the Company's existing Ordinary Shares.

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