Issue of Equity

30 September 2013

Bushveld Minerals Limited

Issue of Equity

Bushveld Minerals Ltd ("Bushveld" or the "Company") announces that it has issued and allotted 9,574,924 new ordinary shares of £0.01 in the Company as consideration for shares in Lemur Resources Limited ("Lemur") acquired by Bushveld from Lemur shareholders who have accepted Bushveld's offer of three Bushveld Shares for every five Lemur Shares between 29 August and 16 September 2013. A further 9,054,211 new ordinary shares are issued in lieu of costs incurred by the Company in connection with the Marble Hall acquisition and Lemur transaction.

Application has been made to the London Stock Exchange for the new ordinary shares to be admitted to trading on AIM. Dealings are expected to commence from 8.00 a.m. on 03 October 2013 ("Admission").

Following Admission, there will be a total of 350,797,533 ordinary shares in issue. For the purposes of calculating Total Voting Rights shareholders may use this number as the total number of shares in issue from the date of Admission.

Offer Details

The Bushveld offer for Lemur continues to be open until 7.00pm (Australian EST) on 11 October 2013. The Company will update shareholders on further acceptances received from Lemur Shareholders between 17 August 2013 and the close of the offer period.

Holdings in Lemur

Following Admission, Bushveld will have a shareholding in Lemur of 101,440,353 ordinary shares representing 52.70%. Please note that as a result of further acceptances received between 17 September and today, Bushveld is interested in 103,319,738 shares representing 53.67% of Lemur.

For further information please contact:

Enquiries: info@bushveldminerals.com