Bushveld Minerals (AIM:BMN) Update on the VRFB Holdings Investment by Mustang

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, hereby provides a further update, following the statement on 11 March 2022 regarding the extension of the period for Mustang to issue notice in respect of its election to exercise the backstop (“Notice Date”).

Mustang and Bushveld have agreed to a further extension of the Notice Date to close of business on Wednesday, 23 March 2022, to allow for time to enter into agreements to extend the maturity date of the Mustang convertible loan notes (“CLN”). Further details are contained in Mustang’s announcement released today.

As previously announced, Primorus Investment Plc, one of the CLN holders, has elected to exercise its backstop arrangement in relation to its CLNs (nominal value of US$1.5 million plus accrued interest thereon), in consideration for either cash or the issuance of new Bushveld convertible loan notes, at the discretion of Bushveld. Further information will follow in due course.

ENDS

Enquiries: info@bushveldminerals.com

Bushveld Minerals Limited

+27 (0) 11 268 6555

Fortune Mojapelo, Chief Executive Officer

Andrew Mari, Investor Relations


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