Company Announcements

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. 

6 August 2021

Bushveld Minerals Limited

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

Issue of Equity, PDMR Dealing 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 it has issued the balance of shares due in respect of the Bonus Awards pursuant to the 2019 Short-term Incentives ("STI") scheme announced on 21 July 2020. Furthermore, the Company announces the Bonus Awards relating to the 2020 STI that have been granted to certain persons discharging managerial responsibilities ("PDMRs"), as well as the number of shares being awarded as a result of two thirds of the cash component of the 2020 STI being settled in shares.

1.    Shares issued to PDMRs under the 2019 STI

Bushveld has issued 1,335,277 new ordinary shares of 1 pence each in the Company ("Ordinary Shares") in respect of the Bonus Awards announced on 21 July 2020. This follows the Company's 1 February 2021 announcement where it confirmed that 50 per cent of the Bonus Awards granted on 20 July 2020 had vested, and that the remaining 50 per cent would vest 18 months post the award period.

Accordingly, on 30 June 2021, the below Bonus Awards vested for PDMRs:

The remaining Bonus Awards were granted to senior employees who are not deemed PDMRs. The Company confirms that all Bonus Awards relating to the 2019 STI have now vested.

Admission to AIM and Total Voting Rights

Application will be made for admission of these 1,335,277 new Ordinary Shares to trading on AIM ("Admission"). It is expected that Admission will take place on or around 12 August 2021.

Following Admission, there will be a total of 1,193,566,820 Ordinary Shares in issue, 670,000 of which are held in treasury. Shareholders should use the figure of 1,192,896,820 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.

PDMR Shareholdings

Following the issue of Ordinary Shares related to the Bonus Awards which have vested, the PDMRs' shareholdings in the Company are as follows:

*Fortune Mojapelo now holds 9,173,794 Ordinary Shares in Bushveld directly and has a beneficial interest in a further 8,160,000 Ordinary Shares held through VM Investment Company (Pty) Ltd, a company in which he has a 50 per cent interest.

2.      Bonus Awards granted to PDMRs under the deferred component of the 2020 STI

On 6 August 2021, the following Bonus Awards were granted to certain PDMRs under the Conditional Share Plan (the "CSP"), which was described in the Remuneration Report of the Company's Annual Report for the year ended 31 December 2020 (the "2020 Annual Report"):

These Bonus Awards are linked to STI Performance and are subject to a vesting period (with 50% vesting 12 months post the award period, on 31 December 2021, and 50% vesting 18 months post the award period, on 30 June 2022) and continued employment, but not subject to forward looking performance vesting conditions.

3.    New Ordinary Shares awarded to PDMRs in lieu of cash

As described within the Remuneration Report of the 2020 Annual Report, for qualifying participants, the STI is partly paid in cash and partly deferred and settled as Bonus Awards (as per points 1 and 2 above).

To ensure alignment with shareholders in a challenging economic environment, it was concluded that two thirds of the cash component of the STI should be settled in equity (new Ordinary Shares in lieu of cash), which would be subject to a vesting period until 31 December 2021. Accordingly, the following Ordinary Shares were granted to the below PDMRs:

PDMR Dealing - Shares Issued to PDMRs Under 2019 STI

The notifications below, made in accordance with the requirements of the EU Market Abuse Regulation, provide further detail on the director's share dealing.

Notification and public disclosure of transactions by persons discharging managerial responsibilities and persons closely associated with them.

PDMR Dealing - Bonus Awards granted to PDMRs under the deferred component of the 2020 STI

The notifications below, made in accordance with the requirements of the EU Market Abuse Regulation, provide further detail on the director's share dealing.

Notification and public disclosure of transactions by persons discharging managerial responsibilities and persons closely associated with them.

PDMR Dealing - Shares Awarded to PDMRs in lieu of cash under 2020 STI

The notifications below, made in accordance with the requirements of the EU Market Abuse Regulation, provide further detail on the director's share dealing.

Notification and public disclosure of transactions by persons discharging managerial responsibilities and persons closely associated with them.

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