Primorus Investments plc

("Primorus" or the "Company")

Backstop arrangements for the Investment in Mustang Energy PLC

Primorus Investments plc (AIM: PRIM) provides an update in relation to its investment in Mustang Energy PLC ("MUST").

Further to the options set out within the RNS issued on the 19 January 2022, Primorus has, today, requested MUST to issue the requisite notice to Bushveld Minerals PLC ("BMN") to enact the Backstop arrangements, under which BMN will, at its election, either repay to Primorus the outstanding CLN plus accrued interest or enter into a CLN with Primorus.

Primorus will provide a further update when BMN chooses which settlement option, referred to in the 19 January RNS, to pursue.

Forward Looking Statements

This announcement contains forward-looking statements relating to expected or anticipated future events and anticipated results that are forward-looking in nature and, as a result, are subject to certain risks and uncertainties, such as general economic, market and business conditions, competition for qualified staff, the regulatory process and actions, technical issues, new legislation, uncertainties resulting from potential delays or changes in plans, uncertainties resulting from working in a new political jurisdiction, uncertainties regarding the results of exploration, uncertainties regarding the timing and granting of prospecting rights, uncertainties regarding the Company's ability to execute and implement future plans, and the occurrence of unexpected events.  Actual results achieved may vary from the information provided herein as a result of numerous known and unknown risks and uncertainties and other factors.

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