Bushveld Energy Update

Bushveld Minerals Limited

20 November 2023

 

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. 

20 November 2023

Bushveld Minerals Limited

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

Bushveld Energy update - Sale process initiated for CellCube

Bushveld Minerals Limited (AIM: BMN), the integrated primary vanadium producer, is pleased to provide an update on the company's energy operations and assets.

Highlights

·      Sale process initiated for Bushveld's stake in CellCube.

·      BELCO construction and commissioning completed, first batch of electrolyte undergoing qualification for compatibility with international customers.

Sale of stake in CellCube

The Board of Bushveld has agreed to commence a formal sale process for its interest in CellCube, the grid scale and micro-grid energy storage battery manufacturer, headquartered in Austria (also known as Enerox). The sale is in line with the Company's plans for simplifying the business and focusing on its core assets.

BELCO Electrolyte Facility

Commissioning and construction of the BELCO electrolyte manufacturing plant was completed in August 2023. The initial product has been distributed to international customers for qualification and compatibility prior to issuance of orders with initial feedback expected in December 2023.

Update on Mustang

As a fulfilment of specific fees owed to Bushveld and in repayment of the working capital loan, Mustang Energy Plc ("Mustang") declared on November 20, 2023, the issuance of 1,880,366 new ordinary shares to Bushveld. Following this issue of ordinary shares, Bushveld now holds c.15.5% of the Mustang issued share capital.

Furthermore, as a result of the decision to undertake a broader sale process of Bushveld's interest in CellCube, the Company will not be signing a revised Share Exchange Agreement with Mustang as this would provide ongoing exclusivity to Mustang.

Craig Coltman, CEO of Bushveld Minerals Limited, commented: 

"Following an extensive review and investigation of ways to unlock value, the decision to sell the underlying stake in CellCube is an important step as we work to consolidate our assets and streamline our operations on our cash generative vanadium operating facilities.

We are pleased with the progress we have made with our electrolyte plant, which is undergoing compliance testing with potential international customers. I look forward to updating the market once we have received further feedback."

ENDS

Enquiries: [e-mail]

Bushveld Minerals Limited		[phone]
Craig Coltman, Chief Executive Officer
Chika Edeh, Head of Investor Relations
SP Angel Corporate Finance LLP	Nominated Adviser & Broker	[phone]
Richard Morrison / Charlie Bouverat
Grant Baker / Richard Parlons
RBC Capital Markets	Joint Broker	[phone]
Jamil Miah / Sahil Suleman
Tavistock	Financial PR
Gareth Tredway / Tara Vivian-Neal/ James Whitaker		[phone]

ABOUT BUSHVELD MINERALS LIMITED

Bushveld Minerals is a vertically integrated primary vanadium producer, it is one of only three operating primary vanadium producers. In 2022, the Company produced more than 3,800 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.

Detailed information on the Company and progress to date can be accessed on the website www.bushveldminerals.com

 

END