Update On The VRFB Holdings Limited Investment By Mustang Energy PLC

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 07 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 Thursday, 17 March 2022.

As previously announced on 19 January 2022, one of the Mustang convertible loan notes (“CLNs”) holders, Primorus Investment Plc (“Primorus”), elected to sell US$1.0 million of its CLNs to other CLN noteholders. In addition, Primorus accepted an option, granted by Bushveld, to sell its residual CLNs (face value of US$1.5 million) to Bushveld, in consideration for either cash or the issuance of new Bushveld convertible loan notes, at the discretion of Bushveld. Primorus has now elected to exercise its option and further information will follow in due course.

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