REG - Bushveld Minerals Ld - Bushveld Energy Update

Bushveld MineralsAnnouncement

20/11/2023 10:30

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RNS Number : 9638T  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: info@bushveldminerals.com

 Bushveld Minerals Limited                                                          +27 (0) 11 268 6555
 Craig Coltman, Chief Executive Officer
 Chika Edeh, Head of Investor Relations

 SP Angel Corporate Finance LLP                     Nominated Adviser & Broker      +44 (0) 20 3470 0470
 Richard Morrison / Charlie Bouverat
 Grant Baker / Richard Parlons

 RBC Capital Markets                                Joint Broker                    +44 (0) 20 7653 4000
 Jamil Miah / Sahil Suleman

 Tavistock                                          Financial PR
 Gareth Tredway / Tara Vivian-Neal/ James Whitaker                                  +44 (0) 207 920 3150

 

 

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 (http://www.bushveldminerals.com)

 

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