The Vertically Integrated Primary Vanadium Producer March 2019 Corporate Presentation www.bushveldminerals.com
Disclaimer These presentation slides and any other material provided with these slides (the “ Presentation Materials ”) do not comprise an admission document, listing particulars or a prospectus relating to Bushveld Minerals Limited (the “ Company ”) or any subsidiary of the Company, do not constitute an offer or invitation to purchase or subscribe for any securities of the Company and should not be relied on in connection with a decision to purchase or subscribe for any such securities. The Presentation does not constitute a recommendation regarding any decision to sell or purchase securities in the Company. No reliance may be placed for any purpose whatsoever on the information contained in the Presentation Materials or the completeness or accuracy of such information. No representation or warranty, express or implied, is given by or on behalf of the Company or its respective shareholders, directors, officers or employees or any other person as to the accuracy or completeness of the information or opinions contained in the Presentation Materials, and no liability is accepted for any such information or opinions (including in the case of negligence, but excluding any liability for fraud). The Presentation Materials contain forward-looking statements, which relate, inter alia , to the Company’s proposed strategy, plans and objectives. Such forward-looking statements involve known and unknown risks, uncertainties and other important factors beyond the control of the Company that could cause the actual performance or achievements of the Company to be materially different from such forward-looking statements. Accordingly, you should not rely on any forward-looking statements and the Company accepts no obligation to disseminate any updates or revisions to such forward- looking statements. The Presentation Materials should not be distributed, published, reproduced or otherwise made available in whole or in part by recipients to any other person and, in particular, should not be distributed to persons with an address in the Republic of South Africa, the Republic of Ireland, Australia or Japan or in any other country outside the United Kingdom where such distribution may lead to a breach of any legal or regulatory requirement. No securities commission or similar authority in Canada has in any way passed on the merits of the securities offered hereunder and any representation to the contrary is an offence. No document in relation to the Company’s securities has been, or will be, lodged with, or registered by, The Australian Securities and Investments Commission, and no registration statement has been, or will be, filed with the Japanese Ministry of Finance in relation to the Company’s securities. Accordingly, subject to certain exceptions, the Company’s securities may not, directly or indirectly, be offered or sold within Australia, Japan, South Africa or the Republic of Ireland or offered or sold to a resident of Australia, Japan, South Africa or the Republic of Ireland. Neither this presentation nor any copy of it may be taken or released or distributed or published, directly or indirectly, in the United States of America (the “United States”) . The material set out in the presentation materials is for information purposes only and is not intended, and shall not be construed, as an offer for securities for sale in the United States or any other jurisdiction. The Company’s securities (the “Securities”) have not been, and will not be, registered under the United States Securities Act of 1933, as amended (the “US Securities Act”) or with any securities regulatory authority of any state or other jurisdiction of the United States and may not be offered or sold within the United States or to, or for the account or benefit of, any US Person as that term is defined in Regulation under the US Securities Act except pursuant to an exemption from or in a transaction not subject to the registration requirements of the applicable securities legislation. The Company has not been registered and will not register under the United States Investment Company Act of 1940, as amended. The technical information contained within this presentation has been reviewed and approved by Dr Luke Longridge, consulting geologist. Dr Longridge has a PhD in Geology (2012) and over 6 years' experience working on vanadiferous magnetite deposits in the Bushveld Complex. He is a member of the Geological Society of South Africa and is a registered Professional Natural Scientist (Pr Sci.Nat.) in South Africa. Dr Longridge has sufficient experience relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined under the JORC Code (2012). Dr Longridge consents to the inclusion in this presentation of the matters based on his information in the form and context in which it appears. 2
Bushveld Minerals Investment Proposition 3 1 2 The largest primary vanadium resource base (439.6Mt) Brownfield infrastructure Positive price outlook as a result of combined resource create scope for low sustained structural ~2% in-magnetite V 2 O 5 amongst the highest in the capex and quick scale-up deficit world of production capacity 1 st quartile cost curve position 7 4 5 Management team Shareholder Return Vertical integration with high combines more than Committed to delivering quality, low cost production base 100 years’ experience attractive returns to allows us to be a key player in the shareholders multibillion-dollar energy storage 6 industry through VRFBs Concentrated global supply with South Africa as the largest host of high-grade primary vanadium resources 3
Company Overview A growing, low cost, vertically integrated primary vanadium An energy storage project developer and component producer manufacturer • High grade ore for primary • Large, low cost vanadium • Electrolyte • MW scale energy storage • Vanadium Redox Flow vanadium mining & processing processing manufacturing project development Battery (VRFB) • Largest primary vanadium • Focus on expansion and • Co-location in Vametco • Deployment models include Assembly & process → significantly manufacturing resource base in the world enhancement of brownfield PPAs, leasing models operation lowering costs Targeting initial 200MWh of Targeting 1,000 MWh opportunities by 2020 The Group is targeting a 10,000 mtV production in the medium term electrolyte p.a. 1. The Company also holds a 10.04% shareholding in AIM-listing AfriTin Mining Limited and a 100% holding in Lemur Holdings Source: Bushveld Minerals 4
Bushveld Minerals Listed on AIM: Ticker: BMN BMN share price (15 March 2019) 38.00p Basic ordinary shares 1 119 057 953 60 52-Week Hi-Lo 48.50 – 12.00p Market Capitalisation £425,242,022 Warrants nil 50 40 December 2017: April 2017: Bushveld Minerals Bushveld Minerals 30 increased its acquired an effective interest in effective interest in Vametco to 59% Vametco of 27% 20 September 2018: Bushveld Minerals 10 increased its effective interest in Vametco to 74% 0 Jan - 17 Mar - 17 May - 17 Jul - 17 Sep - 17 Nov - 17 Jan - 18 Mar - 18 May - 18 Jul - 18 Sep - 18 Nov - 18 Jan - 19 Mar - 19 Bushveld Minerals share price (GBp) Source: Bloomberg, 15 March 2019 ; Link Asset Services, as at 28 February 2019 5
Market Metrics Company Snapshot snap L12M Share Price Performance (Indexed) AIM: BMN Producing Assets Vametco 500% Brits Vanadium and Mokopane 450% Development Assets Vanadium 400% Total Production CY19e production >2,560mtV (2018) 350% Total Resources 440 Mt 300% Net Debt (Cash) as at 30.06.2018 (US$34.6 million) 250% 200% Bushveld Minerals Top Shareholders # shares % ownership 150% 1 Hargreaves Lansdown Asset Mgt 191,331,506 17.09 100% 2 Halifax Share Dealing 111,814,403 9.99 3 Interactive Investor 109,278,449 9.76 50% 4 Acacia Resources Limited 70,598,644 6.30 0% Mar - 18 May - 18 Jul - 18 Sep - 18 Nov - 18 Jan - 19 Mar - 19 5 Yellow Dragon Holding Limited 67,832,778 6.06 Bushveld Minerals FTSE AIM All shares FTSE AIM All shares - Basic Resources Ferro-vanadium basis 78% min, US$/kg V Bushveld Minerals Top Institutional # shares % ownership Shareholders Bushveld Minerals Coverage SP Angel Nominated Advisor and Broker 1 Invesco Perpetual Asset Mgt 21,418,938 1.91 Alternative Resource Capital Joint Broker 2 Canaccord Genuity Wealth Mgt 7,610,950 0.68 BMO Capital Markets Joint Broker 3 Amati Global Investors 5,713,633 0.51 Macquarie Capital - 4 Oppenheimer Funds 3,000,000 0.27 UBS (Industry expert note) - 5 FIL Investment International 418,620 0.04 Source: Link Asset Services, as at 28 February 2019 Source: Metal Bulletin, 15 March 2019 6
H1 2018 Financial Highlights H1 2018 H1 2017 Revenue 1 $ 0.0 $ 85.4 million $ 1.3 million 3 EBITDA 1 $ 43.6 million Profit After Tax 1,4 $ 29.0 million $ 1.4 million Free Cash Flow 1,5 $ 14.0 million - $ 1.8 million Cash Balance 2 $ 34.6 million $ 93.1k Gross Debt 2 $ 0.0 $ 0.0 Vametco Mine Earnings Per Share 1 1.57c 0.34c 1. Exchange rate: 2018 GBP/USD 1.4 (2017: GBP/USD 1.3) 2. Exchange rate:30 June 2018 GBP/USD 1.3 (30 June 2017: GBP/USD 1.3) 3. EBITDA - H1 2017: Includes share of associates 4. Profit After Tax includes minority interest 5. Free cash flow: comprises net operating cash flows less net investing cash flows 7
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