Bushveld Minerals : Annual Report & Financial Results 2022

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December 2022

ANNUAL REPORT AND FINANCIAL RESULTS

Bushveld Minerals is a vertically-integrated primary vanadium producer. It is one of only three primary vanadium producers, with ownership of two of the world's four operating primary vanadium processing facilities. Bushveld offers compelling exposure to vanadium because it operates across both the upstream and downstream value chains through Bushveld Vanadium and Bushveld Energy.

Vanadium is an essential element in many modern processes. It is playing a critical role in the transition to a low-carbon economy to enable a more sustainable world. It reduces carbon emissions generated during steel production and in advancing utility-scale battery storage solutions. Bushveld's mission,

as a producer of diversified vanadium products for the steel, clean energy and chemical sectors, is to be a leader across the vanadium value chain.

OUR PURPOSE

To mine, process and beneficiate vanadium in a way that contributes to the sustainability of the planet while creating tangible value for our stakeholders and society.

OUR STRATEGY

To build a sustainable, cash-generating,low-cost production platform and leverage it to create a leading downstream vanadium-based energy storage platform. By doing so,

we will create value as an investor, project developer and manufacturer of electrolyte across the Vanadium Redox Flow Battery (VRFB) value chain. In effecting this strategy, our leadership prioritises the proactive identification and mitigation of all business and operating risks that may impede our objectives.

This report is also available at

www.bushveldminerals.com/financial-reports

Table of contents

2	48	69
BUSINESS OVERVIEW	GOVERNANCE	FINANCIAL STATEMENTS

overview	Business
Governance
statements	Financial

4 Investment Case

1. Our business at a glance

1. Chairman's statement

1. Chief Executive Officer's review

1. Our strategy

1. Our business model
2. Performance and objectives

1. Finance Director's review

1. Vanadium market overview

1. Energy storage overview
2. Operating assets and operational review

28 Principal risks

1. Sustainability

1. Our people

1. Board of Directors
2. Executive Management Team
3. Corporate Governance Report

1. Report of the Audit Committee

1. 2022 Remuneration Report

1. Directors' Report
2. Statement of Directors' Responsibilities

120

SUPPLEMENTARY

INFORMATION

122 Mineral Resources and Reserves

1. Acronyms
2. Glossary

1. Notice of Annual General Meeting

1. Company Information

69 Independent Auditor's Report

1. Consolidated Statement of Profit or Loss
2. Consolidated Statement of Comprehensive Loss
3. Consolidated Statement of Financial Position
4. Consolidated Statement of Changes in Equity
5. Consolidated Statement of Cash Flows
6. Notes to the Consolidated Financial Statements

Supplementary information

Throughout this publication, the Boards are referred to collectively as the Board. In this Annual Report, the terms "Bushveld Minerals Group", "Bushveld", "Company", "Group", "we", "us", "our" and "ourselves" are used to refer to Bushveld Minerals Limited. The terms "Vametco Mine and processing plant", "Vametco Mine" and "Vametco" are used to refer to Bushveld Vametco Alloys (Proprietary) Limited. The terms "Vanchem plant" and "Vanchem" are used to refer to "Bushveld Vanchem Proprietary Limited". Cross- references refer to sections of the Annual Report, unless stated otherwise.

Annual Report and Financial Results 2022

1

Business overview

CONTENTS

4 Investment Case

1. Our business at a glance

1. Chairman's statement

1. Chief Executive Officer's review

1. Our strategy
2. Our business model
3. Performance and objectives

1. Finance Director's review

1. Vanadium market overview

1. Energy storage overview
2. Operating assets and operational review

1. Principal risks

1. Sustainability

1. Our people

2	Annual Report and Financial Results 2022

Business overview
Governance
statements	Financial
information	Supplementary

Annual Report and Financial Results 2022

3