Bushveld Minerals : Results for the six months ending 30 June 2021

BUSHVELD MINERALS

Interim results for the six months ended 30 June 2021

September 2021

Disclaimer

These presentation slides, or any part of them and any related video or oral presentation, any question and answer session and any written or oral material discussed or distributed during the presentation (the "Presentation Materials") has been prepared solely for your information by Bushveld Minerals Limited (the "Company") and 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 Materials do not constitute a recommendation regarding any decision to sell or purchase securities in the Company. In accessing the Presentation Materials, you agree to be bound by the following terms and conditions.

The Presentation Materials do not constitute advice relating to legal, accounting, taxation or investment matters. The Presentation Materials do not constitute a recommendation regarding any potential securities offering. The information contained in the Presentation Materials does not purport to contain all information that may be required to evaluate the Company, its financial position and/or any investment decision.

Whilst all reasonable care has been taken to ensure that the facts stated in these Presentation Materials are accurate and that the forecasts, opinions and expectations contained in these Presentation Materials are honestly held and based on reasonable grounds, no undertaking, representation, warranty or other assurance, express or implied, is made or given by or on behalf of the Company or any of its directors, officers, partners, employees, agents, advisers or affiliates (collectively, "Representatives"), or any other person, as to the accuracy, completeness or fairness of the information or opinions contained in these Presentation Materials. In addition, in issuing these Presentation Materials, neither the Company nor any Representative undertakes any obligation to update or to correct any inaccuracies which may become apparent in these Presentation Materials.

Accordingly, no responsibility or liability is accepted by the Company or its Representatives for any loss howsoever arising, directly or indirectly, from the use of such information or opinions or for any errors, omissions, misstatements, negligence or otherwise for any other communication, written or otherwise (except that nothing in this paragraph will exclude liability of the Company for any undertaking, representation, warranty or other assurance made fraudulently) or as to the suitability of any particular investment for any particular investors or for any loss howsoever arising, directly from any use of such information or opinions or otherwise arising in connection therewith. In addition, no duty of care or otherwise is owed by the Company nor any Representatives for any loss, cost or damage suffered or incurred as a result of the reliance on such information or opinions or otherwise arising in connection with the Presentation Materials. To the fullest extent permissible by law, each of the Company, and the Representatives disclaim any and all liability, whether arising in tort, contract or otherwise, which they might otherwise have in respect of these Presentation Materials.

The Presentation Materials have not been approved by the Financial Conduct Authority as a prospectus under the Prospectus Rules (made under Part VI of the Financial Services and Markets Act 2000 ("FSMA")) or by London Stock Exchange plc ("LSE"), nor is it intended that they will be so approved. These Presentation Materials do not constitute or form part of any prospectus, admission document, invitation or offer for sale or solicitation or any offer to buy or subscribe for any securities nor will they or any part of them form the basis of, or be relied on in connection with, or act as any inducement to enter into, any contract or commitment. No reliance may be placed for any purpose on the information or opinions contained in the Presentation Materials or on their completeness, accuracy or fairness.

The Presentation Materials are directed at authorised persons or exempt persons within the meaning of FSMA or any order made thereunder or to those persons falling within the following articles of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (as amended) (the "Financial Promotion Order"): Investment Professionals (as defined in Article 19(5)), members and creditors of certain bodies corporate (as defined in Article 43 (2)) and High Net Worth Companies (as defined in Article 49(2)). Persons who do not fall within any of these definitions should not rely on the Presentation Materials nor take any action upon them.

These Presentation Materials are exempt from the general restriction in section 21 of FSMA relating to the communication of invitations or inducements to engage in investment activity on the grounds that they are made only to certain categories of persons, under the Financial Promotion Order as set out above

The Presentation Materials contain forward-looking statements, which are based on current expectations and projections of future events and that involve risks and uncertainties. All statements other than statements of historical facts contained in this document, including statements regarding the Company's future financial position, business strategy and plans, business model and approach and objectives of management for future operations, are forward-looking statements. Without limitation, the forward-looking statements in this document include any statements preceded by, followed by or including words such as "anticipate", "believe", "could", "estimate", "expect", "future", "intend", "may", "opportunity", "plan", "potential", "project", "seek", "will", "target", "aim", "can have", "likely", "should", "would" and other words and terms of similar meaning or the negative

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Disclaimer

The Company's actual results could differ materially from those anticipated in the forward looking statements as a result of many factors. The forward looking statements in these Presentation Materials are based on the beliefs and assumptions of the Company's directors and information only as of the date of this document and are not guarantees of future performance, and the forward looking events discussed in this document might not occur. No representation or warranty is made that any forward-looking statement will come to pass or as to the reasonableness thereof and no reliance should be placed on any forward looking statements. The Directors undertake no obligation to publicly update any forward looking statements, whether as a result of new information, future earnings, or otherwise. The past performance of the Company is not a reliable indication of the future performance of the Company. No statement in the Presentation Materials is intended to be nor may it be construed as a profit forecast or a profit estimate. Results can be positively or negatively affected by market conditions beyond the control of the Company or any other person.

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 Ireland, Australia, United States of America, Canada 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 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, the United States of America, Canada or the Republic of Ireland or offered or sold to a resident of Australia, Japan, United States of America, Canada or the Republic of Ireland.

The Presentation Materials do not constitute or form a part of any offer or an invitation or solicitation or advertisement to purchase and/or subscribe for securities in South Africa, including an "offer to the public" as defined in the South African Companies Act, 2008. Information made available in the Presentation Materials should not be considered as "advice" as defined in the South African Financial Advisory and Intermediary Services Act, 2002 ("FAIS Act") and should not be construed as an express or implied recommendation, guide or proposal that any particular transaction in respect of any securities or in relation to the business or future investments of the Company is appropriate to the particular investment objectives, financial situations or needs of a prospective investor, and nothing in the Presentation Materials should be construed as constituting the canvassing for, or marketing or advertising of, financial services in South Africa. The Company is not a financial services providers licensed as such under the FAIS Act.

Neither the Presentation Materials nor any copy of them 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.

In addition, certain information contained in the Presentation Materials may have been obtained from published and non-published sources prepared by other parties, which in certain cases have not been updated to the date hereof. While such information is believed to be reliable for the purpose used in the Presentation Materials, the Company and its Representatives do not assume any responsibility for the accuracy or completeness of such information and such information has not been independently verified by the Company and its Representatives. Furthermore, external or other factors may have impacted the Presentation Materials, since their preparation. The Presentation Materials have not been independently verified.

The technical information contained within this presentation has been reviewed and approved by Professor Richard Viljoen. Professor Richard Viljoen has more than 30 years' experience in the mining industry, including 15 years as chief consulting geologist for Gold Fields of South Africa. Notable past experience includes the development of significant mines including Northam Platinum and the Leeudoorn and Tarkwa gold mines, identifying and developing a significant platinum deposit in the Bushveld Complex for Akanani Resources as well as acting as consultant for exploration and mining companies in Canada, Mexico, Venezuela, India and China in the fields of base metals, gold and platinum. Professor Richard Viljoen has extensive 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). Professor Richard Viljoen consents to the inclusion in this presentation of the matters based on his information in the form and context in which it appears.

Presentation of data unless specified otherwise: variance analysis relates to the relative performance of Bushveld Minerals and/or its operations during the for the half year to 30 June 2021 and is by reference to the results published by the Company for that period.

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Introduction

2021 marks a rebasing for the Company's operations with a focus on operational stability - a necessary platform for production growth

• Production adversely impacted
• • in January and February as a result of plant instability,
  • a planned 35-day maintenance shutdown,
  • a slow post shutdown ramp up, and
  • unprotected industrial action
• Monthly production targets rebased in line with historical performance to create the necessary space to implement the required operational changes
• Increased investment in maintenance and sustaining capital to achieve stability and support volume growth. Volume growth will be the biggest contributing factor to a sustainable cost reduction
• Reduced production levels contributed to increased unit costs due to an unchanged fixed cost base
• Implementation of the funded Kiln-3 refurbishment at Vanchem (underway) to grow its production to 2,600 mtV per annum from current ~1,100 mtV
• • Increase in production will contribute the most to driving overall reduction in unit costs in coming year

Investing to build a stable platform in order to achieve our growth targets

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H1 2021 Group performance, 2021 guidance, 2022 growth outlook

Revenue

• Revenue of US$47.0 million ↑9%
• • Sales of 1,608 mtV, ↓9%
  • Realised sales price of US$29.24/kgV ↑21%

Production

• Production of 1,574 mtV ↓5%
• • Lower production due to unplanned stoppages, planned 35-day maintenance shutdown and unprotected industrial action
• Q2 2021 production ↑29% on Q1 2021 and ↑13% on Q2 2020
• • Improved operational performance at Vametco was not sufficient to offset the challenging start in Q1

EBITDA		Cash
▪ EBITDA loss of US$10.8 million (H1 2020:		▪ Cash and cash equivalents of US$31.6
(US$1.0 million))		million (December 2020: US$50.5 million)
− Impact of US$7.3 million due to a		▪ Net debt of US$54.4 million (December
	2020: US$33.7 million)
stronger ZAR:USD rate
	− Sustaining capital of US$6.1 million (H1
− Increased production costs (including		2020 of US$0.1 million) to enhance
maintenance, stripping and		operational stability
organisational restructuring) to ensure
stable base for sustainable growth

Mining		Bushveld Energy

2021e

• On track to meet Group production guidance of between 3,400 mtV and 3,600 mtV and cash cost (C1) guidance at the operations
• • Building on the improved operational performance which has continued into July- August. Vametco and Vanchem Unit cash costs (C1) for the full year expected to be in line with guidance

2022 outlook

• The PFA capital ring-fence uplifted and ~US$18 million reallocated to Vanchem, which is expected to achieve a production run rate of ~2,600 mtVp.a by the end of 2022
• • On the back of the stability of operations at Vanchem and rapid opportunity to scale up
• Group production to increase a steady-state run rate of between 5,000 - 5,400 mtVp.a. by the end of 2022
• • Production growth is key to margin expansion, unit cost reduction and increased profitability

• Monetised Invinity holding ~US$13 million (initial investment of US$5 million)
• 25.25% interest into Cellcube
• Commenced construction of 200 MWh electrolyte plant

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