03 February 2021

Bushveld Minerals Limited

("Bushveld Minerals" or the "Company")

Vametco Inferred & Indicated Mineral Resource and Ore Reserve Update for Annual Reporting purposes

Mineral Resources and Ore Reserves

Mineral Resources are the estimated quantities of material that have potential for eventual economic extraction from the Group's properties. Ore Reserves are a subset of Measured and/or Indicated Mineral Resources that can be demonstrated to be able to be economically and legally extracted.

Ore Reserves are declared for open pits inside the LoM pit design (the optimised pit shell in this instance), including diluting materials and allowances for losses, which may occur when the material is mined or extracted, and are defined by studies at Pre-Feasibility or Feasibility level, as appropriate, that include application of Modifying Factors. Such studies demonstrate that, at the time of reporting, extraction could reasonably be justified (JORC, 2012). Ore Reserves are declared for in-situ tonnes in the pits and exclude any stockpiles. Economic assumptions used to estimate reserves change from period-to-period as additional technical and operational data is generated.

BUSHVELD VANADIUM RESOURCES AND RESERVES

The Resources and Reserves estimates are based on the competent person's statements prepared by an independent consultancy company, MSA Group as at 31 December 2019.

VAMETCO MINE

  • Ore Reserves have been depleted after 12 months of mining by approximately 2% from previous Ore Reserve estimate as at 31st December 2019. Ore Reserves is reported as at the 31st December 2020 at 267,200 tonnes V2O5 in magnetite at a grade of 2.02 per cent V2O5 (in magnetite),
  • Combined Inferred and Indicated Mineral Resource comprises 3 Seams (The Lower, Intermediate and Upper Seams) and is reported as at the 31st December 2020 at 184.2 Mt at an average grade of 1.98 per cent V2O5 (in magnetite), with an average magnetite content of 35.0 per cent (in whole rock) for 709.8 thousand tonnes of contained vanadium. The combined Inferred and Indicated Mineral Resource was previously reported on the 19th January 2020 to be 185.5 Mt at an average grade of 1.98 per cent

V2O5 (in magnetite), with an average magnetite content of 35.0 per cent (in whole rock) for 714.7 thousand tonnes of contained vanadium.

  • Within this, the Ore Reserve in the Probable Category comprise 3 Seams (The Lower, Intermediate and Upper Seams) and is reported as 46.4 Mt at an average grade of 2.02 per cent V2O5 (in magnetite), with an average magnetite content of 28.4 per cent (in whole rock) for 149,700 tonnes of vanadium.
  • The Lower Seam is the main ore seam and the thickest, ranging from 13.8 to 52.0 metres in thickness, comprising a Probable Reserve of 38.8 Mt at an average grade of 2.05 per cent V2O5 (in magnetite), with an average magnetite content of 29.3 per cent (in whole rock) for 130,500 tonnes of vanadium.
  • The decrease in the 2020 Mineral Resource, by 0.68 per cent less tonnes than the 31th January 2019 estimate, is attributed to mining of the seams over the last 12 months. No Mineral Resource Exploration was carried out over the period.
  • The decrease in the ore tonnages for the previous Ore Reserve estimate in December 31st 2019 from 47.4 Mt to 46.4 Mt in December 31st 2020 is due to the depletion of lower and Intermediate seams over the 12 month period based on the pit to plant reconciled production data supplied by Vametco.
Notes:
1. All tabulated data have been rounded and as a result minor computational errors may occur.
2. Mineral Resources which are not Ore Reserves have no demonstrated economic viability.
3. Mineral Resources are inclusive of Ore Reserves (not indicated in the table).
4. Magnetite content (grade) is determined as the proportion of magnetite concentrate recovered using Davis Tube methodology.
5. Due to the magnetite grade being a recovered grade, differences will occur between whole rock V2O5 grades back-calculatedfrom concentrate, versus those derived from whole rock assays.
6. Depleted using 31 December 2020 pit survey.
7. Reported on a Gross Basis. Bushveld Minerals shareholding in Vametco Alloys is 74%.

Table 1: Vametco Mineral Resource at a cut-off grade of 20% magnetite, as at 31 December 2020 -

Gross Basis

V2O5 grade of

Magnetite

V2O5 grade in

Tonnes V2O5 in

Tonnes V in

Tonnes

grade of

whole rock

magnetite

magnetite

magnetite

Class

Seam Name

whole rock

(Millions)

%

%

%

(Thousands)

(Thousands)

Upper

5.7

1.44

65.9

1.78

66.2

37.1

Indicated

Intermediate

27.9

0.67

32.8

1.91

174.8

97.9

Lower

107.9

0.72

32.3

2.03

709.4

397.4

Total

141.5

0.74

33.8

2.00

950.5

532.4

Upper

10.3

1.46

63.6

1.75

114.8

64.3

Inferred

Intermediate

7.0

0.67

32.1

1.92

43.3

24.3

Lower

25.4

0.74

31.3

2.00

158.4

88.7

Total

42.7

0.90

39.2

1.93

316.6

177.3

Upper

16.0

1.45

64.4

1.76

181.0

101.4

Indicated and

Intermediate

35.0

0.67

32.7

1.91

218.1

122.2

Inferred

Lower

133.3

0.72

32.1

2.03

867.9

486.1

Total

184.2

0.78

35.0

1.98

1,267.2

709.8

Notes:
1. All tabulated data have been rounded and as a result minor computational errors may occur.
2. Mineral Resources which are not Ore Reserves have no demonstrated economic viability.
3. Mineral Resources are inclusive of Ore Reserves (not indicated in the table).
4. Magnetite content (grade) is determined as the proportion of magnetite concentrate recovered using Davis Tube methodology.
5. Due to the magnetite grade being a recovered grade, differences will occur between whole rock V2O5 grades back-calculatedfrom concentrate, versus those derived from whole rock assays.
6. Depleted using 31 December 2020 pit survey.
7. Reported on an Attributable Basis. Bushveld Minerals shareholding in Vametco Alloys is 74%.

Table 2: Vametco Mineral Resource at a cut-off grade of 20% magnetite, as at 31 December 2020 -

Attributable Basis

V2O5 grade of

Magnetite

V2O5 grade in

Tonnes V2O5 in

Tonnes V in

Tonnes

grade of

whole rock

magnetite

magnetite

magnetite

Class

Seam Name

whole rock

(Millions)

%

%

%

(Thousands)

(Thousands)

Upper

4.2

1.44

65.9

1.78

49.0

27.4

Indicated

Intermediate

20.7

0.67

32.8

1.91

129.3

72.4

Lower

79.9

0.72

32.3

2.03

525.0

294.0

Total

104.7

0.74

33.8

2.00

703.4

394.0

Upper

7.6

1.46

63.6

1.75

84.9

47.5

Inferred

Intermediate

5.2

0.67

32.1

1.92

32.1

17.9

Lower

18.8

0.74

31.3

2.00

117.2

65.6

Total

31.6

0.90

39.2

1.93

234.3

131.2

Upper

11.8

1.45

64.4

1.76

133.9

75.0

Indicated and

Intermediate

25.9

0.67

32.7

1.91

161.4

90.4

Inferred

Lower

98.7

0.72

32.1

2.03

642.2

359.7

Total

136.3

0.78

35.0

1.98

937.7

525.2

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Bushveld Minerals Limited published this content on 04 February 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 04 February 2021 06:43:00 UTC.