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Overview

Bushveld Minerals (AIM: BMN) is a low-cost, integrated, primary vanadium producer, with ownership of high-grade vanadium assets. The Company’s flagship vanadium platform includes a 74 per cent controlling interest in Bushveld Vametco Alloys (Pty) Ltd, a primary vanadium mining and processing company; 100 per cent of Bushveld Vanchem, a primary vanadium processing facility with a beneficiation plant; the Mokopane Vanadium Project and the Brits Vanadium Project.

Bushveld’s vision is to become a significant, low-cost, integrated primary vanadium producer through owning high grade assets. Whilst the demand for vanadium remains largely anchored in the steel industry, Bushveld Minerals believes there is strong potential for an imminent and significant global vanadium demand surge from the fast-growing energy storage market, particularly through the use and adoption of Vanadium Redox Flow Batteries. Bushveld Energy, the Company’s energy storage solutions provider, plays a leading role in the development and promotion of the role of vanadium in this market.

Bushveld Energy is a leading energy storage solutions provider, focusing on the African market. Bushveld Energy recognises that electricity in Africa intersects paramount potential for social transformation with an immense commercial opportunity.

Bushveld Energy is focused on developing and promoting the role of vanadium in the growing global energy storage market through application in vanadium redox flow batteries. Its near term strategy is to deploy several VRFB systems as part of its longer term vision to become a significant electricity storage provider in Africa, meeting the demand for utility scale energy storage in Africa by leveraging South Africa-mined and beneficiated vanadium.

http://www.bushveldminerals.com

Directors

  • Michael Kirkwood (Snr. Ind NE Chair): Chairs Ondra LLP & NED of AngloGold Ashanti
  • Ian Watson (Ind NE Chair.): ex MD Northam Platinum, ex CEO Platmin, ex CEO International Ferro Metals (SA)
  • Fortune Mojapelo (CEO): Founder of VM Investment Company. Involved in establishment and project development of several African junior miners
  • Tanya Chikanza (FD): 30 yrs equity and debt capital marketsexperience. Spent 9 yrs at Lonmin Plc
  • Jeremy Friedlander (Ind NED): involved in several natural resource projects in Africa
  • Anthony Viljoen (NED): Founder of VM Investment Company
  • Dolly Mokgatle (Ind NED): Ex Dep. Chair. of National Energy Regulator of SA, Chairs Total South Africa Pty Ltd, & NED of Rothschild (SA)

Financials

P&L31 Dec 2019
US$~000
31 Dec 2018
US$~000
Revenue
116,514192,090
(Cost of Sales)(47,829)(59,555)
(Other operating/ admin costs)(36,043)(31,320)
EBITDA44,879
20,440
Gain on Bargain purchase - Vanchem60,587-
Profit after tax

69,248
49,000
P&L31 Dec 2019
US$~000
31 Dec 2018
US$~000
Propert, plant & Equipment185,26947,881
Total Non-Current Assets252,178110,851
Cash & cash equivalents
34,01242,019
Total Current Assets82,57299,750
Borrowings41,756-
Total Liabailities93,65950,963
Total Equity & Liabilities
334,751210,602

Peer Group

  • Largo Resources (TSX: LGO): Vanadium production in Brazil
  • TNG Ltd (ASX: TNG): Vanadium & Titanium development project in Australia
  • Australian Vanadium Limited (ASX: AVL): Vanadium production in Western Australia
  • VanadiumCorp Resource Inc (TSX-V: VRB): Mining & clean energy storage co in Canada

Major Shareholders

Directors

  • Fortune Mojapelo – 1.12%
  • Anthony Viljoen – 1.11%

Other

  • Hargreaves Lansdown Asset Mgt – 18.39%
  • interactive investor – 11.12%
  • Halifax Share Dealing – 10.46%
  • Orange Trust – 6.13%
  • Acacia Resources – 5.76%

Macro Indicators

SP Angel note (July 2020)

  • China’s new high-strength rebar standard introduced in late 2018 was designed to limit the use of inferior steels in construction.
  • China’s use of vanadium rose last year to 0.054kgV/t of steel in 2019 from 0.052kgV/tonne of steel in 2

Technavio: Global Vanadium Redox Battery Market 2020-2024 (Sep 2020): “The vanadium redox battery market and it is poised to grow by USD 37.84 mn during 2020-2024, progressing at a CAGR of almost 6% during the forecast period”

Media Coverage

Miningweekly.com: “Bushveld Minerals advances plans to support VRFB development” (Aug 2020)

“AIM-listed Bushveld Minerals has advanced the acquisition of Austrian group Enerox by acquiring a further 65.1% of the investment vehicle’s share capital through Enerox Holdings Limited (EHL).”

Investors: Chronicle : “Bushveld – production up, prices down” (June 2020)

Broker Coverage

SP Angel (July 2020: House Broker)

“Bushveld looks well placed to benefit from our forecast substantial upturn in demand for structural steel for government and regional construction programs. News on new Chinese infrastructure and housing construction continues to emerge while some
$15.9tn of stimulus spending has been announced around the world.”

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