Bushveld Minerals Limited

An Emerging Integrated Vanadium Platform

13 June 2016

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2 6/14/2016

Introduction

Why Vanadium

Bushveld Minerals Vanadium Platform

The SMC/Vametco Transaction

3 6/14/2016

Bushveld Minerals is a mineral development company with a

portfolio of vanadium and titanium-bearing iron ore, tin and coal

assets in Southern Africa. The company has three development

platforms:

Bushveld Resources Ltd:

– Developing an integrated mine-to-market vanadium

business

– Owner of the Company’s flagship asset, Mokopane

Vanadium Project in Limpopo Province, South Africa

– Owns 84% of Bushveld Energy, an energy storage solutions

company focusing on vanadium redox flow battery

technology in Africa

Greenhills Resources: A portfolio of tin assets in Southern Africa

Lemur Resources: Developing an integrated thermal coal and

IPP project in Madagascar

Bushveld was admitted to the AIM of the London Stock

Exchange in March 2012

Introduction to Bushveld Minerals

Share information

Ticker BMN

Number of ordinary shares in issue 584,670,772

Share price* 2.0 p

Number of options in issue Nil

Market capitalisation* £11.5M

Warrants* (exercise prices = 2.4p, 5p, 3.4p, 4.75p, 12p) 79.6m

4

Source: Bloomberg (10 June 2016 close)

Source: Company records

6/14/2016

Introduction to Bushveld Minerals

5 6/14/2016

Vametco

Early production targeting

high grade zones of the

Groenfontein & Zaaiplats

deposits

• Secure IPP license for thermal

coal power generation

• Secure strategic partner for

development of integrated mine

to power plant play

Focus

Building a significant

integrated vanadium mining

and processing platform

Introduction

Why Vanadium

Bushveld Minerals Vanadium Platform

The SMC/Vametco Transaction

6 6/14/2016

1. Vanadium prices are at historic lows, with long term averages significantly above current levels

2. 90% of vanadium consumption concentrated in steel sector, with utility scale energy storage providing step change opportunity

3. Supply is concentrated geographically and in terms of feedstock source and is constrained

4. Significant supply deficit expected

5. Significant price improvement needed to stimulate new supply

6. South Africa is one of the leading primary vanadium producers, with low cost production base is well placed to fill looming

supply deficit

7. >40% improvement in V price since February 2016

7

Case for vanadium: The story to now

Market at the bottom of its commodity cycle, making this an ideal investment opportunity

6/14/2016

Source: Metal Bulletin, Roskill 2015 Report, TTP Squared

• High strength-to-weight characteristics

• Corrosion resistance

• Weldability

• Fabricability

8

Case for Vanadium - Uses

6/14/2016

Vanadium is a grey, soft, ductile high value metal with several unique characteristics that position them well in the

steel, alloys and chemicals sectors

• Able to exist in four different oxidation states

• Water-soluble

Steel

Chemicals

Source: Metal Bulletin, Roskill 2015 Report

59%

31%

4%

3% 2% 1% 0%

Vanadium Consumption by Application 2014

HSLA Special Steel Super Alloys / Titanium Alloys Chemicals Cast Iron Stainless Steel V Metal

9

Case for Vanadium - Uses

6/14/2016

Steel - Accounts for ~(85% - 90%)

• High strength low alloy steel (HSLA)

• High carbon steel alloys (HSS)

• Rebar and structured beams

• High speed tools and surgical instruments

Titanium Alloys (5-10%)

• Used in aerospace & aircraft industry -

• Also used in dental implants

Chemicals (1-3%)

• Catalysts for sulphuric acid and synthetic

rubber production

• Use in catalytic converters to remove sulfur

dioxide

• Vehicle catalyst alternative for platinum

and nickel

• Energy Storage

– Grid scale vanadium redox flow

batteries

– Applications in lithium-vanadium

based battery for electric vehicles

Source: Metal Bulletin, Roskill 2015 Report

Although vanadium market prices are the lowest they have been for years…

FeV price history

USD / kgV, March 1997- October 2015

… both supply and demand factors suggest a short to

medium term rebalancing

2

1 Supply

• Supply concentrated geographically, with ~85%

located in China, South Africa and Russia

• Supply will likely decrease due to exit of Chinese

vanadium slag producers

• Low probability of new entrants with production

costs low enough for profitable operations

Demand

• Over 90% of Vanadium demand is anchored in

steel

• Increasing vanadium intensity in steel in China and

other developing market supports demand growth

despite slowing steel demand

• Demand will diversify with increased use in utility

scale energy storage, offering a potential step

change in overall demand

Note: Price as at April 2016

Source: MetalB Bulletin, 2015, Roskill, TTP Squared

$ 0.00

$ 20.00

$ 40.00

$ 60.00

$ 80.00

$ 100.00

$ 120.00

$ 140.00

US

$/K

gV

Metal Bulletin FeV Daily Price Quote

Current FeV price*

US$16.50/kgV or

US$4.2/lb

Market at the bottom of its commodity cycle, making it an ideal investment opportunity

10

Case for vanadium: The story to now

6/14/2016

Source: Roskill, 2015; Bushveld analysis

of global

production -

mainly China &

Russia

64%

Ore

• High vanadium grade required – barrier of entry

• Lower capex than steel making

• Primary economics driver – vanadium

Vanadium raw material cost assumed zero –

accounted for in steel making

Large steel plant capex – barrier to entry

Primary economics driver – steel

Hot metal

Vanadium slag

Salt Roast

& Leach

BOF

Vanadium

recovery

Steel

Smelting

Magnetite

concentrate

Route B: Primary Vanadium production

Route A: Vanadium Co-production

Salt Roast

& Leach of global

production -

mainly South

Africa

24%

Case for vanadium: Supply considerations

NO SIGNIFICANT SUPPLY INCREASE IN SIGHT ….

6/14/2016 11

V-Slag

of global production

mainly China &

Russia

64%

salt roast

& leach

BOF Vanadium

recovery Smelting

Magnetite

concentrate

Three available options for uneconomic vanadium co-product steel plants

Resulting vanadium supply

reduction of

6/14/2016

Hot metal Steel

China

Brazil

Australia

India

CIS

1 High operating costs(~2x operating

costs compared with haematite

processing)

Complex steel plant design

Inferior Fe grade

Additional processing steps

2

Subdued steel market

Improved margins from

cheaper seabourne iron ore

not available

3 Global production of iron ore – US$/t

1

2

3

SWITCH Chengde Steel, substituting some of feedstock raw materials with

seaborne haematite, reducing V production

CURTAIL Panzhihua Steel – 2 blast furnace put on care & maintenance during

2015 & reducing V production by 15%

STOP Highveld Steel – stopping production May 2015, followed by

Vanchem

EXAMPLES

~ 15 – 20%

Case for vanadium: Supply considerations

VANADIUM CO-PRODUCTION SUPPLY FACING SIGNIFICANT CONSTRAINTS

12

Source: Roskill, 2015; TTP Squared Inc, 2014, Bushveld analysis

Market balance trajectory points to a sustained deficit

Price recovery expected in the short to medium term

>$6/lb V2O5 price required to stimulate new supply (Roskill, 2015)

13 6/14/2016

Case for vanadium: Market imbalance

THE DISAPPEARING SUPPLY IS MOSTLY FROM THE LOWER-END OF THE 1st QUARTILE OF THE CASH COST CURVE

Co-product slag

Primary ore

Secondary Potential Supply

reductions

Current FeV

price

(US$16.50/kgV

or US$4.2/lb))

Current oxide

price

(US$13.50/kgV or

US$3.44/lb))

Case for vanadium: Demand drivers

Source: TTP Squared; World Steel Association

STEEL PRODUCTION DRIVERS REMAIN ROBUST …

Regulation driven shift to higher strength

rebar driving up vanadium intensity of use in

China

• 2010 - Code for Design of Concrete Structures

(GBS0010-2010,

• 2011, Update Code for Construction Quality

Acceptance of Concrete Structures (GB50204 –

2002)

Urbanisation in emerging markets

• Large gap in urbanisation between emerging

markets (~40-47%) and developed markets ( ~80%)

• Strong correlation between urbanisation and

infrastructure build (thus steel consumption)

• Steel production expected to grow at a CAGR of 1%

through to 2025

14

2

1

• Vanadium intensity in steel in Chinese and other emerging markets lags

behind rest of the world, creating opportunity for higher vanadium demand

• China has already enacted regulation to shift to higher strength rebar,

driving up its vanadium intensity

0.096 0.084

0.06 0.056 0.05

0.03

0.00

0.02

0.04

0.06

0.08

0.10

0.12

North AmericaEurope CIS World Average China India

Vanadium intensity of use by region

kgV

/ton s

teel

% growth in Vanadium consumption in steel between 2006 –

2014, compared with 3.6% growth in steel production +8%

Vanadium intensity of steel will lead to vanadium demand growth of

~4%, which is faster than that for steel

Source: TTP2, MetalBulletin, 2015, World Steel Association, Company analysis

6/14/2016

Implies ~30,000

tons additional

demand *

* Based on 2012 Chinese Steel production

Growing momentum in energy storage

market globally – projected to grow to

>US$350 Bn by 2030

Utility scale energy storage

applications:

Driving grid efficiency – operational

and capital expenditure

o Peak shaving

o Regulating load frequency

o Balancing PV and wind

intermittency

o Reducing CAPEX for and

losses in transmission and

distribution

Driving grid independence

o Storing electricity from solar PV

for use night

o Lowering system costs for

micro grids and islands Source: BCG. CitiGroup, Press search

0

100

200

300

400

500

BCG, 2011 CitiGroup, 2015

2030 forecasts

Case for vanadium: Demand drivers

POTENTIAL DEMAND STEP-CHANGE FROM ENERGY STORAGE APPLICATIONS

6/14/2016

Flow battery developer to build 800 MWh battery

system in ...

UniEnergy Technologies and Rongke Power plan

to deploy one of the biggest energy storage facility,

an 800 MWh flow battery, in the Dalian peninsula in

...

www.utilitydive.com/news, 02/06/2016

STORAGE Is the New Solar: Will

Batteries and PV Create an

Unstoppable Hybrid Force

Greentechmedia.com, Jan ‘15

60MWh Redox Flow Battery Starts

Operations to Deal With ...

Hokkaido Electric Power Co Inc (HEPCO)

and Sumitomo Electric Industries (SEI) Ltd

announced Dec 25, 2015, that they have

completed a large-scale storage battery ...

05/01/2016

THE energy storage market is shifting to a

commercially viable market - 900 MW of projects are

expected to be installed in 2016, growing capacity

100%

iHS, 2016

There will be economic potential for

very large amounts (about 400 GW) of

storage in the EU

Commercialization of Energy in

Europe, EC report, March ‘13

US$ Bn

15

Case for vanadium: Demand drivers

a) Lifespan cycles - able to charge and

discharge repeatedly (>35,000 times)

giving it a long (>20 years) lifespan

b) Capacity for 100% discharge without

performance degradation is unique

c) Capacity to store large quantities of

energy and scalable up into the MW-

range

d) Very fast response time (<70ms)

e) Only one battery element - therefore no

cross-contamination – unique among flow

batteries

f) 100% of vanadium is reusable upon

decommissioning of the system

VANADIUM REDOX FLOW BATTERIES WELL PLACED FOR SIGNIFICANT ENERGY STORAGE MARKET SHARE

16 6/14/2016

VRFBs have several features that make them ideal for

utility scale, stationary energy storage applications:

Why Vanadium? Cont.

Source: Roskill, 2015; TTPSquared; Bushveld analysis

A structural market deficit suggests looming price correction

-21% -19% -19% -18% -18%

17 6/14/2016

Notes:

Market supply and demand volumes per Roskill 2015 reports, adjusted for subsequent supply reductions arising from

Highveld Business Rescue and subsequent liquidation underway, reductions in Chinese production from haematite

substitutions for some vanadium-bearing magnetite iron feedstock

Robust demand from steel

sector, and potential demand

upside from energy storage

applications

Constrained supply, with short

term supply reductions and

limited new supply additions

A potential structural market

deficit, which creates potential

for upward price correction

+

Introduction

Why Vanadium

Bushveld Minerals Vanadium Platform

The SMC/Vametco Transaction

18 6/14/2016

Bushveld Vanadium target structure

VANADIUM

19

World class primary vanadium reserves and resources with

easy access to existing infrastructure

Open cast deposits

Tier-1 vanadium grades (>2% V2O5 in magnetite)

The world’s largest high grade primary vanadium resource

base (>400 Mt JORC reserves and resources)

Salt-roast processing infrastructure with existing capacity

capable to meet 3% of global market

Targeting brownfields infrastructure significantly lowers

capex requirements and brings forward production

Targeting ~1,000MW of energy storage solutions using

Vanadium based flow battery systems

Captive market for BMN vanadium production

Major agreements already signed with key technology and

financing partners

Maximises the beneficiation dividend for Bushveld

DEVELOPING A VERTICALLY INTEGRATED AND LOW COST VANADIUM PLATFORM

MINING

PROCESSING

ENERGY

Mokopane

Vanadium

Project

Brits

Vanadium

Project

Vametco Bushveld Vanadium

SaltCo

Vametco

Mine

6/14/2016

BVR: project locations

20

Key

Vanadium-bearing

titaniferous magnetite

Mokopane Vanadium Project

Witbank

Middelburg

EASTERN LIMB

Thabazimbi

Rustenburg

Pretoria

Johannesburg

NORTHERN LIMB

Brits Vanadium Project

Vametco

WESTERN LIMB

• 298 MT JORC, outcropping reserve &

resource

• Vanadium in-magnetite grades of 1.75% V2O5

• Resource includes ~12.5Mt with average in-

magnetite grades >2.0% V2O5

• PFS completed Jan 2016

• Target production of 9,525 tpa V2O5

• Strike extension of the Vametco mine

• Outcropping zones identified

• Resource as yet unquantified

• Historical drilling showed in-magnetite

grades of as much as 2.6% V2O5

• 27 MT reserve average in-magnetite

grade of 2.55% V2O5 (JORC)

• 139 Mt Resource with average in-

magnetite grades of 2.1% V2O5

• Processing plant with 2 419 mtv

production capacity 6/14/2016

Mokopane Vanadium Project

• 298 Mt JORC resource, outcropping, defined on three adjacent and

parallel layers (MML; MML Hanging Wall & AB Zone)

• High in-magnetite V2O5 grade: MML: ~1.75% V2O5, AB-Zone: >2%

V2O5

• Long-term mine life: Ore Reserve of 28.56 million tonnes ("Mt")

supporting a minimum 30 year life of mine ("LoM")

• Low cost open-pit mining along strike envisaged

• Significant exploration upside - PFS uses <10% of the total project

resource of 298 Mt, which represents

• Established Salt Roast processing method lowers project risks:

• High-quality product: 99.5 weighted percent (wt%) purity

• Robust project economics:

‒ Payback period of 4years

‒ Pre-tax NPV of US$418.0 M (based on a 9% base case

discount rate)

‒ IRR of 24.8% (pre-tax)* Significant market share: RoM

production 9,525 tons per annum to contribute as much as 6

% of global annualised vanadium output

‒ First quartile opex of US$3.28/lb

21

MML Hanging Wall

MML AB Zone

*using a conservative long-term US$:ZAR12.75 exchange rate and a real vanadium price of US$7.50/lb (US$16.53/kg) for V2O5

flakes at >98 % purity 6/14/2016

Brits Vanadium Project

22

• Project comprises

prospecting rights to

several farms in Brits, North

West Province

– Uitvalgrond 431 JQ

(Portion 2);

Syferfontein 430 JQ;

Doornpoort 295 JR

and Uitvalgrond 431

JQ (Portion 3)

• The property Uitvalgrond

Portion 3 and Portion 2

contain the strike extension

of the Vametco mine

• Outcropping zones

identified

• Resource as yet

unquantified

• Historical drilling showed

in-magnetite grades of as

much as 2.6% V2O5

6/14/2016

Upper Zone

Main Zone

Main Zone

Upper ZoneUpper Zone

Main Zone

Main Zone

Upper Zone

Vametco Mine

Planned Borehole Positions on Uitvalgrond 431 (Portions 2 & 3)

Significant Progress in the last 12 months

2015 Started evaluating VRFB market opportunity

Jan 2016 Launch of Bushveld Energy

Feb 2016 Partnership with UET, now cooperating on

various potential projects

May 2016 Purchase Agreement for Vametco mine and

processing plant - creates path to vanadium

production and potential electrolyte

manufacturing

Jun 2016

Cooperation agreement with SA’s IDC – for

joint development and funding of the energy

storage market opportunities in Africa

Focus areas going forward:

• Deployment of VRFBs in selected locations

• Develop vanadium electrolyte manufacturing capacity

• Continue developing pipeline for large scale VRFB solutions in Africa

Bushveld Energy

23 6/14/2016

• Vision to be one of the largest electricity storage

providers in Africa by 2020, utilizing vanadium based

utility scale battery systems

• Ideally placed to address two key hurdles for VRFB

adoption:

• Security in the supply of vanadium - Bushveld

has large high grade vanadium resource

capable of supplying required vanadium

• Security of cost of vanadium - Bushveld

vanadium projects’ first quartile cash cost curve

position provides capacity to mitigate security of

cost risk

• Business model:

• Vertical integration with the upstream

vanadium mining & processsing to address

security of supply and cost

• Partnerships for technology, market access

and financing

• Targeting utility scale applications for critical mass

• Advisory and management team combine extensive

expertise and experience in energy market

Bushveld Energy

24 6/14/2016

BUSHVELD ENERGY – IDC COOPERATION

• IDC is South Africa’s national development

finance institution

• Wholly owned by South African government

• In last 4 years has approved > ZAR 14 billion

for renewable energy projects in SA

• to In 2015, approved ~ZAR 11.5 billion in

funding to companies across various sectors

• Partnership aligns Bushveld Energy with an

important stakeholder in SA energy landscape

• Partnership strengthens lobbying efforts in

respect of regulatory enablers for energy storage

in SA

• Assess VRFB viability and costs in South African

market, including

• studies of market potential in South Africa

and Africa,

• techno-economic studies for local

manufacturing of vanadium

electrolyte and VRFB systems in

South Africa

• Identify local and foreign partnershps in support of

roll-out and local manufacturing of VRFBs

• Establish test sites of up 1MW each in SA to

demonstrate performance and commercial value

of VRFBs

Cooperation Objectives

Success of the cooperation could open significant funding

opportunities for Bushveld Energy

Vametco

25

A LEADING VANADIUM BROWNFIELD ASSET LOCATED IN THE BUSHVELD COMPLEX

Located in Brits, 20km from Glencore’s Rhovan operations

Utilises Salt Roast processing method to produce

vanadium in the form of Nitrovan (exclusive trademark

owned by Vametco Alloys) and V2O3

In 2015 Vametco produced 2,419 tonnes of vanadium in

the form of Nitrovan and vanadium oxide

Scope to increase production to approximately 5,400 tons V

Ore feed sourced from captive mine with 26.8 Mt reserve

and 138.6 Mt resource

In-magnetite V grades of ~2% V2O5 among the highest in

the world

Adjacent to the Brits Vanadium project, acquired recently by

Bushveld

BEE compliant, with 25 % shareholding shared between

two BEE groups each with equity participation of local

communities

Established leadership team with extensive experience in

vanadium processing, having collectively worked on all

vanadium processing plants in South Africa

6/14/2016

Central to Bushveld’s vanadium processing strategy is the acquisition of Vametco Alloys, located on the Western Limb of the Bushveld Complex

Bushveld’s vanadium platform proposition

26

The right

commodity Low-cost curve

position

Scaleability Pragmatic

executable

path to

production

6/14/2016

• Proven Salt Roast process

• Well-developed infrastructure

• Acquisition of Vametco brings

forward production

• Deep local talent pools

• Robust economics – Vametco

operations profitable even at

current low commodity prices

• Demand anchored in steel

industry

• Potential step change from

energy storage application

• Concentrated and limited

growth profile

• Planned production and

current production profile

target approximately 10% of

resource

• Scope to scale up

deposits/resources and

production capacity at

Vametco

• Large open cast resource base

– combined >400 Mt (across

two deposits), including >60Mt

in reserves

• High primary vanadium grades

• V2O5 in magnetite grades

among the highest in the world

• 1st quartile cash cost

Bushveld Vanadium Strategy

27

Completion of PFS and BFS

1 • Anchor project for Bushveld Vanadium

• PFS completed Jan 2016

• BFS commencing 2016, funded through strategic partner

Options for early cash-flow

2 • Acquire brownfield processing plant(s)

• SPA signed for acquisition of Vametco vanadium mine and processing

plant

Vanadium demand support

3

• Actively participate in development of viable additional vanadium markets

• Bushveld Energy Ltd, launched Jan 2016

• Strategic partnerships with VRFB technology partner, Feb 2016

• Cooperation agreement with IDC, June 2016

Consolidation 4

• Identify and secure high grade primary vanadium opportunities

• Develop quality deposits into world-class mines

• Brits Vanadium Project acquisition completion

6/14/2016

Introduction

Why Vanadium

Bushveld Minerals Vanadium Platform

The SMC/ Vametco Transaction

28 6/14/2016

Vametco

29

A LEADING VANADIUM BROWNFIELD ASSET LOCATED IN THE BUSHVELD COMPLEX

Acquisition of Vametco’s operating

mine and plant provides low cost

near route to production

Acquisition price: US$17.2 million

What Bushveld is acquiring: Evraz

Group’s :

a) 78.8% economic interest in

Strategic Minerals Corporation,

which owns Vametco

b) Marketing rights to ~80%

Vametco production

c) A 78.8% share in a preference

share held by SMC in Vametco

Holdings

6/14/2016

Central to Bushveld’s vanadium processing strategy is the acquisition of Vametco Alloys, located on the Eastern Limb of the Bushveld Complex

Acquisition in 3 stages:

a) Tranche 1 – 23% economic interest in SMC for US$4,682,073 payable by 17 June 2016 as

follows:

‒ A US$500,000 upon execution of Exclusivity Agreement and agreeing purchase terms

(Bushveld has already paid the US$500,000)

‒ US$500,000 by 13 May 2015 pursuant to signing of the Share Purchase Agreement (Bushveld

has already paid the US$500,000)

‒ US$3.7million by 17 June 2016

b) Tranche 2 – 55.8% economic interest in SMC for a cash consideration of US$12,524,836,

conditional inter alia on

‒ Regulatory approvals

‒ BVL acceding to a shareholder agreement with the co-investor in relation to the class B shares;

‒ Bushveld shareholder approval, if necessary;

‒ Waiver or lapse of SMC's and the co-investor's pre-emption rights to acquire Evraz's Tranche 2

interests;

The long stop date for completion of Tranche 2 is 12 months from completion of Tranche 1 (with the

ability to extend with consent for a further six months).

c) Earn out: A potential annual earn out payment following completion of Tranche 2, based upon the

vanadium price breaching an agreed minimum threshold price, is payable between 2018 and 2025 up to

an annual maximum amount of US$1,500,000 and a cumulative maximum amount of US$5,000,000, in

2016 money terms.

Vametco

30

A LEADING VANADIUM BROWNFIELD ASSET LOCATED IN THE BUSHVELD COMPLEX

6/14/2016

BEE partner 2

SMC

BEE partner 1

Vametco Holdings

Pty Ltd

EVRAZ Group SOJITZ Corp.

10% 15%1 75%1

78.8%2 21.2%2

• SMC is a holding company for a group of companies (the

"Group") which owns the producing Vametco vanadium

mine and plant in South Africa ("Vametco Alloys”)

• SMC capital structure gives Evraz 78.8% economic

interest and 75% voting rights

• SMC owns:

- 75%1 ordinary shareholding in Vametco Holdings

- A preference shares in Vametco Holdings, valued

as at 31 December 2015 at ZAR357 million

• Vametco Holdings holds the new order mining rights for

Vametco, over the properties Uitvalgrond 431 JQ (Portion

1) and Krokodilwal 426 JQ (Portion 1)

• Sojitz Corporation, is a Japanese conglomerate whose

business interests include a global commodities trading

business

SMC Structure

1 SMC’s share is currently 75% and this will decrease to 74% in 2016, with BEE partner 1 increasing its stake from 15% to 16%. This brings the BEE share of Vametco to 26% and in compliance with SA mining

regulations

2 Economic interest in SMC

Vametco Alloys Pty

Ltd

Acquisition

target

100%

31 6/14/2016

Financing – Yellow Dragon

32 6/14/2016

Yellow Dragon

Holdings Limited BMN

Bushveld Vametco

55% 45%

Acquisition contributions

• Phase 1 - US$2.860 m

• Phase 2 – US$6.875m

• Total = US$9.735m

SMC

78.8%

Acquisition contributions

• Phase 1 - US$2.340 m

• Phase 2 – US$5.625m

• Total = US$7.965m

Of this amount,

Bushveld has

already

contributed

US$1 million

• Yellow Dragon and Bushveld

Minerals have agreed terms

for a strategic investment by

Yellow Dragon in Bushveld

Vametco. Transaction has 2

parts:

a) Subscription by Yellow

Dragon for 50 million

Bushveld Minerals shares

prior to share suspension

lifting

b) Subscription for 55% of

Bushveld Vametco Limited

in return for funding 55% of

the purchase consideration

requirement for SMC

(US$2.860m for Phase

1)

• Yellow Dragon is an

investment holding company

for a syndication of high net

worth investors, set up for

the purpose of the

transaction

Acquisition consideration & phases

33

Party Interest

acquired

Bushveld Minerals

contribution

US$

Yellow Dragon

contribution

US$

Total

US$

45% 55% 100%

Phase 1 23% Total phase 1 consideration of US$4,682,03 plus transaction expense of US$500,000

Paid to date 1,000,000 1,000,000

To completion of Phase 1 1,331,933 2,850,140 4,182,073

Total Phase 1 contributions 2,331,933 2,850,140 5,182,073

Phase 2 55.8% Total phase 2 consideration of US$ 12,524,836

Phase 2 contributions* 5,636,176 6,888,660 12,524,836

Total 78.8% 7,968,109 9,738,800 17,706,909

6/14/2016

* To be funded through debt and equity

1) Accelerated path to production

• The acquisition accelerates Bushveld’s path to production by several years;

• Earliest production start date of 2020 anticipated for greenfield Mokopane Vanadium Project

• Earlier production means earlier scope for dividends

2) Quality Asset

• Vametco Alloys is a high quality, low cost producer with a trademark vanadium product and a global vanadium customer base;

• In magnatite-ore vanadium grades are among the highest in the world

• At US$3.57/lb V2O5 equivalent, it is one of the lowest cost producers

3) Achievable transaction structure

• The acquisition consideration is substantially less than the cost of a greenfield mine and plant of the same capacity; Replacement

value of plant and mine estimated at more than 10 times the acquisition consideration

• Staggered transaction structure means transaction can be completed in manageable bite-sizes for Bushveld Minerals

4) Strategic alignment

• It is aligned with the Company’s aspiration to develop a virtically integrated vanadium platform

• It has synergy with the Company’s interests in the global energy storage space by providing capacity for potential electrolyte

manufacturing.

5) Vanadium market at a tipping point

• Acquisition occurring at a time of significant correction in vanadium pricing >40% price improvement since December 2015

Investment Proposition (1/2)

34 6/14/2016

Investment Proposition (2/2)

35

Vanadium market on the verge of a breakout …

6/14/2016

Source: TTP Squared

Thank You

Contacts and conclusion

37

South Africa Guernsey

Fortune Mojapelo

Chief Executive Officer

Tel +27 11 268 6555 Tel: +44 (0)1481 722 584

Fax: +27 11 268 5170 Fax: +27 11 268 5170

Email: Fortune.mojapelo@bushveldminerals.com

Twitter @BushveldMin_Ltd

2nd Floor, Building 3

Illovo Edge Office Park

Cnr Harries & Fricker Road,

Illovo,

Johannesburg, 2116

South Africa

18-20 Le Pollet

St Peter Port

Guernsey

GY1 1WH

Investor Relations Contacts

Tavistock Communications

Jos Simson/Nualla Gallagher

Tel +44 (0) 207 920 3150

Mobile +44 (0) 7899 870 45/+44 (0) 7715 164 296

6/14/2016