30 January 2020 – Competent Persons Report on the Brits Vanadium Project North West

The MSA Group (Pty) Ltd (“MSA”) was commissioned by Bushveld Minerals Limited (“BMN”) to complete an Independent Competent Person’s Technical Report (“CPR” or “the Report”) and maiden Mineral Resource Statement on the Brits Vanadium Project (“the Project”) in accordance with the Australasian Code for Reporting of Exploration Results, Minerals Resources and Ore Reserves (the “JORC Code” or the “Code”), 2012 Edition. The Project comprises mineral properties located in the North West Province and Gauteng Province, South Africa. BMN is presently undertaking exploration on one of the mineral properties comprising the Brits Project, i.e. Uitvalgrond 431 JQ Portion 3.