Investment Case

Our key strengths drive our investment case. We offer investors exposure to a future-focused energy commodity – both through our primary vanadium production facilities and our investments in the energy storage value chain.

Vanadium Is A Green Commodity

Green Commodity


  • As a strengthening alloy in steel manufacturing, vanadium increases the efficiency of steel production, while reducing the global fossil carbon footprint by 0,4%.

  • Vanadium’s application in stationary energy storage, through vanadium redox flow batteries (VRFBs), promotes the integration of renewable energy sources, while increasing the efficiency of electricity grids.

  • VRFB technology supports the global transition to clean energy and emits fewer CO₂ than competing storage technologies.

  • Demand for vanadium, which is underpinned by its use as a strengthening alloy in the steel sector, is expected to increase at a Compound Annual Growth Rate (CAGR) of 3,1% through to 2030.

  • Vanadium demand from VRFBs is expected to grow by a CAGR of 41% by 2031.

  • Supply remains concentrated and constrained, with new primary supply from greenfields projects expected to be limited.

  • The vanadium chemistry of the VRFB is fully reusable and recyclable at the end of the battery’s life.

Bushveld Minerals Focuses On Sustainability

Market Leader

Our mission is to become a leading vanadium company.

  • Bushveld Minerals is one of only three operating primary vanadium producers.

  • We own two of the world’s four operating primary vanadium processing facilities.

  • We possess a diversified vanadium product portfolio to serve our customers around the world.

  • Our vertical integration business model allows us to mine, process and manufacture vanadium-based products in a single value chain – in the most efficient manner.

  • Our significant interest in a downstream vanadium-based energy storage platform enables us to participate in this rapidly growing industry.

  • The growth of the VRFB industry can support vanadium demand and contribute to minimising volatility in the vanadium price.

Bushveld Minerals Offers Superior Shareholder Returns


We have invested substantial long-term capital.

  • After extensive capital investment, refurbishment, and optimisation of Vametco, it is operating consistently and sustainably, and producing at a steady state.

  • Refurbishment and stabilisation of Vanchem will help the operation to produce at a significantly increased production level.

  • We have increased production over time and are well positioned to delivery further growth.

  • We are targeting a sustainable production run rate of 5 000 mtV - 5 400 mtV over the near-term, with a continued focus on improving efficiencies and driving cost-saving initiatives.

Bushveld Minerals Boasts A Solid Foundation

Solid Asset Base

solid asset base & potential to grow production

  • Our 546 Mt (100% basis) JORC-compliant resource is one of the world’s largest primary vanadium deposits, and it offers significant growth potential.

  • Bushveld Minerals’ ore bodies are large, long-life, opencast deposits, with grades of 1,6% - 2% V₂O₅ in-magnetite, which are among the highest in the world.

  • Our diverse range of vanadium products gives us flexibility to maximise sales and profit margins according to market demand.

Bushveld Minerals Is Built On Vertical Integration

Simplified Structure


  • The carve-out of Bushveld Energy into a standalone energy storage focused company, will allow the new entity to attract the appropriate energy storage focused investors, and achieve a market valuation that is more reflective of underlying value.

  • The sale of Bushveld Minerals’ interest in CellCube (also referred to as Enerox GmbH / Enerox) to LSE-listed Mustang Energy Plc (Mustang), is an important part of the group’s process to carve-out Bushveld Energy.

  • With a simpler structure, Bushveld Minerals will streamline its organisational model and narrow its operational focus on its upstream assets and Bushveld Electrolyte Company (BELCO), while retaining a shareholding in Mustang.

  • Following the carve-out, Bushveld Minerals will be well positioned to optimise its financing while delivering stronger growth and margins.

Vanadium Promises Significant Production Growth

improved Capital Structure


  • Restructuring of the Orion Mine Finance (Orion) convertible loan note will help reduce the overhang on the stock from potential dilution.

  • Determine a sustainable capital structure in relation to the group’s operations and longer-term growth ambitions

The upside potential of Bushveld Minerals’ high-grade deposits and refurbished processing facilities offers investors an attractive opportunity to gain exposure to vanadium through our vertically-integrated model.

AIM Rule 26 Disclosures

Bushveld Minerals is listed on AIM on the London Stock Exchange.

The following information and links are provided for the purposes of Rule 26 of the AIM Rules for Companies.

  • Bushveld Minerals Limited (Company Number: 54506) was incorporated by the Registrar of Companies for Guernsey on 5 January 2012. The rights of the shareholder may be different from those of a UK incorporated company.
  • Bushveld Minerals is an AIM-listed mineral project development company, with a portfolio of vanadium, tin and coal assets in Southern Africa, including an interest in a vanadium-producing operation.
  • In terms of the AIM Rules published March 2018 and insofar as it is aware, at 23 June 2023, 1,34% of the company’s AIM securities were not held in public hands.
  • Bushveld Minerals Limited is not listed on any other exchange or trading platform, besides AIM.
  • There is no restriction on the trading of the company’s securities.
  • Bushveld Minerals Limited’s principal place of business is in Guernsey.
  • Bushveld Minerals Limited’s main country of operation is South Africa.
  • The UK Takeover Code applied to the company as of 30 September 2013 when the code was revised to include all companies traded on AIM incorporated in the UK, the Channel Islands or the Isle of Man.

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