Mokopane

Mokopane is located on the central portion of the Northern Limb of the Bushveld Complex. The project is in the Mokopane District of Limpopo Province of South Africa, approximately 65 km west of the provincial capital, Polokwane and 45 km northwest of Mokopane town. The project includes one of the world’s largest primary vanadium resources, with an average grade of 1.80% V2O5 in-magnetite.

Licensing

On 29 January 2020, the DMRE in South Africa executed a 30-year mining right in favour of the Company’s subsidiary, Pamish Investments No. 39 (Pty) Ltd (Pamish), over five farms: Vogelstruisfontein 765 LR; Vriesland 781 LR; Vliegekraal 783 LR; Schoonoord 786 LR; and Bellevue 808 LR.

Ownership

While the Mokopane mining right is subject to Mining Charter II regulations, the Company is committed to adhering to Mining Charter III regulations in respect of host community and employee shareholding requirements. In accordance with Mining Charter III, a carried of five per cent of the equity in Pamish, will in due course, be transferred to the Bakenberg community. Bushveld Minerals’ interest in the Mokopane Project will accordingly reduce from 64% to 60.8%, while Izingwe’s shareholding will reduce from 36.0% to 34.2%. Pamish has further committed to allocate an additional five per cent to an Employee Share Ownership Participation Scheme once the mine is operational, which will result in Bushveld Minerals ultimately holding 57.6% and Izingwe 32.4%.

Geology & Resources 

The Mokopane deposit is a layered orebody along a 5.5 km north-south strike, dipping at between 18 and 24 degrees west. The project comprises three adjacent and parallel magnetite layers, namely the Main Magnetite Layer (MML), the Main Magnetite Layer-Hanging Wall (MML-HW) layer and the AB Zone. The Mokopane Project has a 298 Mt JORC-compliant Resource, including 28.5 Mt Reserves and a weighted average V2O5 grade of 1.41% in-whole rock and 1.75% in-magnetite. A Combined Inferred and Indicated JORC Compliant Mineral Resource of 298 Mt runs across three parallel overlying magnetite layers with grades ranging from 1.6 per cent to over 2.0% V2O5 as follows:

  • MML: 52 Mt @ 1.48% V2O5 (1.6 – 1.8% V2O5 in-magnetite);
  • MML-HW & Parting: 233 Mt @ 0.8% V2O5 (1.5 – 1.6 % V2O5 in-magnetite); and
  • AB Zone: 12 Mt @ 0.7% V2O5 (greater than 2.0% V2O5 in magnetite).

An Ore Reserve of 28.56 million tonnes (Mt) of MML mineralisation was estimated as mineable supporting a minimum 30-year Life-of-Mine.The Company’s vanadium resource base currently consists of three mineral assets: Vametco, Brits and the Mokopane project. Together, the three deposits constitute a 548 Mt (100 per cent basis) JORC-compliant resource, including 74 Mt (100 per cent basis) of JORC-compliant reserves. The resource vanadium grades are some of the highest primary grades in the world. These high-grade

deposits are located on the Bushveld Complex, which hosts the world’s largest primary vanadium resources. Bushveld Minerals seeks to establish a portfolio of vanadium resources for future development in potential partnerships as the supply deficit deepens and it becomes clearer that primary production is key to addressing this shortfall.

Currently, the Vametco mine is the sole internal source of feedstock into the two treatment plants at Vametco and Vanchem. The significant Vametco resource ensures that the Vametco plant has a secure feedstock source for a period significantly in excess of 30 years. Vametco’s Upper Seam project is currently providing feedstock to Vanchem as an Ore Product after dry magnetic separation. In the medium-term to longer term, Vanchem feedstock will be sourced from combinations of enhancements to the Vametco mining and concentrate facilities to increase concentrate production, the development of the Mokopane Project and third-party sources. Currently, Vanchem is acquiring high quality ore recovered from a significant disused steel plant stockpile situated in close proximity to Vanchem which should provide some 10,000 tpm of ore for up to 5 years. South Africa has significant resources of vanadiferous magnetite ore, with little incentive to export. Therefore, third party sources will continually be considered as feedstock into Vanchem provided the pricing thereof meets or beats the cost of internal sources.

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