The MSA Group (Pty) Ltd (“MSA”) was commissioned by Bushveld Minerals Limited (“BMN”) and its subsidiary Bushveld Vametco Alloys (Pty) Ltd (“Vametco” or “the Company”) to complete an Independent Competent Person’s Technical Report (“CPR” or “the Report”), in accordance with the Australasian Code for Reporting of Exploration Results, Minerals Resources and Ore Reserves (the “JORC Code” or the “Code”), 2012 Edition, for the Vametco Vanadium Mine (“the Project”), located in the North West Province, South Africa.

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