Final Results for the Year Ended 31 December 2022-BUSHVELD MINERALS LIMITED

Final Results for the Year Ended 31 December 2022-BUSHVELD MINERALS LIMITED

Full Year Results for the 12-month Period Ended 31 December 2022

Bushveld Minerals Limited (AIM: BMN), the integrated primary vanadium producer and energy storage solutions provider, is pleased to announce its full year results for the year ended 31 December 2022

FY2022 Financial Highlights

·    Revenue of US$148.4 million (2021: US$106.9 million).

·    Underlying EBITDA1 of US$22.3 million and adjusted EBITDA1 loss of US$1.7 million (2021: Underlying EBITDA loss US$7.5 million and adjusted EBITDA loss of US$9.9 million). 

·    Impairment losses of US$24.0 million (2021: US$2.4 million) of which US$$17.2 million relates to Vanchem. The Group previously recognised US$60.6 million gain on bargain purchase on the acquisition of Vanchem in 2019.  

·    Net loss of US$35.4 million (2021: US$34.2 million).

·    Free cash flow2 of US$14.6 million (2021: negative US$19.3 million).  

·    Cash and cash equivalents of US$10.9 million (2021: US$15.4 million).

·    Net debt of US$79.5 million (2021:US$68.9 million).

·    Net debt excluding the Orion Production Financing Agreement US$44.4 million (2021:US$35.4 million).

1.     Adjusted EBITDA is EBITDA, excluding the Group's share of losses from joint ventures and the remeasurement of financial liabilities. Underlying EBITDA is Adjusted EBITDA excluding impairment charges.

2.     Free cash flow defined as operating cash flow less sustaining capital.

Management Changes

·    In a separate announcement published today, the Board announced that Craig W. Coltman will be appointed as Chief Executive and will join the Board of the Company with effect from 01 July 2023, the date on which Fortune Mojapelo will step down as Chief Executive.

Group Priorities and Outlook

·    The Group has made significant progress with the legal documentation to refinance its existing convertible loan note with Orion Mine Finance ("Orion") of c.US$45 million (capital plus interest).

·    On track to meet 2023 production guidance of between 4,200 mtV and 4,500 mtV, and weighted average production cash cost (C1) guidance of between US$26.1kgV and US$27.0/kgV, (ZAR447/kgV and 438/kgV).

·    Bushveld Electrolyte plant (BELCO) and the Vametco hybrid mini-grid to be fully operational during the second half of 2023.

·    Complete the Bushveld Energy carve-out.

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