Resolution notes

• Use Bushveld’s reported annual production in mtV / tonnes of contained V from company results.

• Let B₂₀₂₄ = 2024 production; B₂₀₂₇ = 2027 production in the same units.

• If B₂₀₂₇ ≥ 1.5 × B₂₀₂₄, resolve YES; otherwise NO.

• If Bushveld is acquired or delisted, use the last complete 2027 reporting from the successor entity.

  Resolution criteria

  Bushveld's 2023 production reached 3,714 tonnes of vanadium. The market resolves YES if 2027 production is at least 50% higher than 2024 production (i.e., B₂₀₂₇ ≥ 1.5 × B₂₀₂₄), using Bushveld's reported annual production in mtV or tonnes of contained vanadium from company financial results. If Bushveld is acquired or delisted, use the last complete 2027 reporting from the successor entity. Resolution sources: Bushveld Minerals investor relations and company annual/quarterly reports.

  Background

  Bushveld Minerals is a primary vanadium producer in South Africa owning two of the world's four operating vanadium processing facilities. The company is targeting a sustainable production run rate of 5,000–5,400 mtV over the near-term, which would represent significant growth from recent levels. The company withdrew its full-year production guidance for 2024 following liquidity issues, and began a controlled slowdown of production at its Vametco facility. The company's target is to organically grow production to more than 8,400 mtVp.a. in the medium term.

  Considerations

  Bushveld has faced persistent operational and financial challenges. The company previously forecast group production between 3,800 and 4,000 metric tonnes vanadium for 2024, representing a year-on-year reduction of 400 mtV. Achieving a 50% production increase by 2027 would require substantial operational improvements and capital deployment, particularly given recent funding constraints and the company's history of missing production targets.