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[Ferro-Alloys.com] Bushveld Minerals Q3 2023 and 9M 2023 Operational Update

Group highlights

Q3 2023

• Production of 1,000 mtV (Q2 2023: 840 mtV) (Q3 2022: 1,016 mtV).
• Weighted average production cash cost¹ (C1) of US$26.5/kgV (Q2 2023: US$27.4/kgV) (Q3 2022: US$29.3/kgV).
• Sales of 849 mtV (Q2 2023: 1,068 mtV) (Q3 2022: 1,034 mtV).

9M 2023

• Production of 2,784 mtV (9M 2022: 2,657 mtV).
• Weighted average production cash cost¹ (C1) of US$26.4/kgV (9M 2022: US$28.9/kgV).
• Sales of 2,945 mtV (9M 2022: 2,678 mtV).
• Total Recordable Injury Frequency Rate ("TRIFR") of 69 (9M 2022:10.25).

2023 Group guidance

• On track to meet Group production guidance for 2023 of between 3,700 mtV and 3,900 mtV.  
• Vametco production expected to be c.200 mtV per month for the remainder of the year.
• Vanchem production expected to c.150 mtV in November and c.180 mtV in December. 
• October 2023 Group production of 387 mtV (Vametco: 209 mtV) (Vanchem: 178 mtV).
• On track to meet Group weighted average production cash cost (C1) guidance of between US$26.6/kgV and US$26.9/kgV, (ZAR481/kgV and ZAR487/kgV).

Corporate update

• On 11 September 2023, the Company announced a Binding Term Sheet with Southern Point Resources for a cumulative proposed investment of between US$69.5 - US$77.5 million. Bushveld has since received the ZAR150 million (~US$8.1 million) interim working capital funds as part of the transaction. The Company is in process of completing the other aspects of the overall transaction.

• The Company is progressing the various workstreams to complete the Orion convertible loan note restructuring before the 21 December 2023 due date. 
• Post period end, the Company announced the agreement to acquire the 26% minority interest in Bushveld Vametco Holdings, the transaction is value accretive to shareholders.

Craig Coltman, CEO of Bushveld Minerals, commented: 

“I am pleased to report the first set of quarterly production numbers under my stewardship. They are a solid set of results for the quarter ending 30 September 2023. What is immediately clear from the highlighted numbers is a strong improvement in production of 19% from Q2 2023, which has translated into some solid improvements on the cost front. This gives us confidence that we have made the right decisions, especially at Vanchem, with the implementation of the various initiatives, and the goal now is to ensure that things stabilise and even improve further from here.

We have made progress both in respect of the Southern Point transaction and the refinancing of the Orion convertible loan note. Completion of these transactions will steady the ship and ensure Bushveld is a sustainable business for the long term.”

• [Editor:tianyawei]