Primorus Investments plc

("Primorus" or the "Company")

Backstop arrangements for the Investment in Mustang Energy PLC

Further to the announcements of 19 January and 28 February 2022, Primorus Investments plc (AIM: PRIM) provides an update in relation to its investment in Mustang Energy PLC ("MUST").

Primorus has been issued with Convertible Loan Notes ("CLNs") in Bushveld Minerals Limited ("BMN") pursuant to the previously announced Backstop arrangements and further to BMN's election to issue CLNs. The CLNs are convertible into ordinary shares in the capital of BMN ("BMN Shares").

The conversion mechanism for the CLNs was set out in the Company's announcement of 19 January 2022, and the relevant details to supplement it are:

·      The principal amount of US$1,500,000 plus accrued and unpaid interest (as at 25 March) of US$136,849 (total $1,636,849).

·      The above amount has been converted into £GBP at an agreed exchange rate of 1.3589 USD/GBP which means the CLNs are worth £1,208,988.

·      At the agreed BMN share price of £0.098987 the CLNs (as at 25 March 2022) would equate to 12,213,607 BMN Shares if they were all converted.

·      If Primorus issues a conversion notice, the loan notes will convert into shares in the capital of BMN.

Primorus has noticed the increased price of vanadium in recent weeks and believes BMN is well placed to capitalise on this.

Concurrent with completion of the CLN transaction with BMN, the Company no longer has an interest in MUST.

Forward Looking Statements

This announcement contains forward-looking statements relating to expected or anticipated future events and anticipated results that are forward-looking in nature and, as a result, are subject to certain risks and uncertainties, such as general economic, market and business conditions, competition for qualified staff, the regulatory process and actions, technical issues, new legislation, uncertainties resulting from potential delays or changes in plans, uncertainties resulting from working in a new political jurisdiction, uncertainties regarding the results of exploration, uncertainties regarding the timing and granting of prospecting rights, uncertainties regarding the Company's ability to execute and implement future plans, and the occurrence of unexpected events.  Actual results achieved may vary from the information provided herein as a result of numerous known and unknown risks and uncertainties and other factors.

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