Bushveld Minerals Limited (AIM:BMN, OTC:BSHVF) said that despite facing financial constraints, the company managed to maintain steady production levels and even reported increased sales from its operations.
In the fourth quarter of 2023, Bushveld Minerals reported a production of 925 metric tonnes of vanadium (mtV), slightly lower than the 1,000 mtV produced in the third quarter.
The weighted average production cash cost (C1) saw a marginal increase to US$27.3/kgV from US$26.5/kgV in Q3. However, sales experienced a significant rise, with 1,106 mtV sold in Q4 compared to 849 mtV in the previous quarter.
Throughout 2023, the company produced 3,714 mtV, aligning with its production guidance and slightly below the 3,842 mtV recorded in 2022.
The annual weighted average production cash cost improved to US$26.6/kgV from US$27.7/kgV in the previous year. Total sales for the year reached 4,051 mtV, thanks to increased sales out of inventory, marking a substantial improvement from 3,584 mtV in 2022.
Bushveld said it would provide 2024 guidance along with the company's first quarter update, allowing it time to complete the previously-trailed refinancing of the business before updating the market.
"Once the additional funding is received, we hope to stabilise production at both assets and achieve a more consistent performance," said CEO Craig Coltman.