It comes after the latest assays, reported yesterday, confirmed the phosphate zone continued along strike of the P-Q project in South Africa.
Ambrian analyst Craig Foggo noted this had "reinforced Bushveld’s belief in the geological potential of this zone".
Foggo says this is positive because the potential phosphate resource forms the hanging wall of the P-Q zone, namely it is overburden, so would need to be removed anyway.
"As such, the phosphate zone is expected to have minimal mining costs," highlighted Foggo, which repeated a 'speculative buy' rating.
The latest assays showed grades of between 2.66% and 4.80% over thicknesses of 18-69m and were consistent with earlier results.
The firm's prospecting rights on the project have already been amended to include phosphate and a maiden JORC-compliant resource estimate on the phosphate is expected in the second quarter.
On Wednesday, the company also said it received a further £50,000 in net proceeds from the exercise of warrants that were issued during a recent £1.25mln fundraising.
Ambrian's Foggo said: "We believe Bushveld represents cheap exposure to iron ore, tin, phosphate, vanadium and thermal coal.
"While the numerous project undertakings are significant for a junior, Bushveld is well placed with funds and management to execute the evaluation studies.
"It’s likely that Bushveld will spin some of these assets out into separate vehicles once studies have been completed to a level that will attract equity to develop the projects further."