The study on the project, where the firm is currently focusing attention, is on track to be finished during the first half of 2015, it confirmed.
Meanwhile, the application for a mining right is on track to be submitted in the first quarter this year.
Since last November, 31 holes have been sunk on the AB zone and the main magnetite layer (MML) with eight completed here at this location - sufficient for the metallurgical testing require for the pre-feasibility and feasibility studies.
Bushveld chief executive Fortune Mojapelo said: "We have made significant progress towards the completion of the pre-feasibility study on the project, most notably the completion of the in-fill and metallurgical drilling on the MML and the preparation of our mining right application which is expected to be submitted shortly.
"The metallurgical drilling has provided sufficient core for the metallurgical testing that our pre-Feasibility and Feasibility studies require.
"We are also delighted to have established a focused Bushveld Vanadium Project Pre-Feasibility study owner team, supported by expert external consultants.
"The team comprises individuals with extensive expertise in vanadium mining, processing and marketing. Additionally, we are pleased to confirm we are on track to declaring a maiden mineral Resource on the AB Zone."
Studies have already shown the potential for the vanadium project to be one of the world's lowest cost producers with operating costs of US$5.99 per kg.
Bushveld shares added 8.05% to stand at 2.35p.