Ann: Annual Report to Shareholders, page-2

From the Chairman's letter;

"During the 2024 year the Company has advanced our vision of building an Angolan based crop nutrient mining,processing and distribution business. The construction phase of the Cabinda Phosphate Project has commenced,and the Company expects to become a reliable fertiliser producer prior to the end of 2025.In addition to Cabinda, the Company is progressing plans for the Capanda Green Ammonia Project, which isdesigned to produce nitrogen for crops and the mining industry.The Cabinda and Capanda Projects will contribute significantly to agricultural productivity and profitability, foodsecurity, and the Angolan economy. In turn, the success of the Projects will create value for Minbos shareholders.The global demand for sustainable, high-quality fertilizers has never been more pressing, with agriculture playinga pivotal role in addressing food security challenges across Africa and beyond. At Minbos, we are uniquelypositioned to meet this demand through our flagship Cabinda Phosphate Project and the innovative CapandaGreen Ammonia Project.The 2024 year saw progress in funding, partnerships, and project development and construction. Minbos hasworked diligently to secure the capital necessary to bring the Cabinda Phosphate Project to fruition. The supportof shareholders, combined with strategic engagements with financial institutions and investment funds, hasstrengthened our balance sheet and provided the ability to commence construction. While challenges remain—ranging from global economic volatility to logistical hurdles in Angola—Minbos has demonstrated resilience andadaptability, qualities that will continue to define our path forward.The Minbos team, led by Managing Director Lindsay Reed, has been relentless in fostering relationships with keyin-country distributors and agricultural interests. This collaboration is a testament to the trust placed in Minbosto deliver on its objectives and highlights the real-world impact Minbos’ projects will have on Angola’s agriculturalsector.As we look to the year ahead, the Company’s focus remains on commencing production at Cabinda, scaling theProsper Primeiro fertilizer brand, and advancing the green ammonia initiative. These efforts are not just aboutbusiness growth; they are about creating lasting value for our shareholders, supporting rural communities, andcontributing to a more sustainable future.On behalf of the Board, I extend my gratitude to you, our shareholders, for your continued confidence in MinbosResources. I also thank our dedicated employees, partners, and the communities we serve for their support andcollaboration.In particular, I wish to express my gratitude to the Government of Angola for the consultation and robust supportthat has enabled Minbos to commence construction and move closer to a better future for Angolan farmers andtheir families. Together, we are building something extraordinary—a Company that stands at the intersection ofinnovation, agriculture, and impact.I look forward to updating you on our progress as we turn our vision into reality in 2025 and beyond."