Ann: Quarterly Activities Report and Appendix 5B, page-321

Minbos - The Facts

Some minor changes

There are 2-3 Downrampers on this forum who post a lot of unsubstantiated lies about MNB

Throw enough mud, some sticks even if untrue.

They have been proven to be Bots, sometimes giving a 2 paragraph reply to a post within 1-2 mins

Such posters usually have an ulterior motive, possibly trying to buy cheaper for their employer

This post is purely factual based as opposed to the above, I’ve put references in to substantiate - something they won’t do

If any one with a buy/held disclosure wants to add to the post or repost it, you’re most welcome, in fact encouraged !!

Market Cap ~ $39m, Cash $12.5m (Mar 31st) US$1.18m received post Mar 31st

Minbos is a fully permitted ASX listed company with a JORC Resource/Reserve of 8.4mt @20.4% / 4.7mt @30.1% using a 19% cutoff, it is significantly higher with a lower cutoff. Unlike most Phosphate Resources, this does not require concentration (by flotation). (asx 23/11/22 and 17/10/22 )

Minbos is currently constructing it’s Processing Plant in Cabinda, Angola. It is only 16km from Port & is a simple flowsheet of crushing the drying the phosphate, unlike most phosphate companies because of the high % reserve/resource no concentration is needed. Construction started last December and is scheduled to take 8 months including 1 month commissioning. Stage 1 is based on 187k tonnes pa, stage 2 expansion at an extra capex cost of < $4m brings it up to 400kt pa. The company has indicated it will build to stage 2 expansion, but has yet to formalise this. (asx 5/12/24 )

Construction is being carried out under contract by a well respected Portugese company Grupo Arliz https://www.grupoarliz.pt/en/grupo-arliz-en/

The DFS showed a NPV of US$203.2m for our 85% ownership. Since the DFS the flow sheet has been simplified, the production site relocated closer to mine + port, and capex reduced. The price of TSP (which our pricing is based on) is also higher than the DFS figure. (asx 17/10/22 pricing https://thedocs.worldbank.org/en/doc/5d903e848db1d1b83e0ec8f744e55570-0350012021/related/CMO-Historical-Data-Monthly.xlsx

Minbos has already paid for, manufactured & stored on site the majority of the processing equipment. This included over 26 (40’) shipping containers and 3 (20”) shipping containers plus several items too large to fit in a shipping container such as the rotary dryers. As at October 31 2024 US$12.5m around A$20m has been spent (Annual report 2024 + Sept’24 Qtly )

The Sovereign Wealth Fund of Angola (SWF) invested in Minbos to the tune of US$10m, we have received the 1st 2 tranches. We have now received last tranche of US$1.17m which completes their US$10m investment. (asx 7/3/25 + 30/4/25)

Minbos has a signed debt facility (contract) with IDC for US$14m. It has one CP outstanding before funds can be drawn down which is an offtake. Minbos are presently working on this & it could be in the form of export contracts and/or Internal sales agreements. IDC have previously been very accomodating for other CP’s. (asx 2/10/24)

Minbos have a signed Term Sheet with Angola’s largest bank, Bank BAI for US$12m at 7.5% + 2.5% for a loan guarantee provided by FGC on up to 80% of the loan. FGC is Government owned and we are waiting on that guarantee before being able to draw down. The SWF who have invested in Minbos is also government owned, even Bank BAI is controlled by Govt entities. (asx 6/12/24)

Once producing we will have a monopoly on Phosphate sales, by Presidential Decree no. 213/23 local businesses have to buy from local vendors, not import, presently Angola imports 100% of fertilizers. (asx 15/4/24 )

Minbos has a MoU with Foskor, A South African company for the possible export of 200,000t pa, other export opportunities include Brazil (asx 1/7/24 )

Minbos is a Mauritius based company, tax is minimal there, they also have some very generous tax concessions in Angola, tax paid will be minimal, though not paying any Australian taxes, any dividends will be unfranked. ( asx 9/1/23)

We have done 5 years of growing trials, the acidic soils of Angola require phosphate before other eg nitrogen based fertilisers will work. ( asx many announcements)

Pricing is based on TSP, with the present TSP price of $477/t we’d receive US$332/t (asx DFS, Carrinho MOU)

Angola was/is an oil rich country, prior to that agriculture was prominent industry, the Government wants to prioritise agriculture, especially considering they import most of their food, demographically they have a young rapidly growing population.

Green Ammonia business. The Angolan Government has leased a site to us for 60 years at $300 pa (yes thas right no k after the 300) it is within 5km of the Capanda Hydro plant (ASX 1/8/23), where they have a power purchase agreement of 0.4 cents for 100MW for 1st 5 years then 0.8c for 20 years, an additional 100mw at 1.5c a KWH for 25 years. This is the cheapest electricity in the World and Green Ammonia’s main cost is electricity (asx 14/12/22)

Minbos have a MoU with Talus who provide a BOO (Build Own Operate) type of modular Green Ammonia (no capex to us) plant that can be used as direct application or further processed (asx 26/6/24)