Ann: Field Trial Progress and Fertilizer Strategy, page-14

We know Primeiro (as it comes out of the ground) works very well in most soils in Angola, they’ve done 5 years of trials. The first mention to my knowledge of Primeiro Plus was in the Update a few weeks ago. They spent quite a bit of time talking about the blends and also the fertiliser market in Angola in that update.

Now we have an announcement titled “Field Trial Progress & Fertiliser Strategy” (my bolding).

Now Rob Newbold has spent over a year going out to all the Distributors, Farms, export customers etc getiing the LOIs that satisfied Carrinho for the offtake CP. IMO he has had feedback as to what else the farmers want. Yes the small farmers just need straight Primeiro to get significant yield improvement. The more established farmers seem to want a more bespoke fertiliser blend.

They’ve said in the past with 2 crushers they can blend the phosphate, however this announcement goes further and mentions a granulated product. That’s why I think there is more to this “strategy” and this is just a bit of a teaser - watch this space.

They’ve got their LOI’s, you’d assume for a minimum of 120kt which was the figure they mentioned in the update a few weeks ago. IMO they are extremely confident about both finance and production going forward to be looking at blends, granulation etc. Looks to me like they have plans to expand into the blending business.