Ann: Cabinda Phosphate Finance and Sales Update, page-900

"First focus should be on getting firm commitments in writing for 100k from poor farmers"
Why? First focus was getting the 120ktpa for 3 years commitments from distributors, food aggregators and export customers. That's done. Now working on the loan agreements - see latest update on financing. Main points below.

Firm interest has been received for both export and domestic sales commencing next year and extending for three years. Domestic interest includes distributors and food aggregators, and export interest is from niche Atlantic markets where MNB Phosphate Rock has specific advantages rather than a simple commodity input for phosphoric acid feedstock
• The Company has consulted with IDC and Banco BAI throughout the sales process and both institutions have expressed support for the quality of customers, broad customer base and inclusion of both domestic and export markets.

A revised term sheet has been signed with Banco BAI for a Term Loan (“Banco BAI Facility”) recognising the updated sales strategy and removing certain conditions in respect to securities.

Banco BAI will now invite FGC to participate in the loan facility negotiations that are currently underway, as both will be signing parties to the loan agreement.

Targeting first drawdown by July 2025, subject to final Conditions Precedent being completed, further updates include:
• Angolan Sovereign Wealth Fund US$10 million equity subscription has satisfied the Condition Precedent for an equity investment.
• Once signed, the Banco BAI Facility will satisfy the term loan facility Condition Precedent.
• The offtake Condition Precedent is currently being updated by the IDC in line with the Company’s sales and marketing strategy to diversify away from a single customer strategy to a broad base of export and domestic sales, with the 120,000ktpa expected to be satisfied from a mix of export markets and domestic distributors and food aggregators.