Ann: US$14m Loan Facility Approved & Firm Bids for Placement, page-812

I am very interested to see what other off-take agreements Minbos might have on the go that have not yet been announced. When asked in Linsdays recent interview "What can we expect going forward" his reply was:

"We will be looking to firm up our off-take agreements, and I think we will hear something soon about working in countries other than Angola, that are adjacent to us".

This was the only time he really smiled during this interview. I originally thought he was speaking about the South African off-take when he said this, but later in the interview he mentioned the SA off-take being linked to the IDC, so the off-take in an adjacent country must be an off-take we have not heard about yet.

We know that the company is running sugarcane trials at the moment, this was in the Dec Investor Presentation announcement where the company showed photos of their sugar field trials at Biocoms sugar plantation.

I had a look for commercial farmers in adjacent countries to Angola and I found Zambia Sugar Plc (mostly owned by Illovo Sugar Africa) - the largest sugar producer in Africa. The company seems very driven by sustainability, so Minbos' locally produced phosphate would be a great addition (this is very much speculation though)

I also find it interesting that when asked what we can expect going forward Lindsay replied: "We will put in place the local debt which will be at least working capital", very matter of fact.

The next 2 months is going to be extremely important for the company. imo.