Ann: MoU with Foskor and Port Update, page-6

A bit disappointing really

We first heard of the S African potential customer (Foskor) back in October 2023, 8 months ago.

More recently last May they said:

“The Company has received interest from a South African fertilizer producer to supply Cabinda Phosphate Rock and will provide

sample product for testing in its pilot facility.”

So after 8 months we get a non binding MOU, which has really just formalised what they’ve previously announced.

Good that the Port is on track, I wonder when they have to make the building to stage 2 decision. Is is part of the phase 1 construction foundations etc? or more to do with the 2nd phase? (probably). They need to commit to starting construction within the next 2 weeks to keep to schedule. If they do have delays, they need to have committed to building to stage 2 so they can catch up lost time. The way I see it, stage 2 is dependant on the Foskor update, which is further away than we thought & is dependant on these bulk samples and trials. How long does that take?