Ann: Annual Report to Shareholders, page-6

1. Converting the offtake MOU into a signed offtake - MNB previously announced an MOU for offtake with Grupo Carrinho (we covered that news here). MNB confirmed that it expected to have that MOU converted into a formal offtake agreement in the coming weeks.

Overall to us, it looks like MNB is expecting to have most of these conditions largely complete within the next few months.

Our view is that the way the conditions are structured, MNB will probably have to finalise one before any of the others get done, i.e without a signed offtake the banks might be unwilling to lend etc.

Next investors in 2024 - unwilling to lend

Now nearly 1 year on

Newbies beware of those already talking production with no sales agreements at April 2025