Ann: Bulk Sample to Enhance Minbos Fertilizer Product, page-13

Next Investor pump is out. Batten down the hatches!

	Something different today...

1		Quite a few of our portfolio companies have made announcements today, so rather than choosing our favourite announcement to focus on we’ve made a quick comment on each. Featured today are comments on: MNB, TMR, GAL, BPM, PUR, and CPH... Minbos Resources (ASX:MNB): Phosphate (fertiliser) in Angola MNB reports that it has completed a 14-tonne bulk sample to improve its fertiliser product- announcementhere. The Cabinda Project is a phosphate (fertiliser) project being developed by MNB with a 6Mt mining target and a 21 year mine life. We invested in MNB because we believe that phosphate prices will continue to be strong as global food security comes into play, while a Scoping Study indicated excellent project economics, including a project valuation (after-tax NPV) of 9M to US0M. A 14 tonne sample MNB’s phosphate-laden rocks have just been pulled out of the ground and are going to undergo lab tests in the USA to optimise its conversion into fertiliser. Once the optimal process is discovered on the sample, the steps can be applied in a scaled-up version of the fertiliser plant that MNB is building. MNB is seeking to develop a high-grade phosphate fertilizer with several proprietary blends and organic yield-maximising recipes that are currently being accessed. Read more:Why we invested in MNB, our investment plan, our expected future milestones, and our past commentary.