Just so there is no more guessingDear Investor,BackgroundFour...

Just so there is no more guessing

Dear Investor,

Background

Four weeks ago, Minbos entered a trading halt to raise funds for project construction. During this time,partnership opportunities were presented to the Board to which the Board felt prudent to explore, leading theBoard to determine that maintaining the suspension of the Company's shares was in the best interests ofshareholders and to facilitate the completion of previously announced financing activities.
Existing substantial shareholder, Shanghai Jayson, has had an internal change of circumstances that ultimatelyprecluded its ability to partake in this equity raising for the previously anticipated investment amount of $4 million.
The Board has continued to progress discussions with other potential financiers in Angola for a working capitalfacility related to the Cabinda Phosphate Project following commencement of production. The Company remainsconfident these discussions will lead to firm funding commitments in the coming months. The Company alsoremains engaged in advanced discussions with a number of strategic investors interested in both the CabindaPhosphate and Green Ammonia Projects.
The Company, also secured investment committee approval from South Africa’s IDC for a US$14m (AU$20m)debt financing that will satisfy all of the debt funding needs of the Company to complete construction in relation toits Cabinda Phosphate Project.
Cabinda Phosphate is a project of Angolan national importance. The company has briefed the government onprogress and as a result is having advanced discussions for funding via the Angolan institutions to acceleratedevelopment of Minbos’ projects.
Placement to raise $10m at 7c
The terms of the proposed placement have changed with a one (1) for one (1) free attaching option added to the7c per share placement. Each option will be listed subject to ASX requirements, have an exercise price of A$0.07and an expiry date that is 24 months from its issue date. The issue of these options will be subject to shareholderapproval which is anticipated to be obtained in late May 2024.
Following the successful completion of the placement, the Company's securities will be reinstated to trading onASX and the Company will progress towards first production at the Cabinda Phosphate Project (anticipated to bein the second calendar quarter of 2025).