We’re all a bit upset by what has happened.Yes we heard it on...

We’re all a bit upset by what has happened.

Yes we heard it on social media first, that isn’t MMB’s fault - just the reporting system, even if they wanted to announce what has been revealed here, the asx wouldn’t allow it. Almost certainly these potential partners would also have non disclosure clauses.

No matter who these companies are that approached Minbos, it is unlikely they have gone away. Sometimes such negotiations take months & months - Minbos can’t stay suspended for that unknown period of time. Minbos hoped to get a deal done in the time we were suspended, obviously there was a gap between what was acceptable to us and what the possible partners wanted. These possible partners have lost some of their bargaining power because we have raised some money & are looking at other areas for the remainder. The revised timetable also gives us lots of time.

If these potential investors are big companies like has been suggested, any smallcap company like Minbos is going to be their breakfast, they’d have professional negotiators, we’d have someone like Lindsay who seems to be more worried about solving Angola's food problems than looking after shareholders. Maybe its best if we step back, reassess what is acceptable to us and not be rushed into a deal. I think the timing of their approach was opportunistic giving them the upper hand with our time constraints & being suspended, now we have the upper hand.

All these other GA projects some of these companies are investing in all require a renewable energy source to be built at considerable capex. Ours is ready to go, just needs 5km of power lines built. On the phosphate side, yes Morocco has vast resources, however it is high in impurities (Heavy Metals) and has trouble meeting European standards. Our project offers the cheapest power with a ready local market in both fertilisers & explosives and a low impurity, high 30 % phosphate resource.

IMO the Board probably did the right thing halting to negotiate a settlement which presumably would have replaced or added to the Placement. But 7 weeks was too long and it also sounds like we’ve upset Shanghai Jason which might open up the S African offtake opportunity.