Ann: Minbos launches P4 concept study, page-187

I also just spoke to them. They mentioned someone else had asked one of the questions that I asked, so I assume that was you.

The questions I asked and the responses were:

1. What is the status of P4 concept study? The person I spoke to is not involved with this, but said this question had been asked already today. As far as they knew there were no issues with this. When I mentioned that the market was expecting it in November, they said they would check with the staff who are invovled with it and see if an announcement needs to be issued to market. I said an update would be appreciated.

2. I asked for a construction update. He said the civil detailed designs were completed last week, a number of subcontractors are due to present proposals this week and the plan is to get the base foundations completed in December 2023.

Furthermore, detailed designs for the structural, mechanical and plumbing are due to be completed this side of Christmas, with the Electrical and Automation detailed designs expected to be completed in early 2024.

I asked for a ballpark timeline to when construction is due to be completed. Off the top of his head he was suggesting it would be more like mid 2024 and when I asked if this was a concern, given the planting season, he said there is a considerable amount of planting done in October, so they are aiming to have everything up and running for that. Google tells me the planting season in Angola is from October to May, so let's hope this is achieved.

3. What is the status of the MOU with Carrinho Group. This is curently in the process of being coverted into a sales agreement. Once this is done, there will be more traditional financing options, but at this stage, the financing options that they are targeting are still the most likely ones to be chosen.

4. What is the status of financing. The financing with IDC SA is ongoing and expected to be finalised this side of Christmas. It's out of their hands, but is progressing well. Site visits have been completed and there are no issues to date. If not 2023, it will be completed early 2024. Other financing options relate to non-dilutionary options involving potential partners through the P4 side of the business or the GA project, which they are having ongoing discussions with multiple parties who have expressed their interest getting involved in this.

Overall, it's moving slower than I for one would like, but I'm here for the long haul.

I also suggest if anyone has any concerns, to give them a call - the more they hear from investors and learn what we're after, the more likely we are to receive it.