Ann: Minbos launches P4 concept study, page-389

Just going over a few actual facts for a bit of balance to this thread.

Only US$12 mill of funding left to source of the total more than $50mill DFS upfront capex requirement to start to take advantage of an incredible growth opportunity. That US$50mill was later reduced by US$10mill due to the change of product following very successful field trials of the lower cost BPR over the previously planned EPR. The EPR had the expensive ingredient of MAP which is not required in BPR so that, along with reduced gas requirements, will also lead to significantly lower cash costs. The other very big advantage of changing the product is the approximately US$25mill capex reduction that was required to later double plant capacity, allowing for a much earlier expansion without the need to either wait for cash to accumulate from earnings or to raise cash in a cr to bring expansion forward. That expansion is now expected to only cost up to around US1.5-3mill. That gives a big boost to the NPV and brings significantly higher cash flows forward compared to the DFS forecasts. That would allow for more rapid appreciation of the sp as earnings climb more rapidly in the earlier years.
Most of that upfront capex requirement of US$40mmill was secured previously in capital raisings including from the cornerstone investor's large investment. Those cornerstone investors include the chairman of the world's largest cathode manufacturer. The earlier capital raisings allowed for the early purchase of the plant which has now been delivered on site.
The latest funding was the term sheet for US$14mill from a South African development bank. Subject to DD, that leaves just US$12mill.

Just a brief reminder of the growth opportunity for Angola and Minbos below when that last $12mill is secured.

"Angola benefits from its vast energy and water resources, plus optimal weather for multiple harvests. It's a natural dividend that has led to many companies surging ahead in traditional and renewable energies, innovative agriculture, and a new kind of tourism for Angola’s millions-strong diaspora."
"Agricultural excellence
Those rivers also help drive Angola's agriculture and tourism. In the rich agricultural province of Namibe, the winery Vale do Bero produces about 80,000 bottles a year.Their success comes from plentiful water and the ability to have two harvests a year due to a conducive climate. It's a "very big advantage", according to the company's CEO, Paulo Murias.
Once a global coffee producer, Angola is now making a comeback. In Kwanza Sul Province, the Vissolela Farm is expanding, keen to regain Angola's former position in the world's coffee trade."The Vissolela project covers 1,000 hectares, all focused on specialty coffee. So there will be 100 hectares of each Arabica coffee variety, and 80% of that coffee will be exported," the farm's general manager, Guilherme Diniz, says

https://www.euronews.com/business/2022/12/16/best-of-business-angola-take-a-look-back-at-this-years-growth-geared-firms