Ann: Minbos launches P4 concept study, page-4

January - June P4 prices in Asia;

"Overall low hinging price trends were observed for Yellow Phosphorus. The spot prices went from around 4845 USD/MT in January to around 3232 USD/MT in June’23."

and last year;

"The price of yellow phosphorous averaged 5792.38 USD/MT (Spot FD) in April in the Chinese domestic market. The price trends for yellow phosphorous stabilized slightly towards the end of said period owing to relaxed upstream costs averaging 5631.89 USD/MT (Spot FD) in June 2022."

So very volatile but more than ten times the price of phosphate rock so an obvious value add proposition. Major costs are the phosphate rock which Minbos has its own supply of; and electricity which Minbos has access to at between 10% and 20% of global prices. So margins could be very strong.

The backing of these two giants in the industry is noteworthy.

"the Company has previously received A$15 million2 investment from a syndicate of new energy materials investor3controlled by Mr Liang Feng, Chairman of Shanghai Putailai New Energy Technology (PTL) (603659.SH) and Mr. Zeng Yuqun, Chairman of CATL."