Ann: Quarterly Activities Report and Appendix 4C, page-2

Not much new in this but they seem confident enough on the debt facilities.

"Managing Director Lindsay Reed exercised $300,000 of his options, with former Directors Peter Wall and Bill Oliver exercising $325,000 and $90,000, respectively."

"Design engineering to double capacity of the plant has been completed and capital is estimated at <US$4M, with most of the equipment purchased from FEECO already rated at 60tph, allowing stage-2 production to commence when built."

"The deepwater port at Porto de Caio remains on track for physical completion in December 2025
The port is located only 16km from the Minbos plant and can easily service up to 40,000dwt vessels to match requirements from potential customers in Asia, Africa and South America. Minbos has previously signed a Memorandum of Understanding with Foskor, South Africa’s largest phosphoric acid producer based in Richards Bay, for potential export sales from Cabinda."

$12.8mill in cash at end of December.