Ann: Results of General Meeting, page-72

Firstly, I have to say I am more confident about my investment in TTM than I am here with MNB so I feel I need to comment here.

A couple of years ago, I suggested I thought Minbos had more potential but I was more confident in the management at TTM. That opinion is stronger than ever right now. They have proven management including mining legend Peter Cook who have skin in the game.
My concerns about management at MNB are greater than ever. Lindsay keeps mentioning that it's not much money required but yet he just oversaw the worst capital raise with options I have personally ever seen and yet we are still with concerns about finance. He keeps talking as if it's not going to be an issue but yet we still have nothing.

The recent interview with crux he heartlessly mentioned legacy shareholders to be done with. It doesn't instill confidence that he will look after shareholders. Here we are struggling for cash and we also have a couple of equipment items that were delivered and paid for that won't be needed. Multiple excuses of COVID even when talking about the failed contractor causing delays.
Reality is we should have raised the money before doing anything. No point trying to get the equipment if we can't build the plant due to lack of funding.

I still can't understand why a raise that included institutions, sophisticated and retail wasn't done to secure the funding and building the phosphate plant.

As for TTM, they eventually released a good JORC despite the delays and unfortunately market sentiment didn't reward that. Compare their shareprice performance with peers and most of the junior explorers have been smashed.
They are also confident of doubling the Dynasty JORC resource as only half of the 9km has been drilled.

As for multiple cap raises, I don't agree. They will receive $3mUS as part of the Gina JV with Linderos and they will look at another JV for Copper Duke. They will probably need to raise cash at some point but I don't think that's unusual in small cap explorers.

As for production, they are an explorer so I'm not fussed about whether they ever produce. Making the assets attractive for a major is good enough with potentially some royalty on production.

I know the potential at MNB is huge, but until Lindsay actually gets something done that ensures that construction of the phosphate plant starts soon, doubts will grow. Shareholders do not want another year of cash burn without completion of the phosphate plant. I don't want to hear about another potential project or even the cheap hydroelectricity that we may have access to. Reality is without the 'P', we don't have any need for the 'N'.
I just want to hear that the money is raised. I don't care where the money comes from or whether the government forced the banks to lend to us.

Just give shareholders some real news and confidence.