Ann: US$14m Loan Facility Approved & Firm Bids for Placement, page-687

The below paste is from the Offtake announcement.

From the first bullet point they talk of sharing field trial results, so clearly they are both conducting trials.

We know the Minbos trials are successful, as the 2nd bullet point says, Carrinho’s results should be the same.

As I posted the other day, the CP on trial results is now obsolete as they have to buy internally anyway.

Of course The S African potential offtake Lindsay hinted is imminent would trump the smaller Carrinho offtake anyway.

Other key components of the agreement include a technical collaboration with Carrinho

and Minbos to optimise the use of the Cabinda Phosphate Rock, including sharing field

trial results, involvement in future trials and cfor demonstrations with small and large-scale

commercial farmers.

•The MOU is subject to successful Carrinho-Instituto de Investigação Agronómica (IIA)-

Minbos field trials to affirm the suitability of the Cabinda Phosphate Rock as a fertilizer.

Minbos does not consider this to be a material risk given that it has already demonstrated

the suitability and efficacy of Cabinda Phosphate Rock as a fertilizer in the Minbos-IIA field

trials.