Minbos Resources : Angola Presentation

ENHANCING CABINDA

PHOSPHATE ROCK

ANGOLAN MINING CONFERENCE

November 2019

ENHANCED PHOSPHATE ROCK (EPR)

LOW-COST/HIGH-YIELD FERTILIZER

A small amount of WSP makes Phosphate Rock soluble.

HIGH SOLUBILITY OPPORTUNITY

Suitable for crops and soils within Angola and the wider Congo Basin (Pop. 75M & 70% employed in agriculture)

AGRONOMIC & ENGINEERING TRIALS

Greenhouse and granulation pilot trials completed in the USA. Field trials underway in Angola.

SIMPLE MINING WITH SUBSTANTIAL RESOURCE 7Mt of Cacata ore can supply Angola for 30yrs

COMMERCIAL EXPERIENCE

Minbos has invested more than $20M on phosphate projects in the Congo Basin and will submit a tender for the Phosphate Rock concession in Cabinda.

CABINDA PROJECT

Crop Nutrient support services for local, farmers, soils and crops.

NPK Blending Plants

mix EPR with nitrogen and potassium nutrients.

Barge to regional agricultural ports.

Phosphate Rock

Mined, stockpiled and dewatered at Cacata.

Enhanced

Phosphate

Rock

Truck Transport from

Cacata to Porto de Caio granulation plant.

Granulation Plant mixing Phosphate Rock with WSP fertilizer and micronutrients

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RAW CABINDA	IMPORTED
PHOSPHATE ROCK	FERTILIZER
▪	Raw phosphate rock	▪ 100% water soluble phosphate
▪ Unsuitable for use in Angola or		fertilizer
	wider Congo Basin	▪	Fast-release phosphate
▪	Low-cost	▪	High-cost
▪	Low-solubility	▪	High-solubility

• Export-only

100% Phosphate Rock

100% WSP Fertilizer

ENHANCED CABINDA PHOSPHATE ROCK

• 85% local phosphate rock/15% water soluble phosphate blend
• Low-cost
• High-solubility
• Suitable for Angola and wider Congo Basin
• Combines fast release WSP which solubilises slow-release phosphate rock

85% Phosphate Rock | 15% WSP Fertilizer

INNOVATION AND COLLABORATION

CORNERSTONE PARTNER - IFDC

• International fertilizer development Center (IFDC) Founded in 1974
• An international non-profit organization focused on increasing and sustaining food security and agricultural productivity in over 100 developing countries
• Specialised research laboratories and Greenhouses
• Bench-scaleand pilot-plant units used in studies such as beneficiation of ores, acidulation and granulation of fertilizers
• Training facilities and Technical library

From Left: IFDC Soil Modeller Dr. Upendra Singh and Minbos CEO Mr. Lindsay Reed at the IFDC

Muscle Shoals Campus (Alabama USA)

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IFDC GREENHOUSE TRIALS

IFDC GREENHOUSE TRIALS

• 20 months of trials
• 4 crops - Winter wheat, maize, residual maize (Completed), Sorghum (Ongoing)
• Various ph. soils - 4.8 to 7.8
• Trials are ongoing

INTERIM RESULTS/FINDINGS

Angolan soils, crops and climate are ideally suited for Enhanced Phosphate Rock which prefers moist acidic (low-pH.)soils and staple crops such as cereals and legumes

IFDC Field trials in Nigeria and Kenya with the similar Phosphate Rock yielded similar results to the Cabinda greenhouse trial

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GRANULATION PLANT DESIGN

SUCCESSFUL COMPLETION OF GRANULATION TRIALS 500kg's of Cabinda phosphate rock was successfully processed at the IFDC's world-classtrial plant in Alabama (USA).

PROCESSING AND PLANT DESIGN Granulation testing to produce plant flow design including:

• Engineering drawings
• Operating inputs
• Water, power, gas and binding agent
• Product quality parameters to international standards

ANGOLA FIELD TRIALS COMMENCING Q4 2019 500kg of Enhanced Phosphate Rock has been produced and will be used for field trials in Angola this year.

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ENHANCED PHOSPHATE ROCK IN ANGOLA

RIGHT PRODUCT

Most effective in Angolan soils, climate and crops

RIGHT PRICE

Cabinda Phosphate Fertilizer production cost advantage

RIGHT PLACE

Angolan and regional Congo Basin markets

RIGHT PROMOTION

Collaboration with IFDC and Government to grow

Angolan agriculture

VISION

To build a nutrient business that stimulates economic and policy development in agricultural inputs, farming and food markets, underpinning national food security for the next century.

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DISCLOSURES

COMPETENT PERSON

The information in this presentation that relates to the Exploration Results and Phosphate Resources, Production Targets and Cost Estimation was extracted from Minbos'sASX announcement dated 6 June 2012, 16 October 2013 and 5 December 2013 respectively entitled "Cacata Project - Scoping Study Produces Positive Results" "Minbos announces resource upgrade for the Cabinda licenses in Angola" and "Cabinda Resource Additional Information" and the Minbos Annual Report for the years ended 30 June 2014 to 30 June 2016 and Half Year Reports for the periods ended 31 December 2014 and 31 December 2015 which are available to view on the Company's website at www.minbos.com.

The information in the original ASX announcements and the Annual Report and Half Year Report that related to Exploration Resultsand Phosphate Resources is based on information compiled or reviewed by and approved for release by Ms Kathleen Body, Pr.Sci.Nat, who has over 20 years of experience in mineral exploration and mineral resource estimation. Ms Body is a Principal Consultant and Director of Redbush Geoservices (Pty) Ltd and contracted to Minbos Ms Body is registered with the South African Council for Natural Scientific Professions(SACNASP)as a Professional Natural Scientist. She has sufficient experience in relation to the style of mineralisation and type of deposit under consideration to qualify as a Competent Person as defined by the "Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves" (The JORC Code 2012 Edition). Ms Body has consented to inclusion of this information in the form and context in which it appears.

Minbos confirms that: a) it is not aware of any new information or data that materially affects the information included in the original ASX announcements; 30 June 2016 Annual Report and 31 December 2015 Half Year Report b) all material assumptions and technical parameters underpinning the Phosphate Resource, Production Target and related financial information derived from the Production Target included in the ASX announcements,30 June 2016 Annual Report and 31 December 2015 Half Year Report continue to apply and have not materially changed; and c) the form and context in which the relevant Competent Persons' findings are presented in this announcement have not been materially modified from the original ASX announcements,30 June 2016 Annual Report and 31 December 2015 Half Year Report

DISCLAIMER

The Company has prepared this document based on information available to it at the time of preparation, from sources believed to be reliable and subject to the qualifications in this document. To the maximum extent permitted by law, the Company and it of affiliates, related bodies corporate (as that term is defined in the Corporations Act) and its respective directors, employees, officers, representatives, agents, partners, consultants and advisers (each a Limited Party and together, the Limited Parties) accept no responsibility or liability for the contents of this document. No representation or warranty, express or implied, is made as to the fairness, accuracy, adequacy, validity, correctness or completeness of the information, opinions and conclusions contained in this document. To the maximum extent permitted by law, none of the Limited Parties accept any responsibility or liability including, without limitation, any liability arising from fault or negligence on the part of any person, for any loss whatsoever arising from the use of this document or its contents or otherwise arising in connection with it.

FORWARD-LOOKING STATEMENTS

This document contains statements, opinions and projections, all preliminary in nature, prepared by the Company on the basis of information developed by itself in relation to its Rock Phosphate projects, Cabinda and Kanzi, respectively, and together Projects). Such information can be described as at the pre-feasibility stage, due to the limited information provided to date, and may be subject to change. Certain statements, beliefs and opinions contained in this document, particularly those regarding the possible or assumed future performance of the Company and the Projects are or may be forward looking statements. Forward looking statements can be identified by the use of forward looking terminology, including, without limitation, the terms "believes", "estimates", "anticipates", "expects", "predicts", "intends", "plans", "goals", "targets", "potential", "aims", "outlook", "guidance", "forecasts", "may", "will", "would", "could" or "should" or, in each case, their negative or other variations or comparable terminology. These forward looking statements include all matters that are not historical facts. By their nature, forward looking statements involve known and unknown risks, uncertainties and other factors because they relate to events and depend on circumstances that may or may not occur in the future and may be beyond the Company's ability to control or predict which may cause the actual results or performance of the Company and the Projects to be materially different from the results or performance expressed or implied by such forward-looking statements. Forward looking statements are based on assumptions and are not guarantees or predictions of future performance. No representation is made that any of these statements or projections will come to pass or that any forecast result will be achieved, nor as to their accuracy, completeness or correctness. Similarly, no representation is given that the assumptions upon which forward looking statements may be based are reasonable. Forward looking statements speak only as at the date of this document and the Limited Parties disclaim any obligations or undertakings to release any update of, or revisions to, any forward-looking statements in this document. All dollar values contained in this document are in Australian dollars (A$) and the pro forma financial information is presented as at 3 September 2019 unless otherwise stated.

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