Minbos Resources Limited provided an update on the Capanda Green Ammonia Project, and the Cabinda Phosphate Project Definitive Feasibility Study, as well as large investments the Company is making in Angola's agriculture sector. CAPANDA GREEN AMMONIA PROJECT: With the Technical Study now underway and supported by the strong interest in its green explosive grade Ammonium Nitrate, the Company has been investigating pairing further renewable energy with its existing hydroelectric feedstock. The Company is evaluating the potential a further 400MW of solar and/or wind energy.

Increasing electric power availability to diversify the economy and meet the increasing energy demand of a growing population is among the Angolan government's highest stated priorities. As part of Angola Energy 2025, Angola's long-term vision for the power sector is to diversify the investment in renewable energies through a growing role of the new renewable energies, including small hydropower plants. The Government is looking for investments to install up to 100MW of new solar energy, 100MW of new mini-hydro capacity and 100MW of new wind farms and the establishment of a Research Center for Renewable Energy.

To support investments, Angola has completed comprehensive mapping studies for solar, wind and further hydro potential (Fig. 2), capturing the opportunity for investments and giving the Company confidence that Angola's renewable endowments, can support the Company's vision for renewable investments. CABINDA PHOSPHATE PROJECT: As part of the Cabinda Phosphate Definitive Feasibility Study (DFS), the Company has been presented with a new opportunity for the location of the phosphate granulation plant.

The alternative site is located in Zee Subantando, a suburb situated along the main highway (EN201) between Cacata and Cabinda City, approximately 36km from Cacata and 16km from Cabinda Port (Fig 3.). The DFS is currently based on the plant being located at Futila whilst the alternative site is investigated further. It is likely that the alternative site will be the preferred location for the following reasons: reduced truck traffic through the city of Cabinda; reduced distance for ore haulage from Cacata to the plant; reduced distance for product delivery from the plant to the Port of Cabinda; and, reduced costs to hold and maintain site.

DEFINITIVE FEASIBILITY STUDY: The Company has been informed that there is going to be a delay in receiving the final engineering report from the International Development Fertilizer Centre. The IFDC engineering scope was to provide a process package which will include a modified process description, process flow diagrams and overall material and heat balance based on repurposing the current granulation design and piloting of the Beneficiated Phosphate Rock process. The Company considers this to be a minor delay, which may impact the delivery of the DFS, by approximately two weeks.