Minbos Resources Limited announced that it has restructured its Board in advance of Minbos becoming the first primary fertilizer producer in Angola and in the Economic Community of Central African States ("ECCAS"). Following the resignations of Mr. Peter Wall and Ms. Dganit Baldar as directors, Mr. Paul McKenzie will move from Non-Executive Director to Non-Executive Chairman and Mr. Frank Si joins the Board as Non-Executive Director. In a show of continued commitment to the Company, the current CEO, Mr. Lindsay Reed, also moves onto the Board as Managing Director.

Mr. McKenzie is an experienced Agribusiness Consultant and company director. He is the founder of Agrarian Management, non-executive director of Kiland Limited and RLF AgTech Limited, and a specialist WA agriculture consultant to KPMG. Mr. McKenzie was formerly Chairman of Kangaroo Island Plantation Timbers Limited, Director of SALIC Australia Pty Ltd. and Chairman of the Cooperative Research Centre for Honey Bee Products Limited.

Incoming Managing Director, Mr. Lindsay Reed, has been the CEO of Minbos for the past 8 years and has been instrumental in delivering the Company the Cácata phosphate deposit and developing its fertilizer strategy through successive field trials and partnering with global fertilizer research institutes. Mr. Frank Si will join the Board as Non-Executive Director. Mr. Si is currently the Chairman of numerous subsidiaries of Shanghai Jayson and a Non-Executive Director of subsidiaries of Vitasoy International Holdings.

Mr. Si brings a diverse range of experience including lithium-ion battery manufacturing, chemistry and agriculture processing with senior operational and management roles in China, Australia, USA, Singapore and the Philippines. His experience covers every part of the manufacturing process including plant design and project management. Prior to joining Shanghai Jayson, Frank spent ten years working for Vitasoy and Associated British Foods managing supply chains, operation and construction of soybean processing facilities in China, Hong Kong, Australia and the USA.

Mr. Reed will be appointed as Managing Director of Minbos commencing 14 December 2023. Term: 4 years from commencement date unless terminated in accordance with the Executive Services Agreement (4 weeks' notice period applies) or extended by agreement between Mr. Reed and the Company.