Minbos Resources : Resource Update for High-Grade Cabinda Phosphate Project

23 NOVEMBER 2021

ASX ANNOUNCEMENT

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RESOURCE UPDATE FOR HIGH-GRADE CABINDA

PHOSPHATE PROJECT

HIGHLIGHTS

• Total Measured, Indicated and Inferred Mineral Resource of 8.4 million tonnes at 29.6%
  P205.
• Mine optimisation and mine design work is well advanced with an Ore Reserve estimate for the Cácata deposit expected in the first Quarter of 2022.
• Progress on the Definitive Feasibility Study ("DFS") is well advanced with engineering costings expected to be completed in December 2021 and pending environmental reports, the DFS report is expected to be delivered Q1 2022.

Minbos Resources Limited (ASX:MNB) ("Minbos" or "the Company") is pleased to announce an updated JORC 2012-compliant Mineral Resource Report for the Cabinda Phosphate Project, located in Angola.

The Company's flagship Cabinda Phosphate Project is the first step in developing a high-impactself-sustaining agricultural sector throughout Angola and middle Africa, and the first step in alleviating poverty for millions of subsistence farmers who use minimal applied plant nutrition products or soil ameliorants.

The Cácata Phosphate Deposit is structurally simple, located in a narrow graben approximately 400m wide by approximately 4.5km long formed as part of the Atlantic rifting. The deposit supports simple free-dig mining without requiring drilling and blasting.

Mineralisation varies within the sedimentary layers from very high-grade gravels with coprolites, pellets, teeth and bones to silty fine grained phosphorite.

No new raw data has been incorporated in the Mineral Resource estimate (with the exception of Lidar topography, which has made a minimal, but favourable, impact).

However, there has been substantial revisions in the way in which the stratigraphic horizons and zones have been defined in the 2021 MRE versus that of the 2013 model1.

The updated Mineral Resource Estimate ("MRE") has taken into account the requirement for 29- 30% P2O5 grade phosphate rock to be granulated with water soluble phosphate ("WSP") to

1 ASX announcement - Cabinda Resource Additional Information 5 December 2013

ASX Code: MNB Office: Suite 1, 245 Churchill Avenue, Subiaco WA 6008

T: [phone] E: [e-mail]: www.minbos.comABN: 93 141 175 493

only

produce an Enhanced Phosphate Rock ("EPR"), which would be used directly in fertilizer manufacture of NPK fertilizer.

The MRE is reported within an optimised pit shell, and a cut-off grade of greater than 19% P2O5, which is based on metallurgical test work data to date and reflects a product specification grade of >29.5% P2O5.

TABLE 1: MINERAL RESOURCE STATEMENT CÁCATA PHOSPHATE PROJECT

(EFFECTIVE DATE 31 OCTOBER 2021)

use		Classifiction			Cut-off Grade			Tonnes			P2O5%			Contained			Density			Ca:P2O5
			(P2O5%)			(Mt)					P2O5 (Mt)					Ratio
		Measured	19		2.20		29.9		0.66		1.83		1.48
		Indicated	19		4.76		29.7		1.41		1.84		1.46
		Measured and Indicated			19			6.96			29.7			2.07			1.84			1.47
		Inferred			19			1.45			28.5			0.43			1.58			1.46

Note: Totals may not add up due to rounding.

In reporting the Mineral Resource Statement (prepared by SRK Consulting (UK) Limited ("SRK"), SRK notes the following:

• The Mineral Resources are reported on an in-situ basis for the individual phosphate seams, where the Mineral Resources are based on a cut-off grade of greater than 19% P2O5 which is based on the metallurgical test work data provided by Minbos, which reflects a product

personal	specification grade of greater than 29.5% P2O5.
• A pit optimisation exercise was completed using a re-blocked mining model, with an
additional 5% ore loss factor incorporated.
• A product selling price of USD457.7/tonne for Cacata Enhanced Phosphate Rock has been
applied, based on a MAP landed in Port Caio of USD700/t (52 P2O5 %), a blend of 15% MAP
in the final product, and a Relative Agronomic Effectiveness ("RAE") of 85%.
For
• SRK considers there to be reasonable prospects for eventual economic extraction based on
the pit optimisation exercise as well as consideration of the process flowsheet/requirements
to deliver a saleable product.
• Mineral Resources have been reported on an inclusive basis, are not Ore Reserves and do
not have demonstrated economic viability, nor have any mining modifying factors been
	applied.
	• The reported Mineral Resources have an effective date of 31 October 2021. The Competent
	Person for the declaration of Mineral Resources is Kathleen Body (SACNASP, Pr.Sci.Nat)
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		ASX Code: MNB Office: Suite 1, 245 Churchill Avenue, Subiaco WA 6008
		T: [phone] E: [e-mail]: www.minbos.comABN: 93 141 175 493

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number 400071/07, an associate of SRK. The Mineral Resource estimate was reviewed by a team of consultants from SRK.

• Tonnages are reported in metric units, grades in percent (%). Tonnages and grades are rounded appropriately. Rounding, as required by reporting guidelines, may result in apparent summation differences between tonnes, grade and contained metal content. Where these occur, SRK does not consider these to be material.

Figure 1 - Cross section through the 2021 Mineral Resource model showing the model and drillholes coloured by P2O5 grades (top) and SiO2 grades (bottom) with interpreted

faults shown as orange lines. Zone 3 (red) is the main phosphate unit.

Commenting on the Cacata Mineral Resource update, Minbos' CEO Lindsay Reed:

"The Company anticipates that a more continuous grade profile, due to pre-estimation domaining changes in the new Resource model, will deliver significant enhancements to the mine planning and production schedules, which are currently being generated by Orelogy Mine Consulting as part of the updated engineering study."

Next Steps

The updated Mineral Resource will now be used for open pit mine optimisation, design, and economic analysis for generation of an Ore Reserve for Cacata expected in the first quarter of 2022. The engineering works, which are being undertaken by Orelogy Mine Consulting, also includes the Mining Contract Tender process.

-ENDS -

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ASX Code: MNB Office: Suite 1, 245 Churchill Avenue, Subiaco WA 6008

T: [phone] E: [e-mail]: www.minbos.comABN: 93 141 175 493

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This announcement is authorised for release by the Board of Minbos Resources

For further information, please contact

Chris Swallow

Corporate Development

Email: [e-mail]

Phone: [phone]

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Compliance Statement

With reference to previously reported Scoping Study Results, the Company confirms that it is not aware of any new information or data that materially affects the information included in the original market announcement and, in the case of material assumptions and technical parameters underpinning the estimates in the relevant market announcement continue to apply and have not materially changed.

Forward Looking Statements

Statements contained in this release, particularly those regarding possible or assumed future performance, revenue, costs, dividends, production levels or rates, prices or potential growth of Minbos Limited, are, or may be, forward looking statements. Such statements relate to future events and expectations and, as such, involve known and unknown risks and uncertainties. Actual results and developments may differ materially from those expressed or implied by these forward-looking statements depending on a variety of factors.

Competent Person Statement

The Competent Person with responsibility for the total Mineral Resources of this report is Mrs Kathleen Body, Pr. Sci. Nat, who is registered as a Professional Natural Scientist with the South African Council for Natural Scientific Professions ("SACNASP"). She is an Associate Resource Geologist with SRK Consulting (UK) Limited and the Director and a Principal Consultant of Red Bush Analytics. Mrs Body was a fulltime employee of Coffey Mining at the time the original Mineral Resource estimation was completed in 2013. Mrs Body has 26 years' experience in the mining industry and has sufficient experience which is relevant to the style of mineralization and type of deposit under consideration and to the activity which she is undertaking to qualify as a Competent Person as defined in the 2012 Edition of the "Australasian Code for Reporting of Exploration Results, Mineral Resources and Mineral Reserves. Kathleen Body consents to the inclusion in the report of the matters based on her information in the form and context in which it appears.

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ASX Code: MNB Office: Suite 1, 245 Churchill Avenue, Subiaco WA 6008

T: [phone] E: [e-mail]: www.minbos.comABN: 93 141 175 493