Update on Cabinda Phosphate Fertilizer Project funding progress

Minbos Resources Limited (ASX: $MNB) is making progress in securing funding for the Cabinda Phosphate Fertilizer Project. The company has signed a term sheet with the Industrial Development Corporation of South Africa Ltd for a loan facility of US$14 million, with credit committee approval received in April 2024. Minbos is currently working to satisfy the Loan Facility conditions precedent and unlock the funding to begin construction on the Project.

Executive commentary on funding progress and future plans

The Company is pleased with the progress made in securing funding for the Cabinda Phosphate Fertilizer Project. We are actively engaging with the Angolan Sovereign Fund for an equity injection and are in advanced stages of a loan application process with Banco BAI, one of Angola's largest banks, to meet the conditions precedent set by the IDC. Additionally, we are expecting to convert the binding Grupo Carrinho MOU into a formal offtake agreement in the coming weeks. Satisfying all of the conditions precedent will put Minbos in the position of being fully funded to commence and complete construction, and have working capital to deliver on its sales contract with a major customer in Grupo Carrinho. In light of these developments, we are contemplating the immediate expansion of the plant and will continue to keep the market updated on our progress.

Summary of funding progress and future outlook

Minbos Resources (ASX: $MNB) has made significant progress in securing funding for the Cabinda Phosphate Fertilizer Project. The company is working diligently to satisfy the Loan Facility conditions precedent and unlock the funding to begin construction on the Project. The engagement with the Angolan Sovereign Fund and an emerging market fund, along with the advanced stages of a loan application process with Banco BAI, demonstrate the Company's commitment to securing the necessary funding. Upon satisfying all conditions precedent, Minbos will be fully funded to commence and complete construction, and have working capital to deliver on its sales contract with a major customer. The Company is also considering the immediate expansion of the plant, reflecting its confidence in the project's future. With ongoing efforts and positive developments, Minbos is poised to achieve its corporate goals and deliver on its strategic initiatives for the Cabinda Phosphate Fertilizer Project.