MINBOS RESOURCES LIMITED — Board/Management Information 2020

Dec 6, 2020

7 DECEMBER 2020 ASX ANNOUNCEMENT

==> picture [67 x 66] intentionally omitted <==

BOARD APPOINTMENTS

Minbos appoints three highly experienced Directors with extensive agribusiness and African investment experience

Minbos Resources Limited (ASX:MNB) is pleased to announce the appointment of three highly experienced and high-calibre Non-Executive Directors to its Board as part of the strategy to develop the Cabinda Phosphate Project, located in Angola.

Mr Valentine Chitalu is a Zambian entrepreneur specialising in Private Equity and General Investments. He is the co-founder of Phatisa Group, a Private Equity Fund Manager in Sub-Saharan Africa with ~US$400 million in funds under management in the food and housing sectors.

Mr Paul McKenzie is a professional independent agribusiness consultant in Australia. He is Chairman of ASX listed Kangaroo Island Plantation Timbers Ltd and a Director of Saudi Agricultural and Livestock Investment Co Australia.

Mr Graeme Robertson was born in Australia and a pioneer and manager of world-class international mining, energy, and infrastructure operations. He now lives in Mauritius, pursuing private investments in agriculture, resources, corporate and financial services. Graeme is a substantial shareholder and former Director of AfrAsia Bank Ltd, a private commercial bank based in Mauritius with more than US$3.5 Billion in assets.

Commenting on the appointments, Minbos Chairman Peter Wall:

"The appointment of three highly qualified and highly experienced Directors marks an important milestone in the Company's strategy of developing the Cabinda Phosphate Project. The appointments coincide with the Company accelerating work on its DFS and deepening strategic ties with Angola and its myriad of agriculture opportunities. The addition of such high-calibre board members is a reflection of this opportunity before us and will be invaluable as we enter the next phase of growth for Minbos. The new directors embrace the vision of a nutrient production and distribution business that will make a difference in Middle Africa and strong returns for Minbos shareholders.

I would also like to thank outgoing Directors Damian Black and Bill Oliver for their contributions in putting the Company back on solid ground with new shareholders, a majority interest in a high-quality phosphate project, strong strategic partnerships, and a compelling business plan."

Mr Valentine Chitalu (ACCA, M.Phil, BACC)

Mr Chitalu is the co-founder and Chairman of Phatisa Group, an African-focused private equity fund with ~US400 million funds under management and a well-respected track record of delivering for clients and communities. Phatisa is a proud signatory of the Principles on Responsible Investment which is implemented through a comprehensive ESG framework.

ASX Code: MNB Office: Suite 1, 245 Churchill Avenue, Subiaco WA 6008 T: +61 8 6270 4610 E: info@minbos.com W: www.minbos.com ABN: 93 141 175 493

==> picture [67 x 66] intentionally omitted <==

A qualified Accountant with a Masters in Economics from Cambridge University, Valentine has previously served as Chairman of the Zambia Venture Capital Fund, as a board member of Commonwealth Africa Investments, and a Director of the CDC Group Plc, the UK's premier development finance institution. Valentine was also previously Chairman of Zambian Breweries, Stanbic Zambia Ltd, and ASX listed Albidon Ltd.

Mr Chitalu is currently the Chairman of Choppies Supermarkets LTD, MTN Ltd, Munalie Nickel Mine (Zambia), and Deputy Chairman of AgDevCo (UK) Ltd; an agribusiness focused on African investment and a director of African Energy Resources Ltd (ASX:AFR).

Mr Paul McKenzie (BSc, BCom, AICD)

Mr McKenzie is Chairman of Kangaroo Island Plantation (ASX:KPT), Chairman of Hay Australia Pty Ltd, a Director of the SALIC Australia Pty Ltd (Saudi Agricultural and Livestock Investment Co), Chairman of the Cooperative Research Centre for Honey Bee Products Ltd, and Specialist Agri Consultant WA to KPMG.

Paul is the founder and Managing Partner of Agrarian Management, a leading Western Australian agriculture consultancy with offices in Geraldton, Perth, and Esperance. Paul has more than twentyfive years experience in agribusiness, management, finance, corporate governance, and primary production, and holds degrees in Science (Agriculture) and Commerce. Paul is a Fellow of the Australian Institute of Company Directors.

Mr McKenzie was the founding Chairman of Gage Roads Brewing Co from concept in 2003 to ASX listing in December 2006 and resigned in May 2008. Paul is a past President of the Australian Association of Agricultural Consultants (WA) Inc, and a Ministerial Appointee to various agribusiness review and advisory panels.

Mr Graeme Robertson (BA, MAIE, FAICD)

Mr Robertson is the Chairman and CEO of the Intrasia Group of companies established from Singapore and operating from Mauritius, focusing on corporate and financial services as well as the development of growth industries on the African continent. Mr Robertson is a substantial shareholder and former Director of AfrAsia Bank Ltd, a private commercial Bank based in Mauritius which capitalises on financing and trade between Africa and Asia with more than US$3.5 billion of assets under management. Currently, he is also is Non-Executive Chairman of Intra Energy Corp. Ltd for mining development in Africa.

Graeme has significant interests in humanitarian activities, as well as his commercial interests, flowing from his degree in Sociology. He is the Chairman of the AfrAsia Foundation, providing education to the underprivileged, and is active in health improvement, poverty alleviation, and sustainability in female equality projects.

2

ASX Code: MNB Office: Suite 1, 245 Churchill Avenue, Subiaco WA 6008 T: +61 8 6270 4610 E: info@minbos.com W: www.minbos.com ABN: 93 141 175 493

==> picture [67 x 66] intentionally omitted <==

Mr Robertson has over 40 years experience in the resources, energy, and infrastructure sectors as former Managing Director of New Hope Corporation Ltd(ASX:NHC), a director of W H Soul Pattinson &Co Pty Ltd (ASX:SOL) and the Port of Brisbane Authority. Much of his life has been spent in Indonesia where he pioneered the development of major international companies as the President Director of Adaro Indonesia, now one of the largest coal mining companies in the world, and Indonesia Bulk Terminal, a 12 Mtpa bulk port as well as advising on the development of the 1,230MW Payton Power Station, the first IPP in Indonesia.

For further information regarding Minbos Resources Ltd, please visit the ASX platform (ASX:MNB) or the Company's website www.minbos.com

-ENDS-

This announcement is authorised for release by Minbos Chief Executive Officer, Lindsay Reed.

For further information please contact: CEO Lindsay Reed Phone: +61 8 6270 4610

ABOUT MINBOS

Minbos Resources (ASX:MNB) is an ASX-listed exploration and development company focused on the Cabinda Phosphate Project in Cabinda, Angola. Our nutrient and distribution project will directly impact the lives of employees, local businesses, the agriculture sector, Angolan national food security, government revenues and the local population for many years to come, all the while promoting Angola as an attractive investment destination and delivering value for Minbos Shareholders.

==> picture [485 x 245] intentionally omitted <==

3

ASX Code: MNB Office: Suite 1, 245 Churchill Avenue, Subiaco WA 6008 T: +61 8 6270 4610 E: info@minbos.com W: www.minbos.com ABN: 93 141 175 493