MINBOS RESOURCES LIMITED — Capital/Financing Update 2015

Sep 1, 2015

1 September 2015

ASX Code: MNB PERTH 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

ASX ANNOUNCEMENT/MEDIA RELEASE

CABINDA PROJECT TO PROCEED ON A JV BASIS

Minbos Resources Ltd ( Minbos or the Company ) advises that merger discussions with joint venture ( JV ) partner Petril Phosphates Ltd ( Petril ) have been discontinued as the parties could not come to a mutually satisfactory outcome on certain key terms. The principal terms requiring agreement were the escrow conditions for existing and incoming shareholders (with Petril proposing that MNB’s major shareholders should be escrowed until completion of BFS). The negotiations on the merger were complicated by the difficulties of combining a public listed and private company and the different cultures, both in terms of the needs of the various stakeholders but also the different business culture and approach.

Under the proposed merger (refer Minbos announcement on 17 March 2015), Minbos would have acquired a 100% share in the Cabinda project in exchange for Petril obtaining a 50% equity stake in the Company. A merger would have enhanced development schedules, project financing and value realisation and it is unfortunate that terms could not be agreed. Minbos would however like to thank Petril for all their efforts to try and make the merger work.

Minbos Chief Executive Officer Lindsay Reed said, “Although it is disappointing not to proceed with the merger, Minbos shareholders will still have a 50% interest in the very exciting Cabinda project that includes the high grade Cacata deposit. Minbos will now focus on the commencement of the BFS for the Cacata deposit through the JV with Petril.”

Minbos and Petril are developing the Cabinda project under an existing and current JV agreement and will now proceed to move the project towards production on that basis, with Minbos continuing to hold a 50% interest in a project that is without peer in the Atlantic basin. The Cabinda project includes the high grade Cacata deposit which has demonstrated potential to support at least 10 years production utilising a simple “scrub and screen” operation. A scrub and screen project would significantly reduce capital and operating costs as well as development lead times.

In addition, Minbos also recently announced that it has signed a Letter of Intent with the Port of Caio to export no less than 800,000 tons of rock phosphate per annum. Port of Caio is a world class deep water port development in the Cabinda province of Angola which is expected to be operational in the 3rd quarter of 2017.

Under the provisions of the JV, Petril’s appointed Manager must deliver the following to commence the BFS:

• Pre-Feasibility Study – Only a scoping study has been completed by the Manager to date, however, Minbos can elect to waiver this requirement.

• The BFS must be approved by the board of both parties.

• 120 days’ notice must be given for Minbos and Petril to demonstrate 100% BFS funding.

• Programs and budgets to be approved.

• Cash calls then to be completed under approved programs and budgets.

Current Minbos management will ensure that the Manager complies with the provisions of the JV to move the Cabinda project forward rapidly.

This announcement effectively ceases the voluntary suspension requested by the Company which commenced on 26 August 2015 .

1 September 2015

ASX Code: MNB PERTH 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

For further information please contact

Stef Weber For media enquiries contact: Company Secretary David Ikin – Professional Public Relations s.weber@minbos.com david.ikin@ppr.com.au +61 (0) 8 6270 4610 +61 (0) 8 9388 0944

About Minbos

Minbos Resources Limited ( ASX:MNB ) is an ASX-listed exploration and development company focused on phosphate ore within the Cabinda Province of Angola and the adjoining areas of the far western DRC. Through its subsidiaries and joint ventures, the Company is exploring over 400,000ha of highly prospective ground hosting phosphate ore.

Minbos is focussing on the development of the high grade Cacata deposit in Cabinda whilst growing its current resource base in incremental stages on the remaining deposits in Angola.

The Company’s strategy is to specifically target the exploration and development of low cost fertiliser-based commodities in order to tap into the growing global demand for fertilisers. Phosphate is an essential component in certain agricultural fertilisers, with the market supported by the increasing global demand for food and bio-fuel products.

For more information, visit www.minbos.com