MINBOS RESOURCES LIMITED — Capital/Financing Update 2022

Feb 21, 2022

ASX Announcement 22 February 2022

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GEOTECHNICAL DRILLING COMPLETED FOR THE CABINDA PHOSPHATE FERTILIZER PLANT

Minbos Resources Limited (ASX:MNB) (Minbos or the Company) is pleased to announce that as part of its Definitive Feasibility Study (DFS), geotechnical drilling has been completed across the site of the Cabinda Phosphate Fertilizer Plant, located in northeast Angola.

Geotechnical drilling is a critical element for the construction of the Cabinda Plant, forming part of EPCM works assisting to determine the integrity of the site and determining the ground conditions for the design of plant foundations and footings (Fig. 1)

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Figure 1 - Drilling works being undertaken at the site of the Cabinda Phosphate Fertilizer Plant.

The site investigation program, which includes the geotechnical drilling and laboratory test work is being managed by GID Engenharia, an engineering inspection, consulting and projects company based in Cabinda.

The scope of work includes a review of the proposed Granulation plant location and identification of any key areas of geotechnical risk, test pitting, including penetrometer assessments and construction materials suitability testing including PSD, CBR, Atterberg limits. The diamond boreholes are drilled to visually assess subsurface conditions, perform in-situ falling head

ASX Code: MNB Office: Unit 5, 254 Rokeby Road Subiaco WA 6008 Australia T: +61 8 6219 7171 E: info@minbos.com W: www.minbos.com ABN: 93 141 175 493

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permeability tests and obtain laboratory samples. The outcome from the Geotech program will assist in finalising the foundation and earthworks design parameters for the granulation plant.

FEECO UPDATE

Fabrication of the granulator’s key equipment is now well underway with two of the three large drums required for the plant under manufacture at FEECO’s headquarters in Green Bay, Wisconsin as shown in Figures 2-4 below.

Founded in 1951 as an engineering and equipment manufacturer, FEECO is recognized globally as an expert in providing industry-leading process design, a range of engineering capabilities, including everything from process development and sample generation, feasibility studies, to detailed plant engineering, as well as manufacturing to a variety of industries, including: fertilizer and agriculture.

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Figure 2 – FEECO Headquarters, Cabinda Phosphate Fertilizer Granulator Drum.

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ASX Code: MNB Office: Unit 5, 254 Rokeby Road Subiaco WA 6008 Australia T: +61 8 6219 7171 E: info@minbos.com W: www.minbos.com ABN: 93 141 175 493

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Figure 3 - FEECO Headquarters, Cabinda Phosphate Fertilizer Granulator Drum.

ASX Code: MNB Office: Unit 5, 254 Rokeby Road Subiaco WA 6008 Australia T: +61 8 6219 7171 E: info@minbos.com W: www.minbos.com ABN: 93 141 175 493

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Figure 4 - FEECO Headquarters, Cabinda Phosphate Fertilizer Cooler Drum.

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This announcement is authorised for release by the board of Minbos Resources Ltd. For further information please contact:

Chris Swallow

Corporate Development E: c.swallow@minbos.com P: +61 412 174 882

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ASX Code: MNB Office: Unit 5, 254 Rokeby Road Subiaco WA 6008 Australia T: +61 8 6219 7171 E: info@minbos.com W: www.minbos.com ABN: 93 141 175 493

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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 Resources 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.

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ASX Code: MNB Office: Unit 5, 254 Rokeby Road Subiaco WA 6008 Australia T: +61 8 6219 7171 E: info@minbos.com W: www.minbos.com ABN: 93 141 175 493