MINBOS RESOURCES LIMITED — Investor Presentation 2014

Oct 14, 2014

HIGH VALUE PHOSPHATE OPPORTUNITY

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October 2014
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All the Key Drivers in Place

• Phosphate demand is underpinned by population growth and driven by food production efficiencies

• Two high value‐in‐use deposits on a 120km trend that is mostly unexplored.

• Large markets in US and Europe, growth market in Brazil, diminishing high grade deposits in north and south America.

• Essential experience in Industrial Minerals and a track record attracting major partners in Africa, GDF Suez, Lonmin, ABG

Phosphate Demand Outpaces Population Growth

“Global phosphate consumption is forecast to grow by 45% by 2030” “7.5% decrease in a average P2O5 concentrate grade from 1990‐2011.”

High Value Core Projects and Exploration Upside

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Chivovo
6.5mT @ 20.5%
Cacata
15.2mT @ 24.5%
Kanzi DRC
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Global Resource Angola

• 304Mt at 11.5% P2O5 being a mixture of low grade high tonnage and high grade low tonnage.

High Grade Trend

• High grade ‐ 24‐25% P2O5

• Readily upgraded to >32% by screening

• Shallow less than 50m

• Low strip ratio – less than 2:1

• Free digging sediments

• Adjacent to sealed highways and power lines

• Process water nearby

• Sparsely populated

Exploration Upside

• 60 kilometre trend containing virgin discoveries at Chivovo and Cacata remains virtually unexplored.

• Geochemical sampling has been shown to be effective at Cacata but not used regionally

• Minbos has claims over similar deposits and strike length in the continuation of the trend the DRC

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50:50 Joint Venture
Tunan Mining Ltd Mongo Tando Mongo Tando
BVI Limited BVI Holdings
Mongo Tando Ltda
Cabinda Licences
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Cacata Studies Completed

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World Growth
• Tailings
• Drilling
Sector
• Transport
High Margin • Geology & & Shipping
Projects Mining
• Markets
Atlantic Market
• Testwork
Location
• Audit
• Processing
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Cacata Study Scope

Project Parameters
Study Resource	10Mt
Mining Rate	1.0Mtpa
Rock Phosphate Production (32.5% P2O5)	0.8Mtpa
Capex (Owner operator basis. 50% Transport & Shipping)	$US157m
Cash Operating Costs FOB	$US54/t FOB
Rock Phosphate Price	$US112/t
Potential Premium	up to 12%
Cash Margin	$76/t FOB

Value Add Opportunities

Technical	Outsource Transport and Shipping activities and capital Review Process Engineering Capital and Operating Costs Extend high grade mine life
Commercial	Cabinda License Fiscal Terms and Conditions Offtake Partners and Export Substitution
Corporate	Project Structure Strategic Stakeholders

Caio Deep Water Port - Cabinda

“Caioporto S.A., has been awarded the concession to finance, plan, design, build and manage Port of Caio.”

Caio Port

• Location in Cabinda 70km by road from Cacata

• 12.5m depth ideally suited to phosphate vessel size.

• Angolan Government committed to the establishment of a deepwater port at Caio

Value Add Opportunity

“Prequalification of construction contractors for Phase I have been

• Scoping Study looked at a dedicated barging and trans‐ shipment facility accounting for 40% of project capex

• Access to a deep water port would significantly reduce project capex and enhance shipping options.

announced.”

Angola - Growing and Mining Friendly

• Africa’s largest oil producer and third largest producer of diamonds. China’s largest oil supplier

• Current projects include $10bn LNG plant led by Chevron and $1.2 billion urea and ammonia plant led by Mitsubishi

• Fastest growing economy in Africa

• Infrastructure investment

• Favorable foreign investment policy

• 5% royalty and 10% Government free carry

• Company tax 25%

Management Team

Peter Wall (Chairman)	Partner at Steinepreis Paganin (a Perth based corporate law firm) since July 2005. Has a wide range of experience in all forms of commercial and corporate law, with a particular focus on resources (hard rock and oil/gas), equity capital markets and mergers and acquisitions. He also has significant experience in dealing in Africa.
Damian Black (Director)	Associate Director (Corporate) at CPS Capital Group and has been employed in corporate finance and stockbroking since 2006, having previously worked at Tolhurst Ltd. Mr Black was responsible when CPS acted as Lead Manager to the Minbos Resources IPO in 2010.
Domingos Catulichi (Director)	A mining industry professional and a qualified diamond evaluator with over 12 years experience in the exploration and mining industry in Angola. He has various business interests in Angola including Hotels, transportation, general trading and mining.
Bill Oliver (Director)	Geologist with over 12 years experience with both majors and juniors. Previously Exploration Director and then Managing Director of Signature Metals – taking a golf project in Ghana from exploration to production. Led large scale resource definition projects for Rio Tinto.
Lindsay Reed (CEO)	Mining Engineer with 30 years experience in exploration, development and operations and corporate finance. Former Managing Director of Aviva Corporation taking a grass roots gold JV with Lonmin in Kenya to divestment for $20M+$10M. Founding director of NGM Resources Ltd and MM Mining Pty Ltd.

	Capital Structure Current Shares on Issue 1,158,149,881 Options exercisable at 1.0cps 311,666,665 Optoins exercisable at 9.37 ‐25cps 4,150,000 Market Capitalisation at 0.3cps $3.5m Cash (at September 30 2014) $0.7m Enterprise Value $2.8m

News and Activities

• Appointment of CEO

• Convertible Note Conversion

 

• Appointment of Key Management

• Cabinda License renewal

• Scope and Award of BFS studies

• Further Exploration Drilling

• Divestment of DRC Interests

Contact Details

Australia: 278 Barker Road Subiaco WA 6008 Australia

Ph: +61 8 6102 7724 Fax: +61 8 9388 1252 www.minbos.com

Road from Caio to Cacata

Disclaimer

COMPETENT PERSON STATEMENT

The information is extracted from the Company’s ASX announcement entitled ‘Cacata High Grade Project: Scoping Study Produces Positive Results’ created on 06 June 2012 and the Company’s ASX announcement entitled ‘Minbos Announces Resource Upgrade for the Cabinda Licences in Angola’ created on 16 October 2013 & 5 December 2013 and is available to view on www.minbos.com. 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 estimates of Mineral Resources, that all material assumptions and technical parameters underpinning the estimates in the relevant market announcement continue to apply and have not materially changed. The company confirms that the form and context in which the Competent Person’s findings are presented have not been materially modified from the original market announcement.

DISCLAIMER

The Company has prepared this document based on information available to it at the time of preparation, from sources believed to be reliable and subject to the qualifications in this document. To the maximum extent permitted by law, the Company and it of affiliates, related bodies corporate (as that term is defined in the Corporations Act) and its respective directors, employees, officers, representatives, agents, partners, consultants and advisers (each a Limited Party and together, the Limited Parties ) accept no responsibility or liability for the contents of this document and make no recommendation or warranties concerning the Offer or any offering of Shares under the prospectus. No representation or warranty, express or implied, is made as to the fairness, accuracy, adequacy, validity, correctness or completeness of the information, opinions and conclusions contained in this document. To the maximum extent permitted by law, none of the Limited Parties accept any responsibility or liability including, without limitation, any liability arising from fault or negligence on the part of any person, for any loss whatsoever arising from the use of this document or its contents or otherwise arising in connection with it. FORWARD‐LOOKING STATEMENTS

This document contains statements, opinions and projections, all preliminary in nature, prepared by the Company on the basis of information developed by itself in relation to its Rock Phosphate projects, Cabinda and Kanzi, respectively, and together Projects ). Such information can be described as at the pre‐feasibility stage, due to the limited information provided to date, and may be subject to change.

Certain statements, beliefs and opinions contained in this document, particularly those regarding the possible or assumed future performance of the Company and the Projects are or may be forward looking statements. Forward looking statements can be identified by the use of forward looking terminology, including, without limitation, the terms “believes”, “estimates”, “anticipates”, “expects”, “predicts”, “intends”, “plans”, “goals”, “targets”, “aims”, “outlook”, “guidance”, “forecasts”, “may”, “will”, “would”, “could” or “should” or, in each case, their negative or other variations or comparable terminology. These forward looking statements include all matters that are not historical facts. By their nature, forward looking statements involve known and unknown risks, uncertainties and other factors because they relate to events and depend on circumstances that may or may not occur in the future and may be beyond the Company’s ability to control or predict which may cause the actual results or performance of the Company and the Projects to be materially different from the results or performance expressed or implied by such forward‐looking statements. Forward looking statements are based on assumptions and are not guarantees or predictions of future performance. No representation is made that any of these statements or projections will come to pass or that any forecast result will be achieved, nor as to their accuracy, completeness or correctness. Similarly, no representation is given that the assumptions upon which forward looking statements may be based are reasonable. Forward looking statements speak only as at the date of this document and the Limited Parties disclaim any obligations or undertakings to release any update of, or revisions to, any forward‐looking statements in this document.

All dollar values contained in this document are in Australian dollars ( A$ ) and the pro forma financial information is presented as at 30 September 2014 unless otherwise stated.

Appendix Cacata Scoping Study ASX Announcement 6 June 2012

An exciting resource with significant upside

	Deposit	Tonnes	Grade	COG	Category
		(Mt)	(%P2O5)	(%P2O5)
	Cacata	5.0	23.0	5.0	Measured
		10.2	25.3	5.0	Indicated
		11.8	8.8	5.0	Inferred
		27.0	17.7	5.0	Sub Total
	Mongo Tando	24.8	13.6	5.0	Indicated
		184.0	8.0	5.0	Inferred
		208.8	8.4	5.0	Sub Total
	Chivovo	6.5	20.5	5.0	Indicated
	Chibuete	149.0	8.3	5.0	Inferred
		391.3	9.2		TOTAL

The information is extracted from the Company’s ASX announcement entitled ‘Minbos Announces Resource Upgrade for the Cabinda Licences in Angola’ created on 16 October 2013 & 5 December 2013 and is available to view on

www.minbos.com. 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 estimates of Mineral Resources, that all material assumptions and technical parameters

underpinning the estimates in the relevant market announcement continue to apply and have not materially changed. The company confirms that the form and context in which the Competent Person’s findings are presented have not been materially modified from the original market announcement.

Where is it?

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CACATA
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Scoping Study Project Summary

• Project Status : Located on the highly prospective and high grade Eastern Limb. Commencing Bankable Feasibility Study. High grade resources defined, scoping study confirms robust project economics

• JORC Resource : 30.4Mt total @ 17.2 % P2O5 assumed at the time of the Scoping Study (see slide 17 for current Cacata resource)

• Mining: Free Dig, no drill and blast expected @ strip ratio of 2:1

• Beneficiation: Upgrades to + 34% P2O5 (Phos rock) @ 79% recovery using basic scrubbing, screening and washing

• Product Logistics: 90km haul on a sealed road to potential new port facilities. Covered loading facility at the port to load barges and Panamax vessels offshore

The Scoping Study financials are robust

Project Financials (800ktpa Phosphate Rock Concentrate) – 100% basis

• Revenue $US180/t (excludes 12% premium as quoted by CRU Strategies)

• Opex $US54.4/t (Excludes Royalties)

• Capex $US157.1M (Excluding contingency)

 NPV $US311M (@ 10% discount)

• IRR 40.2% (pre‐tax)

Capital Expenditure

Cacata Capital Costs	$USm
Mining	9.5
Processing Plant	54.8
Tailings Dam	6.8
Storage and Transport (Land)	22.5
Storage and Loading (Sea)	57.5
Owners Costs	6.0
Contingency (15%)	23.6
Total Capital	180.7

Operating costs are low

Cacata Operating Costs	$US/t FOB
Mining	5.72
Processing Plant	25.12
Tailings Storage Facility	0.50
Storage and Transport (Land)	13.63
Storage and Loading (Sea)	3.25
General and Admin	6.20
Total Operating Cost per tonne of Product	54.42

Cacata Processing Block Flow

Land Transport Route

Stage 1 Port Site Option

Proposed development path - Cacata

2014 2015 2016 2017 QTR 1 QTR 2 QTR 3 QTR 4 QTR 1 QTR 2 QTR 3 QTR 4 QTR 1 QTR 2 QTR 3 QTR 4 QTR 1 QTR 2 QTR 3 QTR 4

Define Scope of Bankable Feasibility Study

Tender Bankable Feasibility Study

Bankable Feasibility Study

Project Financing

Project Execution 20 months

Commissioning Dec 2016 