30 April 2020 ASX ANNOUNCEMENT QUARTERLY ACTIVITIES REPORT FOR PERIOD ENDING 31 MARCH 2020 The Company’s focus during the reporting period continued to be on the advancement of the Cácata Phosphate Concession (also known as Cabinda Project), located in the Province of Cabinda, Angola. HIGHLIGHTS The Company was advised that its tender application for Cabinda Phosphate Concession, including the area previously held by Minbos in Cabinda, was successful. Under the terms of the tender, Minbos will sign a Mining Investment Contract with Angola, the equivalent of exploration licence, over the project area. The work commitments on the exploration licence will be negotiated with the Angolan Ministry of Mines during the next few months and prior to execution of the Mining Investment Contract. This successful bid is the culmination of more than 2 years of work by the board and the Minbos team to firstly, re-build government support lost during the joint venture years and secondly, to successfully present a plan for the Cácata Concession that unlocks its potential for the region. With the awarding of the tender, the Company has a strong platform to develop the Cácata deposit having spent AUD $20 million on exploration and feasibility studies on the phosphate projects in the Congo Basin. UPCOMING ACTIVITIES - CABINDA PROJECT The work commitments on the exploration licence will be negotiated with the Angolan Ministry of Mines prior to execution of the Mining Investment Contract. In-country field trials are being co-ordinated by the Angolan Institute of Agronomic Investigations in Huambo, further deepening industry ties with key Government departments. The maize field trial will be harvested next week with a second crop of beans to be planted in February. The Company will release results of the trials when available. The Company has a plan to deliver high yield/low-cost phosphate fertilizer to the mutual benefit of local farmers and agribusiness to deliver value for Minbos shareholders, In the coming quarter, the Company will announce its plans for the project including timetables, scope, studies, approvals and funding. ASX Code: MNB Office: Suite 1, 245 Churchill Avenue, Subiaco WA 6008 T: +61 8 6270 4610 E: [email protected] W: www.minbos.com ABN: 93 141 175 493 COVID-19 As at end of the quarter the Company and its staff have been minimally impacted by the Covid-19 pandemic. However, international travel restrictions will begin to impact the project schedule if restrictions persist into July. The field trials have continued as planned. This announcement is authorised for release by Board of Minbos Resources Limited. For further information visit our website at minbos.com or contact: Lindsay Reed Chief Executive Officer Email: [email protected] Phone: +61 8 6270 4610 @MinbosL @Minbos Resources 2 ASX Code: MNB Office: Suite 1, 245 Churchill Avenue, Subiaco WA 6008 T: +61 8 6270 4610 E: [email protected] W: www.minbos.com ABN: 93 141 175 493 Minbos Resources Limited (“Minbos” or “Company”) is pleased to provide an update on its activities for the March 2020 Quarter. The Company’s focus during the reporting period continued to be on the advancement of the Cácata Phosphate Concession (also known as Cabinda Project), located in the Province of Cabinda, Angola. ANGOLAN PHOSPHATE INTERESTS Located in the Cabina Province of northwest Angola (Figure 1), the Company’s strategy has been to specifically target development of low-cost phosphate projects. The Cácata Phosphate Rock has been shown in greenhouse trials to be suited to producing an effective low-cost phosphate nutrient for local and regional consumption. Phosphate is an essential nutrient in agricultural, with the market supported by the increasing global demand for food. Figure 1 – North West Angola showing Location of the Cabinda Phosphate Project and Huambo Field Trials SUCCESSFUL TENDER BID FOR CACATA PHOSPHATE CONCESSION Minbos has been classified as the preferred bidder for the Cácata Concessions, which included the area previously held by Minbos in Cabinda (also known as the Cabinda Phosphate Project)1. A Mining Investment Contract is expected to be negotiated and executed in the coming months. The negotiation of a Mining Investment Contract is normal procedure in Angola following the nomination of the preferred applicant/bidder. Minbos is not aware of any impediment to the successfully negotiation of a MIC. 1 ASX Announcement - SUCCESSFUL TENDER BID FOR CACATA PHOSPHATE CONCESSION http://www.investi.com.au/api/announcements/mnb/ee358823-380.pdf 3 ASX Code: MNB Office: Suite 1, 245 Churchill Avenue, Subiaco WA 6008 T: +61 8 6270 4610 E: [email protected] W: www.minbos.com ABN: 93 141 175 493 Full details of the successful tender are listed below: TENDER TERMS On the 9th of October 2019, The Ministry of Mineral Resources and Petroleum (MIREMPET) published in the ‘Jornal de Angola’ an Open Public Tender for the granting of mineral rights for the prospecting and exploration of diamonds, iron ore, and phosphates, including the Cácata Phosphates concession. The following information concerning the contracts in general and the Cácata Phosphates specifically was published in the Jornal. Title of the contract to be awarded: Granting of mineral rights for prospecting and exploitation Type of contract: Mineral Investment Contract Phosphates – Cacata The concession is located in the Tando Zinze commune, in the Cacata area within the Cabinda Municipality and Cabinda Province, approximately 80km northeast from the city of Cabinda. The concession covers an area of 21.16 square kilometres. To meet the Government’s target for diversification of mineral production in line with the National Development Plant (NDP) 2018-2022, MIREMPET intends through this open public tender to provide this opportunity to domestic and/or foreign private company(ies), to conduct prospecting and exploration operations related to phosphates and promote the growth and development of the fertilizer industry in Angola. The mineral rights for the reconnaissance, prospecting, research, evaluation, exploitation, processing, and marketing of phosphates fertilizer will be granted in accordance with the provisions of the Mining Code and upon signing of the relevant Mining Investment Contract. Award – Criteria The contract will only be awarded to those whose proposal which are considered the most advantageous to the State and demonstrates the technical and financial ability necessary to develop and implement the relevant work programs to ensure the development of related mineral activity, in accordance with the (ranking) criteria established in the terms of reference. The following specific information was required in respect to Bidders and related Proposals for consideration under the terms of reference. 1. Candidate declaration of experience in exploration and exploitation of mineral resources; 2. Proposed Prospecting Work Programme and/or Mining Work Programme; 3. Social Responsibility Plan; and 4. A Human Resources Development Plan, education, and training of the local labour force. 4 ASX Code: MNB Office: Suite 1, 245 Churchill Avenue, Subiaco WA 6008 T: +61 8 6270 4610 E: [email protected] W: www.minbos.com ABN: 93 141 175 493 AMBATO RARE EARTH PROJECT During the quarter CSA delivered its review report on the Ambato Rare Earth project. The report recommends further drilling to test the anomalies along strike from the Ankazohambo prospect. Minbos has fulfilled its obligations to earn the option to acquire 90% of the project by completing a bankable feasibility study. The board will consider its options for the Ambato project in view of the successful tender for the Cabinda Phosphate Projects. CORPORATE The Company currently has 5.654 billion shares on issue with no unlisted options or performance rights. At 31 March 2020, the Company had consolidated cash reserves of $1.02 million. As set out in section 6 of the Appendix 5B, the Company made payments to related parties of the entity of $46,000 in the quarter ending 31 March 2020. This amount was made up of $36,000 paid in Director fees and $9,940 legal fees to a Director related entity. For further information, please contact: Lindsay Reed Chief Executive Officer Email: [email protected] Phone: +61 8 6270 4610 ABOUT MINBOS Minbos Resources Limited (ASX: MNB) is an ASX-listed exploration and development company with interests in phosphate ore within the Cabinda Province of Angola and Rare Earth Elements in Madagascar. The Company’s strategy is to specifically target the exploration and development of low-cost mineral projects. For more information: www.minbos.com Forward Looking Statements This ASX release may include forward-looking statements. These forward-looking statements, particularly those regarding possible or assumed future performance, costs, dividends, production levels or rates, prices, resources, reserves or potential growth of Minbos Resources Limited, are, or 5 ASX Code: MNB Office: Suite 1, 245 Churchill Avenue, Subiaco WA 6008 T: +61 8 6270 4610 E: [email protected] W: www.minbos.com ABN: 93 141 175 493 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. 6 ASX Code: MNB Office: Suite 1, 245 Churchill Avenue, Subiaco WA 6008 T: +61 8 6270 4610 E: [email protected] W: www.minbos.com ABN: 93 141 175 493 .