CACATA PROJECT

BFS

Update

November 2016

Competent Person

The information in this presentation that relates to the Exploration Results and Phosphate Resources, Production Targets and Cost Estimation was extracted from Minbos’s ASX announcement dated 6 June 2012, 16 October 2013 and 5 December 2013 respectively entitled “Cacata Project –Scoping Study Produces Positive Results” “Minbos announces resource upgrade for the Cabinda licenses in Angola” and ”Cabinda Resource Additional Information” and the Minbos Annual Report for the years ended 30 June 2014 to 30 June 2016 and Half Year Reports for the periods ended 31 December 2014 and 31 December 2015 which are available to view on the Company’s website at www.minbos.com.

The information in the original ASX announcements and the Annual Report and Half Year Report that related to Exploration Results and Phosphate Resources is based on information compiled or reviewed by and approved for release by Ms Kathleen Body, Pr.Sci.Nat, who has over 20 years of experience in mineral exploration and mineral resource estimation. Ms Body is a Principal Consultant and Director of RedbushGeoservices (Pty) Ltd and contracted to Minbos Ms Body is registered with the South African Council for Natural Scientific Professions(SACNASP)as a Professional Natural Scientist. She has sufficient experience in relation to the style of mineralisation and type of deposit under consideration to qualify as a Competent Person as defined by the "Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves" (The JORC Code 2012 Edition). Ms Body has consented to inclusion of this information in the form and context in which it appears.

Minbos confirms that: a) it is not aware of any new information or data that materially affects the information included in the original ASX announcements; 30 June 2016 Annual Report and 31 December 2015 Half Year Report b) all material assumptions and technical parameters underpinning the Phosphate Resource, Production Target and related financial information derived from the Production Target included in the ASX announcements,30 June 2016 Annual Report and 31 December 2015 Half Year Report continue to apply and have not materially changed; and c) the form and context in which the relevant Competent Persons’ findings are presented in this announcement have not been materially modified from the original ASX announcements,30 June 2016 Annual Report and 31 December 2015 Half Year Report

Disclaimer

DisclaimerDISCLAIMER

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. 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”, “potential”, “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-lookingstatements. 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 7 November 2016 unless otherwise stated.

Key Points

• Pilot scale test work has identified significant equipment reductions on the 2012 Desktop Study flowsheet which will significantly reduce capex.

Low Capex

Low Opex

High Margin

• The Porto de Caio deep water port development 60km from the deposit by sealed road was not part of the 2012 Desktop Study.

New Infrastructure

• Bulk sample confirms free dig mining without ripping, and either a DSO or Scrub and Screen flowsheet to produce high grade Rock Phosphate.

Simple Mining &

Beneficiation

Angola is the Africa’s third largest producer of both oil and diamonds and became the largest supplier of oil to China in July 2016 overtaking Russia and Saudi Arabia.

The 5.2Mtpa Angola LNG plant recommenced production in June 2016 after commissioning difficulties.

Angola – A Resource Economy

Fastest growing economy in Africa.

Infrastructure investment.

Favorable foreign investment policy.

Oil price collapse driving economic diversification.

Current Ownership Structure

Cabinda Licences

Mongo Tando Ltda

Mongo Tando Limited BVI

Petril Projects

50%50%

High Value Core Projects and Exploration Upside

Infrastructure Availability

Cabinda produces two thirds of Angolan oil

60km sealed road access

Major airport at Cabinda

New Port under construction at Porto de Caio

Cabinda Project Scope 800,000tpa Rock Phosphate

Cacata stage 1 high grade DSO or scrub and screen

Cacata stage 2 flotation beneficiation to >32%

Global Resource 391.3Mt at 9.2% P2O5

40 kilometer Angolan trend containing high grade Chivovo and Cacata remains largely unexplored.

Deepwater Port

Porto de Caio Cabinda Located in Cabinda 60km by road from Cacata 12.5m depth ideally suited to phosphate vessel size.

Letter of Intent 800tpa port capacity Construction commenced Stage 1 completion scheduled for end 2017

Cacata Long Section – Shallow Ore, High Grade

Pilot Plant Bulk Samples

Target ~26% P205 Target ~32% P205

Bulk Sample Test work

BULK SAMPLES WET ROUTE DRY ROUTE

18 tonnes representing ~5Mt of dry DSO and~10Mt of Scrub+Screen ore

Wet ScrubberScreen -2.5mm to 150um Drying to <3% moisture

Roll crusher Drying to <3% moisture Air classification -100um

Preliminary Results Exceeds Expectations

PARAMETERS 2012 STUDY1 DRY2 WET3

Feed Grade %P2O5 27% 30-32% 26-29%

Mass Recovery 77% 78-85%

P2O5 Recovery 85% 87-89%

Product Grade % 30% 33-34% 31-32%

1. ASX Release 6 June 2012 “Cacata Project – Scoping Study Produces Positive Results.” The scoping study test work was completed on material from 8 drill holes representative of the deposit. The recovery numbers were derived from a scrubbing and screening at +212um to 2.36mm.

2. The Dry beneficiation test work is being completed on 8 tonnes of sample from two distinct zones in the high grade core of mineralisation. The recovery numbers are derived from sizing the material to 6-19mm, drying to 1-3% moisture followed by air classification to remove the -106um

3. The Wet beneficiation test work is being completed on 10 tonnes of sample from two different locations classified as medium grade. The results are derived from scrubbing and screening the material at +106um and -12.5mm. The analysis of the reject fractions was not completed at the time of writing to estimate mass and P2O5 recoveries.

M&I Grade Tonnage Options

WE

T

DR

Y

Preliminary Test work suggests:

• Wet beneficiation will be suited to 9-11Mt of the M&I resources at a cut-off or 22-24% P2O5

• Dry beneficiation will be suited to 5-7Mt of the M&I resources grading around 26-28% P2O5

Mine engineering studies will optimise the value and utilisation of the entire 15Mt M&I resource incorporating the second stage with flotation.

Reduced Capex Expectations

CAPITAL EXPENDITURE AREA $USM MAJOR ITEMS 2012 STUDY DRY WET

MINING 9.5 Owner Operator

BENEFICIATION PLANT 54.8 Attrition Scrubber

Roll Sizer

De-Sliming Screen

Undersize Cyclones

Thickener

Filter Press

Dryer

Air Classifier

Product Storage

TAILINGS STORAGE FACILITY 6.8 Tailings Dam

ROAD TRANSPORT 22.5 Owner Operator

PORT AND SHIPPING 57.5 Product Storage

Port Owner Operator

TOTAL INCLUDING OWNERS COST 157.0 $US157M

Preliminary Test work indicates significant flowsheet reductions for either the Wet or Dry beneficiation alternatives compared to the 2012 Desktop Study

Dry Beneficiation alternative would not require process water or a tailings dam for several years until the flotation circuit is added in stage 2.

Ausenco has identified rotating containers as the preferred transport and ship loading system. These can be leased and serve as storage offering significant capital savings.

Bulk sampling confirmed free digging material will not require ripping.

No cyclones and thickener for the tailings undersize.

No filter press for product dewatering

Transport distance to Porto de Caio is 38km less than 2012 option

Dry Beneficiation will not require process water supply and tailings disposal

Opex Savings

The decision between dry and wet beneficiation will be a tradeoff between additional

capex for wet processing and shorter stage 1 mine life for dry processing before stage

2 flotation is required.

BFS Contractors

• EISA

• Equipment

• Equipment

• Market study

• BFS Lead

• Geology & Mining

• Process Test work

• Geotech & Hydrology

p r imere sou rces

Appointment of BFS Contractors

Bulk samples shipped and test work commenced

EISA, Hydrology and Port components of BFS commenced

Caio Porto construction commenced

Bulk sample test work completed Dec 2016

Market Study to commence Jan 2017

Trade-off Study Completed Feb 2017

Budget and Schedule for BFS finalized Mar 2017

Infill drilling for mine planning April 2017

Offtake Agreements 2017

Financing 2017

News and Activities

Capital Structure Millions

Current Shares on Issue 2,074

Sofosa Performance Rights 238

Pro-Forma Shares 2,312

Diluted Market Capitalisation at 0.7cps A$16M

Cash at 30 September 2016 A$1M

1cps Options 30 December 2016 696

CAPITAL STRUCTURE & SHAREHOLDERS

Fully Diluted Shareholdings

Board and Management

Peter WallChairman

Partner at Steinepreis Paganin since July 2005. Wide ranging 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 acquisition.

Damian BlackDirector

Director Corporate Finance, Asia Principal Capital Limited. Damian has been employed in corporate finance and stockbroking since 2006. Mr Black was worked for the Lead Manager to the Minbos Resources IPO in 2010.

Domingos Cataluchi

Director

Zeca is 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.

BIL OliverDirector

Geologist with over 15 years experience with both majors and juniors. Previously Exploration Director and then Managing Director of Signature Metals. Led large scale resource definition projects for Rio Tinto.

Dganit BaldarDirector

A qualified Israeli Corporate Lawyer with 20 years experience in the legal profession. Most recently was General Counsel for the Mitrelli Group, a multinational organisation which initiates, executes and manages large turn-key projects in developing countries. Mitrelli was very active in Angola during Ms Baldar’s tenure.

Lindsay ReedCEO

A Mining Engineer with 30 years experience in exploration, development, operations and corporate finance. Lindsay worked as a mining engineer in minerals sands, copper and tin operations obtaining a Mine Managers Certificate. After completing an MBA he worked as a resource analyst in the Australian equity markets. Since then he has started and managed a number of resource companies with projects in a range of commodities in Australia, Africa and Asia.

Stef Weber CFO

Mr Weber is a chartered accountant and company secretary with 20 years experience in senior management roles in the resource industry in Australia and Africa. He was previously held senior finance roles with Exxaro Resources and is experienced in financing, project control, tax and operations management.

Rebecca MorganGeologist

Qualified in geology and mining engineering, Rebeccahas 15 years experience in the mining industry including exploration, operations and consulting. She has experience in West Africa and speaks Portuguese. Most recently she worked as a mining consultant with Optiro Resources.

Ehud LevyProject Director

Ehud is the Project Director appointed by the JV company Mongo Tando Ltd. Qualified as a Chemical engineer (B.Sc.) with many years of professional experience with Bateman Engineering and Chemical Techologies. He previously worked for ICL group mainly in phosphate, fertilizers and downstream products.

Australia:245 Churchill AvenueSubiaco WA 6008Australia

Phone: +61 8 6270 4610

Email: info@minbos.com

Website: www.minbos.com

Contact Details