Financial Report
for the period ended
December 2022
ABN 93 141 175 493
Contents
Corporate Directory
Chairman’s Letter
Directors’ Report
Auditor’s Independence Declaration
Corporate Governance Statement
Consolidated Statement of Profit or Loss
& Other Comprehensive Income
Consolidated Statement of Financial Position
Consolidated Statement of Changes in Equity
Consolidated Statement of Cash Flows
Notes to the Consolidated Financial Statements
Directors’ Declaration
Independent Auditor’s Report
Shareholder Information
2
3
5
36
37
38
39
40
41
42
69
70
74
Corporate Directory
Directors & Officers
Bankers
Mr Peter Wall - Non-Executive Chairman
Ms Dganit Baldar - Non-Executive Director
Mr Valentine Chitalu - Non-Executive Director
Mr Paul McKenzie - Non-Executive Director
Mr Graeme Robertson - Non-Executive Director
Mr Lindsay Reed - Chief Executive Officer
Mr Blair Snowball - Chief Financial Officer
Mr Harry Miller - Company Secretary
Registered Office
Suite 5, 254 Rokeby Road
Subiaco WA 6008
P: +61 (08) 6219 7171
E-mail: info@minbos.com
Website: www.minbos.com
Principal Place of Business
Suite 5, 254 Rokeby Road
Subiaco WA 6008
Domicile and Country of Incorporation
Australia
Australian Company Number
ACN 141 175 493
Australian Business Number
ABN 93 141 175 493
National Australia Bank Limited
Perth West Business Banking Centre
Level 14, 100 St Georges Terrace
Perth WA 6000
Website: www.nab.com.au
Auditors
BDO Audit (WA) Pty Ltd
Level 9, Mia Yellagonga Tower 2
5 Spring St
Perth WA 6000
Website: www.bdo.com.au
Share Registry
Automic Group
Level 5, 191 St Georges Terrace
Perth WA 6000
Website: www.automicgroup.com.au
Solicitors
Steinepreis Paganin
Level 4, The Read Buildings
16 Milligan Street
Perth WA 6000
Website: www.steinpag.com.au
Securities Exchange
Australian Securities Exchange Limited (ASX)
Home Exchange - Perth
ASX Code - MNB (Ordinary Shares)
Chairmans’ Letter
Dear Valued Stakeholders,
On behalf of the Board of Directors,
I am pleased to introduce the 31
December 2022 Financial Report for
Minbos Resources Limited (Minbos
or Company).
You are receiving this financial report as a result
of Minbos changing its financial year end to 31
December, in order to align with our subsidiary
companies where our phosphate and green
ammonia interests are located.
The last six months of 2022 saw Minbos seize a
myriad of opportunities that Angola presents. The
Company is now firmly ensconced as more than
just a phosphate explorer, developer and near-
term producer, with development projects that
now span agriculture, fertilizers, mining explosives,
carbon-abatement and LFP battery-grade
phosphate paste.
Some of this growth - green ammonia,
explosives and carbon abatement - has come
organically, a positive externality from being a
good development partner with the Angolan
Government. However, opportunities in the battery
metals space have come from new relationships
born from the use of phosphate in battery metals.
Phosphate paste is a critical material for the
production of Lithium-Iron-Phosphate batteries,
with our interest in the product driven by our
phosphate production profile with assistance from
our new partners who invested in Minbos in mid-
2022, corner-stoning our $25 million placement and
bringing a wealth of experience in the
battery space.
With the Company well-funded, we have begun
building our project team. We now have fulltime
staff in Angola and Western Australia, focused
on developing not only our phosphate fertilizer
project, but our Capanda green ammonia
project and other related projects.
In mid-October 2022, the new and bolstered
team delivered a comprehensive Definitive
Feasibility Study for the Cabinda Phosphate
Project which highlighted the potential
of our phosphate project and the unique
characteristics of the phosphate deposit which
will allow a high quality beneficiated phosphate
fertilizer to be produced for use in local
agriculture markets.
Our phosphate project has now entered its
most exciting phase, construction and near-
term production. Daily we are getting updates
that the phosphate plant is arriving in its various
parts into Angola, and we look forward to
watching the plant turn on later in the year.
With first production a near-term reality, it’s
my firm belief that now is not the time for the
Company to narrow its focus but to widen it.
Our work on the opportunity to produce green
ammonia has been well supported by the
Angolan Government, local industry and has
garnered the interest of the global fertilizer and
explosives industry.
Minbos Resources Financial Report 2022 3
More than mining, Minbos has
always been a unique and
differentiated story, we look forward
to launching new projects and
initiatives and as our story enters its
next phase, taking our shareholders
along for our journey.
I thank all Minbos shareholders for your
continued support and looking forward to the
coming year.
Yours Sincerely
Mr Peter Wall
Non-Executive Chairman
Chairmans’ Letter
The railway from the Port of Lobito through to
the Democratic Republic of Congo and into the
explosives-hungry copper belts of Zambia and
Democratic Republic of Congo demonstrate the
regional opportunities for ammonia nitrate, the
building block for nitrogen fertilizers and ammonia
nitrate (explosives). The ingenuity of the Company
to tap into Angola’s abundant hydroelectric power
has been matched by the Angolan Government
supporting the project with globally leading green
pricing. This zero-carbon project is now a global
leader and best-in-class example of a Company
tapping into an installed green energy source to
underpin its project.
These projects highlight the immense potential
of Angola. The country has a young and vibrant
population with a pro-business government keen
to see new opportunities for all Angolans. In this
regard, the Company is always ensuring it works
collaboratively in the communities in which it
operates. Our deposit in Cabinda is set amongst
local villages for which the Company has a strong
connection. Our Project has been scoped to
ensure minimal disturbance with a high degree of
integration with the local community.
As we enter a new phase for the Company, we will
continue to deliver high-growth, high-opportunity
projects that bifurcate and balance shareholder
value with our relationship with the Angolan
people.
On behalf of the Board, I thank Lindsay and
the entire Minbos team for their dedicated and
sustained efforts. I would also like to extend my
personal thanks to my fellow Non-Executive Board
members, Mr. Valentine Chitalu, Mr. Paul McKenzie,
Mr. Graeme Robertson and Ms Dganit Baldar, for
their support and advice during the period.
Finally, I would like to thank the Government
of Angola for their support, consultation and
continued engagement with Minbos as we
progress our plans for Angola. Without this, our
company would not be in the fortunate position
we find ourselves in today, with multiple potential
company-making opportunities, as outlined above.
Minbos Resources Financial Report 2022 4
Minbos Resources Limited – Financial Report
31 December 2022
Directors’ Report
The Directors submit their report of the ‘Consolidated Entity’ or ‘Group’, being Minbos Resources Limited
(‘Minbos’ or ‘Company’) and its Controlled entities at the end of, or during, six months ended 31 December 2022.
CHANGE IN FINANCIAL YEAR END
1.
The Company has changed its financial year end from 30 June to 31 December. The current period figures relate
to six months from 1 July 2022 to 31 December 2022. The comparative amounts disclosed in the financial report
and related notes are not comparable as the length of the periods differ by six months. The accounting policies
have been consistently applied, unless otherwise stated.
BOARD OF DIRECTORS
2.
The Directors of the Company in office at the date of this report or at any time during the six months from 1 July
2022 to 31 December 2022 are:
Directors
Peter Wall
Dganit Baldar
Valentine Chitalu
Paul McKenzie
Graeme Robertson
Position
Non-Executive Chairman
Non-Executive Director
Non-Executive Director
Non-Executive Director
Non-Executive Director
Appointment
21/02/2014
18/03/2016
07/12/2020
07/12/2020
07/12/2020
Resignation
-
-
-
-
-
INFORMATION ON THE BOARD OF DIRECTORS
3.
The following information is current as at the date of this report.
Mr Peter Wall
Non-Executive Chairman (appointed 21 February 2014)
Mr Wall is a corporate lawyer and has been a Partner at Steinepreis Paganin (Perth based corporate law firm)
since July 2005. Mr Wall graduated from the University of Western Australia in 1998 with a Bachelor of Laws and
Bachelor of Commerce (Finance). Mr Wall has also completed a Masters of Applied Finance and Investment with
FINSIA.
Mr Wall 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), technology, equity capital markets and mergers and acquisitions. He also has
significant experience in dealing in Africa.
During the past three years, Mr Wall held the following directorships in other ASX listed companies:
Current:
• Non-Executive Chairman of Hygrovest Limited (formerly MMJ Group Holdings Limited); and
• Non-Executive Chairman of Pursuit Minerals Ltd.
Previous:
• Non-Executive Chairman of Red Castle Resources Limited (formerly Transcendence Technologies Limited)
(resigned 28 June 2021);
• Non-Executive Chairman of Argent Minerals Ltd (resigned 5 March 2021); and
• Non-Executive Chairman of Advanced Human Imaging Ltd (formerly MyFiziq Limited) (resigned 22 January
2021).
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Minbos Resources Limited – Financial Report
31 December 2022
Directors’ Report
Ms Dganit Baldar
Non-Executive Director (appointed 18 March 2016)
Ms Dganit Baldar is a qualified Israeli corporate lawyer with approximately 20 years’ experience in the legal
profession. Ms Baldar was previously the General Counsel for Mitrelli Group, a multinational organization which
initiates, executes and manages large turn-key projects in developing countries.
Ms Baldar graduated from Brunel University in London and also completed an MBA through Tel Aviv University.
She has a wide range of experience in all forms of corporate and commercial law with specific expertise in complex
joint ventures, mergers and acquisitions. In addition, she has expertise in dealing with Angolan law and companies.
During the past three years, Ms Baldar has not held directorships in any other ASX listed companies.
Mr Valentine Chitalu
Non-Executive Director (appointed 7 December 2020)
Mr Chitalu is the co-founder and Chairman of Phatisa Group, an African-focused private equity fund with ~US$400
million in funds under management and a well-respected track record of delivering for clients and communities.
Phatisa is a proud signatory of the Principles on Responsible Investment which is implemented through a
comprehensive ESG framework.
A qualified Accountant with a Masters in Economics from Cambridge University, Valentine has previously served
as Chairman of the Zambia Venture Capital Fund, as a board member of Commonwealth Africa Investments, and
a Director of the CDC Group Plc, the UK’s premier development finance institution. Valentine was also previously
Chairman of Zambian Breweries, Stanbic Zambia Ltd, and ASX listed Albidon Ltd.
Mr Chitalu is currently the Chairman of Choppies Supermarkets Ltd, MTN Ltd, Munalie Nickel Mine (Zambia), and
Deputy Chairman of AgDevCo (UK) Ltd, an agribusiness focused on African investment.
During the past three years, Mr Chitalu held the following directorships in other ASX listed companies:
Current:
• Non-Executive Director of African Energy Resources Ltd.
Mr Paul McKenzie
Non-Executive Director (appointed 7 December 2020)
Mr Paul McKenzie is a professional independent agribusiness consultant in Australia. He is Non-Executive Director
and former Chairman of ASX listed Kiland Ltd, Non-Executive Director of ASX listed RFL AgTech Ltd, Chairman of
the Cooperative Research Centre for Honey Bee Products Ltd, and Specialist Agri Consultant WA to KPMG. Among
other commercial roles, Paul was formerly Chairman of Hay Australia Pty Ltd, and the Australian Director of the
SALIC Australia Pty Ltd (Saudi Agricultural and Livestock Investment Co).
Paul is the founder and Managing Partner of Agrarian Management, a leading Western Australian agriculture
consultancy with offices in Geraldton, Perth, and Esperance. Paul has more than twenty-five years’ experience in
agribusiness, management, finance, corporate governance, and primary production, and holds degrees in Science
(Agriculture) and Commerce. Paul is a Fellow of the Australian Institute of Company Directors.
Mr McKenzie was the founding Chairman of Gage Roads Brewing Co from concept in 2003 to ASX listing in
December 2006 and resigned in May 2008. Paul is a past President of the Australian Association of Agricultural
Consultants (WA) Inc, and a Ministerial Appointee to various agribusiness review and advisory panels.
During the past three years, Mr McKenzie held the following directorships in other ASX listed companies:
Current:
• Non-Executive Director of Kiland Ltd.
• Non-Executive Director of RLF AgTech Limited.
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Minbos Resources Limited – Financial Report
31 December 2022
Directors’ Report
Mr Graeme Robertson
Non-Executive Director (appointed 7 December 2020)
Mr Robertson is the Chairman and CEO of the Intrasia Group of companies established from Singapore and
operating from Mauritius, focussing on corporate and financial services as well as the development of growth
industries on the African continent. Mr Robertson is a substantial shareholder and former Director of AfrAsia Bank
Ltd, a private commercial Bank based in Mauritius which capitalises on financing and trade between Africa and
Asia with more than US$3.5 Billion of assets under management.
Graeme has significant interests in humanitarian activities, as well as his commercial interests, flowing from his
degree in Sociology. He is the Chairman of the AfrAsia Foundation, providing education to the underprivileged,
and is active in health improvement, poverty alleviation, and sustainability in female equality projects.
Mr Robertson has over 40 years’ experience in the resource, energy, and infrastructure sectors as former
Managing Director of New Hope Corporation Ltd (ASX: NHC), a director of W H Soul Pattinson & Co Pty Ltd (ASX:
SOL) and the Port of Brisbane Authority. Much of his life has been spent in Indonesia where he pioneered the
development of major international companies as the President Director of Adaro Indonesia, now one the largest
coal mining companies in the world, and Indonesia Bulk Terminal, a 12 Mtpa bulk port as well as advising on the
development of the 1,230MW Payton Power Station, the first IPP in Indonesia.
During the past three years, Mr Robertson held the following directorships in other ASX listed companies:
Current:
• Non-Executive Chairman of Intra Energy Corporation Ltd (ASX: IEC).
INFORMATION ON OFFICERS OF THE COMPANY
4.
Mr Lindsay Reed
Chief Executive Officer (appointed 1 September 2014)
Mr Reed is an accomplished mining executive with over 30 years of experience in senior management roles in
Australia and overseas.
Mr Reed has extensive experience in managing mining projects in a wide range of commodities and countries. He
was previously Director and Chief Executive Officer of resource development company Aviva Corporation Limited
(‘Aviva’) which divested its West Kenyan gold and base metals assets in late 2012 to Acacia Mining Plc
(previously African Barrick Plc) for $20m cash and a further resource milestone payment of $10m. Mr Reed was
responsible for joint venturing into the asset with Lonmin Plc and overseeing funding and exploration activities
until the divestment of the asset. Mr Reed also oversaw the environmental approval of two power station projects
in Australia and Botswana and attracted International heavyweights GDF Suez and AES Corporation as Joint
Development Partners.
Prior to joining Aviva, Mr Reed was Corporate Development Manager at Murchison United Limited which acquired
the Renison Bell Tin mine from RGC Limited. During his involvement, Murchison grew from a market capitalisation
of $5m to over $100m.
Mr Reed is a Mining Engineer and has extensive experience in international mine development, minerals
marketing and project funding.
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Minbos Resources Limited – Financial Report
31 December 2022
Directors’ Report
Mr Blair Snowball
Chief Financial Officer (appointed 15 June 2021)
Mr Snowball is a member of the Institute of Chartered Accountants and has over 25 years’ experience in senior
roles across sectors including resources, technology and audit, whilst working in Europe, Latin America and
Australia. He holds a Bachelor of Commerce from the University of Western Australia and a Graduate Diploma of
Applied Finance from Kaplan Professional.
Mr Snowball spent seven years in Portuguese speaking Brazil as Finance Director of the operating gold mine of
former ASX-listed Beadell Resources. During his tenure, the company completed a DFS, obtained project finance
for and completed the construction of a US$110M CIL plant, before the company successfully merged with
Canadian miner Great Panther Mining.
Mr Harry Miller
Contract Company Secretary (appointed 15 June 2021)
Mr Miller has qualifications in Economics, Finance and Accounting and currently acts as Company Secretary for
several ASX-listed Companies.
PRINCIPAL ACTIVITIES AND SIGNIFICANT CHANGES IN THE NATURE OF EVENTS
5.
Minbos Resources Limited (ASX: MNB) is an ASX-listed exploration and development company with a vision to
build a nutrient supply and distribution business that stimulates agricultural production and promotes food
security in Angola and the broader Middle Africa region, through development of its world-class Cabinda
Phosphate Project, and its Capanda Green Ammonia Project.
The primary focus in the financial period has been on the development of the Capanda Green Ammonia Project
and the Cabinda Phosphate Project.
Board & Management Changes
There were no Board and Management changes during the six months from 1 July 2022 to 31 December 2022.
Capital Structure
During the period, the Company completed a $25 million placement, cornerstoned to $15 million by a syndicate
of investors, including an entity controlled by the Chairman of the world’s largest Battery Anode Producer. Minbos
directors and management participated in the Placement for approximately $845,000.
The Placement comprised the issue of 227,272,728 New Shares issued in two tranches at $0.11 per share:
• 131,414,473 New Shares issued under the Company’s placement capacity (ASX Listing Rule 7.1 and 7.1A); &
• 95,858,255 New Shares subject to shareholder approval at a General Meeting of Shareholders which was
held on 23rd August 2022, with all resolutions approved by shareholders.
On 1 September 2022, the Company issued 3,750,000 fully paid ordinary shares to S3 Consortium Pty Ltd (Adviser
Shares) as consideration for $412,500 worth of marketing services.
On 20 October 2022, the Company issued 4,500,000 fully paid ordinary shares (3,000,000 to Mr Lindsay Reed &
1,500,000 to Mr Peter Wall) on the conversion of convertible performance rights.
On 25 November 2022, the Company issued 9,000,000 fully paid ordinary shares upon conversion of unlisted
options expiring 26 November 2022 by shareholders at an exercise price of $0.05 per option.
As of 31 December 2022, the Company had 770,180,625 ordinary shares, 70,250,000 unlisted options, 66,562,500
listed options and 4,500,000 performance rights.
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Minbos Resources Limited – Financial Report
31 December 2022
Directors’ Report
DIVIDENDS
6.
No dividend has been paid during the six months from 1 July 2022 to 31 December 2022, and no dividend is
recommended for the six months from 1 July 2022 to 31 December 2022.
OPERATING AND FINANCIAL REVIEW
7.
Review of Financial Results & Financial Position
Financial Performance / Position
Cash and cash equivalents
Net assets
Other income from continuing operations
Net loss after tax
Loss per share
REVIEW OF OPERATIONS
Cabinda Phosphate Project
6 months ended 12 months ended
31-Dec-22
$
30-Jun-22
$
Change
%
17,465,686
35,628,075
122,344
(2,296,178)
(0.004)
3,642,299
13,638,560
2,481,964
(804,617)
(0.002)
380%
161%
(95%)
(185%)
(100%)
Definitive Feasibility Study – Key Study Outcomes (as per its publication on 17 October 2022)
• 85%-ownership: Spot-Price Case Post-Tax NPV10 of US$399 million and 61% IRR, underpinned by Base
Case assumptions.
• The current market for fertilizers has potentially been altered fundamentally by the decarbonisation of
global energy markets – a trend that appeared in both energy and fertilizer markets well before the
Ukraine invasion.
• 85%-ownership: Base-Case Post-Tax NPV10 of US$203 million and 39% IRR, underpinned by the 15-year
average price for bulk Triple Super Phosphate (TSP).
• Compelling low-CAPEX/high-NPV delivers a clear pathway to project financing with CAPEX of US$48.5
million remaining and the Project only requiring further funding of US$40.0 million, after allocation of
existing cash and including working capital requirements. These CAPEX numbers do not take into account
the likely significant savings from simplifying the flow sheet for the plant.
• Plant capacity up to 187,500tpa in a one plant scenario, expanding to two plants in supporting a 20-year
project life, which will deliver project gross revenues over US$1.4B.
• Maiden Ore Reserve (JORC 2012) for the Cácata Phosphate Mine, totalling 4.72 Mt at 30.1% P2O5 of
Proven and Probable Ore Reserves.
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Minbos Resources Limited – Financial Report
31 December 2022
Directors’ Report
• High phosphate grade, favourable local soil conditions and no local competition should enable Minbos to
produce a high-quality/low-cost beneficiated phosphate fertilizer using simple drum processing.
• The Angolan Government, Development Finance Institutions, and major food processors have committed
more than US$1 billion to programs and initiatives to address a 2Mtpa shortfall in grain and oil seed
production via the 3 million smallholder farmers that comprise our initial target market.
• First production expected Q4 2023, with fabrication of key major equipment from FEECO now completed.
• Key consultants to the DFS include DRA Global, Orelogy, SRK Consulting, FEECO Inc, EPC Engenharia, HCV
Africa, Grupo Simples and the International Fertilizer Development Center (IFDC).
Cost savings to the CAPEX driven by Field Trial Results
Post reporting period, the Company released a number of important Announcements regarding field trial results
and its flow through to the CAPEX required for the Phosphate Plant.
In late December 2022, the Company released field trial results which confirmed that the Company’s phosphate
rock is suitable as a direct application fertilizer product in most of Angola’s major growing region1. These new
results were reported from three years of field trials in Angola and five seasons of greenhouse trials at the
International Fertilizer Development Center (IFDC). The trial results affirm the flowsheet flexibility incorporated in
the recently released DFS2. The equipment being delivered can be configured to produce beneficiated, granulated,
or acidulated phosphate rock.
As a result, a review was commissioned to simplify the flowsheet to deliver beneficiated phosphate rock and was
expected to deliver significant CAPEX savings and deliver a product that meets the market with strong relative
performance at an attractive price point for compelling economics.
Cabinda Phosphate Rock contains ~31% total P2O5 and 8.7-9.5% P2O5 soluble in 2% citric acid. The field trials in
Angola trialling maize, beans and potatoes have shown a strong agronomic effect with large yield increases. Yields
in Minbos field trials are consistently much higher than the average yields in Angola, with Cabinda Phosphate
Fertilizer performing strongly vs. other products (up to 90% of the yield increase provided by Monoammonium
Phosphate (MAP) and equal to the MAP-Phosphate Rock blends).
Results in IFDC greenhouse trials demonstrated that a single application of Cabinda Phosphate Fertilizer before
the first crop can improve yields in two successive crops without further application. Wheat, maize, soybean, and
sorghum were trialled successfully. Importantly, trials confirmed Minbos’ phosphate rock is suitable as a direct
application fertilizer product in a soil acidity profile of 6-12
months
$
>12
months
$
Total
contractual
cash flows
$
Carrying
amount
$
910,323
33,371
943,694
1,281,461
32,802
1,314,263
-
33,951
33,951
-
33,371
33,371
-
57,904
57,904
910,323
129,036
1,039,359
910,323
125,226
1,035,549
-
91,854
91,854
1,281,461
158,027
1,439,488
1,281,461
158,027
1,439,488
RECOGNITION AND MEASUREMENT
Non-derivative financial instruments
Non-derivative financial instruments are recognised initially at fair value plus, for instruments not at fair value
through profit or loss, any directly attributable transaction costs, except as described below. Subsequent to initial
recognition non-derivative financial instruments are measured as described below.
A financial instrument is recognised if the Group becomes a party to the contractual provisions of the instrument.
Financial assets are derecognised if the Group’s contractual rights to the cash flows from the financial assets expire
or if the Group transfers the financial asset to another party without retaining control or substantially all risks and
rewards of the asset. Regular way purchases and sales of financial assets are accounted for at trade date, i.e., the
date that the Group commits itself to purchase or sell the asset. Financial liabilities are derecognised if the Group’s
obligations specified in the contract expire or are discharged or cancelled.
Cash and cash equivalents comprise cash balances and call deposits. Bank overdrafts that are repayable on
demand and form an integral part of the Group’s cash management are included as a component of cash and cash
equivalents for the purpose of the Consolidated Statement of Cash Flows.
Subsequent measurement
Loans and receivables and held-to-maturity investments are carried at amortised cost using the effective interest
method.
62 | P a g e
Minbos Resources Limited – Financial Report
31 December 2022
Notes to the Consolidated Financial Statements
Impairment
The Group assesses at the end of each reporting period whether there is objective evidence that a financial asset
or group of financial assets is impaired. A financial asset or a group of financial assets is impaired and impairment
losses are incurred only if there is objective evidence of impairment as a result of one or more events that occurred
after the initial recognition of the assets (a ‘loss event’) and that loss event (or events) has an impact on the
estimated future cash flows of the financial asset or group of financial assets that can be reliably estimated. In the
case of equity investments classified as available-for-sale, a significant or prolonged decline in the fair value of the
security below its cost it considered an indicator that the assets are impaired.
Assets carried at amortised cost
For loans and receivables, the amount of loss is measured as the difference between the asset’s carrying amount
and the present value of estimated future cash flows (excluding future credit losses that have been incurred)
discounted at the financial asset’s original effective interest rate. The carrying amount of the asset is reduced and
the amount of the loss is recognised in the Consolidated Statement of Profit or Loss and Other Comprehensive
Income. If a loan or held-to maturity investment has a variable interest rate, the discount rate or measuring any
impairment loss is the current effective interest rate determined under the contract. As a practical expedient, the
Group may measure impairment on the basis of an instrument’s fair value using an observable market price.
If, in a subsequent period, the amount of the impairment loss decreases, and the decrease can be related
objectively to an event occurring after the impairment was recognised (such as an improvement in the debtor’s
credit rating), the reversal of the previously recognised impairment loss is recognised in the Consolidated
Statement of Profit or Loss and Other Comprehensive Income.
21. SEGMENT INFORMATION
Operating segments are reported in a manner consistent with the internal reporting provided to the chief
operating decision makers. The chief operating decision makers, who are responsible for allocating resources and
assessing performance of the operating segments, have been identified as the Board of Directors, the Chief
Executive Officer and the Chief Financial Officer.
The Board considers its business operations in phosphate to be its primary reporting function. Results are analysed
as a whole by the chief operating decision maker, this being the Chief Executive Officer, the Chief Financial Officer
and the Board of Directors. Consequently revenue, profit, net assets and total assets for the operating segment
are reflected in this financial report.
63 | P a g e
Notes to the Consolidated Financial Statements
Minbos Resources Limited – Financial Report
31 December 2022
22. PARENT ENTITY
Current Assets
Non-Current Assets
Total Assets
Current Liabilities
Non-Current Liabilities
Total Liabilities
Net Assets
Contributed equity
Reserves
Accumulated losses
Total Equity
Loss for the period / year
Other comprehensive loss for the period / year
Total comprehensive loss for the period / year
31-Dec-22
$
30-Jun-22
$
15,738,025
20,617,589
36,355,614
3,339,355
11,836,385
15,175,740
669,637
57,902
727,539
35,628,075
1,445,326
91,854
1,537,180
13,638,560
79,103,818
8,627,264
(52,103,007)
35,628,075
54,862,697
8,339,952
(49,564,089)
13,638,560
6 months
ended
31-Dec-22
$
12 months
ended
30-Jun-22
$
(2,538,918)
-
(2,538,918)
(819,362)
-
(819,362)
23. RELATED PARTIES
(a) Ultimate parent
The ultimate Australian parent entity within the Group is Minbos Resources Limited. It is a company limited by
shares and is incorporated and domiciled in Australia. The Company owns 100% of Tunan Mining Limited and its
subsidiaries. The Company also owns three private companies in Mauritius, limited by shares, as wholly owned
subsidiaries, Phobos Ltd, Lobos Ltd and Verdebos Ltd. Verdebos Ltd was incorporated on 22 December 2022.
During the reporting period, it was determined that the Group had satisfied conditions, under the accounting
standard AASB 10, for deemed control of the Angolan entity Minbos Recources-Exploraçâo Mineira, Lda (Minbos
Lda), this being despite no entity of the Group having ownership in Minbos Lda. Accordingly, the entity is
consolidated in the consolidated financial statements for the period ending 31 December 2022. On 10 March 2023
the Minbos wholly owned subsidiary, Phobos Ltd, obtained a direct 85% ownership of Minbos Lda.
On 23 February 2023, the Minbos wholly-owned subsidiary, Phobos Ltd, acquired 85% of the shares of the Angolan
entity, Soul Rock Prospecção, Exploração De Fosfato, Produção e Comercialização de Fertilizantes, Lda (Soul Rock
Lda), which followed the signing of its Private Investment Contract with Angola’s Agency for Private Investment
and Promotion of Angolan Exports (Agencia de Investimento Privado e Promoção das Exportações de Angola or
AIPEX) with respect to the investment in Soul Rock Lda on 22 December 2022.
(b) Subsidiary companies
Interests in subsidiaries are set out in Note 27: Subsidiaries and Transactions with Non-Controlling Interests.
64 | P a g e
Notes to the Consolidated Financial Statements
(c) KMP compensation
Short-term employee benefits
Post-employment benefits
Equity compensation benefits
Minbos Resources Limited – Financial Report
31 December 2022
6 months
ended
31-Dec-22
$
12 months
ended
30-Jun-22
$
357,582
29,374
203,238
590,194
732,455
78,804
576,866
1,388,125
Information regarding individual Directors and Executive compensation and some equity instruments disclosures
as required by Corporations Regulation 2M.3.03 are provided in the remuneration report section of the Directors’
report.
(d) Issue of shares in lieu of services of related parties
There were no shares issued in lieu of services of related parties during the financial period (30 June 2022: Nil).
(e) Transactions with other related parties
Legal services - Steinepreis Paganin Lawyers & Consultants
(A firm in which Peter Wall is a partner)
6 months
ended
31-Dec-22
$
12 months
ended
30-Jun-22
$
39,156
36,367
Company Management Services in Mauritius - Intrasia Management (Mauritius) Limited
(A Company in which Graeme Robertson is a Director. He is also Chairman and
CEO at Intrasia Capital Pte Ltd, which owns 50% of Intrasia Management
(Mauritius) Ltd.)
25,373
43,019
24. COMMITMENTS
Definitive feasibility study at its Cabinda Phosphate Project
In the previous financial year, the Company entered into contracts for its definitive feasibility study at its Cabinda
Phosphate Project, including FEECO, Grupo Simples, HCV Africa, DRA Global and AMMG Oil & Gas Services. Works
undertaken include preparing a basic engineering package for the granulation plant, preparation of the EIS and
WMP for the Cácata Mine and Granulation Plant and design of the Granulation Plant and associated infrastructure.
Minbos has contractual commitments at 31 December 2022 totalling AUD$47,829 (USD$30,350).
Engineering & Design of the Cabinda Phosphate Project
In February 2022, the Company entered into a Limited Notice To Proceed (LNTP) agreement with EPC Engenharia
e Projetos de Infraestrutura Ltda (EPC) to further develop engineering and design for the Cabinda Phosphate Plant
for the feasibility and to advance the project. The LNTP was originally set for works limited to a value of
USD$500,000. In July 2022, the LNTP was extended in time and to a value of USD$800,000. Minbos has a remaining
contractual commitment at 31 December 2022 totalling AUD$73,409 (USD$51,461).
65 | P a g e
Minbos Resources Limited – Financial Report
31 December 2022
Notes to the Consolidated Financial Statements
Mining Investment Contract
In the previous financial year, the Company executed the Mining Investment Contract (MIC) for the exploration,
feasibility studies and exploitation of phosphate rock at the Cácata deposit in Cabinda. In the MIC the Company
has made a commitment to the Angolan Ministry of Mineral Resources, Petroleum and Gas (MIREMPET) to spend
approximately USD3,953,000 over the term of the contract. The duration of the contract is established under the
Mining Code as being 35 years.
Private Investment Contract
On 22 December 2022, the Company’s wholly owned subsidiary, Phobos Ltd, executed its Private Investment
Contract with Angola’s Agency for Private Investment and Promotion of Angolan Exports (Agencia de Investimento
Privado e Promoção das Exportações de Angola or AIPEX), for the investment in the Angolan company, Soul
Rock Prospecção, Exploração De Fosfato, Produção e Comercialização de Fertilizantes, Lda (Soul Rock Lda), which
is established for the purpose of the manufacture and distribution of phosphate fertilizer in Angola. The
investment was formalised with the transfer of shares on 23 February 2023. The Private investment Contract
defines the level of minimum investment required and confirms certain tax incentives and local employment
requirements. Some key points of the contract as follows:
Phobos Ltd must make a minimum investment, in the form of loans and capital, that total US$21.36 million.
• Part of the investment commitment is fulfilled by the importation of at least US$7 million of equipment for
construction of the phosphate fertilizer plant which will be exempt from all importation taxes and customs
duties.
• The Angolan entity will receive a 90% reduction in Corporation Tax for the first 12 years of operations and,
for the same period, have a 90% reduction in withholding tax on disbursement of dividends abroad.
• Other tax incentives include a Tax Credit for six years, equivalent to 30% of the investment, and a deferral
period on the payment of taxes.
Capanda Green Ammonia Studies
During the financial period Minbos entered into a Memorandum of Understanding with Rede Nacional de
Transporte de Electricidade EP (RNT-EP), wherein Minbos has commitments to perform various studies for the
Capanda Green Ammonia Project. These studies include a technical and financial feasibility, environmental, social
and network impact studies.
There are no other material commitments as at 31 December 2022.
25. CONTINGENT LIABILITIES AND CONTINGENT ASSETS
There are no contingent liabilities or contingent assets as at 31 December 2022.
26. DIVIDENDS
No dividend has been paid during the financial period and no dividend is recommended for the financial period.
66 | P a g e
Minbos Resources Limited – Financial Report
31 December 2022
Notes to the Consolidated Financial Statements
27. SUBSIDIARIES AND TRANSACTIONS WITH NON-CONTROLLING INTERESTS
As at 31 December 2022, the subsidiaries owned by Minbos Resources Limited are presented in the table below:
Name of entity
Parent entity
Country of incorporation
Class of
shares
Ownership interest
31-Dec-22
30-Jun-22
Minbos Resources Ltd (i)
Australia
Subsidiary (direct)
Tunan Mining Limited (ii)
Phobos Limited (iii)
Lobos Limited (iv)
Verdebos Limited (v)
British Virgin Isles (BVI)
Mauritius
Mauritius
Mauritius
Subsidiaries (indirect – direct subsidiaries of Tunan Mining Limited)
Mongo Tando Limited
Agrim SPRL DRC (vi)
Minbos Resource-Exploração
Mineira, Lda (vii)
British Virgin Isles (BVI)
Democratic Republic of Congo
Republic of Angola
Ordinary and
Preference
Ordinary
Ordinary
Ordinary
Ordinary
Ordinary
Ordinary
Ordinary
100%
100%
100%
100%
50%
100%
85%
100%
100%
100%
100%
50%
100%
85%
(i) Minbos is an Australian registered public listed company on the ASX which undertakes the corporate
activities for the Group.
(ii) Tunan Mining Limited is a holding company, incorporated in the British Virgin Isles.
(iii) Phobos Limited is a private company, limited by shares, and incorporated in Mauritius on 20 July 2020.
(iv) Lobos Limited is a private company, limited by shares, and incorporated in Mauritius on 3 February 2022.
(v) Verdebos Limited is a private company, limited by shares, and incorporated in Mauritius on 22 December
2022.
(vi) Agrim SPRL is a company incorporated in the Democratic Republic of Congo.
(vii) Minbos Resource-Exploração Mineira, Lda is a Limitada company of the Republic of Angola and for which the
company’s securities are issued as quotas which are the equivalent of ordinary shares.
28. AUDITOR’S REMUNERATION
Amounts received or due & receivable by BDO Audit (WA) Pty Ltd for:
An audit or review of the financial report of the entity
Total auditor remuneration
6 months
ended
31-Dec-22
$
12 months
ended
30-Jun-22
$
36,165
36,165
50,047
50,047
67 | P a g e
Minbos Resources Limited – Financial Report
31 December 2022
Notes to the Consolidated Financial Statements
29. EVENTS SUBSEQUENT TO THE END OF THE FINANCIAL YEAR
On 19 January 2023, the Company announced that the last of the FEECO manufactured fertilizer plant had left the
US and is enroute to Angola, with the first of this consignment having already landed in Cabinda at the end of
December.
On 23 February 2023, the Company announced a material reduction in the forecast Capital Expenditure (CAPEX)
on its Phosphate Fertilizer Plant. As announced in late December 2022, field trial results confirmed that the
Company’s phosphate rock is suitable as a direct application fertilizer product in most of Angola’s major growing
region. The Company responded with a review of its production profile which has resulted in a simplified flowsheet
to produce Beneficiated Phosphate Rock (BPR) with the core plant equipment consisting of the crusher, dryer and
bagging plant and identified capital cost savings of approximately $US10 million.
On 23 February 2023, the Minbos wholly-owned subsidiary, Phobos Ltd, acquired 85% of the shares of the Angolan
entity, Soul Rock Prospecção, Exploração De Fosfato, Produção e Comercialização de Fertilizantes, Lda (Soul Rock
Lda), which followed the signing of its Private Investment Contract with Angola’s Agency for Private Investment
and Promotion of Angolan Exports (Agencia de Investimento Privado e Promoção das Exportações de Angola or
AIPEX) with respect to the investment in Soul Rock Lda on 22 December 2022.
No other matter or circumstance has arisen since 31 December 2022 that has significantly affected, or may
significantly affect the entity's operations, the results of those operations, or the entity's state of affairs in future
financial years.
68 | P a g e
Minbos Resources Limited – Financial Report
31 December 2022
Directors’ Declaration
The Directors of the company declare that:
1 The financial statements, comprising the consolidated statement of profit or loss and other comprehensive
income, consolidated statement of financial position, consolidated statement of cash flows, consolidated
statement of changes in equity and accompanying notes, are in accordance with the Corporations Act 2001;
and
(a) comply with Accounting Standards, Corporations Regulations 2001 and other mandatory professional
reporting requirements; and
(b) give a true and fair view of the Consolidated Entity’s financial position as at 31 December 2022 and
of its performance for the period ended on that date.
2 In the Directors opinion, there are reasonable grounds to believe that the company will be able to pay its
debts as and when they become due and payable.
3 The Consolidated Entity has included in the notes to the financial statements an explicit and unreserved
statement of compliance with International Financial Reporting Standards.
4 The Directors have been given the declarations required by section 295A of the Corporations Act 2001.
This declaration is made in accordance with a resolution of the Board of Directors and is signed on behalf of the
Directors by:
Mr Peter Wall
Non-Executive Chairman
31 March 2023
69 | P a g e
Tel: +61 8 6382 4600
Fax: +61 8 6382 4601
www.bdo.com.au
Level 9, Mia Yellagonga Tower 2
5 Spring Street
Perth, WA 6000
PO Box 700 West Perth WA 6872
Australia
INDEPENDENT AUDITOR'S REPORT
To the members of Minbos Resources Limited
Report on the Audit of the Financial Report
Opinion
We have audited the financial report of Minbos Resources Limited (the Company) and its subsidiaries (the
Group), which comprises the consolidated statement of financial position as at 31 December 2022, the
consolidated statement of profit or loss and other comprehensive income, the consolidated statement
of changes in equity and the consolidated statement of cash flows for the period then ended, and notes
to the financial report, including a summary of significant accounting policies and the directors’
declaration.
In our opinion the accompanying financial report of the Group, is in accordance with the Corporations
Act 2001, including:
(i)
Giving a true and fair view of the Group’s financial position as at 31 December 2022 and of its
financial performance for the period ended on that date; and
(ii)
Complying with Australian Accounting Standards and the Corporations Regulations 2001.
Basis for opinion
We conducted our audit in accordance with Australian Auditing Standards. Our responsibilities under
those standards are further described in the Auditor’s responsibilities for the audit of the Financial
Report section of our report. We are independent of the Group in accordance with the Corporations Act
2001 and the ethical requirements of the Accounting Professional and Ethical Standards Board’s APES 110
Code of Ethics for Professional Accountants (including Independence Standards) (the Code) that are
relevant to our audit of the financial report in Australia. We have also fulfilled our other ethical
responsibilities in accordance with the Code.
We confirm that the independence declaration required by the Corporations Act 2001, which has been
given to the directors of the Company, would be in the same terms if given to the directors as at the
time of this auditor’s report.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for
our opinion.
Material uncertainty related to going concern
We draw attention to Note 2(c) in the financial report which describes the events and/or conditions
which give rise to the existence of a material uncertainty that may cast significant doubt about the
group’s ability to continue as a going concern and therefore the group may be unable to realise its
assets and discharge its liabilities in the normal course of business. Our opinion is not modified in
respect of this matter.
BDO Audit (WA) Pty Ltd ABN 79 112 284 787 is a member of a national association of independent entities which are all members of BDO Australia Ltd
ABN 77 050 110 275, an Australian company limited by guarantee. BDO Audit (WA) Pty Ltd and BDO Australia Ltd are members of BDO International
Ltd, a UK company limited by guarantee, and form part of the international BDO network of independent member firms. Liability limited by a scheme
approved under Professional Standards Legislation.
Key audit matters
Key audit matters are those matters that, in our professional judgement, were of most significance in
our audit of the financial report of the current period. These matters were addressed in the context of
our audit of the financial report as a whole, and in forming our opinion thereon, and we do not provide
a separate opinion on these matters. In addition to the matter described in the Material uncertainty
related to going concern section, we have determined the matters described below to be the key audit
matters to be communicated in our report.
Carrying value of Exploration and Evaluation Assets
Key audit matter
How the matter was addressed in our audit
At 31 December 2022 the Group held a
significant carrying value of Exploration and
Evaluation Assets as disclosed in Note 13.
As the carrying value of the Exploration and
Evaluation Asset represents a significant asset
of the Group, we considered it necessary to
assess whether any facts or circumstances exist
to suggest that the carrying amount of this
asset may exceed its recoverable amount.
In accordance with AASB 6 Exploration for and
Evaluation of Mineral Resources (‘AASB 6’), the
recoverability of exploration and evaluation
expenditure requires significant judgment by
management in determining whether there are
any facts or circumstances that exist to suggest
that the carrying amount of this asset may
exceed its recoverable amount.
As a result, this is considered a key audit
matter.
Our audit procedures included, but were not
limited to:
• Obtaining a schedule of the area of interest
held by the Group and assessing whether
the rights to tenure of those areas of
interest remained current at balance date;
• Considering the status of the ongoing
exploration programmes in the respective
areas of interest by holding discussions with
management, and reviewing the Group’s
exploration budgets, ASX announcements
and director’s minutes;
• Considering whether any such areas of
interest had reached a stage where a
reasonable assessment of economically
recoverable reserves existed;
•
Verifying, on a sample basis, evaluation
expenditure capitalised during the period
for compliance with the recognition and
measurement criteria of AASB 6;
• Considering whether any facts or
circumstances existed to suggest
impairment testing was required; and
•
Assessing the adequacy of the related
disclosures in Note 13 to the financial
report.
Other information
The directors are responsible for the other information. The other information comprises the information
in the Group’s annual report for the period ended 31 December 2022 but does not include the financial
report and the auditor’s report thereon.
Our opinion on the financial report does not cover the other information and we do not express any form
of assurance conclusion thereon.
In connection with our audit of the financial report, our responsibility is to read the other information
and, in doing so, consider whether the other information is materially inconsistent with the financial
report or our knowledge obtained in the audit or otherwise appears to be materially misstated.
If, based on the work we have performed, we conclude that there is a material misstatement of this
other information, we are required to report that fact. We have nothing to report in this regard.
Responsibilities of the directors for the Financial Report
The directors of the Company are responsible for the preparation of the financial report that gives a true
and fair view in accordance with Australian Accounting Standards and the Corporations Act 2001 and for
such internal control as the directors determine is necessary to enable the preparation of the financial
report that gives a true and fair view and is free from material misstatement, whether due to fraud or
error.
In preparing the financial report, the directors are responsible for assessing the ability of the group to
continue as a going concern, disclosing, as applicable, matters related to going concern and using the
going concern basis of accounting unless the directors either intend to liquidate the Group or to cease
operations, or has no realistic alternative but to do so.
Auditor’s responsibilities for the audit of the Financial Report
Our objectives are to obtain reasonable assurance about whether the financial report as a whole is free
from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes
our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit
conducted in accordance with the Australian Auditing Standards will always detect a material
misstatement when it exists. Misstatements can arise from fraud or error and are considered material
if, individually or in the aggregate, they could reasonably be expected to influence the economic
decisions of users taken on the basis of this financial report.
A further description of our responsibilities for the audit of the financial report is located at the Auditing
and Assurance Standards Board website at:
https://www.auasb.gov.au/admin/file/content102/c3/ar1_2020.pdf
This description forms part of our auditor’s report.
Report on the Remuneration Report
Opinion on the Remuneration Report
We have audited the Remuneration Report included in pages 23 to 33 of the directors’ report for the
period ended 31 December 2022.
In our opinion, the Remuneration Report of Minbos Resources Limited, for the period ended 31
December 2022, complies with section 300A of the Corporations Act 2001.
Responsibilities
The directors of the Company are responsible for the preparation and presentation of the
Remuneration Report in accordance with section 300A of the Corporations Act 2001. Our responsibility
is to express an opinion on the Remuneration Report, based on our audit conducted in accordance with
Australian Auditing Standards.
BDO Audit (WA) Pty Ltd
Neil Smith
Director
Perth
31 March 2023
Minbos Resources Limited – Financial Report
31 December 2022
Shareholder Information
The following additional information was applicable as at 21 March 2023.
1. Fully paid ordinary shares
•
•
There are a total of 770,180,625 ordinary fully paid shares on issue which are listed on the ASX.
The number of holders of fully paid ordinary shares is 4,279.
• Holders of fully paid ordinary shares are entitled to participate in dividends and the proceeds on winding
up of the Company.
•
There are no preference shares on issue.
2. Distribution of fully paid ordinary shareholders is as follows:
Spread of Holdings
above 0 up to and including 1,000
above 1,000 up to and including 5,000
above 5,000 up to and including 10,000
above 10,000 up to and including 100,000
above 100,000
Total
Holders
Securities
181
386
757
2,184
771
4,279
55,067
1,472,381
6,028,125
87,285,248
675,339,804
770,180,625
% of Issued
Capital
0.01%
0.19%
0.78%
11.33%
87.69%
100.00%
3. Holders of non-marketable parcels
• Holders of non-marketable parcels are deemed to be those who shareholding is valued at less than $500.
•
There are 297 shareholders who hold less than a marketable parcel of shares (assuming a share price of
$0.145).
4. Substantial shareholders of ordinary fully paid shares
The Substantial Shareholders of the Company are:
Rank Holder Name
1
CITICORP NOMINEES PTY LIMITED
5. Share buy-backs
There is no current on-market buy-back scheme.
Securities
106,572,961
% of
Issued
13.84%
6. Voting Rights
Subject to any rights or restrictions for the time being attached to any class or classes (at present there are none)
at general meetings of shareholders or classes of shareholders:
(a)
(b)
(c)
each shareholder is entitled to vote and may vote in person or by proxy, attorney or representative;
on a show of hands, every person present who is a shareholder or a proxy, attorney or representative of
a shareholder has one vote; and
on a poll, every person present who is a shareholder or a proxy, attorney or representative of a
shareholder shall, in respect of each fully paid share held, or in respect of which he/she has appointed a
proxy, attorney or representative, is entitled to one vote per share held.
74 | P a g e
Minbos Resources Limited – Financial Report
31 December 2022
Shareholder Information
7. Top 20 Shareholders of ordinary fully paid shares
The top 20 largest fully paid ordinary shareholders together held 41.46% of the securities in this class and are
listed below:
Rank Holder Name
1
2
3
4
5
6
7
8
9
CITICORP NOMINEES PTY LIMITED
BNP PARIBAS NOMS PTY LTD
HOSTON INVESTMENTS (AUSTRALIA) PTY LTD
PHEAKES PTY LTD
THREE BEARS MANAGEMENT PTY LTD
LONG MARCH PRINCIPAL HOLDING LIMITED
WILGUS INVESTMENTS PTY LTD
YARRAANDOO PTY LTD
MRS MARIA KYPRIANOU &
MR CHARLIE KYPRIANOU
HEDGEHOG MANAGEMENT PTY LTD
10
Securities
106,572,961
32,123,686
27,272,727
14,792,986
13,947,664
13,636,363
10,334,821
10,000,000
9,530,767
% of
Issued
13.84%
4.17%
3.54%
1.92%
1.81%
1.77%
1.34%
1.30%
1.24%
9,280,000
1.20%
11 MR PETER CHRISTOPHER WALL & MRS TANYA-LEE WALL
9,151,221
1.19%
BNP PARIBAS NOMINEES PTY LTD
SUNSET CAPITAL MANAGEMENT PTY LTD
12
13
14 MR LINDSAY GEORGE REED
15 MR SCOTT BRENTON
16 MR JOHN FRANCIS IVANAC & MRS KAY IVANAC
17 MR JAMES CHAU
18 MR NEIL BURTON & MRS DEBORAH FAYE BURTON
18 MR LINDSAY REED & MRS JENNIE REED
19 MRS ELEANOR JEAN REEVES
20
S3 CONSORTIUM HOLDINGS PTY LTD
Total
Total issued capital - selected security class(es)
9,021,507
9,000,000
7,000,000
6,819,000
5,957,381
5,012,500
5,000,000
5,000,000
4,951,154
4,895,000
1.17%
1.17%
0.91%
0.89%
0.77%
0.65%
0.65%
0.65%
0.64%
0.64%
319,299,738
41.46%
770,180,625 100.00%
8. Listed Options
There are a total of 66,562,500 listed options, exercisable at $0.15, expiring on 30 April 2023.
75 | P a g e
Shareholder Information
9. Top 20 Option holders of listed Options
The top 20 largest option holders together held 68.96% of the securities in this class and are listed below:
Minbos Resources Limited – Financial Report
31 December 2022
Rank Holder Name
1
2
3
4
5
6
HEDGEHOG MANAGEMENT PTY LTD
SUNSET CAPITAL MANAGEMENT PTY LTD
VURE MEDICAL SERVICES PTY LTD
MR CALLUM PETER SMITH
CELTIC CAPITAL PTY LTD
MRS MARIA KYPRIANOU & MR CHARLIE KYPRIANOU
MR MAURICE EDWARD TURNER & MRS MARGARET DAWN TURNER
S3 CONSORTIUM HOLDINGS PTY LTD
MR NEIL WELSH
7
8
9
10 MR MARK WILLIAM WILLIAMS & MRS KATRINA ANN WILLIAMS
11 MR MARK WILLIAM WILLIAMS & MRS KATRINA ANN WILLIAMS
12
CHANDRA DE BOER PTY LTD
13 MRS MARIA KYPRIANOU & MR CHARLIE KYPRIANOU
HEDGEHOG MANAGEMENT PTY LTD
14 WILGUS INVESTMENTS PTY LTD
15
16 MR SIMON FINTAN O'KEEFFE & MRS BELINDA JANE FRANKHAM
17 MRS VIRGINIA LEA LONSDALE
18
BILL JONES SUPER PTY LTD
19 MR IAN SPANSWICK
20 MR PAUL ADRIAN VOLICH
Total
Total issued capital - selected security class(es)
Securities
8,037,113
8,000,000
6,500,000
4,000,000
1,937,921
1,660,750
1,650,000
1,562,500
1,542,535
1,395,753
1,375,000
1,296,038
1,226,501
% of
Issued
12.07%
12.02%
9.77%
6.01%
2.91%
2.50%
2.48%
2.35%
2.32%
2.10%
2.07%
1.95%
1.84%
1.69%
1,125,000
1.56%
1,035,076
1.22%
809,075
1.12%
745,875
1.05%
700,000
0.98%
651,577
0.98%
650,000
45,900,714
68.96%
66,562,500 100.00%
10. Interest in Mining Licence
The Company is an exploration entity, below is a list of its interest in licences, where the licences are situated and
the percentage of interest held.
Licence Number
Type
Interest
Location
314/03/03/T.E/ANG - MIREMPET/2021
Mining License
100%
Angola
76 | P a g e
Suite 5, 254 Rokeby Road
Subiaco WA 6008
minbos.com
ASX:MNB