Minbos Resources Limited (ASX:MNB) (“Minbos” or “the Company”) is pleased toannounce it has signed a non-binding collaboration agreement with Talus Renewables Inc. (“Talus”), the global leader in modular and zero-carbon green ammonia technology.

Talus’ modular ammonia technology produces lower-cost, carbon-free ammonia at or nearthe point of use, creating value for Minbos in the agriculture and mining industries. Talusalso has emerging applications in renewable energy storage and power generation.

HIGHLIGHTS

• Agreement with Talus Renewables to develop the Capanda Green Ammonia Projectthrough the deployment of Talus green ammonia technology, TalusAg, a first-tomarket green ammonia system which enables sustainable and cost-effectivelocalised ammonia production.
• Talus can supply modular and scalable Ammonia production facilities on a Build OwnOperate (BOO) basis, with Minbos investigating the aqueous ammonia producedfrom zero-carbon hydropower as a standalone product and the addition ofdownstream processing to produce a range of nitrogen fertilizers and blastingmaterials for the local and regional agriculture and mining markets.
• The modular approach significantly reduces capital costs for engineering design,EPCM and civil foundations enabling Talus to deliver ammonia competitively whileensuring a return on capital.
• Under the BOO model, Talus funds the capital costs of Ammonia production in returnfor a long-term offtake agreement.
• The Ammonia production units (Electrolysers, Nitrogen and Ammonia) made upmore than 50% of the €432,709,000 Total Investment Cost estimated by Stamicarbonfor a conventional green ammonium nitrate plant1.
• Talus’ technology has the potential to transform Minbos into one of the most uniqueinvestment opportunities on the ASX, featuring the combination of primary phosphate production, lowest cost renewable power feedstock in the world(USD1.1c/kWhr), large inland premium, modular green ammonia approach, access to a fast-growing agricultural market with no primary fertilizer production, andsupported by Angolan Government policies with one of the world’s fastest growing populations.
• Talus’ technology extracts hydrogen from water and combines it with atmosphericnitrogen to produce liquid ammonia, the elemental building block of commercialfertilizers and mining explosives.
• Talus has successfully deployed its technology in the USA and Kenya, harnessingelectricity from an in-house solar farm to convert hydrogen into fertilizer.
• Some of the advantages include:
  • potential for a BOO solution utilising Minbos’ low-cost electricity tariffnegotiated with RNT;
  • TalusAg units can be scaled down and deployed in different locations tomaximise its advantage and minimise construction and deployment risk;
  • Talus units can be combined with Minbos Phosphate Fertilizer and othertechnology solutions to produce CAN, AN and NPK compound fertilizers; and
  • Talus green ammonia units could be deployed in under ~12 months.
• Over the past 6 months, Minbos evaluated the technical merits of green ammoniaproviders, identifying Talus as the global benchmark modular, low-cost, carbon-freeammonia production, ideally located close to Minbos’ agriculture market.
• Earlier this year, Minbos Managing Director, Lindsay Reed, and Chief OperatingOfficer, Steve Abbott, visited the Talus site in Kenya (Fig. 1-3) to view Talus’ modulargreen ammonia technology powered by renewable solar power

Commenting on the collaboration agreement, MNB Managing Director Lindsay Reed:

“The Talus modular technology and BOO model will massively reduce our fundingcommitment to produce Nitrogen fertilizers in Angola. Talus offers an accelerated path togreen ammonia production, flexible low capital solution that can be deployed at a range ofscales, in different locations, to produce different products. The technology neatly matchesAngola’s opportunities with its markets. There is much more to come in this story.”

Commenting on the collaboration agreement, Talus CEO Hiro Iwanaga:

“We are thrilled to partner with Minbos to locally manufacture fertilizers essential foragriculture and chemicals crucial to modern mining operations. Talus’ containerisedgreen ammonia solutions decrease the cost and increase the sustainability of reliabilityof ammonia. Powered by Minbos’ renewable energy concession and combined with itsadditional mineral assets we believe that we can materially impact food security andcarbon emissions in Angola and the region.”

ABOUT TALUS RENEWABLES

Talus Renewables offers new pathways to chemicals, fertilizers, and fuels with its greenammonia production technology. Our distributed green ammonia systems profitably serveexisting markets today while building a platform for emerging applications tomorrow.

The core team at Talus possesses more than a decade of expertise in green ammonia,manufacturing, and project development having operated a prototype small-scale ammoniasystem since 2012. Backed by a diverse and experienced group of key advisors, Talus maintains an edge in green ammonia production technology development now and in thefuture.

Talus Renewables has ambitious plans for expansion, targeting several locations across Africaand the United States. The company is also collaborating with Landus, a farming cooperativebased in Iowa, to introduce green ammonia to the state. Moreover, Talus is partnering withmining firms that seek to employ green ammonia for their blasting operations.

COLLABORATION AGREEMENT KEY TERMS

Minbos and Talus have agreed to work together and use their combined resources tooptimise the deployment of these technologies to efficiently match local inputs with localmarket, with potential collaborations including but not limited to:

• deployment of TalusAg module/s to directly service commercial farms in conjunctionwith downstream application technology providers;
• deployment of multiple TalusAg modules to supply ammonia to an AmmoniumNitrate facility to supply fertilizer and/or explosives to the local and regional markets;
• deployment of multiple TalusAg modules to supply ammonia in conjunction withMinbos phosphate rock to a Nitrophosphate facility to produce CAN, AN and/orNitrophosphates.

The collaboration agreement will endure until the earlier of:

• Minbos and Talus entering into a formal binding agreement which will substitute thecollaboration agreement;
• either party terminating the agreement by providing written notice; or
• a period of 24 months.

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This announcement has been released with the approval of the Minbos Board of Directors.

For further information please contact:

Investor and Media Enquires

E: info@minbos.com

P: +61 8 6219 7171

Compliance Statement

The Company confirms that it is not aware of any new information or data that materiallyaffects the information included in the original market announcement and, in the case ofmaterial assumptions and technical parameters underpinning the estimates in the relevantmarket announcement continue to apply and have not materially changed.

Forward Looking Statements

Statements contained in this release, particularly those regarding possible or assumedfuture performance, revenue, costs, dividends, production levels or rates, prices, or potentialgrowth of Minbos Resources Limited, are, or may be, forward looking statements. Suchstatements relate to future events and expectations and, as such, involve known andunknown risks and uncertainties. Actual results and developments may differ materiallyfrom those expressed or implied by these forward-looking statements depending on avariety of factors.

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