Minbos Resources Limited announced it has executed the Mineral Investment Contract ("MIC") for the Cabinda Phosphate Project located in the Cabinda Province of Angola. Officially signed by Dr. André Francisco Buta Neto, National Director of Mineral Resources, and homologated by Angola's Minister of Mineral Resources and Petroleum, Mr. Diamantino Azevedo, the MIC provides for exploration, feasibility studies and exploitation of the phosphate rock by Minbos within the Cabinda Phosphate Project concession area. The execution of the MIC also formalises engagement by Minbos with Government Ministries and the Province of Cabinda, allowing the Company to complete approvals, land and port access agreements, offtake agreements and an investment contract for the Caio Granulation Plant. In March 2020, Angola's Ministry of Mineral Resources and Petroleum awarded five mineral projects by international public tender including two phosphate projects. The Cabinda Phosphate concession, which was awarded to Minbos after its tender was adjudged the best proposal and programme, is the first of the phosphate projects to execute its Mineral Investment Contract. The Company has submitted a Technical Economic and Financial Feasibility Study ("TEFFS") for the Cácata Mine, as required by the MIC, which confirms the project will move to the exploitation phase in 2021. The life of the contract has been set for the life of the 6 million tonne mining target, as submitted in the TEFFS. The key terms of the MIC are in accordance with the Mining Act in Angola and include a royalty rate of 3% on the value of phosphate rock sales, and income tax of 25% which will apply after the 8 year tax free period granted to projects in Cabinda.