MNB upsizes placement to $6M following strong investor demand

Our Angolan phosphate Investment Minbos Resources (ASX: MNB) just accepted an extra $2M into its recent placement, taking the total raise to $6M.

The extra $2M comes on the same terms as the $4M placement from three weeks ago, at 1.5c per share with one free attaching option for every share.

(source)

The board and management put in a further $150k of their own cash, which is always good to see:

(source)

MNB is building Angola's only integrated phosphate mine and fertiliser plant at its Cabinda Phosphate Project.

The plant is bought and in-country, civils are done, and structural steel is going up ahead of dry commissioning to follow.

Today's funds go towards what MNB is already working on so give extra runway and flexibility:

(source)

Here is a look at construction of the fertiliser production facility from MNB’s twitter account 2 months ago, so construction is coming along (particularly the civils) and now starting to get to the pointy end:

(source)

SO soon we can expect updates on installation and commissioning of the equipment that goes inside.

From the presentation released at the initial raise, MNB stated that they are expecting to get first production late 2026:

(source: MNB presentation, page 21)

We put more money into MNB in the original placement, and wrote about why back then which you can see here: We just put more money into MNB…here's why

Fertiliser is now a strategic resource

Just last month, President Trump signed an Executive Order declaring a national emergency over US fertiliser supply, temporarily suspending duties on Moroccan phosphate imports.

(source)

When fertiliser is important enough to warrant an executive order, governments are clearly treating it with a seriousness you would see as a strategic resource.

And the US has made it easier to obtain fertiliser from Morocco, also in Africa, so perhaps there is an opportunity for this to be extended further and/or MNB to be producing at an opportune time…

So we think that makes MNB's export story more interesting and MNB already has plans for exports with first shipments through Porto do Caio targeted for 1H 2027.

We covered this Executive Order here: MNB - Trump declares phosphate fertiliser emergency

What do we expect MNB to deliver?

Complete Phase 2 construction

We want to see the plant assembled and reach dry commissioning.

Here are the milestones we are tracking: 

1. ✅ Civil works complete
2. 🔄 Structural steel and mechanical installation
3. 🔲 Electrical, instrumentation and process control installed
4. 🔲 Dry commissioning achieved

Complete the funding package

We want the full project funding closed out to cover construction AND ramp-up to full operations (“wet commissioning”).

Here are the milestones we are tracking:

1. 🔄 Transfer of Mining Investment Contract and Mining License
2. ✅ US$10M FSDEA equity received
3. ✅ US$16M IDC loan signed, drawdowns underway
4. 🔄 US$5.48M Banco de Fomento Angola facility formalised
5. 🔄 Working capital facility secured (FSDEA joint task force)

First production and first sales

We want to see the plant wet commissioned, first product produced, and first revenue banked.

Here are the milestones we are tracking:

1. 🔲 Wet commissioning
2. 🔲 THE photo: the first sack of Angolan-produced phosphate Fertiliser
3. 🔲 First shipment to a customer (including any early unprocessed rock sales)
4. 🔲 Binding offtake agreement(s) converted from existing MoUs/HOAs
5. 🔲 First revenues reported