Chatham advises outcome of Judicial Review

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NEWS RELEASE 17-37 December 11, 2017

Chatham advises outcome of judicial review


WELLINGTON New Zealand – Chatham Rock Phosphate Limited (TSXV: “NZP” and NZAX:
“CRP” or the “Company") advises that the outcome of a judicial review requested by Chatham in
respect to certain costs charged by the Environmental Protection Authority (EPA) has been released.

The Judge has dismissed our application for the review and as a result the High Court proceedings
where the EPA is seeking payment of these costs will now resume with the likely outcome that we
will be required to pay the costs invoiced by the EPA.

Our financial results for the last two years have been prepared on a conservative basis, assuming a
worse-case scenario and therefore the decision will have a limited effect on our formal balance sheet
position. However, the decision does have a negative impact on our cash flow position which we will
be taking steps to remedy.

We will be reviewing the judgment in detail over the next few days and taking legal advice on
appropriate next steps.


For further information please contact:

Chris Castle
President and Chief Executive Officer
Chatham Rock Phosphate Limited
64 21 55 81 85 or chris@crpl.co.nz

Neither the Exchange, its Regulation Service Provider (as that term is defined under the policies of the
Exchange), or New Zealand Exchange Limited has in any way passed upon the merits of the Transaction and
associated transactions, and has neither approved nor disapproved of the contents of this press release.