CRP applauds permitting of Mexican Marine Phosphate project

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NEWS RELEASE 18-6 March 23, 2018

Chatham applauds permitting of Mexican marine phosphate project
WELLINGTON, New Zealand – Chatham Rock Phosphate Limited (TSXV: “NZP” and NZAX: “CRP”
or the “Company") wishes to advise shareholders of a significant development overseas that
should have a very positive indirect impact on Chatham.
Today Nasdaq-listed Odyssey Marine, that holds 53.9% of the Don Diego offshore Mexico
marine phosphate project, filed a release with the United States Securities and Exchange
Commssion. The release stated that on March 21, 2018, the Superior Court of the Federal Court
of Administrative Justice in Mexico had ruled unanimously in favour of Odyssey Marine, thereby
nullifying the earlier denial of the environmental permit application for the extraction of
phosphate sand from its “Don Diego” project. This means that Don Diego is now fully permitted.

This is very significant news for both Odyssey Marine and Chatham, not only because it
establishes a precedent for the consenting of marine phosphate mining.

Chatham has a number of links to the Don Diego project, including a number of Chatham’s USA-
based shareholders who have also invested in both Odyssey Marine and directly in the Don
Diego project itself. We also have one director in common.

Chatham has conducted agricultural tests of the Don Diego rock phosphate in New Zealand
which show the Mexican rock phosphate is both relatively high-grade in its natural form (i.e.
without being beneficiated) and is also a very effective reactive phosphate rock.

This environmental approval will likely have a rub-off effect on the perceived value of all marine
phosphate deposits, including our Chatham Rise deposit (already partly permitted) and our
expanding exploration portfolio offshore Namibia

Odyssey Marine shares today rose from $US3.80 to a peak of $US13.75 on the Nasdaq, before
closing at $US8.30 with more than 2.2 million shares traded.

Chatham Rock Phosphate President and CEO Chris Castle commented today that “this is the best
news for Chatham since we were granted our mining permit back in December 2013 as it
establishes a precedent for marine phosphate mining after extensive and detailed
environmental assessment.”

The Don Diego approval also follows the granting of an environmental consent to Trans Tasman
Resources in New Zealand territorial waters last year and evidences the reality that marine
mining, if managed carefully and responsibly, can be carried out with minimal impacts on the
marine environment.

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About Chatham Rock Phosphate

Chatham Rock Phosphate is the custodian of New Zealand’s only material resource of ultra-low
cadmium, environmentally friendly pastoral phosphate fertiliser. Our key role is connecting the
resource with those who need it.

Using this phosphate will support sustainable farming practices, including healthier soil profiles
and reduced accumulation of the heavy metal cadmium, reducing carbon emissions and
dramatically lowering runoff to waterways and shrinking fertiliser needs over time.

The resource represents one of New Zealand’s most valuable mineral assets and is of huge
strategic significance because phosphate is essential to maintain New Zealand’s high agricultural
productivity.

New Zealand’s current access to phosphate is vulnerable to economic and political events in the
six countries controlling 98% of the world’s phosphate reserves, with 85% of the total in the
Western Saharan state of Morocco.

Chatham takes very seriously the responsibility vested in it through its mining permit to use the
world’s best knowledge and technology to safely extract this resource to help sustainably feed
the world.

Our initial environmental consenting process independently established extraction would have
no significant impact on fishing yields or profitability, marine mammals or seabirds.

For more information contact Chris Castle on 021 55 82 85 or chris@widespread.co.nz or
check out www.rockphosphate.co.nz

Neither the Exchange, its Regulation Service Provider (as that term is defined under the policies of the
Exchange), or NZX 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.