CHATHAM ROCK PHOSPHATE ENTERS TERM SHEET WITH CAPITAL TRUST

NEWS RELEASE 18-24 November 22, 2018


CHATHAM ROCK PHOSPHATE ENTERS TERM SHEET WITH CAPITAL TRUST
GROUP

WELLINGTON New Zealand – Chatham Rock Phosphate Limited (TSXV: “NZP” and
NZAX: “CRP” or the “Company") wishes to advise that it has entered a non-binding
indicative term sheet with the New Zealand based company, Capital Trust Group Limited
(CTG).

CTG is a FinTech company with particular expertise as a turn-key service provider for initial
coin offerings (ICO) and asset digitisation. CTG is looking to expand these service offerings
into the mining and minerals sector and in particular identify, finance and develop mining
projects using its blockchain based technologies and extensive distribution networks.

CRP, with its New Zealand Chatham Rise project and extensive knowledge of other
international phosphate projects provides an industry basis for this expansion of CTG’s
service offerings. The intention of the term sheet is to provide an in-principle agreement as to
how CRP and CTG could merge if sufficient investor interest can be generated for a merger.
It is intended that CRP and CTG will meet with investors to apprise them of this opportunity
and seek indications of investment support at the end of this month.

If that financial support is forthcoming, CRP and CTG will then look to complete due
diligence on each other and negotiate binding arrangements. The current term sheet envisages
that CRP would acquire CTG for an issue of shares representing 40% of CRP’s common
stock. In addition CTG shareholders would receive a three year earn-out on the basis of net
revenues received under specified contracts that it currently has in place.

The transaction would proceed if US$10 million in finance can be secured for the merged
entity. If this finance is secured, US$5 million would be dedicated towards advancing the
Chatham Rise project towards a new marine consent application.

CRP will keep the market informed as this proposal develops further. Shareholders are
cautioned that no binding arrangements are currently entered and will only be entered if the
matters above are addressed to the satisfaction of both CRP and CTG. Furthermore, any
proposed agreement would be subject to regulatory approval where required.

Regards

Chris Castle, President and CEO
chris@crpl.co.nz or +64 21 55 81 85
Skype: phosphateking

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.