CRP advises warrants terms, private placement closing date

NEWS RELEASE 19-07 February 27, 2019



CRP CLARIFIES WARRANT AMENDMENT PROPOSAL AND EXTENDS
PRIVATE PLACEMENT CLOSING DATE TO 21 MARCH 2019

WELLINGTON, New Zealand – Chatham Rock Phosphate Limited (TSXV: “NZP” and
NZAX: “CRP” or the “Company") wishes to clarify the proposed amendments to the
Company’s outstanding share purchase warrants announced in its news release dated
February 15, 2019. In addition to the warrants set out in the February 15, 2019 news release,
the proposed warrant amendments will also include an additional 486,368 share purchase
warrants that were issued in January 2018 (the “January 2018 Warrants”).

January 2018 Warrants

Pursuant to a private placement completed by the Company in January 2018, the Company
issued the January 2018 Warrants which are exercisable at a price of $0.45 per common
share and expire on January 24, 2020. The Company proposes to extend the expiry date o
f
the January 2018 Warrants from January 24, 2020 to January 24, 2023, being five years from
the date of issuance of the January 2018 Warrants. None of the January 2018 Warrants have
to date been exercised.

All of the proposed amendments to the January 2018 Warrants and the warrants referenced
in the February 15, 2019 news release are subject to the acceptance of the TSX Venture
Exchange.

Change of Private Placement Closing Date

We also wish to advise that the closing date of the current Private Placement Offer is being
extended to 21 March. The reason for this extension is primarily due to the Company’s
attendance at and active participation in the PDAC conference in Toronto in the first week o
f
March which will be followed up by investor presentations in London, Munich and Zurich.

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.

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.

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Chatham takes very seriously the responsibility vested in it through its granted 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.

Our project ticks all the boxes: environmental, health, ethical, security of supply,
economic, regional development, rare earths and other green minerals:

 Our rock is a proven reactive phosphate rock. Using it results in much less run‐off
into waterways and an improved soil profile compared with the effects of
manufactured fertilisers;

 It is an organic fertiliser with no additives and with the only processing being
grinding and possible pelletisation;

 It contains ultra‐low levels of cadmium, a cancer‐causing heavy metal with much
greater concentrations in other rock phosphate deposits;

 Being locally sourced and needing to be applied less frequently results in much
lower carbon emissions (in effect increasing the present NZ electric vehicle fleet
from 10,000 to 29,000 vehicles);

 It is New Zealand’s only significant source of phosphate and seabed extraction
involves a far smaller environmental impact than that imposed on local overseas
communities which mine phosphate;

 The rock is located within one day’s sailing distance and supply is far more secure
(and more ethical) than phosphate rock imported from unstable regions on the
other side of the world;

 The project economics are attractive and Chatham will pay significant royalties and
income taxes;

 The project will generate new jobs in environmental monitoring, on the mining ship,
in the home port and in the science and agricultural sectors; and

 Chatham rock phosphate has been independently shown to be as effective as other
phosphate fertilisers used in New Zealand. We could provide the two fertiliser co‐
ops supplying most of New Zealand’s fertiliser with a green fertiliser alternative to
naturally complement their other products.

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.