CHATHAM INVESTORS FULLY INFORMED DESPITE NZX LISTING BREACH

NEWS RELEASE 20-01 January 22, 2020


CHATHAM INVESTORS FULLY INFORMED DESPITE NZX LISTING BREACH

WELLINGTON New Zealand – Chatham Rock Phosphate Limited (TSXV: “NZP” and NZX:
“CRP” or the “Company") wishes to respond to an announcement today filed on NZX by the NZ
Markets Disciplinary Tribunal relating to the New Zealand Exchange (NZX) listing requirements.

Chatham’s primary listing is on the TSX Venture Exchange (TSX.V) and has a secondary listing on
NZX. NZX rules require Chatham to repeat all TSX.V releases to the New Zealand market.

The Disciplinary Tribunal ruled that Chatham had breached NZX listing requirements by failing to
release multiple announcements to NZX at the same time they were released to its Home Exchange,
the TSX Venture Exchange, between 24 February 2017 and 1 July 2019.

Chatham Rock Phosphate accepts it has breached NZX listing requirements but stresses the missing
announcements contained information already known to the market and not any new material
information, Chief Executive Chris Castle said today.
“Most importantly, both NZX Regulation and the NZ Markets Disciplinary Tribunal agree there is no
evidence the breach by Chatham has caused any measurable harm to investors.”

“The missing announcements represent a breach of the NZX rules but not a failure by Chatham to
release new material information to the New Zealand market,” Mr. Castle said.
“Chatham prides itself on ensuring investors are always fully informed about its activities. We always
have a focus on continuous disclosure and see communicating with our shareholders and the wider
market as an opportunity, rather than a chore.”

Mr. Castle said the information was primarily administrative announcements required by Canadian
securities regulations.

“The Canadian market has different reporting requirements to the New Zealand market. Management
Discussion and Analysis announcements (MD&A) do not constitute periodic reporting. MD&A are
retrospective in nature and restate information already announced to the market. As such, although
they provide collated, summary information to the market they do not contain any material
information likely to impact investment decisions. Quarter year financial reporting required by TSX-
V is not comparable to the NZX periodic reporting requirements.”

Mr Castle also noted as Chatham is not currently an operating business, there was nothing of any
materiality to disclose each quarter.

He said Chatham was unaware of the breach until NZX Regulation made direct contact.
“As soon as Chatham was made aware of the missing announcements we corrected the record and
have also now corrected our reporting processes.
“We understand our obligations to comply with NZX rules. In our considerable history as a listed
issuer (Chatham was a full listed issuer on the NZAX market from 2007 until 2017) we had an
unblemished reporting record.”

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A copy of the NZ Markets Disciplinary Tribunal ruling has been filed on SEDAR under CRP’s
profile.

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.