Chatham announces private placement

143851\4848-1057-0210


AMENDED NEWS RELEASE 21-03 March 22, 2021

CHATHAM ROCK PHOSPHATE LIMITED
PRIVATE PLACEMENT


WELLINGTON New Zealand – Chatham Rock Phosphate Limited (TSXV: “NZP” and NZX:
“CRP” or the “Company") recently successfully raised further working capital to keep the Company
in good standing as we continue to pursue our dual key objectives of:

1. Securing a new cornerstone investor to fund our environmental permit reapplication; and

2. Working with our proposed merger partner, Avenir Makatea, to fast-track the grant of their
mining permit, presently expected to occur in Q4, 2021

Based on the success of that recent financing (which was oversubscribed), the Company is proceeding
with a further non-brokered private placement of up to 6,000,000 units (the “Units”) at a price of
CAD $0.11 per Unit (NZ$0.12) for gross proceeds of up to CAD $660,000 (NZD $720,000) subject
to regulatory approvals. Significantly, the Company has again partnered with Stockhouse as part of
this fundraising initiative and we expect that their global reach will, as it did in respect of our last
private placement, materially assist CRP in reaching our target.

Each Unit will consist of one common share in the capital of the Company and one (1) transferable
share purchase warrant (“Warrant”), transferable subject to applicable securities legislation. Each
Warrant will entitle the holder thereof to acquire one common share at a price of CAD $0.45
(NZ$0.53) per share at any time prior to the date that is five (5) years from the date of issuance.

In the event that the common shares of the Company trade on the TSX Venture Exchange at a closing
price of greater than CAD $0.60 (NZ$0.71) per common share for a period of 20 consecutive trading
days at any time after four months and one day after the closing date of the private placement, the
Company may accelerate the expiry date of the Warrants by giving notice to the holders thereof by
way of a news release and in such case the Warrants will expire on the 30
th
day after the date of
dissemination of such news release.

The common shares and Warrants issued pursuant to this proposed offering are subject to a hold
period of four months plus one day after the closing dates of the offering as provided by securities
legislation.

Finders’ fees may be payable in cash to arm’s length parties in connection with this placement as
permitted under the policies of the TSX Venture Exchange. The private placement is subject to the
acceptance by the TSX Venture Exchange and is expected to close on or before May 6, 2021.

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.