CHATHAM LOOKS FORWARD TO AN EVENTFUL 2023

NEWS RELEASE 22- 25 December 13, 2022


CHATHAM LOOKS FORWARD TO AN EVENTFUL 2023

WELLINGTON, New Zealand – Chatham Rock Phosphate Limited (TSXV: “NZP” and NZX: “Chatham”,
“CRP”, or the “Company") is, having advanced on multiple fronts, planning an eventful 2023.

The start of Korella phosphate production and the development of the Australian domestic market
are the prime objectives for the Company in 2023.

Meanwhile the administrative process for the granting of a Mining Concession on Makatea is
expected to continue throughout 2023.

Mining at Korella North

We’re aiming to start on-site operations at the Korella North Mine in Q4 2023. In tandem, marketing
into the Australian domestic market will commence with first sales of our high-quality direct
application soft rock phosphate to sugar cane and banana growers in Queensland.

Korella Fertilizer’s Cloncurry Distribution Hub will supply road trains with bagged product for growers
on the Queensland Coast and bulk loads using side-tipping road trains.

Establishment of Cloncurry Distribution Hub

We expect to sign the lease for the Cloncurry Distribution Hub on Round Oak Road this month. The
Development Application for the 22-ha site will then be lodged with Cloncurry Shire Council in Q1
2023.

At the Round Oak Road Distribution Hub (ROR Hub), phosphate road-trained from Korella North will
be crushed, screened, sorted and - depending on customer requirements - bagged or containerised.
Road transport will be the primary mode for delivery to customers from the ROR Hub.

Sales of phosphate for Yellow Phosphorus

Following successful trials of TOMRA sensor-based ore sorting we’re aiming for draft offtake
agreements with yellow phosphorus manufacturers by the end of Q3 2023, to be followed in Q4 2023
with trial shipments of samples to potential Asian customers.

Commencement of Seaborne Rock Shipments

By Q4 2023, we will start trial shipments of phosphate to seaborne customers in New Zealand,
Tasmania, Victoria, Western Australia Asia and Europe. With the ROR Hub just 300m from the Aurizon
Container Terminal in Cloncurry it will be a straightforward process to use half height containers to
transport bulk samples shipped from the Port of Townsville.

Other Transport Logistics

In preparation for expanding phosphate rock production to include Korella South, at the rate of 2Mtpa,
we expect to complete the design of a new rail line and bulk rail loading facility at Korella North by

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end Q2 2023. At the same time, our plans for a 5Mtpa phosphate bulk loading in the Port of Townsville
will be provided to the Port authority as part of their review of their 10-year Master Plan.

Exploration Program at Korella South

Exploration of the Korella South tenement for phosphate and Rare Earth Elements, subject to grant,
will start in H2 2023.

Monocalcium Phosphate Project

Plans for the production of monocalcium phosphate (MCP) in Cloncurry will continue, commencing
with a pilot plant then an on-site demonstration plant, followed by the construction of the commercial
plant. We expect by end Q1 2023 to have reached agreement with a major Australian university to
operate the pilot plant.

During early 2023 we’ll also be looking at alternative MCP production methods using waste phosphoric
acid.

Lick Block Manufacture

We have received an expression of interest from a major lick block manufacturer which wishes to co-
locate a new plant on the MCP production plant site in Cloncurry. It is expected in H2 2023 to lodge a
tender to lease the Cloncurry Shire Council owned land, subject to rezoning, to erect the MCP plant
and the co-located lick block plant.

Pacific Rare Earths Initiatives

Pacific Rare Earths, with a recent test result to hand, is continuing to study technologies for extraction
of Rare Earth Elements (REE) from its Korella phosphate, including sighter testing to demonstrate one
of the methodologies.

On the selenium front, we’re expecting the granting of the Tambo exploration area EPM28608 in Q2
2023 so we can start exploration for inorganic selenium in the Toolebuc formation.

Meanwhile work on organic selenium, that commenced in Q4 2022 with researchers at James Cook
University at their Townsville and Cairns campuses, will step up in Q1 2023. We aim to have defined
suitable organic selenium products by Q4 2023.

Korella Mine

Since signing a Term Sheet on 21 October 2021 to acquire ML 90209 from Chinese owned and
controlled Australian Venus Resources Pty Ltd (AVR), CRP has made every effort to close the
acquisition.

As the acquisition process was continually delayed and frustrated by AVR, CRP took action to find
additional phosphate resources that could be developed independently of the AVR deal.

Following a search for readily developed phosphate near to road and rail in August 2022, we applied
for the Korella North area EMP28589. This area, only 500m from road and rail, provides a lower cost
mining option than the Korella Mine due to a more attractive overburden ration. Although a more
limited resource, Korella North is anticipated to have mine life of up to eight years at planned
production rates.

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Avenir Makatea Pty Ltd (wholly owned Australian subsidiary of CRP) will now seek to proceed to
arbitration, as provided for under the AVR – Avenir Makatea signed Term Sheet, to enforce the
acquisition of ML90209.

Proposed Expansion of Phosphate Rock and REE Production Levels

As part of our efforts to source longer-term mine life resources for Korella Fertilizers and Pacific Rare
Earths, we have applied for the 100 sub block 196 sq km Korella South area EPM 28187.

Other Fertilizer Sector Opportunities

The Company continues to look at other opportunities that include phosphate in other
states/territories as well as muriate of potash and developing a unique organic fertigation fertilizer
utilizing our soft rock Korella phosphate as the source of phosphorus.

Once again, Chatham will be represented at PDAC in 3-8 March 2023 in Toronto, Canada.

This premier event for the world’s mineral industry provides the opportunity for the Company meet
potential shareholders and institutions that have an interest in phosphate and critical minerals.

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



Statements about the Company's future expectations and all other statements in this press release other than
historical facts are "forward looking statements". Such forward-looking statements are based on numerous
assumptions, and involve known and unknown risks, uncertainties and other factors, including risks inherent in
mineral exploration and development, which may cause the actual results, performance, or achievements of the
Company to be materially different from any projected future results, performance, or achievements expressed
or implied by such forward-looking statements.

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.