Korella North is on the pathway to production

NEWS RELEASE 23-24 September 20, 2023

Korella North is on the pathway to production.

WELLINGTON New Zealand

Chatham Rock Phosphate Limited (TSXV: “NZP” and NZX: “CRP” or the “Company”) is pleased
to announce that our Queensland based lead project Korella North is advancing steadily
towards becoming an operating phosphate mine.

We are currently preparing the Mining Lease Application for Korella North, a step that can be
undertaken now that the NI43-101 independent report, announced last week, reported
600,000 tonnes of Indicated Resources and 2.1 million tonnes of Inferred rock phosphate
Resources within EPM28589.

The confirmation of this resource base has now enabled the definition of the proposed
location of the initial Mining Lease Application. The area we have selected is a block
containing 395,625 tonnes of phosphate. The area selected is where the 22m thick Monastery
Creek Phosphorite Member outcrops and has minimal overburden to be removed to enable
phosphate production.

Only 96,448 bank cubic metres of overburden is required to be removed to enable production
of 197,813 bank cubic metres of phosphate. This low overburden ratio should result in
reduced mining costs.

The phosphate mining method will involve the selective recovery of individual plies and
groups of plies in order to produce a 20% P2O5 direct shipping phosphate product.

While phosphate sales will be directed initially into the domestic market, several enquiries
for export of this soft rock low cadmium direct application 20% P2O5 have already been
received.

Lodgment of the draft Mining Lease Application is planned for late September. While there is
no fixed timetable for granting Mining Leases in Queensland, we are working to achieve first
production from Korella North by the start of H2 2024.

In addition, to extend the Korella North exploration area EPM28589, an application has made
for two additional two sub-blocks to the west of the existing tenement. These two sub-blocks
registered as EPM 28882 are designated Korella North 2.

We anticipate that in due course additional rock phosphate resources will be identified within
both EPM 28589 and EPM 28882.

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 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.