KORELLA PHOSPHATE PROJECT – GRANT OF KORELLA NORTH EPM28589

NEWS RELEASE 24-05 February 8, 2024

KORELLA PHOSPHATE PROJECT – GRANT OF KORELLA NORTH EPM28589

WELLINGTON New Zealand – Chatham Rock Phosphate Limited (TSXV: “NZP”, Frankfurt
Bourse “3GRE” and NZX: “CRP” or the “Company") wishes to advise that that the Korella
North Exploration Area EPM28589 was granted to our Australian subsidiary Avenir Makatea
Pty Ltd on 8
th
February 2024.

The combination of Korella North EPM 29589 and Korella South EPM 28187 provides the
basis for the Korella Phosphate Project.

With Korella North Mining Lease ML100379 proceeding through final permitting, the
combined Korella Phosphate Project now has its title bases secured.

Korella North EPM 28589 covers an area of 6 sq km. with a currently identified resource of
2.7 million tonnes of phosphate. See NZCRP announcement 15
th
September 2023 –
Chatham announces maiden mineral resource estimate for KN. Included The Technical
Report, filed on SEDAR+, prepared in accordance with Canadian NI 43-101 Standards of
Disclosure for Mineral Projects, Companion Policy 43-101CP and Form 43-101F.

Following the grant of the exploration title, additional drilling can commence after the end
of the current wet season.

For Korella North EPM28589 the resource target is 10 million tonnes. Additional drilling to
intersect the 22m thick Monastery Creek Phosphate will take place 1.5km along strike and
down dip to the 80m cover line.

At Korella South EPM28187, covering 200 sq km and containing in part the bottom half of
the Monastery Creek Phosphate Member, the resource target is 60 million tonnes.

Drilling within Korella South will proceed on completion of resource definition at Korella
North.

While Korella North Mine is planned to supply the domestic market, plans for production
from Korella South are for a 2Mtpa export mine.

With the Korella North Mine adjacent to the Phosphate Hill - Townsville rail line, phosphate
from Korella South would be transferred by road to a bulk rail out facility at Korella North.

The Korella Phosphate project is planned as an overall 2.25Mtpa operation.


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 above descried transaction, and has neither approved nor disapproved of the
contents of this press release.