CRP Provides Update on Proposed Sale of Korella Projects

NEWS RELEASE 25-08 April 17, 2025

Chatham Provides an Update on the Proposed Sale of its Korella Projects

WELLINGTON New Zealand – on 20 January 2025 Chatham Rock Phosphate Limited (TSXV:
“NZP”, NZX: “CRP” and “3GRE” (Frankfurt) or the “Company”) advised that we had that day agreed
to sell to an arm’s-length Australian entity (the Marshall Group) the four mining and exploration leases
in respect of our Korella North and South properties currently held by our 100% owned subsidiary
Avenir Makatea Pty Limited (AML).

The leases to be sold are ML100379, EPM 28589, EPM 28882 in respect of Korella North and EPM
28178 in respect of Korella South.

The sale price included a cash payment of AU$4.1 million (CA$3.65 million, NZ$ 4.5 million) on
transfer of the leases to the acquiring company and a royalty to be paid to AML at a rate of AU$10 per
tonne for the first 0.19 million tonnes of production (total AU$6 million, CA$5.34 million, NZ 6.6
million). A further royalty of AU$1 would be paid per tonne to AML on all production commencing
after the completion of the first 0.19 million tonnes up until 31st March 2040.

We also advised then that the transactions were conditional on a successful outcome in respect of a due
diligence process to be undertaken by the proposed purchaser which then was currently underway, and
which was expected be completed on or before 31st March 2025, as well as the successful negotiation
of a definitive purchase and sale contract, and TSXV approval, if applicable.

On 24 February we advised that the exclusive due diligence process had been agreed to be extended to
30 June 2025.

Subsequently the Marshall Group has moved to a non-exclusive negotiation process as they sought to
investigate complementary opportunities in the overall phosphate value chain.

Accordingly other parties who earlier expressed interest in the acquisition of the Korella leases have re-
engaged.

Of recent times CRP has also received unsolicited interest in its other phosphate projects in New
Zealand and French Polynesia.

There continues to be interest in other phosphate projects. For example, on 16 April 2025 it was
announced that Christmas Island based PRL Group are in a final 45-day due diligence period for the
acquisition of Centrex Limited and their Australia based Ardmore phosphate mine.


Shareholders will be kept informed as matters progress.


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.