Chatham Provides Update on Proposed Sale of Korella

NEWS RELEASE 25-05 February 24, 2025

Chatham Provides Update on Proposed Sale of Korella Phosphate 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 in principle 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 will be paid per tonne to AML on all production
commencing after the completion of the first 0.19 million tonnes up until 31
st
March 2040.

We also advised then that the transactions are 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 31
st
March 2025, as well as the
successful negotiation of a definitive purchase and sale contract, and TSXV approval, if applicable.

We now advise that the due diligence process has been extended to 30 June 2025.

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