Mr. Chris Castle reports

CHATHAM ROCK PHOSPHATE LIMITED PRIVATE PLACEMENT CLOSES

Further to Chatham Rock Phosphate Ltd.'s news release dated Nov. 16, 2023, it has closed its non-brokered private placement of 4,623,155 units at a price of seven cents (8.6 New Zealand cents and eight Australian cents) per unit for gross proceeds of $323,621 (397,591 New Zealand dollars or $369,852 (Australian)).

Given the continuing very difficult market conditions in the junior resource equities markets this was an excellent outcome.

Each unit consists of one common share in the capital of the company and one transferable share purchase warrant. Each warrant entitles the holder thereof to acquire one common share at a price of 45 cents (52 New Zealand cents) per share at any time prior to Jan. 26, 2027. In the event that the common shares of the company trade on the TSX Venture Exchange at a closing price of greater than 60 cents (69 cents) per common share for a period of 20 consecutive trading days at any time after four months and one day after the closing date of the private placement, the company may accelerate the expiry date of the warrants by giving notice to the holders thereof by way of a news release and in such case the warrants will expire on the 30th day after the date of dissemination of the news release.

All securities issued pursuant to the private placement are subject to a hold period and may not be traded until May 27, 2024.

Use of funds

The funds raised will be used for the following purposes:

• Fast-tracking the mine development at Korella North in Queensland;
• Completion of the permitting process for the Avenir Makatea onshore phosphate project in French Polynesia;
• General working capital.

We seek Safe Harbor.