Mr. Chris Castle reports

KORELLA PHOSPHATE PROJECT - GRANT OF KORELLA NORTH EPM28589

The Korella North exploration area EPM28589 was granted to Chatham Rock Phosphate Ltd.'s Australian subsidiary, Avenir Makatea Pty. Ltd., on Feb. 8, 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 six square kilometres with a currently identified resource of 2.7 million tonnes of phosphate. See NZCRP announcement Sept. 15, 2023 -- Chatham announces maiden mineral resource estimate for KN. Included the technical report, filed on SEDAR+, prepared in accordance with Canadian National Instrument 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 22-metre-thick Monastery Creek phosphate will take place 1.5 km along strike and down dip to the 80 m cover line.

At Korella South EPM28187, covering 200 square 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 two-million-tonne-per-annum 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 2.25 Mtpa operation.

We seek Safe Harbor.