Mr. Chris Castle reports

CHATHAM ADVANCES TOWARD MINING PERMIT AT KORELLA NORTH

Chatham Rock Phosphate Ltd. wishes to advise that the Korella North mine ML100379 permitting process took another step forward with the posting on March 25, 2024, of a notice of proposed grant of a mining lease. The Notice of Proposed Grant of a Mining Lease was posted as required under Section 29 of the Commonwealth Native Title Act 1993 and was dated 25 March 2024 with the declared Notification Day being 17 April 2024.

ML100379 covers an area of 118.62 ha and is located 6km southeast of The Monument at Phosphate Hill. The grant of the Mining Lease includes the granting of access over the adjacent Phosphate Hill - Townsville rail line to the Phosphate Hill- Duchess Road.

The grant of the Mining Lease is under the Queensland Mineral Resources Act 1989 and is for a term of 10 years with the possibility of further renewal for terms not exceeding 10 years. The Notice was signed by the Executive Director for the Minister for Resources and Critical Minerals. (See attached notice).

The Notice of Proposed Grant of a Mining Lease is part of the administrative processes leading to the grant of the ML100379. Under the Right to Negotiate provisions of the Native Title Act, if there are no additional native title claimants, ML100379 is capable of being granted on 17th August 2024 subject to successfully reaching agreement with the Yulluna people.

Negotiations with the Yulluna People are nearing conclusion in relation to reaching agreement on ML100379. With such an agreement reached, termed the ancillary agreement, the next step is to prepare a Section 31 deed which would then be made publicly available.

Shareholders will be updated on progress towards signing the ancillary agreement with the Yulluna People.

For more information contact Chris Castle on 021 558 185 or chris@widespread.co.nz or check out www.rockphosphate.co.nz Neither the Exchange, its Regulation Service Provider (as that term is defined under the policies of the Exchange), or NZX Limited has in any way passed upon the merits of the Transaction and associated transactions, and has neither approved nor disapproved of the contents of this press release.