Clarification of Private Placement use of proceeds

NEWS RELEASE 21-08 June 22, 2021 CHATHAM ROCK PHOSPHATE LIMITED QUARTERLY UPDATE WELLINGTON New Zealand - Chatham Rock Phosphate Limited (TSXV: "NZP" and NZX: "CRP" or the "Company") wishes to provide a clarification to its shareholders and stakeholders regarding its current non-brokered private placement of up to 6,000,000 units (the "Units") at a price of CAD $0.11 per Unit (NZ$0.12) for gross proceeds of up to CAD $660,000 (NZD $720,000), originally announced March 22, 2021 (the "Placement"). Proceeds from this Placement are not required to complete the Company's proposed acquisition of Avenir Makatea Pty Limited ("Avenir"), owner of the Makatea phosphate project, which was announced on December 21, 2020 with the formal agreement announced April 28, 2021. The acquisition of Avenir is an all-stock transaction, which has been conditionally approved by the TSX Venture Exchange (see our news release dated May 11, 2021). Further, while the Company expects to use proceeds from this Placement to further various aspects of the Makatea project, no funds are required to complete any aspect of the acquisition of Avenir or to maintain the ownership of the Makatea project at this time. The proceeds of the Placement are intended solely for CRP's general working capital and to progress a second application with the New Zealand Environmental Protection Authority for Marine Consent for the Chatham Rise project. 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 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 Transaction and associated transactions, and has neither approved nor disapproved of the contents of this press release. End CA:00374406 For:CRP Type:OFFER Time:2021-06-23 11:21:44