Chatham Commissions Scoping Study into 5 Mtpa Port Facility

NEWS RELEASE 22-07 May 18, 2022 CHATHAM COMMISSIONS SCOPING STUDY INTO 5 MILLION TONNE PER ANNUM PHOSPHATE EXPORT FACILITY WELLINGTON New Zealand - Chatham Rock Phosphate Limited (TSXV: "NZP" and NZX: "CRP" or the "Company") is pleased to announce that CRP subsidiary Avenir Makatea Pty, trading as Korella Terminals, has commenced a scoping study into a stand-alone 5Mtpa phosphate/fertilizer export facility in the Port of Townsville (Korella Terminal). This study is being undertaken by an assembled team of well-seasoned industry specialists who bring together years of experience in logistics, major capital works construction, port operations/construction, and financing of new major port/rail facilities for bulk commodities. As the Port of Townsville is the export port for all of the minerals include phosphate and fertilizers originating in North-West and North Queensland, the need for a dedicated phosphate/fertilizer terminal has been recognised for a considerable time. With the emerging changes in the world supply chain for fertilizers and phosphates, the low cadmium phosphate from the Georgina Basin in NW Queensland has the potential to fill the gap for low cadmium phosphate in Europe, now no longer able to be sourced from Russia. The scoping study for the Korella Terminal runs in tandem with the already announced scoping study for the 1 Mtpa phosphate export mine based on the Company's Korella South project. This long-needed export facility project also has the potential to attract Queensland and Federal Government funding. The Northern Australia Infrastructure Facility is one potential source. The results of the scoping study are to be available in July 2022. We look forward to keeping shareholders updated on the exciting developments associated with Korella. 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:00392357 For:CRP Type:GENERAL Time:2022-05-19 13:47:19