Chatham Advances Korella North Project

NEWS RELEASE 22- 20 October 25, 2022 CHATHAM ADVANCES KORELLA NORTH PROJECT WELLINGTON New Zealand - Chatham Rock Phosphate Limited (TSXV: "NZP" and NZX: "Chatham" or the "Company") has made another significant advance. Chatham is pleased to advise the Queensland Department of Resources ("QDR") has accepted the exploration program of works for phosphate exploration area designated EPMA 28589 (Korella North). The Korella North Project (EPMA 28589) covers an area of 6 sq km containing a near-surface phosphate deposit as well as a road-train road and railway line. The Korella North area was exhaustively explored in 2007 and 2008 with soil sampling, trenching and drilling to prove the presence of outcropping phosphate of the Beetle Creek Formation along a strike length of approximately 1.5km. The formation is highly suitable for simple, low cost, open cut mining. We are now designing an accelerated work program and a mining plan for Korella North (EPMA 28589) to enable the quick transition from an Exploration Permit to a Mining Lease as well as native title and access agreements. Phosphate from Korella North, Korella South and ML90209 (now designated Korella Central) is low cadmium and high quality, suitable for direct application, production of high analysis fertilizers and yellow phosphorus. The Phosphate Hill to Townsville rail line and Phosphate Hill to Cloncurry road-train route within the Korella North area provide readily accessible transport options. With leasing arrangements for the Korella fertilizers road-transport hub in Cloncurry progressing, we are also investigating the option of loading directly onto rail at Korella North for transport to the Port of Townsville which can provide seaborne transport of Korella phosphate to Australian consumers as well as those in New Zealand, Asia and Europe. 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 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. End CA:00401128 For:CRP Type:GENERAL Time:2022-10-26 09:43:14