CRP ADVISES KORELLA NORTH PLANNING, MARKETING ADVANCES

Monday 29th May 2023

WELLINGTON New Zealand – Chatham Rock Phosphate Limited, “CRP” or “the Company” (TSXV: “NZP”, NZX: “CRP” FSE “3GRE”) wishes to announce that the Korella North mine development is advancing rapidly with both mine planning and marketing activities well underway.

Following preparation of the geological model for Korella North, first mine plans to produce 250,000 tonnes per annum from the now defined 5 million tonne deposit have been completed.

Detailed topographic mapping of Korella North will commence this week, to enable the design of on-site roads as well as the rail crossing to connect the mine site to the paved Phosphate Hill to Cloncurry Road.

At the Cloncurry phosphate distribution hub, the contract with Ergon Energy has been signed to relocate a major power line clearing the way for unfettered access for on-site storage and processing operations.

This week, Korella Fertilizers attended the Northern Australia Food Future Conference in Darwin and it was evident that there is significant interest by Northern Australia farmers in Korella North’s direct- application 20% P2O5 phosphate rock.

Phosphate deficient Northern Australia is awakening to increasing cropping activities that include vast areas of dry land and irrigated cotton.

Some 500 people with direct connection to farming in the Top End of Queensland, Northern Territory and Western Australia attended the four-day conference.

Korella North phosphate provides for Northern Australia farmers the economic and secure alternative to imported fertilizers.

For further information please contact:

Chris Castle

President and Chief Executive Officer

Chatham Rock Phosphate Limited

64 21 55 81 85, chris@widespread.co.nz or chris@crpl.co.nz

Statements about the Company's future expectations and all other statements in this press release other than historical facts are "forward looking statements". Such forward-looking statements are based on numerous assumptions, and involve known and unknown risks, uncertainties and other factors, including risks inherent in mineral exploration and development, which may cause the actual results, performance, or achievements of the Company to be materially different from any projected future results, performance, or achievements expressed or implied by such forward-looking statements.

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.

CHATHAM ADVISES KORELLA NORTH PLANNING AND MARKETING ADVANCES

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