Chatham Rock Phosphate updates on Korella projects sale

Chatham Rock Phosphate (NZX:CRP) provided an update on the proposed sale of its Korella North and South mining and exploration leases to the Marshall Group. Originally announced in January 2025, the sale is now proceeding under a non-exclusive negotiation process as the Marshall Group evaluates complementary opportunities. The potential deal involves a AU$4.1 million cash payment upon transfer and a royalty of AU$10 per tonne for the first 0.19 million tonnes of production, plus a further royalty of AU$1 per tonne thereafter until 31 March 2040. Other parties are now re-engaged, expressing renewed interest in acquiring the Korella leases. Chatham Rock Phosphate has also received unsolicited interest in its other phosphate projects in New Zealand and French Polynesia. Christmas Island based PRL Group are in a final 45-day due diligence period for the acquisition of Centrex Limited and their Australia based Ardmore phosphate mine. Shareholders will be kept informed as matters progress.