NZX Announcement: Latest Edison report says CRP share price at big discount to unrisked valuation

Dear Chatham Rock Phosphate shareholder,

This announcement has just been released by NZX. The Edison report referred to is attached to this email and will be able to be sourced from our website later today.

Regards,

Chris Castle

Chief Executive Officer

Chatham Rock Phosphate Limited

Email: chris@crpl.co.nz

Cell: +64 21 558 185

Skype: phosphateking

www.rockphosphate.co.nz

Media Release

Latest Edison report says CRP share price at big discount to unrisked valuation

30 May 2014

Edison Investment Research’s latest report says Chatham Rock Phosphate’s shares are trading at a significant discount to its unrisked valuation of $1.76 a share.

The research note says CRP has delivered on its milestones and awaits the set six month timeframe for marine consent in the final quarter of 2014 and the finalisation of its seabed mining contract in the first half of 2015.  The marine consent is the last major consent the company needs.

“The high margin, low impurity, long-life, wholly owned Chatham Rock Phosphate project does not require any development capital under the build, own and operate mining project model.”

The $1.76 unrisked valuation reflects the dilution of the company’s capital from its 1-10 rights issue and takes account of planned capital raising associated with the London AIM listing.

The report notes CRP’s preferred partner to build and operate its mining dredge is Royal Boskalis but that there are four other dredging specialists showing interest, which reduces the risk to CRP’s production plans if Boskalis elected not to proceed.

“With increased global exploration activity directed to marine deposits, there is a strong appetite from global dredging companies to be involved in the embryonic seabed mining industry.  To reflect expected international interest in the project, CRP is planning an AIM listing.”

For further information please contact Chris Castle on 021 55 81 85  or chris@crpl.co.nz