Centrex Limited announced that the Commonwealth Government's Northern Australia Infrastructure Facility (NAIF) has completed its Strategic Assessment of the Stage 1.5 expansion of the Ardmore Phosphate Project and confirmed that Ardmore has proceeded to the detailed due diligence phase of the NAIF assessment process. NAIF previously completed a Strategic Assessment of the Ardmore Phosphate Project in May 20191. The recent Strategic Assessment considered NAIF's potential participation in the Stage 1.5 expansion of the Ardmore Project.

Ardmore Project. If Centrex is successful, the funding from NAIF will be allocated towards the capital costs associated with the Stage 1.5 expansion of the Ardmore Phosphate Project. At this stage, NAIF has not made any decision to offer finance nor made any commitment to provide any financing and there is no certainty that an agreement will be reached between the parties.