Chatham Rock Phosphate Limited advised the achievement of several new milestones at Korella South. Following the end of the wet season, exploration activities have commenced. With pegging of the first 18 drill-holes sites completed, the Yulluna people, the native title holders, have undertaken a detailed inspection and cultural clearance of these drill sites and the related access tracks.

Over the last three days the 6kms of access tracks leading to all drill sites have been graded and drill pad areas established. With all exploration activities taking place in the dry season, as evidenced by no rain for the past 11 weeks, the areas around the drill pads have been cleared to minimize risk of grass fires. Korella South exploration activities takes place within Chatsworth Station under a registered access and compensation agreement with Cloncurry based MDH Pty Ltd. Chatsworth is one of eight properties held by MDH in what is one of Australia's largest cattle operations.

Drilling will now take place, with the first programme being some 15 Reverse Circulation sample drill holes and 3 air cored large diameter diamond holes (PQ sized cores). This first drilling program is expected to be completed by end July 2023. The Pre-Feasibility study for the 2 million tonnes per annum Korella South export mine can now commence.

This is expected to be completed by September 2023.