Chatham Rock Phosphate Limited announced the results from a Technical Report on its Korella North Phosphate Property prepared by Derisk Geomining Consultants Pty Ltd. (Derisk), an independent mining consulting firm based in Queensland, Australia, commissioned by the Company. The Technical Report, to be filed on SEDAR+, was prepared in accordance with Canadian NI 43-101 Standards of Disclosure for Mineral Projects, Companion Policy 43-101CP and Form 43-101F. Korella North is an Exploration Permit for Minerals application (EPMA 28589) that covers an area of approximately 6.6 km2.

The Company has been advised that the technical assessment and review of the application has been completed by Queensland Department of Resources except for the Native Title portion of the application, which cannot be completed before 9 December 2023. Based on this advice the Company concludes that there is no reason to believe that EPMA 28589 will not be granted in due course. However, the Company's interest is restricted to the application, there is no assurance the application will be accepted, and the Company's rights are conditional on the grant of the concession.

The Property is located at approximately 21°47' S latitude, 139°59' E longitude in the northwest corner of the state of Queensland, Australia. The Property is located 20 km north of another granted Exploration Permit for Minerals (EPM 28187), Korella South Property, held by the Company that is also prospective for phosphate. The Korella North Property is located within the lower-middle Cambrian rocks of the Duchess Embayment, which is part of the Burke River Outlier, which in turn is part of the Georgina Basin.

The Georgina Basin is a large intracratonic sedimentary basin located in central and northern Australia. Phosphate deposits are found within the Georgina Basin along the eastern margin in Queensland, and in association with the Wonarah High in the Northern Territory. The Monastery Creek Phosphorite Member (MCPM) hosts the phosphate deposits in and around the Property.

The phosphorite beds consist of weathered, siliceous, peloidal and collophane carbonate-fluorapatite with gangue minerals of mostly iron hydroxides, clays, and silica. The beds can be either friable or indurated. Exploration in the local district has been undertaken by numerous tenement holders from the mid- 1960s focused on a range of commodities including phosphate, uranium, copper/gold, lead/zinc, and rare earth element mineralisation.

Exploration activities have included: Desktop studies and review of public domain geoscience data and mineral occurrence maps. Surface geological mapping. Soil, stream sediment, and rock chip geochemistry.

Shallow trenching. Surface-based geophysics. Petrography.

Drilling. Metallurgical testwork and open pit mining studies. The main exploration work relevant to the Property was undertaken by Krucible Metals Ltd. (Krucible) in the late 2000s comprising: Compilation of historical geological and geochemical data.

Geological mapping. Soil geochemistry and radiometrics. Surface trenching.

Drilling of 23 reverse circulation percussion drillholes. The Company applied for EPMA 28589 in August 2022 and has completed several site visits to the property, an airborne light detection and ranging (LiDAR) survey to generate high-resolution surface topography, resurvey of drillhole collars, preliminary beneficiation assessment and mining study, and preparation of a new Mineral Resource estimate based on the results of the work completed by Krucible. The process used by Derisk to prepare the 2023 Korella North Mineral Resource estimate comprised the following steps: Digital and hardcopy drillhole data and surface trenching data were extracted from a master database then imported into Microsoft Access software for checking and validation.

Digital topographic survey data collected by LiDAR technology was reviewed and imported into the Vulcan software package. Data validation checks were completed, focused on drillhole collar coordinates, trenching interval coordinates, and sampling/analysis data. Once source data was checked, modifications were applied to the master data sets accordingly.

Three-dimensional interpretations of lithology were created in Vulcan, based on the drillhole logs, trench mapping, and assays. Statistical analysis of drillhole assay data and trenching assay data was completed and used to establish the optimum composite sample length and the creation of mineralisation domains for estimation based on lithology. Drillhole and trench composites were generated for phosphate (P2O5), followed by composite statistics and a variographic analysis of the data.

A three-dimensional block model was created in Vulcan, with some sub-celling of parent blocks used for volume accuracy, particularly near surface. Estimation search parameters were developed and estimates were generated using the inverse distance squared method.