PhosCo Ltd. is announced that it has lodged the economic and financial study to develop the Chaketma Phosphate Project (Chaketma' or the `Project') with the Tunisian Government. This study demonstrates the financial capability to finance the project and represents the final element of an application for the Chaketma Mining Concession. In late 2017 Chaketma Phosphates SA (CPSA), owned 50.99% by PhosCo, applied to convert the Chaketma Exploration Permit to a Mining Concession ahead of the February 2018 deadline.

The Chaketma Mining Concession has not yet been granted and the application remains under consideration by the mining administration in Tunisia. CPSA previously submitted a range of feasibility work to the Tunisian Government in support of the Mining Concession application. The bulk of this work has been accepted by the Government, who requested an updated finance plan for the Project proving the capability to finance the development.

Following PhosCo assuming management control of CPSA in late 2021, debt advisors HCF International Advisors were engaged to assist with the finance plan to develop Chaketma, with positive engagement with a number of development and commercial banks. The Chaketma Exploration Permit remains valid and in good standing whilst the application is being considered.