GIBB RIVER DIAMONDS LIMITED — M&A Activity 2015

Mar 30, 2015

ASX RELEASE 30 March 2015 ASX Code: POZ

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Response to Takeover Offer

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Phosphate Australia Limited (ASX:POZ, Phosphate or Company) refers to the unsolicited on-market cash takeover offer made today by Mercantile Investment Company Limited (ASX:MVT, Mercantile) (the Offer).

Phosphate is reviewing Mercantile's Bidder's Statement in relation to the Offer and is not yet in a position to make a formal recommendation to shareholders. Phosphate's Board will meet shortly to consider the Offer in detail.

Phosphate's Board advises shareholders to TAKE NO ACTION in relation to the Offer until your Board has made a formal recommendation regarding the Offer.

As the Offer must remain open for at least one month from when it opens on 14 April 2015, Phosphate's shareholders will have ample time to make a decision in respect of the Offer.

Jim Richards BSc. (Hons) Geology, MAusIMM, MAIG Executive Chairman

Enquiries: Mr Jim Richards, Executive Chairman, 08 9422 9555

37 Colin Street T +61 8 9422 9555 West Perth WA 6005 F +61 8 9422 9599

E info@phosphateaustralia.com.au W www.phosphateaustralia.com.au

Phosphate Australia Limited ABN 51 129 158 550