AI assistant
PHOSCO LTD — Capital/Financing Update 2026
Mar 25, 2026
65559_rns_2026-03-25_421b9f93-d0df-40ac-b941-c1aa7d411c6b.pdf
Capital/Financing Update
Open in viewerOpens in your device viewer
==> picture [528 x 120] intentionally omitted <==
ASX Announcement
26 March 2026
GASAAT PHOSPHATE PROJECT, TUNISIA
DOH drilling confirms discovery of scale
Drilling at DOH highlights Gasaat’s growing status as a world-scale phosphate project which offers diversification away from concentrated global supply
HIGHLIGHTS
-
PhosCo has intersected phosphate mineralisation in drilling at the DOH prospect, opening up a new exploration front within PhosCo’s wholly-owned Gasaat Phosphate Project
-
Eight widely spaced drill holes were completed at DOH, confirming a discovery of significant scale, with a phosphate horizon intersected at an average drill thickness of 13m, extending over a strike length of 1,300m and a width exceeding 600m
-
pXRF measurements on the latest drilling suggest that the grade of phosphate intersected will be comparable to that previously reported for DOH
-
These results reaffirm the previously reported Exploration Target[1] for DOH that further supports the Resource growth potential across the Gasaat Phosphate project. Once the DOH assays are received, PhosCo will assess the potential to define a maiden Resource for DOH to complement the existing Gasaat resource[2] of 146.4MT at 20.6% P2O5 and pending maiden resources at SAB and KM expected in April
-
The slight delay in the KM and SAB maiden resource is to allow for an additional 3 drillholes at KM increasing geological confidence in the south-eastern extent of the mineralisation
-
The maiden resource estimates at KM and SAB will feed into the optimised Gasaat Scoping Study
PhosCo Managing Director, Taz Aldaoud said: “The extensive mineralisation at the DOH prospect has clear potential to grow the inventory and mine life at Gasaat. The discovery comes as we move to finalise the Resource modelling at the KM and SAB prospects, where we will soon deliver maiden resource estimates that will feed into an optimised Scoping Study. Gasaat is being advanced towards development as fertiliser supply-chains are under pressure, underscoring the strategic advantage of Gasaat’s location in Tunisia on the Mediterranean Sea. This location offers valuable supply diversity at a time of severe global tailwinds across phosphate fertiliser markets”.
1 Refer to ASX announcement dated 19/3/25 “Gasaat Exploration Target and Resource Growth Drilling”. 2 Refer to ASX announcement dated 15/3/22: ‘Phosphate Resource Update Delivers 50% Increase at KEL’ & ASX announcement dated 17/11/22: ‘90% Conversion of Inferred to Indicated Resources at GK’.
PhosCo Ltd | Suite 2, Level 11, 385 Bourke Street, Melbourne, VIC, 3000 | ABN 82 139 255 771 T: +61 3 9692 7222 | E: [email protected]
Page 2
PhosCo Ltd (ASX:PHO ) is pleased to announce exploration results from drilling at the DOH phosphate prospect at its Gasaat Project in Tunisia.
Drilling at DOH Prospect
Drilling has commenced at the DOH prospect following up on previous scout drilling. DOH is a down-faulted or slump block located to the east of GK (Figure1). DOH is between 600 and 750 metres wide and approximately 950 metres North to South. Eight holes have been completed to date, the location of the holes is shown in Figure 2. The geology is best understood by referring to sections: A-B, C-D and E-F below. The geology is essentially the same as seen over most of Gasaat with a layer of sedimentary phosphate sitting unconformably on Cretaceous marls and capped conformably by Eocene limestone. The major difference is that DOH dips at 25 degrees to the east, in contrast GK, KEL and KM west. The presence of Eocene limestone is strong indicator of phosphate at Gasaat and adjacent projects.
The results of the latest drilling:
GADD-20 13.5m phosphate from 92.5m GADD-21 13m phosphate from 101.5m GADD-22 10m phosphate from 69m GADD-23 13m phosphate from 78m GADD-24 no phosphate, faulted GADD-25 15m phosphate from 25m GADD-26 15m phosphate from 57m GADD-27 6m phosphate from 56m
Testing by portable XRF indicates intercept values in the range of 10% to 28% P2O5 can be expected, which is in broad agreement with results from earlier drilling at DOH confirmed by laboratory analysis.
Previously announced intercepts include:
CHDD-65 6.9m @ 16.7% P2O5 from 45m CHDD-66 13.4m @ 18.8% P2O5 from 59m
KM Prospect Additional Drilling
After completing the first phase of drilling at DOH, the drill rig returned to KM to complete three additional drill holes.
The KM prospect can be divided into eastern and western lobes. The drilling and trenching focused on the eastern lobe which has the best exposures and easiest access (Figure 6).
Modelling of the KM mineral resource is advanced and the maiden Mineral Resource estimate at KM and SAB is expected to be completed in April once final exploration results have been received. Sighter metallurgical testing of KM drill core samples is also underway.
PhosCo Ltd | Suite 2, Level 11, 385 Bourke Street, Melbourne, VIC, 3000 | ABN 82 139 255 771 T: +61 3 9692 7222 | E: [email protected]
Page 3
==> picture [431 x 620] intentionally omitted <==
Figure 1 – Location of DOH and other prospects within the Gasaat project area
PhosCo Ltd | Suite 2, Level 11, 385 Bourke Street, Melbourne, VIC, 3000 | ABN 82 139 255 771 T: +61 3 9692 7222 | E: [email protected]
Page 4
==> picture [457 x 553] intentionally omitted <==
----- Start of picture text -----
GA
----- End of picture text -----
Figure 2 – DOH Prospect showing locations of reported drill holes
PhosCo Ltd | Suite 2, Level 11, 385 Bourke Street, Melbourne, VIC, 3000 | ABN 82 139 255 771 T: +61 3 9692 7222 | E: [email protected]
Page 5
==> picture [476 x 278] intentionally omitted <==
==> picture [475 x 286] intentionally omitted <==
Figures 3 & 4 – DOH Cross Sections C-D and A-B showing generalised geology as determined from drilling, trenching and outcrop mapping
PhosCo Ltd | Suite 2, Level 11, 385 Bourke Street, Melbourne, VIC, 3000 | ABN 82 139 255 771 T: +61 3 9692 7222 | E: [email protected]
Page 6
==> picture [475 x 276] intentionally omitted <==
Figure 5 – DOH Long Section E-F showing generalised geology as determined from drilling, trenching and outcrop mapping
PhosCo Ltd | Suite 2, Level 11, 385 Bourke Street, Melbourne, VIC, 3000 | ABN 82 139 255 771 T: +61 3 9692 7222 | E: [email protected]
Page 7
==> picture [423 x 512] intentionally omitted <==
Figure 6 – KM Prospect showing location of trenches
Geology of Gasaat phosphate
The geology at KM and SAB is essentially identical to that observed across the Gasaat Project area, where phosphate mineralisation is widespread. The Gasaat phosphate deposit is classified as a marine carbonate-hosted sedimentary phosphate deposit.
The phosphate unit within the Gasaat Project typically occurs as a single, laterally continuous layer that exhibits vertical variations in ore mineral grain size and lateral variations in thickness. The unit ranges in thickness from 1m to 52.5m, with an average thickness of 10–15m. Notably, the phosphate horizon at KM is significantly thicker than average, with drillhole GADD-03 intersecting 53m of continuous phosphate mineralisation.
PhosCo Ltd | Suite 2, Level 11, 385 Bourke Street, Melbourne, VIC, 3000 | ABN 82 139 255 771 T: +61 3 9692 7222 | E: [email protected]
Page 8
The sedimentary sequence hosting the phosphate mineralisation comprises, from base to top:
-
Basal Cretaceous marls and mudstones,
-
The phosphate-bearing unit, and
-
An overlying massive dolomitic limestone bed.
Internally, the phosphate unit can be subdivided (from bottom to top) into Layers C, B, and A, where:
-
Layer C represents a transitional zone from mudstone to phosphate;
-
Layer B contains the main phosphate mineralisation; and
-
Layer A marks the transition from phosphate to limestone.
The rock phosphate unit and the limestone cap are both of variable thickness. The thickness of the phosphate generally reflects the depositional environment, while the thickness of the limestone reflects variation in surface erosion across the project area. The three main rocktypes can usually be distinguished visually. Where the boundaries are less clear, pXRF is used to assist geological logging of the drill core.
Next steps
Assay results for the latest drill holes at DOH and KM are expected in 3-4 weeks. Once the DOH assays are received, the Company will assess the potential to define a maiden Resource for DOH to complement the existing Gasaat MRE of 146MT and pending maiden resources at SAB and KM.
The SAB and KM Resources are expected to be completed concurrently and will inform a single, combined Mineral Resource update in April. These are expected to support effective mine planning as part of the planned scoping update.
The updated MRE will provide a robust foundation for assessing the economic and development potential of SAB and KM within the context of the broader project. Given its shallow mineralisation, SAB and KM also have the potential to be prioritised in the mine plan.
Preliminary metallurgical testing of the KM mineralisation is underway with the objective of identifying the optimal processing route.
The Company is progressing its project optimisation program with the objective of expanding the resource base at Gasaat and prioritising low-strip resources that are expected to significantly improve the project’s early-stage economics.
Rock chip assays are due shortly from PhosCo’s wholly owned Simitu Copper/base-metals project.
This announcement is authorised for release to the market by the Board of Directors of PhosCo Ltd.
For further information, please contact:
Taz Aldaoud Managing Director T: +61 473 230 558
==> picture [16 x 16] intentionally omitted <==
Follow PhosCo on LinkedIn
==> picture [17 x 17] intentionally omitted <==
Follow @PhoscoLtd on X
PhosCo Ltd | Suite 2, Level 11, 385 Bourke Street, Melbourne, VIC, 3000 | ABN 82 139 255 771 T: +61 3 9692 7222 | E: [email protected]
Page 9
==> picture [488 x 300] intentionally omitted <==
PhosCo Ltd | Suite 2, Level 11, 385 Bourke Street, Melbourne, VIC, 3000 | ABN 82 139 255 771 T: +61 3 9692 7222 | E: [email protected]
Page 10
Competent Persons Statement
The information in this announcement that relates to historic data and Exploration Targets, or Exploration Results is based on information compiled by Aymen Arfaoui, who is a Member of The Australasian Institute of Mining and Metallurgy and an employee of PhosCo Limited. Mr Arfaoui has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration, and to the activity which he is undertaking, to qualify as a Competent Person as defined in the 2012 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Mr Arfaoui consents to the inclusion in the announcement of the matters based on his information in the form and context in which it appears.
Previously Reported Results
There is information in this announcement relating to historic data and Exploration Targets, Exploration Results or Mineral Resources which were previously announced on 15 March 2022, 17 November 2022, 9 December 2022, 3 October 2024, 26 November 2024, 13 January 2025, 11 March 2025, 19 March 2025, 28 July 2025, 10 September 2025, 18 November 2025, 18 December 2025, 28 January 2026 and 12 February 2026. Other than as disclosed in those announcements, the Company confirms that it is not aware of any new information or data that materially affects the information included in the original market announcements. The information in this announcement relating to the Company’s Scoping Study are extracted from the Company’s announcement on 9 December 2022 titled ‘Scoping Study Confirms Outstanding Economics for Chaketma’. All material assumptions and technical parameters underpinning the Company’s Scoping Study results referred to in this announcement continue to apply and have not materially changed. The Company confirms that the form and context in which the Competent Person’s findings are presented have not been materially modified from the original market announcement.
PhosCo Ltd | Suite 2, Level 11, 385 Bourke Street, Melbourne, VIC, 3000 | ABN 82 139 255 771 T: +61 3 9692 7222 | E: [email protected]
==> picture [528 x 120] intentionally omitted <==
Table 1. Drill hole Location, Depth, Dip, Azimuth drilling at DOH Prospect, Gasaat.
| Hole | E_UTM | N_UTM | RL | Total Depth (m) |
Angle (° ) |
|---|---|---|---|---|---|
| GADD 2026-020 | 500902 | 3945144 | 850 | 108 | -90 |
| GADD 2026-021 | 500824 | 3945361 | 843 | 115 | -90 |
| GADD 2026-022 | 501073 | 3945078 | 814 | 82 | -90 |
| GADD 2026-023 | 501061 | 3944652 | 878 | 93.5 | -90 |
| GADD 2026-024 | 501262 | 3944853 | 793 | 29 | -90 |
| GADD 2026-025 | 500889 | 3944691 | 889 | 45 | -90 |
| GADD 2026-026 | 500897 | 3944884 | 876 | 74.5 | -90 |
| GADD 2026-027 | 501210 | 3944230 | 862 | 65 | -90 |
Page 12
Appendix 1. JORC Code, 2012 Edition – Table 1
Section 1 Sampling Techniques and Data
(Criteria in this section apply to all succeeding sections.)
| Criteria | Commentary |
|---|---|
| Sampling | Current 2025 Program – Ongoing |
| techniques | HQ core was half cored using a diamond saw. Individual samples of half core |
| ranging in length from a minimum of 0.2 to a maximum of 1.55 metres in length | |
| were collected and bagged. These samples were dispatched to ALS’ assay | |
| facility in Spain where the entire sample was crushed to -2mm. | |
| Trenching | |
| Trenching was carried out using an excavator to depths exceeding 1 m to | |
| remove the weathered zone and expose fresh bedrock. Continuous one-metre | |
| samples, with an average weight of approximately 20 kg, were collected along | |
| the trenches. The trench alignments and profiles were surveyed using a DGPS. | |
| The samples were crushed to –2 mm, and a representative subsample was | |
| prepared and dispatched to ALS Laboratories in Spain for analysis. | |
| Trenches are cut perpendicular to the stratigraphy and have been corrected for | |
| slope. Thicknesses represent true thickness. | |
| Exploration by CPSA 2012 to 2015 | |
| Diamond drilling was previously carried out at Gasaat between 2012 and 2015 | |
| by Chaketma Phosphates SA a joint venture company held by Celamin Limited | |
| and Tunisian Mining Services. Gasaat has been extensively drilled with 162 | |
| diamond holes drilled for 14,340 metres across six prospects. Eight holes had | |
| no intercepts, two have no or missing data. HQ core was half cored using a | |
| diamond saw, with half or the core crushed to 2-5mm and 500gm sub-sample | |
| obtained using a sample splitter. The sub-sample was then dispatched to a | |
| commercial laboratory for analysis (Refer to relevant sections below). | |
| Drilling | Current Program |
| techniques | HQ diamond drilling. |
| Exploration by CPSA 2012 to 2015 | |
| All holes were HQ diamond drill core, except DD15 which is PQ (initially drilled | |
| for water bore-hole). | |
| Drill sample | Current Program |
| recovery | Core recovery in the limestone overburden has been variable with 100% loss in |
| some faulted sections at GS. Loss of core outside of the phosphate layer will | |
| not have a material impact on any future resource estimates. Core recoveries | |
| within the phosphate unit typically exceed 90% and are usually 100% as this | |
| unit is stronger than the limestone. | |
| Exploration by CPSA 2012 to 2015 | |
| Core recoveries have been calculated on 3 meters run, and are generally | |
| excellent (>> 95%, most of the time equal to 100%). Phosphate layer is | |
| massive and coherent, and does not break nor pulverize, hence excellent | |
| recovery. |
PhosCo Ltd | Suite 2, Level 11, 385 Bourke Street, Melbourne, VIC, 3000 | ABN 82 139 255 771 T: +61 3 9692 7222 | E: [email protected]
Page 13
| Criteria | Commentary |
|---|---|
| Logging | Current Program May 2025 – Ongoing |
| Drill core is logged for structure and lithology. Lithological logging is verified by | |
| pXRF point measurements which are an excellent indicator of rock-type | |
| particularly the dolomitic limestone caprock, the various phosphorite sub-units | |
| and the underlying Eocene and Cretaceous mudstone units. | |
| Exploration by CPSA 2012 to 2015 | |
| Logging was coded to a simplified by efficient manner, reflecting the main | |
| lithological groups for both roof and wall, and for the three main layers of ore. | |
| Several inhouse and independent checks were conducted, verifying the | |
| adequacy and precision of logging compared to geology and grades. | |
| Holes have been entirely logged, and eventually a proportion of the holes have | |
| been relogged. Geological logging was conducted by a competent team, and | |
| cross-verified. Core boxes are properly marked: box number, Core depths, | |
| driller’s block, sample depths have been systematically reported. Voids due to | |
| karst are reported as such with a wooden core block, also sometimes it may | |
| have generated some (minor) down hole depths discrepancies. | |
| Most of the holes (Core-boxes) have been photographed. Geological logs, as | |
| well as assay logs files are available, and properly stored and organized for | |
| rapid reference. | |
| Contacts between the overburden and footwall of the ore are particularly well | |
| defined, whereas the internal boundaries between phosphatic layers A, B and | |
| C are generally gradual, where acceptably identified these boundaries are | |
| marked on cores. | |
| An independent analysis of the geochemical database by SRK has largely | |
| confirmed the geological logging with only minor corrections required. | |
| Sub- | Current Program May 2025 – Ongoing |
| sampling techniques |
Point measurements of major element concentration are made at intervals along the core to determine where to commence cutting the core lengthwise |
| and sample | using a diamond saw. Sampling commences in the barren or low-grade |
| preparation | overburden and continues of several metres to allow for mining dilution. |
| Samples are to closest lithological boundary and then in increments of 1m | |
| depending on rock-type. The half core is then crushed and rifle split to obtain | |
| representative subsample for analysis. | |
| Exploration by CPSA 2012 to 2015 | |
| HQ cores were cut in halves, with a usual good quality cut. Half cores, always | |
| the same side, were then collected along a preestablished sample scheme (a | |
| few kg), and crushed to 2-5mm, then riffle split down to about 500gm. | |
| The 500gm subsample was then sent to a commercial assay lab for final | |
| pulverizing and analysis. |
PhosCo Ltd | Suite 2, Level 11, 385 Bourke Street, Melbourne, VIC, 3000 | ABN 82 139 255 771 T: +61 3 9692 7222 | E: [email protected]
Page 14
| Criteria | Commentary |
| Quality of assay data and laboratory tests |
Current Program May 2025 – Ongoing Quality of Assay Data and Laboratory Tests – Current Program (May 2025, Ongoing) All assays are being conducted at ALS Spain. • Samples are prepared using a crusher/rotary splitter combination, reducing to 70% passing 2mm. A 250g split is pulverised to better than 85% passing 75 microns. • Pulps are sealed in double air-evacuated, heat-sealed plastic bags. • Analytical methods include: oME-ICP61: 34 elements determined by HF-HNO₃-HClO₄acid digestion, HCl leach, and ICP-AES. This method quantitatively dissolves nearly all elements for the majority of geological materials, though highly resistive minerals such as zircons may only be partially dissolved. oME-XRFO6m: All elements determined by lithium metaborate fusion followed by XRF. For samples with high sulfide content, a Na₂O₂fusion may be substituted to improve accuracy. Preliminary pXRF Measurements Several readings are made at intervals down each metre of HQ drill core using a Hitachi X-MET8000 Expert Geo XRF unit in mode Mining LE FP. Portable XRF readings are not a replacement for comprehensive laboratory analysis and only reflect elemental concentration at specific points not the entire rock. They assist in geological interpretation, verifying metal presence and in selecting which samples should undergo full laboratory analysis, they offer only an approximate concentration in either ppm or percentage depending on the element. Major elements (P, Ca, Mg, Si, Fe, Al etc) are then converted to the oxide using the appropriate conversion factors. Portable XRF Instrument Details The instrument used is a handheld Hitachi X-MET8000 Expert Geo XRF unit in mode Mining LE FP. This unit has been calibrated (with matrix corrections) for phosphate and is capable of screening for 40 elements including some of the REE routinely found in sedimentary phosphate deposits. The instrument was of the calibrated using laboratory grade standards in late 2023. The pXRF field measurements are routinely checked against commercial laboratory standards (CRM’s) at rate of approximately every 10 readings. Instrument usage Prior to analysis, the core was cleaned with a brush and water. The surface of the drill core was mostly air-dry before a reading was taken although some moisture, which can have an adverse effect on pXRF measurement, may have been retained on the core surface. Measurements are made unit in mode Mining LE FP with analysis made directly on the drill core within the wooden core trays. The instrument was held perpendicular to and directly against the core for the time required to complete the measurement, this is set for 60 seconds per reading. Scanned results are stored within the instrument and downloaded at the end of each day. |
PhosCo Ltd | Suite 2, Level 11, 385 Bourke Street, Melbourne, VIC, 3000 | ABN 82 139 255 771 T: +61 3 9692 7222 | E: [email protected]
Page 15
| Criteria | Commentary |
|---|---|
| Verification | Current Program May 2025 – Ongoing |
| of sampling and |
No verification sampling and assaying has been completed for the current program and the pXRF analyses should be regarded a provisional until |
| assaying | laboratory assay become available. Sampling of the core by splitting the core |
| in half-lengthwise with a diamond saw is currently underway. | |
| Exploration by CPSA 2012 to 2015 | |
| Independent audit by external consultants of sampling procedure took place | |
| occurred in 2015 and again in January 2017. A review, comparing core boxes, | |
| geological logs and assay, was highly positive. | |
| • Check logging of 15 holes, core box vs geol. Log vs assay results |
|
| • Re-sampling of 46 samples (1/4 cores) for independent assay at ALS |
|
| • Independent verification and audit of the drilling database. |
|
| The pXRF unit used at Gasaat has been calibrated for phosphate against | |
| Certified Reference Materials (CRMs) from sedimentary phosphate material | |
| originally sourced from Gasaat. The CRMs were prepared by Geostats Pty | |
| Ltd, an independent consultancy specialising is in this work. Data falling | |
| outside the acceptable tolerances of the is ignored. | |
| Location of | Current Program May 2025 – Ongoing |
| data points | The location of the drill hole collars has been determine using a Garmin |
| handheld GPS. This units have an accuracy if 3-5 metres. On completion of | |
| the full program the drill collars will be survey using GPS with Real-time | |
| kinematic positioning (RTK), which is accurate to 3 centimetres. | |
| Exploration by CPSA 2012 to 2015 | |
| Topographical survey (UTM Zone 32– WGS84), operated by a professional: | |
| Topo surface = Total Station | |
| Collars (dh + trenches) = DGPS | |
| Airborne LiDAR and aerial photograph accurate to +/-0.3 metre was used to | |
| confirm drill hole collar locations. This data could not be used to spatially | |
| locate trenches which are subvertical in escarpments. | |
| Topographical surface is representative of actual topography with sufficient | |
| detail for resource estimation. | |
| Coordinates are Universal Transverse Mercator (UTM) North Zone 32 | |
| (WGS84 spheroid). |
PhosCo Ltd | Suite 2, Level 11, 385 Bourke Street, Melbourne, VIC, 3000 | ABN 82 139 255 771 T: +61 3 9692 7222 | E: [email protected]
Page 16
| Criteria | Commentary |
|---|---|
| Data | Current Program May 2025 – Ongoing |
| spacing and distribution |
The drill spacing should be regarded as reconnaissance in nature until the drilling program has confirmed the vertical and lateral continuity of the geology |
| overall and particularly the target phosphate unit. Where lateral continuity can | |
| be demonstrated in drilling and the area of the phosphate unit mapped in | |
| outcrop a spacing of over 150 metres between drill hole is sufficient for | |
| resource estimation at Gasaat. However, this varies from prospect to | |
| prospect. | |
| Exploration by CPSA 2012 to 2015 | |
| Mineral Resources have previously been reported for the KEL and GK | |
| deposits. These represent the most advanced prospects within the project | |
| area and supported the 2022 Scoping Study. | |
| Orientation | At Gasaat the mineralised sedimentary phosphorite horizon is a large tabular |
| of data in | orebody, dipping at 15-20° west, and drill-holes intersect the orebody at a |
| relation to | proper angle with minimal downhole exaggeration of intercept width. |
| geological structure |
Some faulting and open folding is known to occur. Faults are subvertical and subparallel to drilling direction making them difficult to locate with drilling. |
| Outcrop mapping is used to locate these features. Faulting tends to reduce | |
| rather than increase the width of intercepts. | |
| Trenches are cut perpendicular to the stratigraphy and have been corrected | |
| for slope. Thicknesses represent true thickness. | |
| Sample | Current Program May 2025 – Ongoing |
| security | Core in in the custody of the drillers until it is transported to PhosCo’s core |
| processing facility in Rohia at which point control transfers to the Company. | |
| The field analyses were made using a Hitachi X-MET8000 Expert Geo pXRF | |
| from which the data was downloaded by a single qualified technician. | |
| Exploration by CPSA 2012 to 2015 | |
| Drill core from the 2012 to 2015 phase of drilling is held by the Tunisian OMN | |
| in a secure facility. Himilco has requested this drill core be provided by OMN | |
| consistent with the Tunisian Mining Code. | |
| Audits or | Current Program May 2025 – Ongoing |
| reviews | The data from the current has not been independently reviewed. The |
| observations and data are reconnaissance in nature and will be superseded | |
| and replaced with more detailed and accurate data assay data from samples | |
| of half core are available. | |
| Exploration by CPSA 2012 to 2015 | |
| Geos Mining (Brisbane, Australia), estimated an Inferred Resource with a | |
| comprehensive review of data in March 2013. | |
| Audits of drilling results and procedures were conducted in January 2015 | |
| (Arethuse, GEOS). More detailed audits of drilling results and materiality were | |
| conducted in January 2015 (Arethuse, GEOS), and in June 2015 (Arethuse). | |
| In late 2021 to early 2022 SRK were engaged to recompile all the historic | |
| drilling and assay data into a comprehensive relational database. |
PhosCo Ltd | Suite 2, Level 11, 385 Bourke Street, Melbourne, VIC, 3000 | ABN 82 139 255 771 T: +61 3 9692 7222 | E: [email protected]
Page 17
Section 2 Reporting of Exploration Results
(Criteria listed in the preceding section also apply to this section.)
| Criteria | Commentary |
|---|---|
| Mineral | Gasaat is held 100% by Himilco Pty Ltd, a wholly owned subsidiary of |
| tenement and | PhosCo. The exploration permit was granted on 6 March 2025 and is valid |
| land tenure | for 3 years. |
| status | |
| Exploration done by other parties |
The Gasaat phosphates have been studied by several groups including the Research Centre for Studies on Mineral Phosphates (CERPHOS) on behalf of Tunisian mine management and the Company Phosphate Gafsa (CPG). PhosCo has been unable to obtain copies of these studies. |
| Geology | The Gasaat project covers a marine sedimentary phosphorite deposit of upper Paleocene (Lower Ypresian) age. It is a single continuous |
| monoclinal sub-horizontal layer (bedding < 20°), with a thickness varying | |
| from a few meters to 42 meters (at GK). | |
| It is overlain by a thick Eocene nummulitic dolomitic limestone. The deposit | |
| is bound by a major NNW-SSE fault on its western margin and is well | |
| faulted (E-W and NE-SW) in its northern end. Faulting seems to control the | |
| thickness of the deposit, suggesting structural control of sedimentary sub- | |
| basins by subsidence during deposition. | |
| Drill hole | Current Program May 2025 – Ongoing |
| Information | Drill hole locations are tabulated in Table 2 of this announcement |
| Approximate trench locations are shown on the accompanying figures and | |
| will be tabulated once differential GPS pickups are available. | |
| Exploration by CPSA 2012 to 2015 | |
| Drill hole location, elevation, depth, dip and azimuth and assay data for all | |
| holes drilled at Gasaat between 2012 and 2015 have been reported | |
| previously; refer to PhosCo’s ASX announcement 19 March 2025 – | |
| “Gasaat Exploration Target & Resource Growth Drilling”. | |
| Coordinates are Universal Transverse Mercator (UTM) North Zone 32 | |
| (WGS84 spheroid). |
PhosCo Ltd | Suite 2, Level 11, 385 Bourke Street, Melbourne, VIC, 3000 | ABN 82 139 255 771 T: +61 3 9692 7222 | E: [email protected]
Page 18
| Criteria | Commentary |
|---|---|
| Data | Current Program May 2025 – Ongoing |
| aggregation methods |
pXRF results are not aggregated they are reported in full as single readings with one, but usually two or three readings per metre. |
| Exploration by CPSA 2012 to 2015 | |
| Data aggregation is performed using a length-weighted average approach | |
| based on the intercept lengths of samples collected during drilling. Each | |
| sampling interval, typically one meter in length, is weighted according to its | |
| actual length to accurately reflect the contribution of each segment in | |
| calculating the average grade over the entire mineralized zone. | |
| This method compensates for variable sample lengths while ensuring that | |
| reported grades faithfully represent the geological and mineral continuity. It | |
| is particularly well-suited to the phosphatic series, where phosphate (P₂O₅) | |
| grades are generally uniform, but the subdivision into units A, B, and C is | |
| based on variations in MgO content. | |
| Aggregation is conducted separately for each distinct subunit to preserve | |
| geological and mineralogical specificity, facilitating resource | |
| characterization and treatment planning. | |
| Phosphate grades within the phosphorite horizon are fairly uniform with the | |
| distinction between the three internal units (A = upper, B = middle and C = | |
| lower) being made on the basis of MgO content. | |
| Relationship | Current Program May 2025 – Ongoing |
| between mineralisation widths and |
The holes are drilled vertically as close are possible to perpendicular to the phosphate unit. However, at GS the overburden is thicker than anticipated and the holes are likely to have deviated considerably, how much can only |
| intercept | be determined with downhole surveys that are yet to be completed. All |
| lengths | intercept lengths should be regarded as “apparent” rather than “true” thickness. |
| Trenches are cut perpendicular to the stratigraphy and have been | |
| corrected for slope. Thicknesses represent true thickness. | |
| Exploration by CPSA 2012 to 2015 | |
| Drilling has been conducted at a high angle to bedding to ensure samples | |
| are representative of mineralisation with holes typically angled 75-90°. | |
| Diagrams | A plan of drill holes locations is given in Figure 2 and representative cross- sections for KM is shown in Figure 3. |
| Balanced | Current Program May 2025 – Ongoing |
| reporting | The purpose of this announcement is to appraise the market of the |
| progress of the current drilling program at Gasaat. | |
| The pXRF results reported in this announcement include all measurements | |
| on the phosphate intercepted during the current program regardless of | |
| grade or tenor of the mineralisation. Where problems with drilling have | |
| occurred, this is information is also included. | |
| Exploration results are fully disclosed where sufficient information is | |
| available. |
PhosCo Ltd | Suite 2, Level 11, 385 Bourke Street, Melbourne, VIC, 3000 | ABN 82 139 255 771 T: +61 3 9692 7222 | E: [email protected]
Page 19
| Criteria | Commentary |
|---|---|
| Other | Exploration by CPSA 2012 to 2015 |
| substantive exploration data |
Geophysical surveys (IP) were useful in determining geological continuity but were unable to map faults clearly and were of limited use in 3D |
| modelling of the deposit. | |
| Metallurgical tests showed an acceptable concentration of deleterious | |
| elements. Cd is the element of most concern but was at comparable to | |
| levels of other Tunisian phosphate ore (CPG), U levels was reasonable, | |
| and As, Zn, Pb being at low level. Cd and U are possibly a concern but not | |
| a fatal commercial flaw. (PhosCo ASX Announcement 25 July 2014). | |
| Further work | Expansion of the resource inventory will involve additional drilling at KM, |
| GS, KEL and SAB. | |
| Sighter metallurgical test work is planned to better understand the | |
| mineralogy and metallurgical characteristics of the phosphate in the | |
| different layers before commencing more comprehensive testing of the | |
| rock phosphate in general. |
PhosCo Ltd | Suite 2, Level 11, 385 Bourke Street, Melbourne, VIC, 3000 | ABN 82 139 255 771 T: +61 3 9692 7222 | E: [email protected]