PHOSCO LTD — Investor Presentation 2021

Dec 2, 2021

Sustainable Phosphate

Vision

Complete Chaketma bankable feasibility

Build world class phosphate mine

• § Possible very low cost strip mining
• § Using local people and international funding

Advance to a fully integrated fertilizer facility

• § Latest technology
• § Green shift

Disclaimer - Important Information

The purpose of this presentation is to provide general information about Celamin Holdings Limited (Celamin or the Company). It is not recommended that any person makes any investment decision in relation to the Company based solely on this presentation.

This presentation does not necessarily contain all information which may be material to the making of a decision in relation to the Company. Any investor should make its own independent assessment and determination as to the Company's prospects prior to making any investment decision and should not rely on the information in this presentation for that purpose.

This information in this presentation is confidential, is being furnished to you solely for your information and may not be reproduced, in whole or in part, or distributed to any other person except to your legal, tax and financial advisers who agree to maintain the information in this presentation in confidence. This presentation does not involve or imply a recommendation or a statement of opinion in respect of whether to buy, sell or hold securities in the Company. The securities issued by the Company are considered speculative and there is no guarantee that they will make a return on the capital invested, that dividends will be paid on the shares or that there will be an increase in the value of the shares in the future.

This presentation contains certain statements which may constitute "forward-looking statements". Such statements are only predictions and are subject to inherent risks and uncertainties which could cause actual values, results, performance or achievements to differ materially from those expressed, implied or projected in any forward-looking statements. No representation or warranty, express or implied, is made by the Company that the matters stated in this presentation will be achieved or prove to be correct. Recipients of this presentation must make their own investigations and inquiries regarding all assumptions, risks, uncertainties and contingencies which may affect the future operations of the Company or the Company's securities.

The Company does not purport to give financial or investment advice. No account has been taken of the objectives, financial situation or needs of any recipient of this document. Recipients of this document should carefully consider whether the securities issued by the Company are an appropriate investment for them in light of their personal circumstances, including their financial and taxation position.

This presentation is presented for informational purposes only. It is not intended to be, and is not, a prospectus, product disclosure statement, offering memorandum or private placement memorandum for the purpose of Chapter 6D of the Corporations Act 2001. Except for statutory liability which cannot be excluded, the Company, its officers, employees and advisers expressly disclaim any responsibility for the accuracy or completeness of the material contained in this presentation and exclude all liability whatsoever (including in negligence) for any loss or damage which may be suffered by any person as a consequence of any information in this presentation or any error or omission there from. The Company accepts no responsibility to update any person regarding any inaccuracy, omission or change in information in this presentation or any other information made available to a person nor any obligation to furnish the person with any further information.

Celamin Holdings (to be renamed PhosCo Ltd)

Capital Structure (pre-raising)
ASX Code	CNL (PHO)
Share Price (29/11/2021)	$0.09
Market Cap	$17.6m
Shares on issue	195m
Unlisted options on issue	12.5m
Top 20 shareholders	73%
Cash (30/09/2021)	$0.4m
Trading range –12 months	0.06 to 0.11

Board & Management
Robin Widdup	Chairman
Simon Eley	Managing Director / CEO
TazAldaoud	Non-Executive Director
Donald Thomson	Country Manager

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$3.2M raising to accelerate Chaketma Phosphate Project

• § Capital raising for $3.2 million announced 3 December 2021
• § Proceeds will fund work on advancing the world class Chaketma phosphate project
• § In-country activity accelerating following recently announced phosphate results
• § Two tranche placement: 42.6M shares at 7.5cps + 1-for-4 option exercisable at 10cps, expiring 31/08/22
• § Free, unlisted Loyalty Options (1-for-10) to be issued to all shareholders subject to Prospectus

Celamin's Chairman, Robin Widdup, said:

"We are very pleased with the result of this Placement and would like to welcome all new investors to the Celamin register.

The placement has been cornerstoned by Celamin's largest shareholder, Lion Selection Group Limited, and strongly backed by Celamin's directors.

We are also delighted to advise our intention to offer Loyalty Options to our eligible shareholders as a reward for their on-going support."

Potential major mine, then integrated fertilizer plant

Location: Tunisia

• § 210km SW of Tunis
• § Access by bitumen road
• § 35km from railhead
• § Access to ports
• § Gas and grid power nearby

Several international resource companies active including BP, Shell, Anglo Oil & Gas, Glencore

Regulations and tax conducive to resource investment, 25% tax rate, zero for first 5 years

Resource Review

JORC Resource 130Mt @ 20.5% P2O5 1,2

Review underway; objectives:

• § Increase tonnage
• § Improve grade
• § Increase confidence
• § New Resources
• 1. Gassaa Kebira Inferred Mineral Resource ASX announcement dated 18/6/2013
• 2. Kef El Louz Inferred Mineral Resources ASX announcement dated 9/11/2012

3. See ASX announcements dated 23/1/2012 and 19/12/2012

4. See ASX announcement dated 2/4/2012

5. See ASX announcement dated 31/7/2012

ASX:CNL New drilling results from Chaketma include:

Kef El Louz

• § CHDD079 37.6m @ 21.9% P2O5 from 56m
• § CHDD115 33.6m @ 22.2% P2O5 from 65m
• § CHDD078 35.3m @ 21.0% P2O5 from 23m
• § CHDD112 33.8m @ 21.6% P2O5 from 42m
• § CHDD097 32.9m @ 21.6% P2O5 from 59m
• § CHDD072 31.2m @ 21.4% P2O5 from 56m

Gassaa Kebira

• § CHDD160 49.6m @ 21.1% P2O5 from 135m

• § CHDD156 31.9m @ 21.08% P2O5 from 120m

• § CHDD161 30.4m @ 20.20% P2O5 from 67m

• § Incremental drilling at Kel El Louz extends approximately 1 Km2 beyond the 2012 Inferred Resource JORC estimate – 37Mt @ 21% P2O5

• § The new drilling almost doubles the area of Kef El Louz tested with coherent intercepts across the prospect

Kef El Louz Deposit

Extensive phosphate mineralisation:

• § Resource: 37Mt @ 21% P2O5
• § Incorporates drilling to November 2012
• § Extensively drilled since ~0.9km x ~1.3km nearly doubles area drilled
• § Increase likely
• § About 50% of Kef El Louz has been drill tested. A similar sized area still to be explored

Conceptual Development

Stage 1 Rock Phosphate

• § Open pit mine
• § Low strip ratio
• § Simple wash/screen or flotation
• § Favourable metallurgy
• § Multi-decade mine life

Integrated Fertiliser Project

• § Commence BFS on value-add phosphoric acid plant
• § Road, rail, power, oil and gas pipelines and port capacity infrastructure available

Next Steps

• * Assess if work done 2015-2020 has available/useable data
• ** Using 2012 Scoping Study and revised metallurgy from 2014 testwork plus any appropriate drilling or other work conducted 2015-2020

Just 5 countries together control 90% of the world's reserves of rock phosphate

• § China 30% of world trade has just imposed export ban
• § US depleting reserves and environmental challenges
• § US imposed import tariff on Moroccan and Russian phosphate
• § Morocco reserves in disputed Western Sahara

to be renamed ASX:CNL

Source: World Bank Commodity Prices, F.O.B. North Africa

Green Shift – Chaketma Phosphate

Traditional production of phosphoric acid fertilizer from phosphate rock has two environmental problems:

• § Uses large amounts of water.
• § Produces phosphogypsum as waste product.

Testwork in Australia has shown that production of phosphoric acid is possible from top submerged lance furnace technology at bench scale and with further testing, development of a test plant may be warranted.

It would be an industry game changer, dramatically cutting water use plus eliminating production of phosphogypsum.

World class phosphate project

• § Critical raw material to play important role in food security
• § Potential multi-decade mine
• § High-grade resource
• § Exploration upside
• § Close to key infrastructure and export markets

Strategic asset – likely to attract institutional backing

APPENDIX: PHOSPHATE – A CRITICAL RAW MATERIAL

Phosphate Products

• § ~90% Fertilisers
  • Production of MAP, DAP and Super Phosphate fertilisers for the agricultural industry
  • Essential to improving crop yields to meet food demands for the world's growing population
• ~10% Phosphoric Acid
  • Food and beverage flavouring, animal feed, dental products, cosmetics and industrial uses

APPENDIX: PHOSPHATE PRODUCTS

Phosphoric Acid

• Intermediate product
• Traditionally produced via treating rock phosphate concentrate with sulphuric acid
• Also able to be produced via a pyrometallurgical process

MAP (Mono-Ammonium Phosphate - NH4H2PO4)

• One of the major cropping fertilizers
• Produced when ammonia is combined with phosphoric acid, then granulated, dried and screened

TSP (Triple Super Phosphate - Ca(H2PO4)2.H2O)

● Produced from reacting rock phosphate concentrate with phosphoric acid

SSP (Single Super Phosphate - Ca(H2PO4)2)

● Produced from reacting rock phosphate concentrate with sulphuric acid

DAP (Di-Ammonium Phosphate - (NH4)2HPO4)

• The world's most widely used fertilizer
• Produced when ammonia is combined with phosphoric acid at 1:1 ratio, then granulated, dried and screened

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to be renamed

ASX:CNL

Contact

Taz Aldaoud E: taz.aldaoud@celamin.com T:+61 (0) 473 230 558