PHOSCO LTD — Capital/Financing Update 2012

Apr 16, 2012

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Celamin Holdings N.L

ACN 139 255 771 ABN 82 139 255 771 Suite 304, 22 St Kilda Road, St Kilda, VIC 3182 Phone: (03) 9692 7222 Fax: (03) 9529 8057 Email generaladmin@celaminnl.com.au

17 April 2012

FREE BONUS LOYALTY OPTIONS

Board of Directors

Andrew Thomson (Non-executive Chairman)

David Regan (Managing Director)

Martin Broome (Non-executive Director)

Melanie Leydin (Non-executive Director)

Celamin Holdings NL (the “Company” ) announced on the 13[th] of April 2012 a Prospectus dated 13 April 2012 (the “Prospectus”) to raise up to $10 million and, subject to the completion of the acquisition of Celamin Limited, the company successfully relisting on the ASX and obtaining all necessary approvals (including shareholder approval), that it intends to issue Loyalty Options to all “Eligible Shareholders” as defined in the Prospectus.

Details of the Loyalty Options are set out in the Prospectus.

Eligible Shareholders are:

• 1. holders of existing issued shares; and

Company Secretary

Melanie Leydin

Securities on Issue:

CNL: 53,956,177 ordinary shares

CNLO: 25,367,001 options expiring 31 March 2014

CNLCA: 15,471,296 partly paid shares

• 1. holders of New Shares issued pursuant to the Prospectus

as at the Loyalty Option Record Date which is 29 June 2012. It is the intent of the Company to issue one Loyalty Option (exercise price of $0.35 and expiry date of 28 June 2013) for every two shares in the Company held by Eligible Shareholders.

It is intended that Loyalty Options will be quoted on the ASX.

DAVID REGAN MANAGING DIRECTOR

About Celamin Holdings NL

Celamin Holdings NL (ASX Code CNL) is an ASX listed company focused on the exploration and development of resource projects in North Africa initially in Tunisia and Algeria.

Celamin holds the Chaketma Phosphate exploration permit in Tunisia with TMS. This project is Celamin’s current focus as it has larger target potential than Celamin’s other Phosphate project Bir El Afou. The first results from channel sampling, 12 hole drilling program and historic data at Chaketma have been announced. The Chaketma project would use the same rail and port

infrastructure as identified in the Bir El Afou pre-feasibility studies.

Celamin continues to step up work to carry out a due diligence drilling program for its farm-in to an Exploitation Permit at the Oued El Kebir precious and base metal project in Algeria.

Celamin has also acquired rights to several base metal tailings Projects in Tunisia with TMS and is the holder of three Exploration Permits with base metal (Pb/Zn) targets on a 50/50 basis with TMS.