PHOSCO LTD — Interim / Quarterly Report 2014

Jul 30, 2014

31 July 2014

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ACN 139 255 771 ABN 82 139 255 771

Level 4, 100 Albert Road South Melbourne VIC 3205

Contact:

Phone: +61 (0)3 9692 7222 Fax: +61 (0)3 9077 9233 info@celamin.com

ASX Announcement

Celamin Holdings NL: Quarterly Operations Report

Highlights:

• Nic Clift appointed CEO

• Chaketma Phosphates SA (51% owned by Celamin) Project Company – Formed

• Chaketma Phosphate Permit being Transferred to Chaketma Phosphates SA

• Work Plan for upgrading Kef El Louz Resource

Media and Investor Relations Introduction

James Moses Mandate Corporate Phone: +61(0) 420 991 574 james@mandatecorprate.com.au

Board of Directors

Andrew Thomson, Non-Exec Chairman David Regan, Non-Exec Director Russell Luxford, Non-Exec Director Martin Broome, Non-Exec Director

Chief Executive Officer

Nic Clift

Company Secretary

Melanie Leydin

Securities on Issue

Phosphate exploration and development company Celamin Holdings NL (ASX: CNL) (Celamin, the Company) is pleased to present its Quarterly Activity Report for the quarter ending 30 June 2014

Celamin announced on the 2[nd] of June 2014 the appointment of Mr. Nic Clift as the Chief Executive Officer of Celamin Holdings NL. He has experience leading an ASX listed mining company having been the MD and CEO of Terramin Australia Ltd (ASX:TZN) from September 26, 2011 to May 31, 2013.

Mr. Clift is a highly experienced technical leader and successful mining industry executive with particular expertise in resource projects in sub-Saharan and North Africa. This will be of great value to Celamin as the company advances the development of its Chaketma Phosphate project in Tunisia.

Celamin and its partner, Tunisian Mining Services (TMS), are in the process of transferring the Chaketma Phosphate Permit to Chaketma Phosphate Project Company, Chaketma Phosphates SA owned 51% by Celamin and 49% by TMS. Chaketma Phosphates SA will be the operating company for the completion of the Definitive Feasibility Study and Development of the Chaketma Phosphate Project.

CNL: 235,671,986 ordinary shares

CNLCA: 14,887,796 partly paid shares

Chaketma Phosphates SA formalises the structure to manage and develop the Chaketma Phosphate Project.

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Operations Report

Work plan to upgrade the Kef El Louz mineral resource

Chaketma Phosphates SA as the operator of the Chaketma Project continues to work with Geos Mining to upgrade the JORC Inferred Mineral Resource to a JORC compliant Indicated and/or Measured Mineral Resource for the Kef El Louz North prospect.

Definitive Feasibility Study contract and environmental and social activities

Chaketma Phosphates SA is working to finalise the contract for the Definitive Feasibility Study (DFS), which has included discussions and clarifications with potential contractors and potential financiers.

For the purposes of the environmental studies a meteorological station had been ordered and received. It will be installed within the Chaketma Phosphate Permit limits, to gather weather information. The company’s approach is to work with the local community and to engage with them during initial environmental and social studies and thereafter.

Corporate

Appointment of Nic Clift as CEO

As announced on the 2[nd] of June 2014 Mr. Nic Clift was appointed as the Chief Executive Officer of Celamin Holdings NL. He is an experienced leader of an ASX listed mining company having been the MD and CEO of Terramin Australia Ltd (ASX:TZN) from September 26, 2011 to May 31, 2013.

Mr Clift is a metallurgist with significant project experience. He has more than 30 years experience in the international resources industry, having worked in France, Germany, United Kingdom, Australia, Algeria and other parts of Africa. Mr Clift’s previous experience also includes roles with Anglo American, Kumba Iron Ore Ltd, Kamoto Operating Ltd, Zinifex Ltd., Mount Isa Mines Ltd, and Zambia Consolidated Copper Mines Ltd. His expertise encompasses the management of large projects from the concept phase through exploration, and development to production.

Board Changes

On April 10 2014, the company announced the resignation of Mr. Gary Scanlan as a Non-Executive Director, and on the 11[th] of July 2014 the change in status of Mr. David Regan from executive Director to NonExecutive Director.

Fundraising

The Directors and management continue to work with major shareholders in respect of ongoing funding requirements.

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Background

Celamin is an ASX listed Company (ASX Code: CNL) which is focused on the exploration and development of the Chaketma Phosphate Project in Tunisia. Celamin holds the Chaketma Phosphate Permit with its Tunisian partner Tunisian Mining Services (TMS).

The Chaketma project consists of 6 individual phosphate prospects: Kef El Louz, Sidi Ali Ben Oum Ezzine, Gaasaa Kebira, Gaasaa Ezarbat, Kef El Agueb and Douar Ouled Hamouda (see figure below) within the 56km[2] exploration permit.

Exploration activities comprise geological mapping, diamond drilling, trenching and induced polarity surveys. To date, detailed exploration and resource definition has been carried out at Kef El Louz, Gassaa Kebira and Sidi Ali Ben Oum Ezzine. Douar Ouled Hamouda is currently in the initial exploration phase.

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Chaketma Exploration Permit and major prospects

The current total Chaketma project inventory stands at 130Mt at a grade of 20.5% P2O5 contained in two separate Inferred Mineral Resources: 37Mt at 21% P2O5 is located at the Kef El Louz (North) prospect[1] and 93Mt at 20.3% P2O5 located at the neighbouring Gassaa Kebira prospect[2] in the north of the tenement.

The Chaketma Project Scoping Study announced on 14 August 2012, delivered positive results, including robust project economics. Definition of areas of high-grade mineralisation with acceptable metallurgical properties and mine development potential remains a priority.

1. Kef El Louz Inferred Mineral Resource announced 09/11/2012 - http://www.asx.com.au/asxpdf/20121109/pdf/42b2p3zc2hh8gf.pdf

2. Gassaa Kebira Inferred Mineral Resource announced 18/06/2013 - http://www.asx.com.au/asxpdf/20130618/pdf/42gjd74ppx65v9.pdf

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LIST OF TENEMENTS HELD

Mining		Beneficial	Interest acquired/farm-in	Interest disposed/farm-
Tenement	Location	Percentage held	during the quarter	out during the quarter
Bir El Afou	Tunisia	0%*
Chaketma	Tunisia	51%*
Sidi Driss	Tunisia	50%
Oued El Maden	Tunisia	50%
El Haouaria	Tunisia	50%
Wedderburn EL5471	Victoria, Australia	100%

* Changes to the beneficial interest will be effective upon gazettal provided for in the Agreement announced by the Company on the 15[th] of October 2013

Competent Persons Statement

Information in this report that relates to Exploration Results from Chaketma is based on information compiled by Mr Oliver Willetts, who is a Member of the Australasian Institute of Mining and Metallurgy. Mr Willetts is

a consultant geologist and has sufficient experience relevant to the style of mineralisation and types of deposit under consideration and to the activities reported on to qualify as a Competent Person as defined in the 2012 Edition of the “Australian Code for Reporting of Mineral Resources and Ore Reserves. Mr Willetts consents to the inclusion in this report of the matters based on information in the format and context in which it appears.

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