PHOSCO LTD — Investor Presentation 2014

Feb 26, 2014

27 February 2014

ASX Announcement

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ACN 139 225 771 ABN 82 139 255 771

Level 4, 100 Albert Road South Melbourne VIC 3205

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

Re-release of Presentation

Celamin Holdings NL (ASX: CNL or “Celamin”) wishes to notify shareholders of the re-release of the February 2014 Presentation initially released to the market on the 18 February 2014.

The original presentation contained 3 slides (slides 10-12) outlining a production target derived from a conceptual study and associated capital expenditure and cash flow models. This production target currently consists of a combination of Inferred Mineral Resources and Exploration Targets and does not satisfy the requirements for reporting of a production target under ASX Listing Rule 5.15 (a).

Board of Directors

Andrew Thomson, Non-Exec Chairman David Regan, Managing Director

Russell Luxford, Non-Exec Director Martin Broome, Non-Exec Director Gary Scanlan, Non-Exec Director

Company Secretary

Melanie Leydin

Securities on Issue

CNL: 188,671,986 ordinary shares

CNLO: 25,358,026 options expiring 31 March 2014

CNLCA: 14,887,796 partly paid shares

The Company advises that the current presentation has been rereleased in a form that is now compliant with the Listing Rules as the estimates and results of The Scoping Study and the subsequent Inferred JORC resources released are not sufficient to imply economic viability to the standard required by the ASX Listing Rules.

Investors should note that to establish economic viability, the Company will need to define sufficient Indicated Mineral Resources and consider further mining, processing, metallurgical, infrastructure, economic, marketing, environmental, legal, governmental and social factors. ASX have previously requested the retraction of the results of the Scoping Study on the basis that they did not meet the Reasonable Basis Requirement to imply economic viability as announced on the 21[st] of August 2012.

Accordingly, the Company retracts the statements made in the Announcement in respect of economic viability, production target and mine life and warns investors against using these statements as a basis for investment decisions in the Company’s securities.

These slides have been removed from the current version of the presentation to ensure compliance with the Listing Rules. The Company recognises the need to improve the level of confidence in the existing Mineral Resources to publically demonstrate the economic viability of the project.

The Company confirms that they have commenced work towards the bankable feasibility study to further evaluate and develop the Chaketma Phosphate Project.

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.

Celamin and local partner Tunisian Mining Services continue to advance the Chaketma Phosphate Project in Tunisia as a priority.

For further information or enquiries, please contact David Regan, Managing Director of Celamin Holdings NL. +61 (0)3 9692 7222

Tunisian Phosphate

February 2014

Celamin Holdings NL | February 2014

IMPORTANT INFORMATION AND DISCLAIMER

Disclaimer

This presentation is not a prospectus nor an offer of securities in any jurisdiction nor a securities recommendation. The information in this presentation is an overview and does not contain all information necessary for investment decisions. In making investment decisions in connection with any acquisition of securities, investors should rely on their own examination of Celamin Holdings NL and consult their own legal, business and/or financial advisers.

The information contained in this presentation has been prepared in good faith by Celamin Holdings NL, however no representation or warranty expressed or implied is made as to the accuracy, correctness, completeness or adequacy of any statements, estimates, options, or other information contained in this presentation. To the maximum extent permitted by law, Celamin Holdings NL, its Directors, officers, employees and agents disclaim liability for any loss or damage which may be suffered by any person through the use of reliance on anything contained in or omitted from this presentation.

Certain information in this presentation refers to the intentions of Celamin Holdings NL, but these are not intended to be forecasts, forward looking statements or statements about the future matters for the purposes of the Corporations Act or any other applicable law. The occurrence of the events in the future are subject to risk, uncertainties and other actions that may cause Celamin Holding NL’s actual results, performance or achievements to differ from those referred to in this presentation. Accordingly Celamin Holdings NL, its Directors, officers, employees and agents do not vie any assurance or guarantee that the occurrence of these events referred to in the presentation will actually occur as contemplated.

Celamin Holdings NL | February 2014

COMPLIANCE & COMPETENT

Statement on JORC 2004-2012 Transition

The project inventory currently consists of two Inferred Mineral Resources: Kef El Louz and Gassaa Kebira. Kef El Louz was publically disclosed in compliance with the 2004 edition of the JORC code, while Gassaa Kebira was announced in compliance with the latest 2012 edition. All exploration results to date have been announced in accordance with the 2004 edition of the JORC code.

Information included in the presentation relating to reported exploration results and the Kef El Louz Mineral Resource has not been updated to comply with the JORC Code 2012 on the basis that the information has not materially changed since it was last reported.

Competent Persons Statement

The information in this report that relates to Exploration Targets, Exploration Results, Mineral Resources or Ore Reserves is based on information compiled by Oliver Willetts, a Competent Person who is a Member of The Australasian Institute of Mining (membership No. 312940). Oliver Willetts is employed as Senior Resource & Data Geologist at Geos Mining, a Sydney-based independent mining consultancy.

Oliver Willetts has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken 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’. Oliver Willetts consents to the inclusion in the report of the matters based on his (or her) information in the form and context in which it appears.

Celamin Holdings NL | February 2014

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COMPANY OVERVIEW

ASX Listed

Celamin Holdings NL - “Celamin” ASX Code - CNL

Key Asset - Chaketma Phosphate Project (51%) JV Partner - Tunisian Mining Services (49%) Country - Tunisia

Board of Directors

Andrew Thomson – Non Executive Chairman David Regan – Managing Director Russell Luxford – Non Executive Director Martin Broome – Non Executive Director Gary Scanlan – Non Executive Director

	ASX Code	CNL
	Ordinary Shares	188.6 M
	Partly Paid Shares	14.8 M
	Total	203.4 M
	Options (31 Mar 2014)	25.3 M
	Price (12 months)	2.5 - 15.0 ¢
	Cash (31 Dec)	$0.8 M
	Debt	Nil

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the Northwest
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Celamin Holdings NL | February 2014

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BOARD OF DIRECTORS

Andrew Thomson, Non-Executive Chairman

Former Federal MP and Citadel Resources Group Chairman

David Regan, Managing Director

Former Citadel Resources Group Director; more than 20 years’ North African / Middle East experience in resources sector.

Russell Luxford, Non-Executive Director

Non Executive Director of Discovery Metals; former Project Director Maaden Al Jalamid Phosphate Project; former Operations Manager WMC Phosphate Hill; engineer specialised in large scale minerals project development and operations.

Martin Broome, Non-Executive Director

Director of Barclays Bank of Zambia.

Gary Scanlan, Non-Executive Director

Former Director of Citadel Resources Group; Non Executive Director of Lion Gold (Singapore listed); 28 years experience in mining, including 18 years with Newmont/Newcrest Executive General Manager Finance.

Celamin Holdings NL | February 2014

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MANAGEMENT TEAM

Management Team	Background
Managing Director	• Former Citadel Resources Group director
David Regan	• Extensive major resource company executive experience
(LLB)	• More than 20 years of North African/Middle East experience in Resources Sector
Director	• Director Celamin Ltd.
Nadir Sekfali	• Former Vice President Commercial of National Oil Company in North Africa
B.Econ	• Extensive Experience in Natural Resources Sector in North Africa
Project Director	• 30 years experience in senior management roles including in French Speaking Africa
Luc Coussement	• Extensive Feasibility and Project Management Experience
Mining/Metallurgy	• French/English
Engineer	• recent experience in North African Phosphate
University of Brussels
Technical Advisor	• 30 plus years experience as Mining Engineer
Roger Grogan	• Extensive experience in project evaluation, mine design and optimisation, mining equipment
Mining Engineer	selection and optimisation
	• Extensive experience in PFS and FS for surface and underground mines
Senior Geologist	• 35+ years Mining Industry experience in Australia, South America, North Africa & Middle East
Takashi Matsumura	• Previously worked with Citadel Resources in Saudi Arabia
B. Eng (Mining Geology)	• Working on the ground in Tunisia for last three years good working relationships with Tunisians
Akita Mining College	and TMS
M. Geochemistry: Akita Uni.
Process Metallurgy	• PHD in Phosphate Processing
Prof. Ammar Henchiri	• 30+ years experience in Tunisian Sedimentary Phosphate
PhD Applied Mineralogy	• Expert on Floatation of Tunisian Phosphate

Celamin Holdings NL | February 2014

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LOCATION

TUNISIA

Country

• › Location – 140km south of Italy

• › Phosphate Infrast. – extensive

• › History – 128 years of Phosphate

• Mining (since 1886)

Project

• › Chaketma – core project (51%)

• › Location – 200km SW of Tunis

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Celamin Holdings NL | February 2014

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INFRASTRUCTURE

Extensive Infrastructure

• › Road – adjacent to sealed road

• › Rail – 35km to rail

• › Ports – numerous options available

• › Power – electricity and gas available

• › Water – options identified

• › Pilot plants & storage facilities – present

• › People infrastructure – extensive skill base

Rail & Port

• › Rail – line upgrades, rolling stock, sidings

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• › Ports – equipped (storage, sidings, loading)

Celamin Holdings NL | February 2014

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ACHIEVEMENTS

Continued Progress

• › License – renewed May 2013 (3 years)

• › Resource Inventory –130Mt @ 20.5% P2O5 (JORC Inferred)

• › Ownership – 51% (formerly 50%). TMS (49%)

• › Drilling – upgrading resource

• › Project Team – assembled in Tunis

• › Metallurgy – positive test work

• › Offtakers – advanced discussions underway

• › DFS Engineering – proposals being finalised

• › Environmental & Social – studies underway

• › Global Financial Organisation – potential investor

• › Bir El Afou – disposed

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Six Prospects: (i) Gassaa El Kebira (ii) Douar Ouled Hamouda (iii) Kef El Aguab (iv) Sidi Ali Ben Oum Ezzine (v) Kef El Louz (vi) Gassat Ezerbat

Celamin Holdings NL | February 2014

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FINANCING & OFFTAKE

Financing

• › Offtakers – indicative interest

• › Strategic Banking Investors – interest from multilateral Finance Organisation(s)

• › Regional Equity Investors – African/European investors

Marketing

• › Samples – issued, tested and approved for key premium markets

• › Offtake – long term supply interest

• › Demand – up to 3mtpa

• › Supply – not volume constrained

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Celamin Holdings NL | February 2014

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CHAKETMA PROJECT – TIMELINE

Timetable - indicative

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|||
|---|---|
|Item|Date|
|Appoint of DFS Engineering group|2014|
|DFS Completion – $10M|2014|
|Mining License|2015|
|Financing & Construction|2015|
|Production|2016|
|2014|2015|
|2014|2016|
|DFS|Financing &|
|Appoint DFS Engineer|Production|
|Completion|Construction|

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Celamin Holdings NL | February 2014

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RESOURCES

• › 130 Mt @ 20.5% P2O5 (JORC inferred)

• Gassa Kebira - 93Mt @ 20.3% P ₂ O ₅ (6:1 strip)[1 ]

• Kef El Louz North - 37Mt @ 21% P ₂ O ₅ (4:1 strip)[2]

• › Upside - only 2 of 6 prospects drilled

• › Current resource inventory suggests long project life

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1. Gassaa Kebira Inferred Mineral Resource announced - 18/06/2013 - http://www.asx.com.au/asxpdf/20130618/pdf/42gjd74ppx65v9.pdf 2. Kef El Louz Inferred Mineral Resource announced - 09/11/2012 http://www.asx.com.au/asxpdf/20121109/pdf/42b2p3zc2hh8gf.pdf

Celamin Holdings NL | February 2014

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EXPLORATION

• › Drilling – typically intersecting thick mineralised zones (maximum 42m, average 15.3m)

• › Depth – mineralisation generally exists at favourable depths and outcrops at surface in places

• › Grades – generally 20%+

Down-hole Intersections - Kef El Louz

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Down-hole intercept data compiled from 43 drill holes which have been previously announced on the ASX between January 2012 and March 2013. All intercepts are fully assayed and the mineralised intervals verified by chemical composition. Drill holes vary between vertical and -75° dip and quoted intercepts are not corrected for true thickness, although the majority intersect bedding at high angles and are considered representative as an approximate gauge of mineralisation thickness.

Celamin Holdings NL | February 2014

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METALLURGY

• › Results to date - marketable concentrate verified with good recoveries

• › Composite sample* - covering full intersected width of Kef El Louz resource:

• Concentrate grade - 31.0% P2O5

• Recovery - 68% P2O5

• MgO - less than 1.0%

• › Major European reagent supplier – independently confirms test work

• Test work on a full composite sample at ambient temperature. Comparable results:

• Concentrate grade - 30.5% P2O5

• Recovery - 68.6%

• MgO - 0.7%

• Minor elements - acceptable industry standard ranges

• › Engineering Contractors (Independent) - similar results achieved

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• Bench scale test work focused on available reagent suite with number of stages of flotation – conventional phosphate reverse flotation, open circuit, elevated temp.

Celamin Holdings NL | February 2014

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PROCESSING FLOW CHART

› Processing - crush, grind & flotation

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Celamin Holdings NL | February 2014

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MINING

• › Mining – staged approach

• › Waste – disposed near base of mining

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Celamin Holdings NL | February 2014

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THE MARKET

Fertiliser Prices USD per Tonne –

FOB various Ports – Rock Phos Morocco

Phos Rock – DAP Price –

DAP Nola Swap Contracts Feb-April 2014

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1400
1200
1000
800
600
400
200
0
Phos Rock DAP TSP UREA KCl
Jan-04 Jul-04 Jan-05 Jul-05 Jan-06 Jul-06 Jan-07 Jul-07 Jan-08 Jul-08 Jan-09 Jul-09 Jan-10 Jul-10 Jan-11 Jul-11 Jan-12 Jul-12 Jan-13 Jul-13
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Source: IndexMundi, World Bank

Global Fertilizer Consumption (Mt nutrients)	Global Fertilizer Consumption (Mt nutrients)	Global Fertilizer Consumption (Mt nutrients)	Global Fertilizer Consumption (Mt nutrients)	Global Fertilizer Consumption (Mt nutrients)
	N	P~~2~~O~~5~~	K20	Total
2007/08	100.8	38.5	29.1	168.4
2008/09	98.3	33.9	23.1	155.3
2009/10	102.2	37.6	23.6	163.4
2010/11	104.2	40.6	27.5	172.3
2011/12	107.8	40.6	27.7	176.1
2102/13(e)	107.6	40.4	28.0	176.0
Change	-0.2%	-0.5%	1.2%	0.0%
2013/14(f)	109.6	41.1	28.7	179.5
Change	1.8%	1.8%	2.6%	2.0%
2014/15(f)	111.9	42.3	30.1	184.3
Change	2.1%	2.7%	4.9%	2.7%

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1400
1200
1000
800
600
400
200
0
DAP Price Phos Rock Price
Jan-04 Jul-04 Jan-05 Jul-05 Jan-06 Jul-06 Jan-07 Jul-07 Jan-08 Jul-08 Jan-09 Jul-09 Jan-10 Jul-10 Jan-11 Jul-11 Jan-12 Jul-12 Jan-13 Jul-13 Jan-14
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Source: Indexmundi, World Bank

Annual Consumption (Mt nutrients)

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Source: IFA Agriculture, Dec 2013

Celamin Holdings NL | February 2014

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DEMAND & TUNISIAN SUPPLY

Demand

• › Fertiliser demand – rising following a pause in 2012/13 *

• › Fertiliser forecast demand – 2.0% rise in 2013/14 & 2.7% 2014/15 *

• › Phosphate forecast demand – 1.5% rise in 2013/14 & 2.7% 2014/15 *

• Tunisia – global player

• › Top 5 – rock producer in the world (exporting globally)

• › Top 5 – Diammonium Phosphate (DAP) exporter

• › Top 2 – Trisodium Phosphate (TSP) exporter

• › Discovered – 1885 (1886 mining begins)

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Source: 39[th] International Fertiliser Assoc. Enlarged Council Meeting, Paris Dec 2013: Short Term Fertiliser Outlook 2013-2014, PHeffer & M.Prud’homme

Celamin Holdings NL | February 2014

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TUNISIA

Mining

• › Mining Tax: 25% (tax exemption first 5 years)

• › Royalty: 1% of gross revenue

• › Repatriation allowed: no tax on shareholder dividends

• › Downstream processing attracts 10-year tax holiday

Country

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• › Political – caretaker Govt with elected Constitutional Assembly

• › New projects – strong support; employment key; educated population

• › GDP Growth – 3.6% (2012) & 4.0% (2013F). Source: IMF

Chaketma

• › Unemployment – 21% (National 13%) and regionally, poorest in Tunisia

• › Youth population – more than 67% of local population under 20 years old

• › Jobs – priority; revitalise old mining province; flow-on opportunities; utilise existing infrastructure

Celamin Holdings NL | February 2014

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SUMMARY – WHY INVEST?

• › Location – proximity to Europe

• › Country – in-country phosphate expertise & infrastructure

• › Quality – Northern Africa is a key global phosphate supplier

• › Product – large, good grade, low impurities

• › Resource – JORC compliant (two of six prospects drilled)

• › Potential for long project life

• › Costs – low

• › Infrastructure – roads, rail, ports, gas, electricity & water

• › Demand – industry player interest

• › Financiers – discussions underway

• › Board/Management – credible & experienced

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Celamin Holdings NL | February 2014

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CONTACT US Celamin Holdings NL www.celaminnl.com.au

Celamin Holdings NL | February 2014