PHOSCO LTD — Legal Proceedings Report 2018

Sep 27, 2018

ASX Announcement 28 September 2018

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ACN 139 255 771 ABN 82 139 255 771

Level 4, 100 Albert Road South Melbourne VIC 3205

Swiss Supreme Court declares in favour of Celamin

Summary:

• Set aside appeal from Tunisian Mining Services (TMS) declared inadmissible and in Celamin’s favour

Contact:

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

Board and Management:

Martin Broome, Chairman Simon Eley, CEO Nic Clift, Non-Executive Director Sue-Ann Higgins, Non-Exec Director Tim Markwell, Non-Exec Director

Company Secretary

Melanie Leydin

Phosphate exploration and development company Celamin Holdings Limited (ASX: CNL) (Celamin, the Company) is pleased to advise that the Company has received confirmation from the Swiss Supreme Court that they have decided to declare inadmissible TMS’ annulment application to set aside the Final Arbitration Award delivered by the arbitrator in the ICC arbitration of its dispute with its joint venture partner Tunisian Mining Services ( TMS ) in relation to the fraudulent transfer to TMS of Celamin’s 51% shareholding in Chaketma Phosphates SA ( CPSA ), the operating company which holds the Chaketma Phosphate Permit. The Final Award found in favour of Celamin Limited, ordering TMS to return Celamin Limited’s 51% shareholding in CPSA and to pay damages and costs in excess of US$4 million.

Securities on Issue

89,733,939 ordinary shares 8,656,616 unlisted options 135,027 unlisted options 3,787,500 unlisted options

The Swiss Supreme Court has further ordered TMS to pay the Court’s cost of approximately A$21,500, plus an additional indemnity to Celamin for its legal costs in the amount of approximately A$24,000.

Celamin will provide a more detailed update in due course following review of the complete decision.

For further information or enquiries, please contact:

Simon Eley

Chief Executive Officer T: (03) 9692 7222