Public Censure of Chatham Rock Phosphate Limited

23 January 2020 ANNOUNCEMENT OF NZ MARKETS DISCIPLINARY TRIBUNAL PUBLIC CENSURE OF CHATHAM ROCK PHOSPHATE LIMITED FOR BREACH OF NZAX LISTING RULE 5.1.7(c) In a determination of the NZ Markets Disciplinary Tribunal (the Tribunal) dated 10 January 2020, the Tribunal found that Chatham Rock Phosphate Limited (CRP) breached NZAX Listing Rule 5.1.7(c) by failing to release multiple announcements to NZX at the same time they were required to be released to its Home Exchange, the TSX Venture Exchange between 24 February 2017 and 1 July 2019. The requirement for an Overseas Listed NZAX Issuer (and a NZX Foreign Exempt Issuer under the revised NZX Listing Rules) to release information required by its Home Exchange to NZX at the same time as it is released to its Home Exchange is essential to ensure the fair, orderly and transparent operation of the market. Investors in both exchanges must be equally informed to prevent information asymmetry. The Tribunal was concerned that CRP did not have adequate processes and systems in place to ensure its compliance. While NZX advised the Tribunal that there was no evidence to suggest that the breach by CRP caused any loss to the market, investors were entitled to rely on the same information being released by CRP to both the NZX and TSXV at the same time. The Tribunal ordered that CRP pay a financial penalty of $25,000, pay the costs of NZX and the Tribunal, and be publicly censured. The full decision of the Tribunal is attached to this release. End CA:00347443 For:DISP Type:DISCPLIN Time:2020-01-23 08:39:46