Chatham Rock Phosphate Limited Analysis

Overview

Chatham Rock Phosphate, listed on the Toronto Venture Exchange and the New Zealand Alternative Market under ticker code "CRP", is an exploration and development company focused on becoming a diversified phosphate developer and trader. CRP holds an offshore mining permit over part of the Chatham Rise that contains significant rock phosphate deposits and intends to recover these from the sea floor using a modified dredge.

Chatham Rock Phosphate Limited reports its results in Canadian dollars.

Chatham Rock Phosphate Limited is also listed on the Frankfurt Stock Exchange under ticker 3GRE.

Performance

The following information was extracted from Chatham Rock Phosphate Limited's half year report, released on 30 November 2023:

For the three months ended September 30, 2023 the Group recorded a net loss before income taxes of $413,000 (2022: net loss of $393,000).

Liquidity and Capital Resources

The Company’s cash position as at September 30, 2023 was $249,000. Trade and other payables total $255,000. The Company’s existing share, option and warrant capital structure is set out at the end of this report under the heading of “Supplemental to the Financial Statements”.

Related Party Transactions

Related party transactions are in the normal course of business and are measured at the exchange amount, which is the value as agreed between management and the related parties.

Related party consultancy, management fees and employee benefits totalled $28,000 for the three months (2023: $62,000) and are set out in detail in the financial statements at Note 15.

Depending on the nature of the services and costs, certain amounts have been capitalised to intangible assets as they are directly attributable to the Chatham Rise Project.

Subsequent Events

On November 16, the Company announced it was proceeding with a non-brokered private placement of up to 10,000,000 units at a price of CAD 0.07 per Unit (NZD 0.086 or AUD 0.08) for gross proceeds of up to CAD 700,000 (NZD 860,000 or AUD 800,000). Each Unit will consist of one common share in the capital of the Company and one (1) transferable share purchase warrant (“Warrant”), transferable subject to applicable securities legislation. Each Warrant will entitle the holder thereof to acquire one common share at a price of CAD $0.45 per share at any time prior to the date that is three (3) years from the date of issuance. There were no other material subsequent events up to the date of this report.