Regalis Petroleum Limited
Universal Coal Resources Pte Ltd

Phosphate, Tunisia
14.29% equity interest

Celamin is advancing a Bankable Feasibility Study (“BFS”) on the Chaketma phosphate project in Tunisia. Celamin holds a 51 per cent interest in the licences along with its Tunisian partner holding 49 per cent. The joint venture is known as the Chaketma Phosphate Partnership (“the Partnership”), and is the entity responsible for the Chaketma project.

Drilling to date has intersected thick mineralised zones averaging over 15 metres at favourable depths, outcropping at surface in places and at grades that generally exceed 20 per cent phosphorous pentoxide (“P2O5”). Metallurgical studies have verified the potential to produce marketable concentrate acceptable to international offtakers.

Positive Scoping Study results were announced on 14 August 2012. A maiden JORC Inferred Resource was announced for the Kef El Louz prospect on 9 November 2012 and for the Gassaa Kebira prospect in June 2013.

Celamin has been working with GEOS Mining Services to identify the additional work required to further upgrade and delineate the JORC resources within the Chaketma permit area. Inferred JORC resources for two of the six prospects that make up the Chaketma Project already stand at 130 Mt at a grade of 20.5 per cent P2O5 contained in two separate Inferred Mineral Resources: 37 Mt at 21 per cent P2O5 is located at the Kef El Louz (North) prospect and 93 Mt at 20.3 per cent P2O5 located at the neighbouring Gassaa Kebira prospect in the north of the tenement. This underpins the potential for an operating mine life of over 35 years, based on the 2012 Scoping Study findings, and takes no account of the significant potential which lies within the other four prospects.

In August 2014, Celamin announced the formal approval of the work plan and budget for the first phase of the Bankable Feasibility Study (“BFS”) for the Chaketma Project.

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