Ardmore Phosphate Rock Edition 01 Project - Newsletter May 2018

About the Ardmore Phosphate Rock Phosphate rock is used primarily in the Project production of phosphate fertilisers for agriculture. The Project is located 128 km south of Mount Logistics route includes 90 kms of road Isa and 23km west of Dajarra, . haulage to the Mount Isa-Townsville rail line at Duchess and export from Townsville through existing port facilities.

About Centrex Metals Limited Centrex Metals Limited (“Centrex”) is a focused fertiliser mine developer with the Ardmore Phosphate Rock project and the Oxley Potassium Nitrate project in Western . Centrex listed on the Australian Securities Exchange in 2006, having begun as a minerals explorer in 2001. FIGURE 1: Project Location The Project is owned by Centrex Phosphate Ardmore phosphate deposit was discovered Pty Ltd, a wholly owned subsidiary of Centrex. in 1966 at the same time as the Duchess Key management include: phosphate deposit. . Ben Hammond: Managing Director & Centrex Metals Limited acquired the project in CEO June 2017. . Alastair Watts: GM – Exploration Project to supply 800,000 tonnes of . Steve Klose: GM – Projects phosphate rock concentrate annually to the . Gerard Bosch: Manager Approvals & Australasian and nearby Asian markets. Stakeholder Relations

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Recent Project Milestones Prior to development and full-scale operations, the technical and economic merits of the Project will be ascertained in the Project Feasibility Study. Some of the technical considerations will include the social, environmental and economic impacts on local stakeholders. A summary of the results of the Project Feasibility Study will be made available to the public.

While the Project Feasibility Study is due for FIGURE 3: Flora and fauna survey of the completion in mid-2018, it is already well Ardmore Mining Lease area advanced with the following project milestones having been met.

Project acquisition Feb 2017 Drilling and resource Jul – Sep 2017 evaluation

Mining Lease renewal July 2017 Publication of Scoping Jan 2018 Study Pilot Plant Trials Mar 2018

FIGURE 4: Analysis of drill core

FIGURE 2: Resource drilling at the Project

FIGURE 5: Dozer trials

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Current Work Program More Information Recent work on the Project relates to the Periodic Project community updates will be completion of the Feasibility Study and made available through the Centrex website at includes: the following link: Infill drilling (to increase the confidence levels http://www.centrexmetals.com.au/community/ of various sections of the resource and ultimately to feed into the classification of Regular Project updates (including technical reserves); information) are also available in the form of the Ground water investigation and aquifer pump releases made by Centrex to the Australian testing; Securities Exchange. If you would like to be Environmental baseline studies which include: added to the list of email subscribers, please use the following link: . Flora and fauna surveys http://www.centrexmetals.com.au/contact/ . Air quality and noise . Soils characterisation . Geochemical evaluation Employment Opportunities . Cultural heritage surveys. Employment opportunities will be limited prior to Other studies including: the start of full scale production (estimated to be 2021). In the meantime, please feel free to . Process test work register your interest and provide your resume . Mining and engineering using the link below (note: select “Careers” for . Logistics the purpose of enquiry): . Marketing. http://www.centrexmetals.com.au/contact/

Next Steps Contact Us There are several important steps that Centrex Enquiries can be made via the web form below: must follow prior to developing the Project and http://www.centrexmetals.com.au/contact/ the estimated timing is shown below:

Completion of the Feasibility Mid-2018 Study Preliminary small-scale Late- 2018 to mining & processing early-2019 operations to provide first shipment to customers Secure long-term offtake 2019 agreements with customers Target construction for full- 2020 scale mining and processing operations Full-scale mining and 2021 processing operations targeted to commence