Ann: Quarterly Activities/Appendix 5B Cash Flow Report, page-3

ROCK PHOSPHATE MARKET DEVELOPMENTS & PRICINGOn 21 Nov, the Company noted several developments which were impacting the phosphate market. This included the suspension of export inspections for DAP/MAP by China’s National Development and Reform Commission (‘NDRC’) which led to a temporary halt in Chinese overseas exports. This development subsequently caused a surge in DAP/MAP prices across key global markets,which also had a strongly positive impact on rock phosphate concentrate prices. Ongoing uncertainty as to the reliability of China as a rock phosphate supplier is expected to continue positively affecting rock phosphate concentrate prices throughout CY2024, according to market commentators. The Company experienced increased demand for its rock phosphate concentrate during the quarter following China’s fertiliser exports ban. Consequently, the Company has realised rock phosphate concentrate sales prices during the quarter that are well above what was published in the World Bank Commodities Price Data (The Pink Sheet) for December 2023, which contains benchmark rock phosphate prices that lag by approximately 3-4 months. Centrex continue to negotiate favourable prices for its product based on its high-grade phosphorus content, its low level of impurities & cadmium, its favourable proximity to Asia-Pacific markets, the Company’s reliability and reputation as a dependable supplier, and the Company’s ongoing initiatives to further reduce moisture content. Based on input from industry fertiliser forecasts, the Company’s corporate finance team, have modelled a long-term average rock phosphate price of ~US$180/t for the current life of mine at Ardmore for its Stage 1.5 Expansion.