Future Milestones & 2023 Summary, page-76

more context on rock phosphate prices from the centrex quarterly report:

On 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.

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