Phosco Ltd · ASX:PHO
Phosco — Investor Presentation (January 2026)
24 slides from Phosco's investor presentation, Jan 29, 2026
Slide 1: Positioned for Uplift: Advancing the Gasaat Phosphate Project
For personal use only Positioned for Uplift: Advancing the Gasaat Phosphate Project Investor Update – January 2026
Slide 2: Disclaimer - Important Information
Disclaimer - Important Information For personal use only The information contained in this presentation is for informational purposes only and Compliance Statement does not constitute an offer to issue, or arrange to issue, securities or other financial The information in this Presentation that rela
Slide 3: Investment summary – Why PhosCo, why now?
Investment summary – Why PhosCo, why now? For personal use only Gasaat is a large-scale high-margin PhosCo is the only listed company in the phosphate development project, Mediterranean-Tethyan province to own a 100% owned by PhosCo phosphate project – A region that contains >70% of world reserves M
Slide 4: Corporate overview
Corporate overview For personal use only Robin Widdup Mehdi Ben Abdallah Taz Aldaoud Craig Smyth Sam Lancuba Chairman Executive Director Managing Director Chief Financial Officer Non-Executive Director 482.9M $72M SHARES ON ISSUE MARKET CAP ASX: PHO At $0.15/sh $4.1M Nil AVAILABLE FUNDS 31/12/25 DEB
Slide 5: Phosphate – Essential to all forms of life
Phosphate – Essential to all forms of life Essential to improving crop yields to meet food ▪ Finite and non-renewable material For personal use only demands for the world’s growing population and addressing global food security concerns ▪ Declared a critical commodity by the EU & USA ▪ Needs repleni
Slide 6: Phosphate market overview
Phosphate market overview ▪ Morocco home to ~70% of global reserves, ~30% of the For personal use only export market. ▪ China: ~35% of global production reserved for domestic purposes ▪ India: importer of ~30% of phosphate rock trade ▪ USA: large scale domestic production is depleting, increasing im
Slide 7: A new era for phosphate
A new era for phosphate ▪ Phosphate added to the US Critical Minerals list /tariffs lifted on phosphate. Domestic production decline means For personal use only increasingly reliant on imports. 18 November 2025 ▪ China moves from major exporter to major importer, driven partly by LFP battery demand
Slide 8: Tunisia
Tunisia For personal use only ▪ Capital: Tunis | Population: 12.3M ▪ One of the EU’s most established trading partners in the Mediterranean region. ▪ Rich in natural resources, including phosphates, hydrocarbons, and renewables. Tier-1 resource companies active in-country including Shell, Anglo Oil
Slide 9: Strategic alignment & government support
Strategic alignment & government support ▪ Non-binding MoU with Tunisian Ministry of Industry, Mines and Energy, For personal use only and the European Bank for Reconstruction and Development (EBRD)4 ▪ EBRD is a multilateral bank owned by 73 countries which has invested over €200 billion globally, i
Slide 10: Gasaat Phosphate Project
Gasaat Phosphate Project For personal use only Long-life project poised for value uplift
Slide 11: Location & infrastructure advantages
Location & infrastructure advantages ▪ 100% owned 112 km2 Exploration Permit ▪ Located close to existing infrastructure: For personal use only o 210km SW of Tunis, with access by bitumen road o 35km from railhead, rail prioritised for upgrade o Access to ports o Gas and grid power nearby ▪ Site is s
Slide 12: Scoping study underscores Gasaat's potential as a long-life, high-value phosphate asset
Scoping study underscores Gasaat’s potential as a long-life, high-value phosphate asset For personal use only Post Tax NPV10 Annual Cashflow Years 1-10 Payback – After Tax US$657M 1.5 years with IRR of 54% US$93.4M Phosphate Concentrate Operating Cost Production (First 10 Years) Development Capital
Slide 13: Gasaat is a large, long-life project
Gasaat is a large, long-life project Resource is defined from drilling at only 2 out of 9 prospects: For personal use only Global JORC 2012 Resource1: 146.4Mt @ 20.6% P2O5 ▪ Drilling completed at SAB+KM prospects to define maiden resources, targeting lower-strip mineralisation close to proposed plan
Slide 14: KM discovery – Thick, low-strip, high-grade, next to proposed plant
KM discovery – Thick, low-strip, high-grade, next to proposed plant Drilling at KM has delivered some of the highest reported phosphate grades in Tunisia, with sixteen samples grading >28% P2O57: For personal use only ▪ Hole GADD-03: 53m @ 22.3% P₂O₅ from 53.2m, inc. 9m @ 26.1% P₂O₅ from 55.5m, and
Slide 15: Excellent metallurgical results
Excellent metallurgical results For personal use only ▪ Gasaat phosphate ore can be upgraded to 30% P2O5 with recovery greater than or equal to 80%3 ▪ Potential to produce commercial grade concentrate capable of conversion to high quality products, Mono Ammonium Phosphate (MAP) and/or Diammonium Pho
Slide 16: Regional Upside
For personal use only Regional Upside Sekarna Phosphate Project Interpreted Geological Analogy of Gasaat
Slide 17: Sekarna
Sekarna ▪ 100% owned large scale5, outcropping phosphate For personal use only target (128km2) ▪ Shares the same simple geology as Gasaat, 10km to the south-west ▪ Trenching, scout drilling and met-test work planned ▪ Approval awaited from the Forestry Department to commence on-ground exploration ac
Slide 18: Simitu project – Copper, gold and base metals
Simitu project – Copper, gold and base metals ▪ Highly prospective mineralised corridor spanning 30km with For personal use only historic workings, surface anomalism and numerous targets9 ▪ 396 km2 exploration permit 100% owned by PhosCo ▪ Situated 130km west of Tunis by sealed road. Excellent infra
Slide 19: Gasaat Project Timeline & Deliverables
Gasaat Project Timeline & Deliverables For personal use only Q1 Q2 Q3 Q4 GASAAT WORK PROGRAM 26 26 26 26 KM Prospect – Drill results KM Prospect – Trenching assays SAB Prospect – Drill results KM & SAB – Maiden MRE Metallurgical Test Work Studies: Optimised Scoping Study Bankable Feasibility Study P
Slide 20: A sustainable mining business
A sustainable mining business For personal use only ▪ PhosCo is aligning its efforts with the standards expected by EBRD and its performance requirements covering the key areas of environmental and social issues and impacts ▪ The local communities will be included as partner with 10% project interes
Slide 21: Investment Summary – Why PhosCo, why now?
Investment Summary – Why PhosCo, why now? For personal use only ▪ Gasaat is 100% owned by PhosCo (ASX:PHO) ▪ Multi-decade phosphate project with significant exploration upside – Resource growth drilling underway ▪ Critical mineral to play important role in food security ▪ Strategically located close
Slide 22: For personal use only
For personal use only PhosCo | Sustainable Phosphate | 22
Slide 23: For personal use only
For personal use only Taz Aldaoud Follow PhosCo on LinkedIn Managing Director Follow @PhoscoLtd on X E: taz.aldaoud@phosco.com.au www.phosco.com.au T: +61 473 230 558 PhosCo | Sustainable Phosphate | 23
Slide 24: JORC Resource Table
JORC Resource Table Gasaat Phosphate Project Global Mineral Resources JORC 2012 Mt % P2O5 For personal use only Measured 49.1 21.3 KEL (March 2022) Indicated 6.4 20.3 Total 55.5 21.2 Indicated 83.7 20.2 GK (November 2022) Inferred 7.2 20.1 Total 90.9 20.2 Measured 49.1 21.3 Indicated 90.1 20.2 Globa