Phosco Ltd · ASX:PHO
Phosco — Investor Presentation (September 2026)
25 slides from Phosco's investor presentation, September 2026
Slide 1: A step change for the Gasaat phosphate project
A step change for the Gasaat phosphate project Investor Presentation September 2026
Slide 2: Disclaimer - Important Information
Disclaimer - Important Information 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 relates to historic data a
Slide 3: Why PhosCo, why now?
Why PhosCo, why now? Critical and Essential Commodity • China banned exports, Egypt suspends new contracts, US production depleting • Hormuz disrupts ~20% of global phosphate supply • Phosphate declared critical by US, EU, UK, China and India. Strategic Asset • Long life phosphate project in Tunisia
Slide 4: Corporate overview
Corporate overview Robin Widdup Mehdi Ben Abdallah Taz Aldaoud Craig Smyth Sam Lancuba Chairman Executive Director Managing Director Chief Financial Officer Non-Executive Director 540.8M $81M SHARES ON ISSUE MARKET CAP ASX: PHO At $0.15/sh $6.5M Nil AVAILABLE FUNDS 30/06/26 DEBT ($5.9M CASH & €0.3M
Slide 5: Phosphate – Essential to all forms of life
Phosphate – Essential to all forms of life Second most important material after copper for the energy transition, according to Benchmark Mineral Intelligence: Finite and non-renewable material Needs replenishing in cultivated land where soils become depleted No substitute for phosphorus in agr
Slide 6: Phosphate market overview
Phosphate market overview Morocco home to ~70% of global reserves, ~30% of the 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 imports of phosphate roc
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 increasingly reliant on imports. 18 November 2025 China moves from major exporter to major importer, driven partly by LFP battery demand US granular phosphate
Slide 8: Tunisia
Tunisia On Europe’s doorstep, with clear access to export markets 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
Slide 9: Strategic alignment & government support
Strategic alignment & government support Non-binding MoU with Tunisian Ministry of Industry, Mines and Energy, 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, including ~€1.4 billion
Slide 10: Gasaat Phosphate Project
Gasaat Phosphate Project 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: 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 suitable for both solar
Slide 12: Scoping Study Underscores Gasaat's Potential
Scoping Study Underscores Gasaat’s Potential Long-life, high-value phosphate asset Post Tax NPV10 Annual Cashflow Years 1–10 Payback – After Tax US$657M US$93.4M 1.5 years with IRR of 54% Operating Cost (First 10 Years) Phosphate Concentrate Production Development Capital US$79/t US$170M 68Mt Phosph
Slide 13: Gasaat is a large, long-life project
Gasaat is a large, long-life project Resource is defined from drilling at only 4 out of 9 prospects: Global JORC 2012 Resource1: 166.6MT @ 20.6% P2O5 New maiden Resources from SAB & KM deposits are low-strip and close to proposed processing plant and will feed into updated Scoping Study. Drillin
Slide 14: KM Resource: Thick, very low-strip, next to proposed plant
KM Resource: Thick, very low-strip, next to proposed plant Maiden mineral Resource at KM deposit: 12Mt KM @ 20.5% P2O51 Very low strip ratio: 0.4:1 compared with LOM 5.7:1. Drill results include: Hole GADD-03: 53m @ 22.3% P₂O₅ from 53.2m Hole GADD-11: 49.8m @ 22.4% P₂O₅ from 45.8m Hole GADD-12
Slide 15: Excellent metallurgical results
Excellent metallurgical results Gasaat phosphate ore can be upgraded to 30% P2O5 with recovery greater than or equal to 80%3 Breakthrough May & August 2026: simple, single-stage flotation circuit produces commercial high-grade phosphate of up to 34% P2O5 with low impurities. Points to lower co
Slide 16: Simitu project – Copper, gold and base metals
Simitu project – Copper, gold and base metals Highly prospective mineralised corridor spanning 30km with historic workings, surface anomalism and numerous targets9 396 km2 exploration permit 100% owned by PhosCo Situated 130km west of Tunis by sealed road. Excellent infrastructure including ne
Slide 17: Timeline & Deliverables
Timeline & Deliverables Q2 Q3 Q4 Q1 26 26 26 27 GASAAT WORK PROGRAM: • KM & SAB – Maiden MRE • Mine planning for KM & SAB • DOH Discovery – Maiden drilling assay results • Metallurgical Test Results • Drilling resumes at DOH discovery GASAAT STUDIES: • Optimised Scoping Study • EBRD Equity Funding (
Slide 18: A sustainable mining business
A sustainable mining business 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 interest aligning with govern
Slide 19: Regional Upside
Regional Upside Sekarna Phosphate Project Interpreted Geological Analogy of Gasaat
Slide 20: Sekarna
Sekarna 100% owned large scale5, outcropping phosphate target (128km2) Shares the same simple geology as Gasaat, 10km to the south-west Trenching, scout drilling and met-test work planned in northern zone Approval for southern zone works required from the Forestry Department to commence on-
Slide 21: Investment Summary – Why PhosCo, why now?
Investment Summary – Why PhosCo, why now? 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 global food security and the energy transition Strategically lo
Slide 22: PhosCo | Sustainable Phosphate | 22
PhosCo | Sustainable Phosphate | 22
Slide 23: Taz Aldaoud, Managing Director
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: Appendix: References and JORC Resource Table
Appendix: References and JORC Resource Table Gasaat Phosphate Project Global Mineral Resources 1. Refer to ASX announcement dated 5/5/26: ‘Maiden Resources boost scale and Prospect JORC 2012 Mt % P2O5 economic outlook’ All Mineral Resources are reported in accordance with the 2012 JORC Code Indica
Slide 25: Appendix: Previously Reported Results
Appendix: Previously Reported Results Various information in this report which relates to Exploration Results have been extracted from the following announcements lodged on the ASX, where further details, including JORC Code reporting tables, can also be found: Date Headline 28/08/2026 Major breakth