Slide 1: Defining a globally significant Phosphate Basin in Tunisia
For personal use only Defining a globally significant Phosphate Basin in Tunisia Investor Update – May 2025
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: A transformational project
A transformational project Gasaat is a large-scale high-margin phosphate PhosCo operates in Tunisia and is the only listed For personal use only development project discovered by PhosCo in company in the Mediterranean-Tethyan province, 2010 home to most of the world’s phosphate reserves and producti
Slide 4: Corporate overview
Corporate overview For personal use only Taz Aldaoud, Craig Smyth, Sam Lancuba, Robin Widdup, Mehdi Ben Abdallah, Managing Director Chief Financial Officer Non-Executive Director Chairman Executive Director 438.3M $36.4M SHARES ON ISSUE MARKET CAP ASX: PHO At $0.083/sh $5.1M Nil PRO FORMA CASH DEBT
Slide 5: Phosphate - a critical raw material
Phosphate - a critical raw material 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 both USA & EU ▪ Needs replenishing
Slide 6: Phosphate market overview
Phosphate market overview ▪ Morocco home to ~70% of global reserves, ~30% of the export For personal use only market. Buyer sensitivity to sourcing rock from the disputed Western Sahara region. ▪ China: ~35% of global production reserved for domestic purposes. ▪ India: importer of ~30% of phosphate
Slide 7: Tunisia
Tunisia ▪ Capital: Tunis | Population: 12.3M For personal use only ▪ 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 8: Gasaat
Gasaat For personal use only Most advanced phosphate project includes 100% of ‘Chaketma’
Slide 9: Project ideally located to execute vision
Project ideally located to execute vision ▪ 100% owned 112 km2 Exploration Permit For personal use only ▪ 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
Slide 10: Drilling underway to expand
Drilling underway to expand ▪ Gasaat permit includes the former ‘Chaketma’ project, as well as For personal use only additional targets to the north (all 100% PHO). ▪ Resource defined from drilling at only 2 out of 9 prospects. Global JORC 2012 Resource1: 146.4Mt @ 20.6% P2O5 ▪ Drilling underway to
Slide 11: 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 12: 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 13: Conceptual staged development
Conceptual staged development For personal use only Stage 1: Rock Phosphate Project ▪ Open pit mine with low strip ratios ▪ Simple wash/ screen or flotation ▪ Favourable metallurgy ▪ Multi-decade mine life with incremental expansion optionality Stage 2: Integrated Fertiliser Project ▪ Long life mine
Slide 14: Optimisation opportunities being assessed
Optimisation opportunities being assessed For personal use only ▪ Newly pegged prospects north of existing resources with outcropping phosphate - drilling underway. ▪ Simplified processing via single stage flotation and/or washing - metallurgical test work planned. ▪ Nearby deposits identified for l
Slide 15: Landmark MOU with Tunisian Government & EBRD
Landmark MOU with Tunisian Government & EBRD ▪ Non-binding MoU with the Tunisian Ministry of For personal use only Industry, Mines and Energy, and the European Bank for Reconstruction and Development (EBRD)4 ▪ Parties to collaborate on exploring and developing Tunisia’s Northern Phosphate basin hub,
Slide 16: Sekarna Phosphate Project
For personal use only 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 ▪ Exploration Target of between 137Mt and 210MT at between 17% and 23% P2O57. The po
Slide 18: Future vision - Tunisia's Northern Phosphate Basin
Future vision –Tunisia’s Northern Phosphate Basin For personal use only Gasaat: most advanced project, ideally positioned to underpin hub’s development. Long-life project, resource drilling planned to further define scale. ✓ GRANTED 100% PHO Sekarna: early stage Gasaat analogy. Drilling required to
Slide 19: Project Timeline & Deliverables
Project Timeline & Deliverables For personal use only Q1 Q2 Q3 Q4 Q1 25 25 25 25 26 2024-2025 PROGRAM Gasaat Permit ✓ Exploration Target Extensional Drilling Metallurgical Test Work Updated Mineral Resource Estimate Sekarna Permit ✓ Trenching/ Scout Drilling Metallurgical Test Work Studies Scoping F
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 community will be included as partner with 10% project interest align
Slide 21: Investment Summary
Investment Summary For personal use only PhosCo is funded to advance its flagship Gasaat phosphate project, with key value drivers to be defined in the coming months. ▪ Potential multi-decade mine with significant exploration upside ▪ Critical raw material to play important role in food security ▪ C
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 CHAKETMA 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 2