PhosCo Ltd · ASX:PHO
PhosCo — Investor Presentation (November 2026)
24 slides from PhosCo's investor presentation, Nov 9, 2026
Slide 1: Gasaat Scoping Study Delivers
al use only Gasaat Scoping Study Delivers Outstanding results lay the foundation for a northern Tunisia fertiliser hub amid growing global demand Investor Presentation – November 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 Exploration Res
Slide 3: Updated Scoping Study materially strengthens Gasaat economics
Updated Scoping Study2 materially strengthens Gasaat economics Long-life phosphate project with low operating costs and high margins Post-tax NPV10 US$858M 1.7 years US$199M US$732M al use only After-tax cashflow After-tax payback Development capital Years 1–10 From first production Pre-production c
Slide 4: A lot has changed in phosphate markets
A lot has changed in phosphate markets Phosphate’s strategic value has never been higher China now a net LFP batteries Gulf conflict Declared a critical importer consuming supply disrupting supply mineral Moved from major exporter to PO₄ makes up ~60% of an LFP Hormuz disruption affects ~20% Listed
Slide 5: A lot has changed at PhosCo too
A lot has changed at PhosCo too… A larger, simpler, 100%-owned project with regional hub potential 2022 | Chaketma Scoping Study 2026 | Gasaat Scoping Study2 51% JV interest in expired Ownership Chaketma permit 100% PhosCo-owned Gasaat permit al use only Project size 56 km² Chaketma permit area 112
Slide 6: Strong partnerships aligned on fertiliser hub vision
Strong partnerships aligned on fertiliser hub vision Government, development finance, engineering, community and industry support GOVERNMENT DEVELOPMENT FINANCE US STATE DEPT. INITIATIVE Tunisia al use only Gasaat granted 100% to PhosCo (Mar 2025). €1M grant towards the Scoping Study, plus US$1.5M U
Slide 7: Corporate overview
Corporate overview ASX: PHO – Well-funded, debt-free and backed by an experienced board VALUATION (A$) SECURITIES ON ISSUE BOARD & MANAGEMENT $81.1M 540.8M Market cap Shares al use only at $0.15/sh Robin Widdup Taz Aldaoud Mehdi Ben Craig Smyth Sam Lancuba $76.7M 178.3M Chairman Managing Director Ab
Slide 8: Location & infrastructure advantages
Location & infrastructure advantages Close to road, rail, ports, gas and grid power Road Rail Port 200 km SW of Tunis, bitumen 35km to railhead – rail Industrial port already road access prioritised for upgrade handling phosphate al use only Gas & grid Solar & wind Aquifers Power available nearby Si
Slide 9: Tunisia: roots in Africa, branches in Europe
Tunisia: roots in Africa, branches in Europe On Europe’s doorstep, with clear access to export markets Capital Tunis · 12.5M people Arabic official language; French and English widely EUROPE used in business al use only Attractive fiscal terms 25% tax rate, zero for the first 5 years, 1% royalty on
Slide 10: Simple geology, large scale, drilling underway to grow resource
Simple geology, large scale, drilling underway to grow resource Global JORC 2012 Resource1 166.6Mt @ 20.6% P₂O₅ al use only Resource by deposit – defined from drilling at only 4 of 9 prospects GK 90.9Mt @ 20.2% P₂O₅ Indicated & Inferred KEL 55.5Mt @ 21.2% P₂O₅ open to the south KM 12.0Mt @ 20.5% P₂O
Slide 11: Exploration upside: drilling continues, hub potential confirmed
Exploration upside: drilling continues, hub potential confirmed KH and DOH sit outside the current resource – and Sekarna scout drilling hits phosphate KH GASAAT · NEW DISCOVERY14 DOH GASAAT · DISCOVERY OF SCALE10 Sekarna 2ND PROJECT · 100% PHO10 19.4m @ 20.7% P₂O₅ 13m avg. thickness al use only Sco
Slide 12: KM Resource: thick, very low-strip, next to proposed plant
KM Resource: thick, very low-strip, next to proposed plant Maiden Resource underpins the first years of production 12Mt @ 20.5% P₂O₅ al use only Maiden JORC Resource¹ 0.5:1 strip ratio vs 5.2:1 life-of-mine First 4 yrs GADD-03 GADD-11 GADD-12 of production 53.0m @ 22.3% P₂O₅ 49.8m @ 22.4% P₂O₅ 37.3m
Slide 13: Simple, low-cost open pit mining
Simple, low-cost open pit mining Strip mining of shallow, consistent phosphate layers Simple open pit operation Overburden is cast back into the mined-out cut as mining advances along strike al use only Low-strip start New KM (0.5:1) and SAB resources sit close to the plant, versus 5.2:1 life-of-min
Slide 14: Processing breakthrough
Processing breakthrough Simplified single-stage flotation flow-sheet produces premium product Single-stage Crush & screen Grind & classify Dewater Truck to Gabès flotation BREAKTHROUGH TEST RESULTS (MAY & AUG 2026)³ ONE FLOWSHEET, TWO PRODUCT STREAMS al use only 33% P₂O₅ Standard product Premium pro
Slide 15: Product & pricing
Product & pricing A hybrid product mix delivers strong margins per tonne Price vs operating cost, US$/t concentrate Operating cost Margin – standard Margin – premium FIRST 10 YEARS US$152/t Weighted average price (70% standard, 30% premium) al use only Standard · 30% P₂O₅ 66 +74 margin US$140 Premiu
Slide 16: A sustainable mining business
A sustainable mining business Aligned with EBRD environmental and social performance requirements Communities as International standards partners PhosCo is aligning its efforts with the PhosCo will allocate 10% of company al use only standards expected by EBRD and its profits to local communities th
Slide 17: Development pathway to commercial production
Development pathway to commercial production Indicative Gasaat development timeline – commercial production targeted for mid-2030 2026 2027 2028 2029 2030 H2 H1 H2 H1 H2 H1 H2 H1 al use only Scoping Study Preliminary Feasibility Study Bankable Feasibility Study Complete ✓ 12 months 12 months Environ
Slide 18: Simitu project – copper, gold and base metals
Simitu project – copper, gold and base metals Near-term opportunity to expand exposure to energy transition metals 396 km² 30km 130km 100% owned exploration mineralised corridor with west of Tunis by sealed permit historic workings road, near rail & power al use only Data-rich and outcropping Surfac
Slide 19: Investment summary – why PhosCo, why now?
Investment summary – why PhosCo, why now? A potential world-scale, 100%-owned phosphate project at a turning point for the market 100% owned, potentially Multi-decade project in Tunisia, on Europe’s world-scale asset doorstep US$732M al use only Post-tax NPV₁₀ US$732M, IRR 52%, payback 1.7 Outstandi
Slide 20: Thank you
Sustainable Phosphate | ASX: PHO al use only Thank you Taz Aldaoud Managing Director E taz.aldaoud@phosco.com.au T +61 473 230 558 W www.phosco.com.au Follow @PhoscoLtd on X Follow PhosCo on LinkedIn
Slide 21: Appendix A – References and JORC Resource Table
Appendix A – References and JORC Resource Table Gasaat Phosphate Project Global Mineral Resources 1. Refer to ASX announcements dated: 5/5/26: ‘Maiden resource boost scale and economic outlook’; Prospect JORC 2012 Mt % P2O5 15/3/22: ‘Phosphate Resource Update Delivers 50% Increase at KEL’; 17/11/22:
Slide 22: Appendix B – Previously Reported Results
Appendix B – 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 5/11/26 Gasaat Scopin
Slide 23: Appendix C – Phosphate; essential to all forms of life
Appendix C – Phosphate; essential to all forms of life No substitute in agriculture, and a growing role in the energy transition 90% 40% Second most important material after copper for the energy transition of phosphate consumption is in of world food production is linked agriculture to fertiliser u
Slide 24: Appendix D – Phosphate market overview
Appendix D – Phosphate market overview Concentrated, largely state-controlled supply meets steadily growing demand ~70% ~35% ~30% of global phosphate of global production from of phosphate rock trade reserves are in Morocco China. Export bans in is imported by India al use only Also ~30% of the expo