Tuesday, 23 July 2019 Sydney

Phosphate Australia Ltd acquires 100% of the historic Tuckanarra gold project in WA::

Phosphate Australia Limited (POZ) announced the acquisition of 100% of the historic Tuckanarra gold project in the prolific gold producing Murchison district of Western Australia. This acquisition includes almost all of the historic workings and all four of the open pits at Tuckanarra that produced a total of around 95,000 ounces up to 1995. The project consists of three exploration tenements and eight prospecting tenements, with a combined area of 270.4 km2.

These permits are all currently in application and it is anticipated the main tenements will be granted by mid October. Heritage agreements have already been signed with the traditional owner claimant group for the area.

Tuckanarra is extremely well situated, centrally within the Murchison goldfield with the Great Northern Highway running through the project area. Nearby existing gold plants (not POZ assets) at Burnakura (20 km on existing haul road), Bluebird (on highway), Cue (40 km on Highway) and Mount Magnet (130 km on Highway) opening up possibilities for toll treatment.

There are a number of highly prospective targets for immediate follow up, which include existing areas of known shallow mineralization, undrilled targets based on geophysics and/or geochemistry, on strike extensions to existing pits and en-echelon structures parallel to existing pits and deeper targets under existing pits.

Anglo Gold Australia Limited (Anglo) operated the Tuckanarra project from 2000 to 2002.

Anglo explored for large gold ore bodies at the Axial prospect. This area has an excellent structural setting and is prospective for the large style ore bodies that interest larger companies. Some limited drilling was conducted at the Axial prospect by Anglo, noted the company.

Under the terms of the acquisition agreement with vendor Gold and Mineral Resources Pty
Ltd, the Company will pay consideration for 100% of the Tuckanarra project comprising one million POZ shares and A$45,000 cash, there are no outstanding royalty commitments included in the deal.

POZ is currently planning drill holes and will be submitting an application with the Department of Mines to drill Tuckanarra as soon as the core tenements are granted (around mid October).

The Company is anticipating a substantial Phase 1 drilling program will be completed in November - December 2011, leading into increased drilling activity in 2012 with an initial resource estimate aimed for by May 2012.

Company Chairman Mr Jim Richards has previously worked in the Murchison at the nearby
Bluebird mine and is familiar with the area and its styles of mineralization.

16th August 2011