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CHATHAM ROCK PHOSPHATE LIMITED ( " CRP " ) MANAGEMENT'S DISCUSSION & ANALYSIS FOR THE THREE MONTHS ENDED JUNE 30 , 2021 ( All amounts stated in Canadian dollars , unless otherwise indicated ) Attention is called to a caution in respect of Forward - Looking Statements - included at page 26 CRP is Stock Exchange listed in Canada , New Zealand and Germany . As a result , Chatham is positioned on the world stage to more effectively raise funds from international investors . These funds are required to reapply for the Marine Consent required to give effect to our granted mining permit on the Chatham Rise and to build an international phosphate mining and trading house with a focus on low cadmium , organic phosphate , The TSX.V listing in Canada was achieved by means of a merger with dual listed Antipodes Gold Limited ( " Antipodes Gold " ) , which , having sold its Coromandel based gold assets to Newmont New Zealand was a cashed - up shell . Antipodes Gold consolidated its shares 1 for 10 and then made a one Antipodes share for 65.59 Chatham shares offer . That process was complex , highly regulated and took over a year to complete . In parallel with that CRP undertook multiple investor roadshows in Europe and Canada and continued to steadily raise working capital from investors there , as well as in New Zealand and Asia . CRP has now raised more than $ 7.9 million since the Marine Consent was declined in February 2015. During this period , the market capitalisation has recovered from $ 2.4 million to over a peak of $ 10.7 million and is presently around $ 9.1 million on the TSX.V and $ 8.4 million on the NZX . The cornerstone investors are based in Australia , Singapore , Germany and Switzerland and together with the CRP management team hold , directly and indirectly , approximately 53 % of the company . The rest of the shares are held by more than 3,000 shareholders in nine countries . CRP is expecting to raise the funds required to complete the Marine Consent reapplication and to cover the costs of the Environmental Protection Authority hearing . Once the required level of funding has been raised , it is then expected to take 15 months to complete the work required to submit the re - application with a possible submission date in Q4 , 2023. This would lead to an expected grant date of Q3 , 2024 and eventual production in 2026 . As part of our strategy to build an international diversified phosphate business , on April 28 , 2021 CRP announced that it had entered into a formal agreement with the shareholders of Avenir Makatea Pty Limited ( " Avenir " ) , an Australian incorporated company to purchase all of the issued and outstanding shares of Avenir ( the “ Acquisition " ) . Avenir , through its wholly- owned French Polynesian subsidiary , SAS Avenir Makatea , holds an exploration research permit to explore for phosphate on the French Polynesian island of Makatea . The Makatea project covers an area of 1,035 ha ( 10.36 km2 ) . The island is a well - known source of phosphate and was previously mined until 1966. Avenir has filed an application for a mining concession over the project area which remains in progress . The transaction was completed on June 30 , 2021 . Chatham has been largely unaffected by COVID - 19 and lock down restrictions . Chatham Rock Phosphate MD & A Report for June 30 , 2021 Page 1