Chatham Rock Phosphate Secures Wetstone Financing for Chatham Rise Project

Chatham Rock Phosphate ( (TSE:NZP) ) has shared an update.

Chatham Rock Phosphate and partner Wetstone Global have signed definitive investment and loan agreements to finance the advancement of the Chatham Rise Phosphate Project, subject to TSX Venture Exchange approval. The existing US$150,000 loan from Wetstone will be novated to a New Zealand subsidiary, doubled to US$300,000, converted to New Zealand dollars, and its repayment extended to 30 September 2026.

Upon receiving New Zealand regulatory consent, the restructured loan and accrued interest will convert into a 30% equity stake in Chatham Rock Phosphate (NZ) Limited, with Wetstone gaining board majority and committing to further limited recourse funding that can be converted into up to 70% ownership upon first production. Chatham Rock Phosphate retains a 2% net smelter royalty, part of which Wetstone can later acquire, while both parties will pursue environmental and community approvals for offshore extraction that could bolster New Zealand’s fertiliser security and reduce reliance on imports.

More about Chatham Rock Phosphate

Chatham Rock Phosphate is a New Zealand-based mineral development company focused on supplying direct application phosphate to the New Zealand and global agricultural sectors. The company positions its Chatham Rise offshore phosphate resource as a sustainable fertiliser source aimed at enhancing long-term soil health, supporting domestic supply chains, and reducing emissions tied to imported phosphate.

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