Centrex ASX:CXM Stock Report

Centrex Limited Provides an Update on Recent Developments At the Company's 100% Owned Agriflex Ardmore Phosphate Rock Mine

Centrex Limited provided an update on recent developments at the Company's 100% owned Agriflex Ardmore Phosphate Rock Mine. As forecast in the March 2022 Quarterly Activities Report, the mining contractor mobilised to site in April 2022 to recommence stripping of overburden and ore mining. Mining is ongoing at the scheduled production rate of 27,000t of ore per month. The crushing contractor for the project has also mobilised to site and commenced crushing of the phosphate rock. The crushing circuit is producing a refined product for both the direct application phosphate rock market and feed for the Ardmore beneficiation plant. Actual crushing characteristics are in line with expectations. All previously-outstanding non-process infrastructure was completed on schedule and budget (Unaudited). This work included the installation of onsite power generation and distribution, mine site potable and non-potable water supply, construction of offices and workshop, an initial tailings dam cell, construction of permanent service roads and additional accommodation in Dajarra. The beneficiation plant has been successfully completed commissioning undertaken and ongoing production is underway. The production rate is expected to progressively ramp-up over the next six months as crushing and beneficiation plant fine-tuning and optimisation is completed. Product drying is carried out utilising solar drying. The production schedule currently allows three weeks for product drying. Agriflex's logistics contractor Aurizon is expected to commence transporting the product to Townsville in early August 2022 with the first export shipment planned for early September 2022. An initial transport rate of 10,000t per month is scheduled, progressively increasing up to 20,000t per month by the end of January 23. The North Africa Phosphate Rock benchmark price has reached its highest levels since early 2013 and was reported as FOB North Africa (68-72% BPL) USD 255.00 per tonne (Ref: World Bank Commodities). The Company's updated Definitive Feasibility Study (DFS) in August 2021 used a benchmark phosphate price of USD 125 per tonne. The current USD 255.00 per tonne benchmark phosphate price represents a 104% increase, compared to the USD 125 benchmark price used in the August 2021 DFS. Customer demand remains strong with interest in Ardmore's high grade beneficiated and Direct Shipment Ore (DSO) product.

Centrex Limited Announces Executive Changes

Centrex Limited announced the appointment of Enzo Artone as Chief Technical Officer and Engineering and Gavin Swart as Projects Managerto support the development of the Company's Ardmore Phosphate Project and progress other key projects. Enzo holds a tertiary qualification in Primary Metallurgy and has more than 40 years' Australian and international resource industry experience. He has previously held senior roles for RIO Tinto, BHP, Newmont, WMC and Normandy. His most recent role was Manager/Principal Process Engineer (Brownfield Expansion Project) with BHP at their Olympic Dam Operation. Key projects that Enzo has been involved in include BHP's brownfields expansion ($2.3B), OD debottlenecking project; the WMC Olympic Dam Expansion ($1.5B, 1998); and Hamersley Iron optimisation. His past roles include Principal Consultant Mineral Processing (Base Metals and Gold) for Rio Tinto Technical Services and Experimental Scientist with CSIRO Minerals Processing.His initial task is to assist Centrex's 100% subsidiary Agriflex Pty Ltd. (Agriflex) with the commissioning of its Ardmore processing plant and the finalisation of the metallurgical flowsheet for the 800,000 tpa phosphate processing plant. As Chief Technical Officer, Enzo is responsible for Centrex's new business, project and product generation. Gavin holds tertiary qualifications in Extractive Metallurgy, Business Management and Project Management and more than 34 years' resource industry experience in Africa, Asia, USA, and Australia. His most recent role was as Operations Manager for Iluka Resources at their Jacinth Ambrosia Operation. Gavin's initial task is managing the construction of Agriflex's 800,000 tpa phosphate processing plant. As Centrex Engineering and Project Manager, Gavin is responsible for the Company's engineering standard and project execution.

Centrex Limited announced that it expects to receive AUD 7.994643 million in funding

Centrex Limited announced that it has received AUD 1 million in funding from Energy Exploration Pty Ltd