ACN 139 255 771
ABN 82 139 255 771
Level 4, 100 Albert Road
South Melbourne VIC 3205

Contact:

Phone: +61 (0)3 9692 7222
Fax: +61 (0)3 9077 9233 info@celamin.com

Investor Relations:

Stephen Nossal

Board of Directors:

Martin Broome, Chairman
Nic Clift, Managing Director
Russell Luxford, Non-Exec Director Sue-Ann Higgins, Alternate Director Tim Markwell, Non-Exec Director

Company Secretary

Melanie Leydin

Securities on Issue

CNL: 993,171,986 ordinary shares

CNLCA: 14,887,796 partly paid shares

ASX Announcement 31 July 2015

Quarterly Activity & Cashflow Reports for Quarter ending 30 June 2015

Summary:

Celamin's dispute with its joint venture partner, Tunisian Mining Services, continues, with legal actions ongoing

Shares remain suspended from trading on ASX


Phosphate exploration and development company Celamin Holdings NL (ASX: CNL) (Celamin, the Company) presents details of its activities for the Quarter ending 30 June 2015.
Celamin has been focused on the exploration and development of the Chaketma Phosphate Project in Tunisia. The Chaketma Project is a potential large scale phosphate development asset, which comprises six prospects over a total area of 56km2. It hosts a total JORC compliant Inferred Resource of 130Mt @
20.5% P₂O₅, confirmed from drilling at only two of the project's six prospects.
Results from metallurgical test work conducted to date have confirmed the potential for the project to produce a saleable high-grade phosphate concentrate. The project is also well positioned relative to major infrastructure requirements, such as rail, road and ports.

JV Partners' Dispute

The Chaketma Phosphate Permit is held by Chaketma Phosphates SA ("CPSA"). CPSA is the operating company responsible for development of the Chaketma Project.
Celamin's wholly-owned subsidiary, Celamin Limited, remains in dispute with its joint venture partner, Tunisian Mining Services ("TMS"), regarding ownership and control of CPSA and is working actively with its Tunisian legal advisers to resolve this situation.

Celamin Holdings Limited 2


As detailed in the March Quarterly Activities Report and subsequent updates, Celamin has launched a series of legal actions in the Tunisian Courts, including the following:
- An Application for reversal of the share transfer against the Director General of CPSA, TMS, and Kais Mansouri of TMS;
- An application for recovery of AUD$160,000 owed by TMS to Celamin Limited which is unrelated to the other actions; and
- An application for appointment of a trustee under supervision of the court to manage the business of CPSA and preserve the rights of all parties until a final decision is made regarding the share transfer.
As reported on 11 May 2015, the initial application for the appointment of a Trustee was not granted by the Court. A subsequent application for the appointment of a Trustee in relation to the disputed shares in CPSA was also not granted. Celamin continues to work with its legal team regarding the appointment of a Trustee to protect its rights in CPSA.
The main case regarding the reversal of the share transfer is ongoing, with the next hearing scheduled for September 2015.
Celamin's legal advisers have informed the Company that the application for recovery of the
A$160,000 owed by TMS to Celamin Limited is progressing.
Further legal actions are under active consideration between Celamin and its legal team in Tunisia.

Funding Facilities Repaid

On 23 April 2015, Celamin announced it had secured short term funding facilities from its two major shareholders, African Lion 3 Ltd ("African Lion") and Polo Resources Limited ("Polo Resources").
Each of these facilities was repaid, as announced on 9 June 2015.
Celamin is pleased to note that both African Lion and Polo Resources remain fully committed to the Company and the Chaketma Project and the legal actions required for Celamin to recover control of CPSA.
The Company is continuing its cash conservation program, including a reduction in headcount during the quarter and with continuation of the deferral of non-executive directors' fee payments, temporary partial deferment of senior management salary payments and minimisation of administration, office and other corporate expenditure payments.

Background to the dispute:

Celamin has been the sole funder of the Chaketma Phosphate Project providing US$8.6M of funding to December 2014. Celamin's partner, TMS, has been beneficiary of 50% of this project expenditure, as the largest service provider, using equipment purchased with loans from Celamin.
On 21 October 2014, the Director General of CPSA, without seeking the required approval from the CPSA Board, made a US$3.3M cash call directed to Celamin Limited for funding of the Chaketma feasibility study. CPSA already held an excess of funds above requirements at that time, and, in Celamin Limited's view, no cash call was justified.

Celamin Holdings Limited 3


Celamin Limited objected to this cash call and, after negotiations, TMS and Celamin Limited entered into an agreement dated 10 December 2014 to reduce the cash call to US$2M and extend the due date for payment until 15 January 2015, in the expectation of agreement being reached in the first quarter of 2015 on the choice of engineering contractor and the terms of their engagement for conducting the feasibility study for the Chaketma Phosphate Project.
Celamin deposited US$2M into CPSA's Tunisian bank account on behalf of Celamin Limited in payment of the cash call, receipt of which was confirmed by both CPSA's bank and the Director General of CPSA on 13 January 2015.
On 19 January 2015 the Director General issued a notice of default to Celamin Limited for failure to pay the US$2M cash call by the due date ("alleged default"), rejecting payment by Celamin on Celamin Limited's behalf despite this payment meeting Tunisian legal requirements and having been made in exactly the same manner as one of the two previous cash calls. Celamin Limited objected to the default notice and the action by the Director General and called a Board meeting scheduled for
9 March 2015 for the purpose of reversing these actions. Due to subsequent events this Board meeting was not held.
Within 24 hours after receipt of the default notice, TMS indicated that it would not be acting on that notice and the Director General and TMS continued working collaboratively with Celamin in progressing the Chaketma Phosphate Project.
On 3 March 2015 the Company was advised by the then Chairman of CPSA, Mr David Regan, that he had received notice from the Director General of CPSA to the effect that Celamin Limited's shares in CPSA had been transferred to TMS on 13 February 2015. Celamin requested a voluntary trading halt on its shares from trading on ASX on 4 March 2015. The shares remain suspended from trading on ASX.
Following initial legal investigations, the Company understands that the Director General (without Celamin's knowledge and without any authority from the CPSA Board) has purported to transfer Celamin Limited's shares to TMS on the basis of the alleged default.
The Company disputes the existence of any default on the part of Celamin Limited and asserts that
Celamin Limited's shares in CPSA have been transferred without any legal basis.
The US$2M deposited by Celamin for the cash call, which remained in a Tunisian bank account in CPSA's name for a period of over three months, was received back into Celamin's bank account in Australia on 27 April 2015, transferred from the Tunisian bank of CPSA at the instigation of the DG of CPSA after having declared the "default". Celamin received no communications from TMS or CPSA
in relation to the transferred funds.
Previous cash calls totalling US$1.7m were provided as loan funds from Celamin Limited to CPSA prior to 31 December 2014, for the purpose of funding the Chaketma Phosphate Project feasibility study. As at 31 January 2015 US$1.4m of these loan funds remained in CPSA's Tunisian bank account. Celamin understands the loan funds can be recalled from CPSA regardless of the outcome of the legal dispute.
ENDS

For further information or enquiries, please contact:

Celamin Holdings Limited 4

Nic Clift Stephen Nossal Managing Director Corporate Relations Celamin Holdings NL. Celamin Holdings NL T: +61 (0)3 9692 7222 T: +61 (0)3 9692 7222

E: nic.clift@celamin.com E: stephen.nossal@celamin.com

Lists of Tenements Held

Mining

Tenement

Location

Beneficial

Percentage held

Interest

acquired/farm-in during the quarter

Interest

Disposed/farm- out during the quarter

Chaketma

Tunisia

- %*

- * (see below)

Wedderburn

EL5471

Victoria,

Australia

100%

* The Chaketma Phosphate Permit is 100% held by CPSA. Prior to 13 February 2015, Celamin held 51% of CPSA and the transfer of its interest in CPSA to TMS is the subject of legal actions as detailed in this Report.

Appendix 5B Mining exploration entity quarterly report

Appendix 5B Mining exploration entity quarterly report

Introduced 1/7/96. Origin: Appendix 8. Amended 1/7/97, 1/7/98, 30/9/2001.

Name of entity

CELAMIN HOLDINGS NL

Rule 5.3

ABN Quarter ended ("current quarter")


82 139 255 771 30 JUNE 2015

Consolidated statement of cash flows

Cash flows related to operating activities

1.1 Receipts from product sales and related debtors

1.2 Payments for

(a) exploration and evaluation

(b) development

(c) production

(d) administration

1.3 Dividends received

1.4 Interest and other items of a similar nature received

1.5 Interest and other costs of finance paid

1.6 Income taxes paid

1.7 Other (provide details if material)

Net Operating Cash Flows

* Net loan payments advanced to Chaketma Phosphate SA as at 30 June 2015 amounted to $US 3.7m, of which $US2.0m was repaid during the June 2015 quarter.

+ See chapter 19 for defined terms.

30/06/2014 Appendix 5B Page 1

Appendix 5B

Mining exploration entity quarterly report

1.13 Total operating and investing cash flows

(brought forward)

1,887,582

(5,435,819)

Cash flows related to financing activities

1.14 Proceeds from issues of shares

1.15 Proceeds from sale of forfeited shares

1.16 Proceeds from borrowings

1.17 Repayment of borrowings

1.18 Dividends paid

1.19 Other - Capital raising costs

Net financing cash flows

-

-

400,000 (400,000)

-

-

4,351,254

-

2,900,000 (400,000)

- (215,228)

Cash flows related to financing activities

1.14 Proceeds from issues of shares

1.15 Proceeds from sale of forfeited shares

1.16 Proceeds from borrowings

1.17 Repayment of borrowings

1.18 Dividends paid

1.19 Other - Capital raising costs

Net financing cash flows

-

6,636,026

Net increase (decrease) in cash held

1.20 Cash at beginning of quarter/year to date

1.21 Exchange rate adjustments to item 1.20

1.22 Cash at end of quarter

1,887,582

44,581

26,384

1,200,207

736,297

22,043

Net increase (decrease) in cash held

1.20 Cash at beginning of quarter/year to date

1.21 Exchange rate adjustments to item 1.20

1.22 Cash at end of quarter

1,958,547*

1,958,547*

*In addition the Company has a loan balance of US$1.7m receivable held with CPSA at 30 June 2015 (A$2.25m, at the exchange rate at 30 June 2015).

Payments to directors of the entity and associates of the directors Payments to related entities of the entity and associates of the related entities

Current Quarter

$A

1.23 Aggregate amount of payments to the parties included in item 1.2 37,084

1.24 Aggregate amount of loans to the parties included in item 1.10 -

1.25 Explanation necessary for an understanding of the transactions

Payments made to directors of the consolidated entity during the June 2015 quarter.

Non-cash financing and investing activities

2.1 Details of financing and investing transactions which have had a material effect on consolidated assets and liabilities but did not involve cash flows

-

2.2 Details of outlays made by other entities to establish or increase their share in projects in which the reporting entity has an interest

During the previous quarter, on 3 March 2015, the Company was advised by the then Chairman of CPSA, Mr David Regan, that he had received notice from the Director General of CPSA to the effect that Celamin Limited's shares in CPSA representing 51% shareholding had been transferred to TMS on 13 February 2015. CPSA holds 100% of the Chaketma permit. Celamin disputes the legality of this purported transfer - see the Company's Quarterly Activity Report for more information.

+ See chapter 19 for defined terms.

Appendix 5B Page 2 30/06/2014

Financing facilities available

Add notes as necessary for an understanding of the position.

Appendix 5B Mining exploration entity quarterly report

3.1 Loan facilities

3.2 Credit standby arrangements

Estimated cash outflows for next quarter

4.1 Exploration and evaluation

4.2 Development

4.3 Production

4.4 Administration

Reconciliation of cash

Reconciliation of cash at the end of the quarter (as shown in the consolidated statement of cash flows) to the related items in the accounts is as follows.

Changes in interests in mining tenements

6.1 Interests in mining tenements relinquished, reduced or lapsed

6.2 Interests in mining tenements acquired or increased

**: Currently the subject of a legal dispute. Refer to the Company's Quarterly Activities report for further information.

+ See chapter 19 for defined terms.

30/06/2014 Appendix 5B Page 3

Appendix 5B

Mining exploration entity quarterly report

Issued and quoted securities at end of current quarter

Description includes rate of interest and any redemption or conversion rights together with prices and dates.

7.12 Unsecured notes

(totals only)

+ See chapter 19 for defined terms.

Appendix 5B Page 4 30/06/2014

Compliance statement

Appendix 5B Mining exploration entity quarterly report

1 This statement has been prepared under accounting policies which comply with accounting standards as defined in the Corporations Act or other standards acceptable to ASX (see note 4).

2 This statement does give a true and fair view of the matters disclosed.

Sign here:

(Company Secretary)

Print name: MELANIE LEYDIN Date: 31 July 2015

Notes

1 The quarterly report provides a basis for informing the market how the entity's activities have been financed for the past quarter and the effect on its cash position. An entity wanting to disclose additional information is encouraged to do so, in a note or notes attached to this report.

2 The "Nature of interest" (items 6.1 and 6.2) includes options in respect of interests in mining tenements acquired, exercised or lapsed during the reporting period. If the entity is involved in a joint venture agreement and there are conditions precedent which will change its percentage interest in a mining tenement, it should disclose the change of percentage interest and conditions precedent in the list required for items

6.1 and 6.2.

3 Issued and quoted securities The issue price and amount paid up is not required in items 7.1 and 7.3 for fully paid securities.

4 The definitions in, and provisions of, AASB 1022: Accounting for Extractive

Industries and AASB 1026: Statement of Cash Flows apply to this report.

5 Accounting Standards ASX will accept, for example, the use of International Accounting Standards for foreign entities. If the standards used do not address a topic, the Australian standard on that topic (if any) must be complied with.

== == == == ==

+ See chapter 19 for defined terms.

30/06/2014 Appendix 5B Page 5

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