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FENIX TO ACQUIRE CZR A New Western Force in Iron Ore 25 FEBRUARY 2025 | ASX: FEX | ASX:CZR For personal use only
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IMPORTANT DISCLOSURE Important notices This presentation has been prepared by Fenix Resources Limited (Fenix) and CZR Resources Limited (CZR) and has been authorised for release by the Board of Directors of Fenix and CZR on the basis it is to be read in conjunction with these important notices and disclaimers. Disclaimer This presentation has been prepared by Fenix and CZR based on information from available to each of them and is not a disclosure document. No representation or warranty, express or implied, is made as to the fairness, accuracy, completeness or correctness of the information, opinions and conclusions contained in this presentation. Except for any liability that cannot be excluded by law, Fenix, CZR and their respective related bodies corporate, directors, employees, servants, advisers and agents disclaim and accept no responsibility or liability for any expenses, losses, damages or costs incurred by you relating in any way to this presentation including, reliance without limitation, the information contained in or provided in connection with it, any errors or omissions from it however caused, lack of accuracy, completeness, currency or reliability or you or any other person placing any on this presentation, its accuracy, completeness, currency or reliability. This presentation is not a prospectus, disclosure document or other offering document under Australian law or under any other law. It is provided for information purposes and is not an invitation nor offer of shares or recommendation for subscription, purchase or sale in any jurisdiction. This presentation does not purport to contain all the information that a prospective investor may require in connection with any potential investment in Fenix, CZR or the Combined Group. Each recipient must make its own independent assessment of Fenix, CZR or the Combined Group before acquiring any shares in Fenix, CZR or the Combined Group. Before acting on any information you should consider the appropriateness of the information having regard to these matters, any relevant offer document and in particular, you should seek independent financial advice. All securities and financial product or instrument transactions involve risks, which include (among others) the risk of adverse or unanticipated market, financial or political developments and, in international transactions, currency risk. Forward-looking statements This presentation contains forward looking statements concerning Fenix, CZR and the Combined Group which are made as at the date of this presentation (unless otherwise indicated), including statements about intentions, beliefs and expectations, plans, strategies and objectives of the directors and management of Fenix and CZR, the anticipated timing, outcome and effects of the Offer (including expected benefits to shareholders of Fenix and CZR), indications of and guidance on synergies, future earnings or financial position or performance, anticipated production or construction or development commencement dates, costs or production outputs, capital expenditure and expectations for the ongoing development and growth potential of the Combined Group and the future operation of Fenix and CZR. Forward looking statements are not statements of historical fact or actual events and results may differ materially from those contemplated by the forward looking statements as a result of a variety of risks, uncertainties and other factors, many of which are outside the control of Fenix, CZR and the Combined Group. Such factors may include, among other things, risks relating to funding requirements, commodity prices, exploration, development and operating risks (including unexpected capital or operating cost increases), production risks, competition and market risks, regulatory restrictions (including environmental regulations and associated liability, changes in regulatory restrictions or regulatory policy and potential title disputes) and risks associated with general economic, political and other conditions. Any forward looking statements, as well as any other opinions and estimates, provided in this presentation are based on assumptions and contingencies which are subject to change without notice and may prove ultimately to be materially incorrect, as are statements about market and industry trends, which are based on interpretations of current market conditions. There can be no assurance that the Offer will complete or that plans of the directors and management of Fenix and CZR for the Combined Group will proceed as currently expected or will ultimately be successful. You are strongly cautioned not to place undue reliance on forward looking statements, including in respect of the financial or operating outlook for Fenix, CZR or the Combined Group (including the realisation of any expected synergies). Not investment advice Each recipient of the presentation should make its own enquiries and investigations regarding all information in this presentation including but not limited to the assumptions, uncertainties and contingencies which may affect future operations of Fenix, CZR or the Combined Group and the impact that different future outcomes might have. Information in this presentation is not intended to be relied upon as advice to investors or potential investors and has been prepared without taking account of any person’s individual investment objectives, financial situation or particular needs. Before making an investment decision, prospective investors should consider the appropriateness of the information having regard to their own investment objectives, financial situation and needs and seek legal, accounting and taxation advice appropriate to their jurisdiction. Fenix and CZR are not licensed to provide financial product advice in respect of their securities. Currency Unless otherwise stated, all dollar values in this presentation are reported in Australian dollars. ASX: FEX | 2 For personal use only
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IMPORTANT DISCLOSURE ASX: FEX | 3 Competent Person and Compliance Statements Iron Ridge The information in this presentation relating to the Iron Ridge Mineral Resource Estimate (MRE) is based on information compiled by Dr Heather King, a Competent Person who is a member of the South African Council for Natural Scientific Professions (SACNASP) and a Fellow of the Geological Society of South Africa (GSSA). Dr King is employed by A and B Global Mining a sub-consultant of ResourcesWA Pty Ltd. Dr King has sufficient experience relevant to the style of mineralisation and type of deposit under consideration and to the activity which they are undertaking to qualify as a Competent Person as defined in the 2012 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’ (JORC Code). The Company confirms it is not aware of any new information or data that materially affects the information included in the original market announcement on 5 December 2024 and all material assumptions and technical parameters underpinning the estimates in the relevant market announcement continue to apply and have not materially changed. The MRE comprises 4.3Mt Indicated and 9.0Mt Inferred. The information in this presentation relating to the Iron Ridge Ore Reserves is based on information compiled by Mr John Battista, a Competent Person who is a Fellow and Chartered Professional (Mining) of the Australasian Institute of Mining and Metallurgy and is currently employed by Mining Plus (UK) Ltd. The Company confirms it is not aware of any new information or data that materially affects the information included in the original market announcement on 4 November 2019 and the Company’s subsequent Annual Reports on 15 September 2021, 29 August 2022, 29 August 2023 and 29 August 2024 and all material assumptions and technical parameters underpinning the estimates in the relevant market announcements continue to apply and have not materially changed. Shine The information in this [announcement / presentation] relating to the Shine MRE is based on information compiled by Ms Elizabeth Haren, a Competent Person who is a member and Chartered Professional of the Australasian Institute of Mining and Metallurgy and member of the Australian Institute of Geoscientists. Ms Haren is a consultant to Fenix Resources Limited. Ms Haren has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken to qualify as a Competent Person as defined in the JORC Code. The Company confirms it is not aware of any new information or data that materially affects the information included in the original market announcement on 29 June 2023 and all material assumptions and technical parameters underpinning the estimates in the relevant market announcements continue to apply and have not materially changed. The Shine MRE comprises 5.1Mt Measured, 6.3Mt Indicated and 3.6Mt Inferred. Beebyn-W11 The information in this presentation relating to the Beebyn-W11 MRE is based on information compiled by Dr Heather King, a Competent Person who is a member of the South African Council for Natural Scientific Professions (SACNASP) and a Fellow of the Geological Society of South Africa (GSSA). Dr King is an employee of A&B Global Mining (Pty) Ltd, a sub-consultant of ResourcesWA Pty Ltd. Dr King has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken to qualify as a Competent Person as defined in the JORC Code. The Company confirms it is not aware of any new information or data that materially affects the information included in the original market announcement on 3 October 2023 and all material assumptions and technical parameters underpinning the estimates in the relevant market announcement continue to apply and have not materially changed. The Beebyn-W11 MRE comprises 13.22Mt Measured and 7.25Mt Indicated. The information in this presentation relating to the Beebyn-W11 Ore Reserve is based on information compiled by Mr. Ross Cheyne, who is an employee of Orelogy Consulting (Pty) Ltd, and a Fellow of the AusIMM. The Company confirms it is not aware of any new information or data that materially affects the information included in the original market announcement on 25 July 2024 and all material assumptions and technical parameters underpinning the estimates in the relevant market announcement, including the production targets and forecast financial information based on production targets, continue to apply and have not materially changed. Robe Mesa The information in this presentation that relates to production targets and forecast financial information in relation to CZR's Robe Mesa DFS is extracted from its announcement on 10 October 2023 entitled "Robe Mesa DFS reveals outstanding financial returns”. CZR confirms all material assumptions and technical parameters underpinning the DFS results referred to in this presentation continue to apply and have not materially changed. CZR confirms that it is not aware of any new information or data that materially affects the information included in that ASX announcement and that all material assumptions and technical parameters underpinning the production target, and the related forecast financial information derived from the production target in that market announcement continue to apply and have not materially changed. The information in this presentation that relates to the Mineral Resources and Ore Reserves in relation to CZR's Robe Mesa project is extracted from its announcement on 10 October 2023 entitled "Robe Mesa DFS reveals outstanding financial returns”. CZR confirms that it is not aware of any new information or data that materially affects the information included in the relevant market announcement and CZR confirms that all material assumptions and technical parameters underpinning the previous Mineral Resources and Ore Reserve estimates in the relevant ASX announcement continue to apply and have not materially changed. CZR confirms that the form and context in which the Competent Person's findings are presented have not been materially modified from the original market announcement. For personal use only
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FENIX TO ACQUIRE CZR ASX: FEX | 4 ALL-SCRIP OFF-MARKET TAKEOVER Pursuant to a binding Bid Implementation Agreement between Fenix and CZR, Fenix will acquire up to 100% of the issued shares in CZR (Proposed Acquisition) CZR Shareholders will be entitled to receive 0.85 Fenix Shares for every CZR Share at an implied value of $0.261 per CZR share (Base Offer Consideration), increasing to receive 0.98 Fenix Shares for every CZR Share held at an implied value of $0.301 per CZR share (Increased Offer Consideration) if Fenix acquires a 75% relevant interest in CZR Shares on or before 7:00pm (AEDT) on 21 March 2025 The Proposed Acquisition is unanimously recommended by CZR’s Board of Directors (subject to there being no superior proposal made) and supported by CZR’s controlling shareholder Mr Mark Creasy of the Creasy Group2 The Proposed Acquisition positions Fenix as a leading, fully integrated, multi-region large-scale iron ore producer and logistics provider in Western Australia, with operations spanning across the Pilbara and Mid-West regions Notes: 1. Based on Fenix’s closing price of $0.305 on 24 February 2025. 2. The Creasy Group have indicated an intention to accept the Offer at the Offer Price, subject to no superior proposal being ma de (at the Creasy Group absolute discretion), on a date that is not less than 21 days after the date the Offer is open for acceptances in relation to all the CZR shares. For personal use only
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ASX: FEX | 5 Fenix taking control of CZR combines proven execution with strategic scale to create the new Western Force in Iron Ore For personal use only
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ALL SHARE MUTUALLY BENEFICIAL TRANSACTION ENHANCED SCALE Interest in projects with Mineral Resources of 137Mt4 Interests in projects with Ore Reserves of 46Mt4 Two premier iron ore regions Two strategic port assets OPERA TIONAL STRENGTH Two cash- generating mines Infrastructure advantage Logistics capabilities Development pipeline SUPPORTED TRANSACTION Mark Creasy cornerstone (12%)1 Unanimous CZR Board recommendation3 Major shareholder endorsement2 Strong stakeholder endorsement PROVEN FENIX MODEL Integrated mine- to-port model ~$1B revenue track record Consistent operational delivery Strong balance sheet VALUE CREA TION De-risked mine development Enhanced market presence Production growth potential Integration capabilities ASX: FEX | 6 Notes: 1. The Creasy Group’s pro-forma interest in Fenix on completion of the Proposed Acquisition assuming 100% of CZR shareholders accep t the Offer and Fenix obtains a relevant interest in at least 75% of CZR shares by 7:00pm AEDT on 21 March 2025, such that CZR Shareholders receive the Increased Offer Consideration. 2. The Creasy Group have indicated an intention to accept the Offer at the Offer Price, subject to no superior proposal being ma de (at the Creasy Group absolute discretion), on a date that is not less than 21 days after the date the Offer is open for acceptances in relation to all the CZR shares. 3. Offer is unanimously recommended by the CZR Board of Directors, subject to no superior proposal being made. 4. Combined interests in Mineral Resources and Ore Reserves are reported on a 100% basis other than for Beebyn -W11 where only 10Mt is included, for further information refer to: (i) “FEX Mineral Resources and Ore Reserves” on slide 18; and (ii) “CZR Mineral Resources and Ore Reserves” on slide 19. For personal use only
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We have a port business. We have a haulage and logistics business. We have a mining business. ASX: FEX | 7 Newhaul Port Logistics Newhaul Road Logistics Westmine For personal use only
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THE FENIX FORMULA: PROVEN VALUE CREATION ASX: FEX | 8 An Integrated Mining, Logistics and Port business that has outperformed Well positioned to duplicate success at CZR’s Robe Mesa Proven systems and processes Experienced management team Strong stakeholder relationships Integration expertise + + Integrated Operations Operational Excellence Financial Delivery • Complete mine-to-port control • Tier-1 wholly-owned haulage business • Port infrastructure ownership • Operational flexibility • Proven management team with track record of success • Consistent production • Excellent cost management • Strong revenue generation • Exceptional safety performance • Focused business units with consistent high performance • On-budget project execution • Exceptional track record of meeting project development timelines • Healthy margins • Strong operational cashflow with hedge book protections • Balance sheet strength For personal use only
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CZR RESOURCES: STRATEGIC PILBARA ASSETS ASX: FEX | 9 Strategic Position in WA's Premier Iron Ore Region KEY ADVANTAGES Strategic Pilbara position Development-ready primary asset Advanced port solution Multiple growth options Clear pathway to production Robe Mesa Project (CZR 85%) • Mineral Resources: 89.6Mt @ 55.4% Fe (61.0% FeCa), Ore Reserves: 33.4Mt @ 55.0% Fe (61.6% FeCa) • Simple, low-cost, in-demand DSO product • Near existing infrastructure and skilled workforce, only 200km from Karratha and 175km from Onslow • Adjacent to Rio Tinto’s Robe Valley operations • Development-ready with completed DFS Ashburton Port Solution (CZR 50%) • Ashburton Link - Strategic port development consortium • Partners include CSL Australia (global leaders in transshipment) and Miracle Iron (Paulsens East iron ore mine) • Planned 5Mtpa bulk loading facility • CZR’s share of proposed export capacity is 67% • Significant opex advantage vs Port Hedland Growth Pipeline • Robe Mesa South - acquired from FMG (brownfield) • Extensive outcropping CID within broader Yarraloola project yet to be tested (greenfield) • Croydon Gold - high grade gold discovery, located only ~50km from 10.5Moz Hemi gold deposit • Buddadoo – large vanadium-titanium magnetite deposit located ~200km from Geraldton Port + + For personal use only
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STRATEGIC COMBINATION ASX: FEX | 10 Proven Execution with Strategic Scale Proven Mine-to-Port Excellence • Proven execution • Integrated operations • Revenue generation • Operational expertise • Balance sheet strength Strategic Pilbara Platform • Strategic Pilbara assets • Substantial scale • Growth pathway • Strategic location • Development ready COMBINED STRENGTH Creating a fully-integrated new Western Force in Iron Ore Enhanced scale Portfolio of interests in projects with total Mineral Resources of 137Mt1 Production expansion potential Portfolio of interests in projects with total Ore Reserves of 46Mt1 Two premier mining regions Strong growth pipeline Notes: 1. Combined interests in Mineral Resources and Ore Reserves are reported on a 100% basis other than for Beebyn -W11 where only 10Mt is included, for further information refer to: (i) “FEX Mineral Resources and Ore Reserves” on slide 18; and (ii) “CZR Mineral Resources and Ore Reserves” on slide 19. For personal use only
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137Mt 46Mt A NEW WESTERN FORCE IN IRON ORE ASX: FEX | 11 Strategic Assets Across Western Australia's Premier Iron Ore Regions Portfolio of interests in projects with Strategic port solutions Geraldton Port Ashburton Port Integrated logistics capability Notes: 1. Combined interests in Mineral Resources and Ore Reserves are reported on a 100% basis other than for Beebyn -W11 where only 10Mt is included, for further information refer to: (i) “FEX Mineral Resources and Ore Reserves” on slide 18; and (ii) “CZR Mineral Resources and Ore Reser ves” on slide 19. Mineral Resources1 Ore Reserves1 For personal use only
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CREATING VALUE FOR ALL SHAREHOLDERS IMMEDIATE BENEFITS: • Premium offer with upside • Exposure to revenue-generating operations • Track record of dividend payments • Enhanced liquidity OPERATIONAL UPSIDE: • Proven mine-to-port expertise • Established systems and processes • Integration capabilities • Low-cost haulage to unlock additional value at Robe Mesa FUTURE VALUE: • Maintained exposure to Pilbara assets • Enhanced development capability • Clear pathway to production • Strong growth potential ASX: FEX | 12 Compelling Benefits for both Shareholder Groups FOR CZR SHAREHOLDERS Immediate Value + Future Growth FOR FENIX SHAREHOLDERS Enhanced Scale + Strategic Growth STRATEGIC EXPANSION: • Significantly expands resource base to 137Mt1 • Entry to Pilbara region • Strategic port access • Enhanced market presence GROWTH PLATFORM: • Clear pathway to expand production • Multi-region operations • Expanded opportunity set • Infrastructure advantage MAINTAINED STRENGTH: • Strong balance sheet • Proven operational model • Experienced management • Enhanced scale benefits Notes: 1. Combined interests in Mineral Resources and Ore Reserves are reported on a 100% basis other than for Beebyn -W11 where only 10Mt is included, for further information refer to: (i) “FEX Mineral Resources and Ore Reserves” on slide 19; and (ii) “CZR Mineral Resources and Ore Reserves” on slide 20. For personal use only
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TRANSACTION SUMMARY ASX: FEX | 13 Transaction structure • Fenix to acquire all the issued ordinary shares in CZR, by way of an all-scrip off-market takeover offer (Offer) • Pursuant to the Offer, CZR shareholders will be offered the Base Offer Consideration, increasing to the Increased Offer Consideration subject to Fenix obtaining a relevant interest in at least 75% of CZR shares by 7:00pm AEDT on 21 March 2025 (Offer Price) Offer consideration Base Offer Consideration • 0.85 Fenix shares for every CZR share held • Implied offer price of $0.261 per CZR share • Implied value of CZR equity of $61.4 million2 Increased Offer Consideration • 0.98 Fenix shares for every CZR share held • Implied offer price of $0.301 per CZR share • Implied value of CZR equity of $70.8 million2 Transaction premia The Base Offer Consideration represents: • 27% to the 10-day VWAP of CZR Shares of $0.205; • 33% to the 30-day VWAP of CZR Shares of $0.195; and • 32% to the 60-day VWAP of CZR Shares of $0.197. The Increased Offer Consideration represents: • 46% to the 10-day VWAP of CZR Shares of $0.205; • 53% to the 30-day VWAP of CZR Shares of $0.195; and • 52% to the 60-day VWAP of CZR Shares of $0.197. Board recommendation • Offer is unanimously recommended by the CZR Board of Directors, subject to no superior proposal being made Major shareholder support • CZR’s largest shareholder the Creasy Group (52.2%) has confirmed their intention to accept the Offer at the Offer Price, subject to no superior proposal being made (at the Creasy Group absolute discretion), on a date that is not less than 21 days after the date the Offer is open for acceptances in relation to all the CZR shares Offer conditions The Offer is subject to several conditions, including (amongst others): • 75% minimum acceptance by CZR shareholders • No material adverse change in relation to CZR • No prescribed occurrence in relation to CZR • No CZR breaches of representations and warranties • No regulatory actions during the offer period Notes: 1. Based on Fenix’s closing price of $0.305 on 24 February 2025. 2. Based on 236.7 million ordinary CZR shares outstanding. For personal use only
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PRO-FORMA SNAPSHOT ASX: FEX | 14 Notes: 1. Share price as at 24 February 2025. 2. Based on the Base Offer Consideration and assuming 100% of CZR shareholders accept the Offer. 3. Based on 942.4 pro-forma shares outstanding and a pro -forma spot price of $0.305 4. Based on HY FY2025 Reports. 5. Based on a pro-forma market capitalisation of $287m less $0.8m net cash. 6. Combined interests in Mineral Resources and Ore Reserves are reported on a 100% basis other than for Beebyn -W11 where only 10Mt is included, for further information refer to: (i) “FEX Mineral Resources and Ore Reserves” on slide 18; and (ii) “CZR Mineral Resources and Ore Reserves” on slide 19. 7. Inclusive of Ore Reserves. Fenix CZR Pro forma Share price1 $/share 0.305 0.240 0.305 Ordinary shares outstanding #m 741.1 236.7 942.42 Market capitalisation $m 226 56.8 2873 Cash and cash equivalents4 $m 56.1 0.1 56.2 Borrowings & lease liabilities4 $m 53.0 2.4 55.4 Enterprise value $m 223 59.1 2865 Ore Reserves (100% basis)6 Mt 12.9Mt 33.4Mt 46Mt Mineral Resources (100% basis)6,7 Mt 38.5Mt 98.4Mt 137Mt For personal use only
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INDICATIVE TIMETABLE ASX: FEX | 15 Event Date Announcement of Offer 25 February 2025 Bidder’s Statement and Target’s Statement lodged with ASIC and ASX 25 February 2025 Opening date of offer 25 February 2025 Date by which Fenix must acquire 75% Relevant Interest in CZR shares in order for CZR shareholders to be entitled to the Increased Offer Consideration 21 March 2025 Closing date of Offer (unless extended or withdrawn) 8 April 2025 General meeting to approve (amongst other things) Replacement Fenix Options and Replacement Fenix Performance Rights On or around April 2025 For personal use only
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CORPORATE SNAPSHOT ASX: FEX | 16 FEX ASX Code A$226m Market Cap As at 24 Feb 2025; $0.305 per share A$56.1m Cash at Bank (as at 31 Dec 2024) 16% Owned by company directors FY24 Sales 1.5Mt FY24 Revenue $259m FY24 EBIT $48.8m FY24 NPAT $33.6m SHARE PRICE PERFORMANCE ANALYST COVERAGE $- $0.05 $0.10 $0.15 $0.20 $0.25 $0.30 $0.35 $0.40 Aug-24 Sep-24 Oct-24 Nov-24 Dec-24 Jan-25 For personal use only
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| ASX: FEX John Welborn Executive Chairman info@fenix.com.au CONTACT FENIX.COM.AU Scan the QR code to watch a fly-through of our operations in WA’s Mid-West For personal use only
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APPENDIX 1. FEX MINERAL RESOURCES & ORE RESERVES ASX: FEX | 18 MINERAL RESOURCES Shine (FEX 100%) Tonnes (millions) Fe % SiO2 % Al2O3 % P % Mineral Resources, above 50% Fe Measured 5.1 59.2 8.98 1.60 0.08 Indicated 6.3 58.1 9.97 1.27 0.07 Inferred 3.6 56.9 9.58 1.18 0.63 Total at 30 June 2024 15.1 58.2 9.54 1.36 0.07 Iron Ridge (FEX 100%) Tonnes (millions) Fe % SiO2 % Al2O3 % P % Mineral Resources, above 58% Fe Indicated 4.3 65.9 2.36 1.80 0.04 Inferred 9.0 64.4 3.17 2.22 0.05 Total at 30 Nov 2024 13.4 64.9 2.9 2.1 0.05 Beebyn-W11 (FEX right-to-mine up to 10Mt) Tonnes (millions) Fe % SiO2 % Al2O3 % P % Mineral Resources, above 50% Fe. 10% Geological discount applied Measured 13.2 61.8 3.66 2.66 0.07 Indicated 7.3 60.3 4.70 2.63 0.08 Inferred 0.9 56.4 7.75 5.62 0.07 Total at 30 June 2024 21.4 61.1 4.2 2.8 0.07 ORE RESERVES Iron Ridge (FEX 100%) Tonnes (millions) Fe % SiO2 % Al2O3 % P % Ore Reserves, above 58% Fe Probable 2.9 64.8 2.72 2.06 0.04 Total at 30 June 2024 2.9 64.8 2.7 2.1 0.0 Beebyn-W11 (FEX right-to-mine up to 10Mt) Tonnes (millions) Fe % SiO2 % Al2O3 % P % Ore Reserves, above 50% Fe Proven 8.3 62.5 3.40 3.03 0.06 Probable 1.7 61.1 4.45 3.44 0.06 Total at 31 July 2024 10.0 62.2 3.6 3.1 0.06 This presentation contains references to Fenix’s JORC Mineral Resources and Ore Reserves, extracted from the ASX announcement s titled “Iron Ridge Mineral Resource Update“ dated 5 December 2024, "FY24 Annual Report" dated 29 August 2024, “Beebyn-W11 Feasibility Study and Maiden Ore Reserve“ dated 25 July 2024, and “Acquisition of Mid -West Iron Ore and Port A ssets“ dated 29 June 2023. For personal use only
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APPENDIX 2. CZR MINERAL RESOURCES & ORE RESERVES ASX: FEX | 19 Robe Mesa (CZR 85%, Reported below on 100% basis) 55% Fe cut-off grade As at 30 June 2024 Mt Fe % SiO2 % Al2O3 % P % Feca% Indicated 36.0 56.0 5.9 2.8 0.04 62.7 Inferred 9.2 56.1 5.6 2.7 0.04 62.9 Total 45.2 56.0 5.8 2.8 0.04 62.7 50% Fe cut-off grade As at 30 June 2024 Mt Fe % SiO2 % Al2O3 % P % Feca% Indicated 71.8 54.4 7.5 3.3 0.04 61.1 Inferred 17.8 54.3 7.6 3.3 0.04 60.8 Total 89.6 54.4 7.5 3.3 0.04 61.0 Robe East (CZR 85%, Reported below on 100% basis) As at 30 June 2024 Mt Fe % SiO2 % Al2O3 % P % Feca% Inferred (50% Fe cut-off) 4.6 51.8 9.7 3.8 0.1 58.2 Robe Mesa South (CZR 85%, Reported below on 100% basis) As at 30 June 2024 Mt Fe % SiO2 % Al2O3 % P % Feca% Inferred (50% Fe cut-off) 4.2 53.0 9.1 3.9 0.04 59.2 MINERAL RESOURCES ORE RESERVES Robe Mesa (CZR 85%, Reported below on 100% basis) 50% Fe cut-off grade As at 30 June 2024 Mt Fe % SiO2 % Al2O3 % P % Feca% Probable 33.4 55.0 6.9 3.1 0.04 61.6 Total 33.4 55.0 6.9 3.1 0.04 61.6 This presentation contains references to CZR’s JORC Mineral Resources and Ore Reserves, extracted form the ASX announcements titled “Robe Mesa Resource Continues to Grow“ dated 12 December 2022, “Outstanding Financial Returns from Robe Mesa DFS“ dated 10 October 2023, “Maiden Inferred Resource for the P529 Deposit“ dated 9 May 2017, and “ Yarraloola Project Robe Mesa Resource Upgrade“ dated 26 April 2017 For personal use only