• Joint venture option with CRH Ventures has expired
• FBR completed successful Demonstration Program in the US
• FBR now positioned to advance Hadrian X financing discussions independently

FBR Limited (ASX:FBR) has announced the conclusion of the option period for the option granted to CRH Ventures to form a joint venture for the provision of Wall as a Service in the United States. As previously announced, CRH Ventures was granted an option to enter into an exclusive joint venture, but FBR did not receive formal notice of exercise of the option before the end of the option period. Accordingly, the option has expired, and FBR is no longer subject to the exclusivity arrangements with CRH Ventures. FBR completed a successful Demonstration Program working with a selection of builders in the United States, for which it received non-refundable payments totalling US$2 million from CRH Ventures. Following the expiration of the option, FBR is now positioned to advance discussions with third parties regarding Hadrian X financing options as an alternative arrangement to the financing that would have been provided under a joint venture. FBR has also engaged with governments in Australia and the United States to canvas support for its robotic construction technology, and these discussions can now progress to the next stage.

FBR is now unrestricted in its dealings and operations in the United States and is engaged in discussions with builders, counties and industry incumbents, not just in Florida but across the United States, including in California. FBR will provide further updates on its United States operations in the coming weeks, including its transition to the Liebherr facility in Miami as an operating base.