• CZR Directors unanimously recommend accepting Fenix's offer
• Offer represents an attractive premium to CZR's share price
• Combined group will have more liquidity and capacity to fund Robe Mesa development

CZR Resources Ltd has issued a Target's Statement in response to Fenix Resources Ltd's off-market takeover bid to acquire all of CZR's shares. The CZR Board unanimously recommends that CZR shareholders accept the offer at both the Base Offer Consideration of 0.85 Fenix shares per CZR share, and the Increased Offer Consideration of 0.98 Fenix shares per CZR share if Fenix acquires a 75% relevant interest in CZR by 21 March 2025. The CZR Board believes the offer represents an attractive premium to CZR's share price, with the Base Offer Consideration implying a 33% premium to CZR's 30-day VWAP. The Increased Offer Consideration represents a 53% premium. Additionally, CZR's controlling shareholder, the Creasy Group, has provided a voting intention statement to accept the offer. The CZR Board also believes the combined group will have significantly more liquidity and capacity to fund the development of the Robe Mesa project, reducing the impact of potential shareholder dilution. Upon successful completion of the offer, CZR shareholders will own approximately 21.4% to 23.8% of the combined group.