• NRW subsidiary Golding Contractors providing mining services for OneSteel under Mining Services Agreement
• OneSteel placed into administration by South Australian Government
• Golding to continue providing services under direction of Administrators

NRW Holdings Limited's (ASX-NWH) wholly owned subsidiary, Golding Contractors Pty Ltd, has been providing mining services for OneSteel Manufacturing Pty Ltd (OneSteel) since 2020 under a Mining Services Agreement (MSA). To protect its position, Golding previously obtained a guarantee and indemnity from both Liberty Primary Metals Australia Pty Ltd and Whyalla Ports Pty Ltd, as well as first ranking security over the assets and shares of Whyalla Ports Pty Ltd. Liberty Primary Metals Australia is the parent company of Onesteel Manufacturing Pty Ltd, Whyalla Ports Pty Ltd and Tahmoor Coal Pty Ltd. Whyalla Ports Pty Ltd operates the deep sea port at Whyalla, South Australia, which is critical to OneSteel's operations. On 19 February 2025, the South Australian Government appointed KordaMentha as Administrators over OneSteel. Golding is continuing to provide mining services at planned production levels under the direction of the Administrators in accordance with the terms of the MSA that remains in effect. Golding has had confirmation that it will be paid by the Administrators for all services performed in accordance with the MSA on and from 19 February 2025. The term of the MSA was recently extended to 31 January 2026. As at 24 February 2025, Golding is owed approximately A$113.3m under the MSA for the period prior to the 19 February 2025 appointment. NRW has various options regarding the enforcement of its security and will make a decision on the path forward based on the best interest of its shareholders and other stakeholders in what is a complex environment.