• CZR receives unsolicited, confidential, non-binding and conditional proposal from Robe River JV to acquire CZR's Robe Mesa Iron Ore project for A$75 million
• Proposal subject to due diligence, definitive agreements, third party and regulatory approvals, and CZR shareholder approval
• CZR Board deems Robe River JV Proposal a Potential Competing Proposal that could lead to a Superior Proposal

CZR Resources Ltd (ASX: CZR) has received an unsolicited, confidential, non-binding and conditional proposal from the participants in the Robe River Iron Associates Joint Venture (Robe River JV) to acquire CZR's interest in the Robe Mesa Iron Ore project for a cash consideration of A$75 million. The Robe River JV Proposal is subject to several conditions, including due diligence access, satisfactory due diligence, negotiation and execution of definitive transaction agreements, receipt of required third party and regulatory approvals, and CZR shareholder approval. The Robe River JV has stated that it wishes to obtain the support of significant CZR shareholders for the transaction and is willing to consider providing additional debt funding to CZR. CZR has provided notice of the Robe River JV Proposal to Fenix Resources Ltd, with whom CZR has a Bid Implementation Agreement. The CZR Board has determined that the Robe River JV Proposal is a Potential Competing Proposal that could reasonably be expected to lead to a Superior Proposal, and CZR intends to engage with the Robe River JV in relation to the proposal. However, the CZR Board continues to unanimously recommend that CZR shareholders accept Fenix's offer, in the absence of a Superior Proposal.