• CZR received a non-binding, conditional proposal from Robe River JV to acquire its Robe Mesa Iron Ore project for $75 million
• CZR Board determined the Robe River JV Proposal is a Potential Competing Proposal that could lead to a Superior Proposal
• CZR will engage with Robe River JV, but directors continue to unanimously recommend accepting Fenix's takeover offer

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 cash consideration of A$75 million. The Robe River JV Proposal is subject to several conditions, including due diligence, negotiation of definitive transaction documents, and regulatory and shareholder approvals. Based on the information provided, the CZR Board has determined in good faith that the Robe River JV Proposal is a Potential Competing Proposal that could reasonably be expected to lead to a Superior Proposal if it were to be proposed. Accordingly, CZR intends to engage with Robe River JV in relation to the proposal, while the existing Bid Implementation Agreement with Fenix Resources Ltd remains in place.CZR's directors continue to unanimously recommend that all CZR shareholders accept Fenix's takeover offer, in the absence of a Superior Proposal. CZR directors holding shares have already accepted Fenix's offer. Apart from the Robe River JV Proposal and a previous proposal from Gold Valley, no other competing offers have been made, and there is no certainty that any Superior Proposal will emerge.