• CZR receives revised non-binding, indicative and conditional offer from Robe River JV
• Revised offer removes condition to negotiate with Zanf Pty Ltd
• CZR directors continue to unanimously recommend accepting Fenix's offer

CZR Resources Ltd has received a revised non-binding, indicative and conditional offer from the participants in the Robe River Iron Associates Joint Venture (Robe River JV) to acquire CZR's interest in the tenements comprising its Robe Mesa Iron Ore project for cash consideration of A$75 million. The revised offer removes the previous condition to negotiate and execute an asset sale and purchase agreement with Zanf Pty Ltd for the acquisition of its interest in the Robe Mesa Iron Ore project and associated transaction documents. All other terms and conditions of the original Robe River JV Proposal remain unchanged. CZR will continue to keep the market informed of any further material developments in relation to the Revised Robe River JV Proposal. While CZR engages with the Robe River JV, the CZR directors continue to unanimously recommend that all CZR shareholders ACCEPT Fenix's offer, in the absence of a Superior Proposal. CZR directors holding CZR shares have already accepted Fenix's offer. As at the date of the Third Supplementary Target's Statement, other than the Gold Valley Proposal, the Robe River JV Proposal and the Revised Robe River JV Proposal, no other bona fide alternative or competing proposal to the Fenix offer has been made and there is no certainty that any Superior Proposal will emerge.