• CZR receives binding offer from Robe River JV to acquire its Robe Mesa Iron Ore project for $75 million
• CZR Board determines Robe River JV offer is a Superior Proposal compared to Fenix takeover offer
• CZR to commence matching right process with Fenix as per Fenix BIA

CZR Resources Ltd (ASX: CZR) has received a binding offer from North Mining Limited (an indirect wholly-owned subsidiary of Rio Tinto Limited), Robe River Mining Co Pty Ltd (an indirectly 60% owned subsidiary of Rio Tinto Limited and 40% owned by Mitsui Iron Ore Development) and Mitsui Iron Ore Development Pty Ltd (a wholly-owned subsidiary of Mitsui & Co Ltd) (together, the RRJV) to acquire CZR's interest in the Robe Mesa Iron Ore project tenements for cash consideration of $75 million. The CZR Board has carefully reviewed the terms of the Robe River JV Offer and has determined that it is a Superior Proposal under the terms of the bid implementation agreement between Fenix Resources Ltd and CZR. The CZR Board determined that the Robe River JV Offer is more favourable to CZR shareholders than the Fenix takeover offer, considering factors such as the higher cash consideration, the ability to develop CZR's retained projects without the need for dilutive capital raisings, and the reduced exposure to capital and commodity markets. CZR has provided notice to Fenix of its determination that the Robe River JV Offer is a Superior Proposal and has commenced the matching right process with Fenix in accordance with the terms of the Fenix BIA. Fenix has the right to submit a proposal to amend the terms of the Fenix Transaction, and the CZR Board must review any Counter Proposal in good faith to determine whether it would be demonstrably more favourable to CZR and its shareholders than the Robe River JV Offer.