Fenix to take No Right To Match Action on CZR Takeover

Key points

• Fenix decides not to provide any counter proposal to CZR's takeover offer
• CZR received a binding proposal from Robe River Iron Associates JV to acquire its interest in Robe River tenements
• Fenix recognizes exciting growth opportunities within its existing Mid-West footprint

Full summary

Fenix Resources Ltd (ASX: FEX) has advised that the Company has decided not to provide any counter proposal to CZR Resources Ltd (ASX:CZR) pursuant to its matching right under the Bid Implementation Agreement (BIA). On 25 February 2025, Fenix launched an all-scrip off-market takeover offer to acquire up to 100% of the issued shares in CZR. On 11 April 2025, CZR provided notice to Fenix that it had received a binding proposal from the Robe River Iron Associates Joint Venture (various subsidiaries of Rio Tinto Limited, Mitsui & Co Ltd, and Nippon Steel Corporation) to acquire CZR's interest in the Robe River tenements for cash consideration of $75 million. The CZR Board determined that the Robe River JV Offer is a Superior Proposal under the terms of the BIA. Fenix's Board has carefully considered the strategic rationale for the Takeover Offer and the Company's commitment to a disciplined approach to growth transactions and the allocation of capital. Recognising the exciting growth opportunities available within Fenix's existing Mid-West footprint, the Fenix Board has notified CZR of the decision not to exercise the Matching Right. Fenix's Takeover Offer remains open for acceptance until 7:00pm (AEST) on 29 April 2025.