• Fenix Resources received a binding offer from Rio Tinto and Mitsui for CZR's Robe Mesa Iron Ore Project
• CZR Board determined the offer is a Superior Proposal, triggering Fenix's matching rights
• Fenix decided not to exercise its matching rights, leading to the termination of the Bid Implementation Agreement

Fenix Resources Ltd has issued a second supplementary bidder's statement in relation to its off-market takeover offer for CZR Resources Ltd. The announcement details that on 11 April 2025, CZR announced it had 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) for the acquisition of CZR's interest in the tenements which comprise its Robe Mesa Iron Ore Project for cash consideration of $75 million. The CZR Board determined that the terms of this offer constituted a Superior Proposal under the Bid Implementation Agreement (BIA) between Fenix and CZR. As a result, Fenix had a right to submit a proposal to amend the terms of its Takeover Bid, including by increasing the consideration offered. However, on 16 April 2025, Fenix notified CZR that it had decided not to exercise its matching rights. Consequently, on 17 April 2025, CZR announced that it had entered into transaction documents for the sale of its Robe Mesa Iron Ore Project, and the CZR Directors unanimously withdrew their previous recommendation in relation to Fenix's Takeover Bid. As a result, the BIA has been terminated, and CZR is required to pay a break fee of $650,000 and repay the outstanding moneys under the Loan Agreement.