• Received final ~A$0.54m in Tranche 2 Placement funds
• Reduced costs to sustainable level, including headcount and payroll
• Exited 122 Sultana Road premises, now operating from single location

FBR Limited (ASX:FBR) has confirmed that following shareholder approval on 6 May 2025, the final ~A$0.54m funds relating to the Tranche 2 Placement have been received. The allotment of 53,820,242 fully paid ordinary shares at an issue price of A$0.01 per share is scheduled to be completed on 12 May 2025. This completes the company's A$6.3m placement announced on 27 March 2025. FBR has made substantial progress towards reducing costs to a sustainable level, with the most significant component being a reduction in headcount and associated ongoing payroll burden. Funds raised in the recent placement were in part applied to restructuring costs to achieve this reduction. FBR now maintains a team of approximately 25 with the capability to operate and maintain Hadrian X units, complete commissioning of an additional Hadrian X unit, and continue FBR's R&D projects. The company has largely exited the premises at 122 Sultana Road, with final remedial works to be completed in the next few weeks. FBR now has a single premise at 88 Sultana Road, with all employees in Australia based in a single building. Furthermore, the company anticipates reducing its debt obligations via the repayment of approximately $400,000 of loans currently in place. As a result of these actions, the FBR group is in an improved financial position with more flexibility as to future activities while conserving all of the key intellectual property, capability, and potential that has been developed over the past few years.