• NRW's subsidiary Golding holds first-ranking security over Whyalla Ports assets
• Proposed SA legislation aims to void Whyalla Ports' lease and ownership of assets
• This would seriously impair Golding's security and ability to recover $113.3M owed by OneSteel

NRW Holdings Limited (ASX: NWH) advised that its wholly-owned subsidiary Golding Contractors Pty Ltd (Golding) had obtained a first-ranking security over the assets and shares of Whyalla Ports Pty Ltd (Whyalla Ports) to secure money owed by OneSteel Manufacturing Pty Ltd (OneSteel). However, the South Australian Government has now proposed new legislation called the Whyalla Steel Works (Port of Whyalla) Amendment Bill 2025, which aims to void Whyalla Ports' lease and declare the infrastructure it owns as part of the land, effectively transferring ownership to OneSteel without compensation. NRW is extremely concerned that this proposed intervention will seriously impair and undermine Golding's security over Whyalla Ports' assets, which are crucial to Golding's ability to recover the $113.3 million owed by OneSteel. NRW was confident of a successful outcome in the upcoming Federal Court trial, but the proposed legislation may pre-empt this. If the legislation is passed, NRW will be required to raise an impairment provision of $113.3 million as a non-recurring item in its financial results for the period ending 30 June 2025.

If the proposed SA legislation is passed, NRW will raise an impairment provision of $113.3 million as a non-recurring item in its financial results for the period ending 30 June 2025.