• Rio Tinto completes due diligence for Zesty Green Iron Demonstration Project
• First cash contribution of A$3 million from Rio Tinto to the Project
• Zesty technology aims to provide lowest cost pathways to green iron and steel

Australian environmental technology company, Calix Limited (ASX: CXL) is pleased to announce that due diligence, as defined under the terms of the Joint Development Agreement with Rio Tinto (ASX: RIO) (LSE: RIO) for the Zesty Green Iron Demonstration Project (the Project), is complete. The successful completion of due diligence clears the way for the first cash contribution from Rio Tinto of A$3 million to the Project. Calix's Zesty technology uses a combination of electric heating and hydrogen reduction to produce green iron and ultimately, green steel. Zesty aims to provide lowest cost pathways to green iron and steel through minimal hydrogen consumption, flexible electric heating compatible with intermittent renewable energy sources, elimination of ore pelletisation, and enabling the use of fines and lower-grade iron ores. The Zesty Green Iron Demonstration Plant is designed to produce up to 30,000 tonnes per annum of hydrogen direct reduced iron (H2-DRI) or hot briquetted iron (HBI) from a range of iron ore sources. The Demonstration Plant intends to provide an industry-wide facility for the non-exclusive toll processing of iron ores into H2-DRI or HBI, with the aims of supporting the ongoing viability of Australian iron ore in a low emissions steel value chain and the development of a green iron industry in Australia. The Project is supported by a grant of up to $44.9m from the Australian Renewable Energy Agency, subject to matched funding being secured.