• Commence dismantlement of Leigh Creek UCG Demonstration Facility
• Continue groundwater monitoring and progress Environmental Impact Study
• Sign Letter of Award for Technology Transfer and Plant Purchase with Reliance Industries

Neurizer Ltd (NRZ) has announced the achievement of important milestones at its Leigh Creek site as part of the licensing and approval process with the South Australian Government. NRZ is required to remove the UCG Demonstration plant and equipment from the Leigh Creek site prior to the granting of further approvals, as well as continue detailed water monitoring and address all topics raised in the Environmental Impact Study (EIS) guidelines. NRZ is pleased to announce that it can now accelerate these requirements at Leigh Creek. NRZ has signed a Letter of Award for Technology Transfer (LOA1) and for the sale of Plant and Equipment (LOA2) with India's Reliance Industries Limited (RIL). The Technology Transfer Agreement will see RIL receive a perpetual and irrevocable license of NRZ's intellectual property rights, while the Plant Purchase Agreement will see RIL purchase the plant and equipment at the Leigh Creek site, including the gas flare, piping, valves, tanks, thermal oxidizer, and gas spectrometer. The agreements provide sufficient funding for NRZ over the next 18 months to cover corporate costs, site monitoring, EIS submission, and the tendering process for the Bank Feasibility Study for Stages 1 and 2 of the NeuRizer Urea Project (NRUP). The impact of these agreements is profound, as it allows NRZ to comply with regulatory requirements and move forward with the EIS process for the NRUP without the need to raise additional capital.

The agreements with Reliance Industries Limited provide NRZ with up-front payments, milestone payments, and monthly payments over the next 15 months, totaling AUD 10.3 million for the Technology Transfer Agreement and AUD 2.7 million for the Plant Purchase Agreement. This funding will cover NRZ's corporate costs, site monitoring, EIS submission, and the tendering process for the Bank Feasibility Study for Stages 1 and 2 of the NeuRizer Urea Project over the next 18 months.

The successful completion of the Technology Transfer Agreement and Plant Purchase Agreement with Reliance Industries Limited will enable Neurizer Ltd to focus on progressing the Environmental Impact Study and the Bank Feasibility Study for Stages 1 and 2 of the NeuRizer Urea Project, without the need to raise additional capital.