First ARENA grant milestone for Zesty complete

• Calix completes first milestone under ARENA grant agreement for Zesty Green Iron Demonstration Project
• Triggers $2m cash payment from ARENA
• $42.9m of further payments remain outstanding under the grant

Australian environmental technology company Calix Limited (ASX: CXL) has announced that it has completed the first milestone under the Australian Renewable Energy Agency (ARENA) grant agreement for the Zesty Green Iron Demonstration Project. The milestone completion triggers a first grant payment of A$2m to Calix. Subject to achieving matched funding and further Project milestones through to Project commissioning and operation, a further A$42.9m of payments remain outstanding under this grant. The A$2m grant payment follows a $3m payment from Rio Tinto for the Project received in December 2025. Over A$32m of cash and in-kind contributions to the Project from Rio Tinto remain outstanding under a Joint Development Agreement and subject to Project milestones being achieved. The first ARENA grant milestone was completed on schedule and follows the delivery of the required commercial and technical progress of the Project to date.