• Removes Calix's ongoing funding requirements and execution exposure for the Mid-Stream Project
• Releases $11.4m net capital previously invested into the Project
• Realigns the commercialisation of Calix technology for the primary lithium market with Calix's long-term capital-light licensing model

Australian environmental technology company, Calix Limited (ASX: CXL) has executed final transaction documents with PLS Group Limited (ASX: PLS) to complete the restructure of the lithium Mid-Stream Project and commercialisation framework under the previously announced binding terms. Execution of the transaction documents triggers a first cash payment of A$5.7m to Calix, with a second A$5.7m cash payment unconditional and due on 31 July 2026. The restructure with PLS removes any ongoing funding requirements and execution exposure for Calix relating to the Project, releases $11.4m net capital previously invested into the Project, and realigns the commercialisation of the Calix technology for the primary lithium market with Calix's long-term capital-light licensing model. The restructure also grants PLS a perpetual royalty-free licence for the use of the Calix technology in all primary lithium processing applications at plants PLS owns or has a joint venture interest in, and positions Calix as an upside-only beneficiary of the technology for the primary lithium market through a 20:80 (Calix:PLS) royalty split arrangement for third-party use of the technology.