Calix Ltd. · ASX:CXL
Calix — Shareholder Meeting (November 2025)
56 slides from Calix's shareholder meeting presentation, Nov 18, 2025
Slide 1: Annual General Meeting 18 November 2025
Annual General Meeting 18 November 2025 MARS IS FOR calix.global QUITTERS
Slide 2: Housekeeping and introduction to the Lumi platform
Darren Charles Chief Financial Officer and Company Secretary Housekeeping and introduction to the Lumi platform MARS IS FOR QUITTERS
Slide 3: Online Written Questions
Online Written Questions 2025 Annual General Meeting 18 November 2025 3
Slide 4: Online Audio Questions
Online Audio Questions top Click Join Queue and follow the audio prompts to test your microphone before being added to the queue. 2025 Annual General Meeting 18 November 2025 4
Slide 5: Chair's Address
Alison Deans Non-Executive Chair Chair’s Address 5
Slide 6: Acknowledgement of Country, Social inclusion and Sustainability statements
Calix Limited 2025 AGM 18 November 2025 Acknowledgement of Country Social inclusion statement Sustainability statement Calix acknowledges the First Nations people and Calix is committed to fostering fairness and belonging. At Calix, sustainability means meeting our own needs traditional custodians o
Slide 7: Board of Directors
Board of Board ofDirectors Directors Alison Deans Helen Fisher Peter Dixon Dr Sarah Ryan Dr Phil Hodgson Non-Executive Chair Non-Executive Director Non-Executive Director Non-Executive Director Managing Director & Chief Executive Officer 2025 Annual General Meeting 18 November 2025 7
Slide 8: Years
years 2025 Annual General Meeting 18 November 2025 8
Slide 9: Update on commercial milestones
1. Iron & Steel 2. Alumina Update on commercial milestones 3. Lithium JOINT VENTURE Leilac-1 4. Cement & Lime Leilac-2 ZETA 5. Magnesia 2025 Annual General Meeting 18 November 2025 9
Slide 10: Financial Highlights
Financial Highlights REVENUE GROWTH COSTS REDUCED CASH RUNWAY EXTENDED FY25 REVENUE & OTHER INCOME FY25 OPEX REDUCTION CASH ON HAND (30 June 2025) $ 33.9m 11% 23% $ 23m (30 June 2024: $43m) (FY24: $30.5m) Reduced cost base from 1H25 to 2H25 FY26 Q1 YEAR ON YEAR GROWTH FY26 Q1 YEAR ON YEAR CASH RUNWA
Slide 11: Industrial decarbonisation tailwinds
Industrial decarbonisation tailwinds Over 80% of global emissions from steel, cement, aluminium, and fertilizers are now covered by carbon pricing, through either planned or existing policies Out of 199 countries and 1,987 companies Includes only country level targets. Including US states would rais
Slide 12: Sustainability Report & Progress
Sustainability Report & Progress AMBITIONS TARGET FY25 FY26 FOCUS ACHIEVEMENT The 2025 Annual Report Reduce emissions in line with the 1.5C pathway To be determined through engagement with the Science Established our GHG Progress the definition of near- term and longer-term targets suite can be foun
Slide 13: FY26 outlook
FY26 outlook Revenues, costs, projects… • Targeting continued revenue growth, with contributions from all lines of business • Significantly reduced expected Group Capex • On-going cost management • Continue to pursue currently funded projects, project finance and/or subsidiary level capital raisings
Slide 14: Mars is for quitters
Backed by rigorous research and development, global partnerships, targeted Investments and funding, and 2 purpose-driven and passionate team, we are developing a portfolio of economical and sustainable solutions for the world’s largest, most carbon-intensive, hard-to-abate, industrial sectors. We ar
Slide 15: CEO's Address
Phil Hodgson Managing Director and Chief Executive Officer CEO’s Address 15
Slide 16: Joint Development Agreement with Rio Tinto
Business Line: Sustainable Processing Application: Iron & Steel Joint Development Agreement with Rio Tinto Rio Tinto support for the Zesty Green Iron Demonstration Plant • Non-exclusive Joint Development Agreement (JDA) with Rio Tinto to provide over $35m of value for the demonstration and commercia
Slide 17: Joint Development Agreement with Rio Tinto (continued)
Joint Development Agreement with Rio Tinto (continued) Rio Tinto support for Zesty’s commercialisation • The JDA also outlines the principles by which Rio Tinto may: – Take up shares in a Zesty subsidiary business up to the value of their $8m cash contribution to the Project – Use Zesty under a glob
Slide 18: Zesty Green Iron Demonstration Plant
Zesty Green Iron Demonstration Plant • The Zesty Green Iron Plant will be located in Kwinana, WA. Zesty • The Kwinana site is in close proximity to the NeoSmelt facility, of which Rio Tinto is Port Demonstration Plant a member, along with BHP, Bluescope, Mitsui and Woodside. (4 mins drive) – The Neo
Slide 19: Zesty's fast-track development
Zesty’s fast-track development From initial tests, to pilot scale, to our MAY: The Superpower Institute “…Green metals are a priority area (TSI) models Zesty flexible green for the Albanese Government’s first major partnership in < 4 years… Future Made in Australia agenda and iron production in thei
Slide 20: Zero emissions alumina with Norsk Hydro
Business Line: Sustainable Processing Application: Alumina Zero emissions alumina with Norsk Hydro • A MOU, material testing and engineering study agreement was signed with Norske Hydro in September 2025 • Testing has commenced on feedstock from Hydro’s Alunorte alumina refinery in Brazil at Calix’s
Slide 21: Decarbonising aluminium
Decarbonising aluminium Calix’s ZEAL technology aims to replace fossil fuels with efficient electric calcination in alumina refining 1 Bauxite 2 Alumina 3 Aluminium metal Market size1 Market size2 Market size3 US$17b -> US$30b US$45b -> US$72b US$250b -> US$400b (2024 to 2034 projected) (2022 to 203
Slide 22: Electrification of alumina refining with Calix's ZEAL Technology
Electrification of alumina refining with Calix’s ZEAL Technology ZEAL aims to deliver cost and product benefits to customers, as well as reduced carbon emissions Aluminium Hydrate High purity steam (from Bauxite for energy recycle processing) Electrification Emissions reduction Increased efficiency
Slide 23: Lithium Mid-Stream Demonstration Plant with PLS
Business Line: Sustainable Processing Application: Lithium Progress of Mid-Stream Demonstration Plant with PLS We remain on track and on budget to complete construction this calendar year. Commissioning and start-up remain subject to favourable market conditions. Lithium Mid-Stream Demonstration Pla
Slide 24: Leilac business highlights
Business Line: Leilac Application: Cement & Lime Leilac business highlights • Leilac-1 tube upgrade to “Hybrid-ready” (electric / fuel) and successful operation test campaign completed • Leilac-2 construction remains subject to permitting and financing at sub-level • ZETA has moved into FEED stage,
Slide 25: Magnesia business highlights
Business Line: Magnesia Application: Water Treatment Magnesia business highlights • Revenue and gross margin continues to grow*. In Q1 FY26 vs Q1 FY25: - Revenue up 58% - Gross profit up 71% • New IER production facilities in the U.S. have underpinned revenue growth and sales in new regions • In Aus
Slide 26: Indicative project & revenue timeline and updates
Indicative project & revenue timeline and updates TIMELINE (calendar year) Project / Business Partners Industry Product 2023 2024 2025 2026 2027 2028 Lithium JOINT VENTURE Secured capital & grant funding Target first JV revenues (subject to Li Pricing) Sustainable Iron & Processing Steel Targe
Slide 27: Commercialisation strategy
Commercialisation strategy • Develop strategic partnerships with industry leaders Commercial • Establish first-of-a-kind demonstration demonstration projects for each target market • Secure project or subsidiary funding • Deliver commercial milestones • Revenue and gross profit growth – Product sale
Slide 28: Q&A
Q&A 2025 Annual General Meeting 18 November 2025 28 28 28
Slide 29: Online Voting
Online Voting 2025 Annual General Meeting 18 November 2025 29
Slide 30: Formal business of the meeting
Alison Deans Non-Executive Chair Formal business of the meeting 30
Slide 31: Receipt and Consideration of the Financial Report
Item of business Receipt and Consideration of the Financial Report Receipt and Consideration of the Financial Report: “To receive and consider the Financial Report of the Company, including the Directors’ Report and the Auditor’s Report, for the year ended 30 June 2025.” There is no vote on this ite
Slide 32: Resolution – Adoption of Remuneration Report
Item of business Resolution 1 – Adoption of Remuneration Report To consider and, if thought fit, to pass the following resolution as an ordinary resolution: “That for the purpose of Section 250R (2) of the Corporations Act, the Remuneration Report of the Company for the financial year ended 30 June
Slide 33: Resolution – Re-election of Alison Deans as Director
Item of business Resolution 2 – Re-election of Alison Deans as Director To consider and, if thought fit, to pass the following resolution as an ordinary resolution: “That, for the purposes of Clause 13.6 of the Constitution, Listing Rule 14.4 and for all other purposes Alison Deans, having been appo
Slide 34: Resolution – Approval of STI grant to Managing Director
Item of business Resolution 3 – Approval of short-term incentive (STI) grant of performance rights to the Managing Director & Chief Executive Officer, Dr. Phil Hodgson To consider and, if thought fit, to pass the following resolution as an ordinary resolution: “That, for the purposes of ASX Listing
Slide 35: Resolution – Approval of LTI grant to Managing Director
Item of business Resolution 4 – Approval of long-term incentive (LTI) grant of performance rights to the Managing Director & Chief Executive Officer, Dr. Phil Hodgson To consider and, if thought fit, to pass the following resolution as an ordinary resolution: “That, for the purposes of ASX Listing R
Slide 36: Resolution – Approval of issue of shares to directors in lieu of fees
Item of business Resolution 5 – Approval of the issue of shares to the directors in lieu of fees To consider and, if thought fit, to pass with or without amendment, each as a separate ordinary resolution the following: “That, pursuant to and in accordance with Listing Rule 10.11 and for all other pu
Slide 37: Online Voting
Online Voting 2025 Annual General Meeting 18 November 2025 37
Slide 38: Q&A
Q&A 2025 Annual General Meeting 18 November 2025 38 38 38
Slide 39: Acknowledgement of Country, Social inclusion and Sustainability statements
Calix Limited 2025 AGM 18 November 2025 Acknowledgement of Country Social inclusion statement Sustainability statement Calix acknowledges the First Nations people and Calix is committed to fostering fairness and belonging. At Calix, sustainability means meeting our own needs traditional custodians o
Slide 40: Appendix
UPDATE IMAGE? Appendix 2025 Annual General Meeting 18 November 2025 40 40 40
Slide 41: Calix's core platform technology
Calix’s core platform technology A new way to “heat stuff up” Fine particles What separates our technology from for processing Gas Output traditional methods of mineral processing? “ Energy Agnostic ” • traditional fuels, electric, alternative fuels Hot tube radiates heat • electricity grid balancin
Slide 42: Calix Group Structure & Applications
Calix Group Structure & Applications One core platform technology with multiple applications for global industries Business line Carbon Capture Sustainable Processing Magnesia Business subsidiary JOINT VENTURE Application Cement & lime Direct Air Capture Lithium Alumina Iron & Steel Water Targeting
Slide 43: Zero Emissions Steel Technology
Zero Emissions Steel TechnologY Project Partners Funding support Industry Market size Zesty Green Iron Demo Iron & Steel Royalty % of US$640Bpa1 Objectives Status Targeted next steps • Develop industry leading H2-DRI technology • Calix executes Joint Development Agreement (JDA) with • Secure remaini
Slide 44: Zero Emissions Alumina
Zero Emissions ALumina Project Partners Funding support Industry Market size Royalty % of ZEAL N/A Alumina US$45.5Bpa1 Objectives Status Targeted next steps • Jointly develop electric calcination for near-zero emissions • MOU and services agreement signed with Norske Hydro • Complete pilot scale tes
Slide 45: Mid-Stream Demonstration Plant with Pilbara Minerals UJV
Mid-Stream Demonstration Plant with Pilbara Minerals UJV Project Partner Funding support Industry Market size PLS UJV Mid-Stream Lithium Royalty % of US$7Bpa1 Objectives Status Targeted next steps • Demonstrate lower CAPEX & OPEX • Western Australian Government • Construction completion targeted for
Slide 46: Leilac-2
Leilac-2 Project Partner Funding support Industry Market size Leilac-2 Cement & lime 1.4 BTpa CO21 Objectives Status Targeted next steps • Demonstrate a replicable module that can efficiently • Project successfully relocated to Heidelberg Materials’ • Complete permitting submission and gain permissi
Slide 47: Leilac-3: Full-scale cement & lime deployment
Leilac-3: Full-scale cement & lime deployment Projects Partners Funding support Industry Market size Multiple in development TBC Cement & Lime 1.4 BTpa CO21 Objectives Status Targeted next steps • Deploy Leilac’s technology at full-scale with multiple • Heidelberg Materials & Leilac continue to expl
Slide 48: Project ZETA
Project ZETA Project Partners Funding support Industry Market size Project ZETA Cement & lime 1.4 BTpa CO21 Objectives Status Targeted next steps • Build a commercial electric calciner for near zero emissions • $15m grant from the Australian Government, subject to • Secure remaining project finance
Slide 49: Direct Air Capture
Direct Air Capture Partner funding Project Partner Industry Market size support Heirloom – LA, USA (TBC) Direct Air Capture >1 BTpa CO21 Objectives Status Targeted next steps • Develop an integrated and scalable design for Heirloom’s • Project remains paused pending U.S. DOE grant review.3 • Await r
Slide 50: Magnesia
Magnesia Product Subsidiary Funding support Industries Market size Magnesium N/A Water ~100m US$pa1 Hydroxide Liquid Objectives Locations Revenue trajectory at FY25 • Grow revenue and gross profit of MHL products for sustainable water & USA IER manufacturing plants wastewater treatment • Ripon, Wisc
Slide 51: Glossary
Glossary Term Meaning Aluminium (Al) Chemical element with the symbol Al ARENA The Australian Renewable Energy Agency ASX The Australian Securities Exchange ASRS Australian Sustainability Reporting Standards An electric and renewably powered pilot-scale calciner at the Calix Technology Centre used f
Slide 52: Glossary
Glossary Term Meaning EBITDA Earnings Before Interest, Tax, Depreciation and Amortisation EIS Employee Incentive Scheme ESF Electric Smelting Furnace – Used to convert Direct Reduced Iron (DRI) to iron suitable for a Basic Oxygen Steelmaking (BOS) process. ESG Environment, Social and Governance cons
Slide 53: Glossary
Glossary Term Meaning IP Intellectual Property IFRS International Financial Reporting Standards Iron (Fe) The chemical element, represented by “Fe” on the periodic table Iron Ore Iron oxide mixed with various other minerals, as mined and “pre-processed” (purified) as best as possible JV Joint ventur
Slide 54: Glossary
Glossary Term Meaning Pelletisation The formation of pellets from finer materials to aid in handling PLS Pilbara Minerals, an Australian lithium mining company Process emissions Process emissions are inherent to the chemical reaction and are released directly and unavoidably from the chemical proces
Slide 55: Important Disclaimer
Important Disclaimer This presentation has been prepared by Calix Limited (ABN 36 117 372 540) (“Company”). of the date of this presentation. Subject to any continuing obligations under applicable law, the Company disclaims any SUMMARY INFORMATION obligation or undertaking to provide any updates or
Slide 56: Mars is for quitters
Investor relations Investorrelations@calix.global Media enquiries media@calix.global Subscribe to our Newsletter calix.global Mars is for quitters 56