Slide 1: ZESTY (Zero Emissions Steel TechnologY) Deep dive presentation
ZESTY (Zero Emissions Steel TechnologY) Deep dive presentation 31 July 2025
Slide 2: Important Disclaimer
Important Disclaimer This presentation has been prepared by Calix Limited (ABN 36 117 372 540) (“Company”). this presentation speak only as of the date of this presentation. Subject to any continuing obligations under SUMMARY INFORMATION applicable law, the Company disclaims any obligation or undert
Slide 3: About Calix
About Calix Solving global challenges Electrification of industrial processing | Capture of unavoidable emissions | Sustainable environmental solutions Calix Limited is an environmental technology company developing businesses to solve urgent global challenges in industrial 7 COUNTRIES 100+ 32 12% 2
Slide 4: Calix's core platform technology
Calix’s core platform technology A new way to “heat stuff up” Lines of Business Fine particle Exit gas feed-stocks CO2 Capture Targeting the capture of unavoidable process CO2 emissions from cement Hot tube & lime production, as well as CO2 radiates heat to from the atmosphere raw material Flexible
Slide 5: Why our technology is targeting more than just carbon abatement
Why our technology is targeting more than just carbon abatement… The need for energy flexibility Calix’s technology and energy flexibility Energy flexibility = value COMBUSTION HYBRID ELECTRIC HEATING HEATING HEATING • Energy grids have an increasing Decreasing Electricity use Increasing challenge t
Slide 6: Presenters
Presenters Dr Phil Hodgson Managing Director & CEO, Calix Limited Chris Ormston CEO-Elect ZESTY & GM, Sustainable Processing 7
Slide 7: Agenda
Agenda Calix deep dive presentation– Zero Emissions Steel TechnologY 1 A significant new milestone for ZESTY 2 Global recognition and growing tailwinds 3 A significant opportunity in iron and steel 4 ZESTY is well positioned with high potential 5 ZESTY development is advancing quickly 6 Q&A 8
Slide 8: A significant new milestone for ZESTY
1 A significant new milestone for ZESTY 9
Slide 9: LATEST NEWS: ARENA funding for ZESTY demonstration plant in Australia
LATEST NEWS: ARENA funding for ZESTY demonstration plant in Australia Green Iron Demonstration Project up to 50% funded by ARENA PROJECT FUNDING The ARENA grant provides up to 50% Following a thorough technical and commercial due of the project budget, subject to project diligence process, Calix has
Slide 10: ARENA & Australian Government endorsements
ARENA & Australian Government endorsements “Australia is the world’s largest exporter of iron ore — and with that comes a massive opportunity to help decarbonise global steelmaking. “That’s why green metals are a priority area for the Albanese Government’s Future Made in Australia agenda and a clear
Slide 11: Global recognition and growing tailwinds
2 Global recognition and growing tailwinds 12
Slide 12: ZESTY recognition on the global stage
ZESTY recognition on the global stage ZESTY wins COP29 ZESTY project wins Calix wins global Net-Zero at HILT CRC 2024 Decarb Connect HILT CRC Industry Award Annual Conference Next Gen Award • The award was presented by Ministers Bowen • The Project “Testing of Australian • The Decarb Next Gen Awards
Slide 13: Strong government support driving industrial decarbonisation
Strong government support driving industrial decarbonisation Latest news, including for green iron and steel… Europe US Australia and Asia Emissions Trading Scheme (EU ETS) 45Q CCUS Tax Incentives AU$1b Green Iron Investment Fund10 • 2024 EU ETS CO2 price averaged €65,1 projected to reach • US$85/to
Slide 14: A significant opportunity in iron and steel
3 A significant opportunity in iron and steel 15
Slide 15: Iron and steel responsible for up to 8% of global CO2 emissions
The iron and steel industry is responsible for up to 8% of global CO2 emissions, with ironmaking being one of the most carbon intensive and hard-to-abate processes ~80% of the iron and steel Countries representing 78% industry’s CO2 comes from of global GDP now under iron production1 net zero commit
Slide 16: Iron production expected to transition to low-emission technologies
Iron production expected to transition to low-emission technologies Iron Iron Production Production • Annual demand for iron is expected remain > 1 billion tonnes per annum through to 2070 • By 2050, over half the world’s iron is forecast to be made using low emissions technologies • This demand is
Slide 17: Australia supplies over half the world's iron ore
Australia supplies over half the world’s iron ore…largely to Asia-Pacific However, supply of low and medium ore grades is expected to decrease as DRI-EAF steel production requiring more high grade 'virgin' iron ores becomes dominant after 2050 – this is a significant threat to Australia’s export ear
Slide 18: Asia-Pacific is more than 12.5x the size of the US steelmaking market
Asia-Pacific is more than 12.5x the size of the US steelmaking market… …and with a relatively young BF-BOF fleet, it can be expected to look for novel ways to decarbonise 19
Slide 19: Multiple drivers of a shift in iron production technology
There are multiple drivers of a shift in iron production technology ZESTY’s potential is being propelled by several significant tailwinds Flexible electrification becoming DRI set to be the largest source of Iron and steel CO2 emissions 1 increasingly important for 2 iron to replace BF produced iron
Slide 20: Decarbonisation pathways for iron & steel
Decarbonisation pathways for iron & steel Decarbonisation Reductant Heating Feed Material Ironmaking Steelmaking potential EXISTING PRODUCTION Coal Coal Sintering All grades KEY Coal or Coal or Scrap steel + pig iron from Natural Gas High Grade ore inputs Pelletising Natural Gas Blast Furnace PATHWA
Slide 21: ZESTY decarbonisation pathways and compatible technologies
ZESTY decarbonisation pathways and compatible technologies Decarbonisation Reductant Heating Feed Material Ironmaking Steelmaking potential ZESTY is compatible with PATHWAYS multiple steelmaking routes Substituting green iron into a Blast Furnace Providing green iron with high metallisation directly
Slide 22: Special guest
Special guest For the Superpower Institute’s “A Green Iron Plan for Australia: Securing prosperity in a decarbonising world” report, visit www.superpowerinstitute.com.au/work/green-iron-plan For a podcast on green iron and ZESTY with co-authors of The Superpower Institute Report, visit: https://cali
Slide 23: Insights from a model of green iron production
Insights from a model of green iron production Ingrid Burfurd Lead, Carbon Pricing and Policy, TSI
Slide 24: Three reasons a green iron industry would be good for Australia
Three reasons a green iron industry would be good for Australia Nearly $400 billion pote ntia l a nnua l e xport 1. va lue by 2060 Potential 4 per cent contribution to global 2. decarbonisation Natural hedge against the loss of $120 3. billion annual fossil fuel exports
Slide 25: Direct Reduction technology can process Australia's high-grade ore
Direct Reduction technology can proce s s Aus tra lia ’s high-gra de ore , and lower-grade and mid-grade ores with the a ddition of a n Ele ctric S me lting Furna ce Showing Midrex Direct Reduction technology
Slide 26: Modelling green iron production in Australia
Modelling green iron production in Aus tra lia Five locations, chosen for: - Access to ore - Access to ports - Good renewable energy Model inputs: - ‘Inflexible’ and ‘flexible’ technologies - Renewable energy capacity - Grid connection - Capital and operating costs
Slide 27: Model specifications
Model specifications Eyre Geraldton Pilbara Kwinana Gladstone Peninsula Inflexible technology: requires pelletisation Ore deposit Eyre Mid-west WA Pilbara Pilbara Pilbara Flexible technology: no pelletisation Peninsula region region region Mid -grade ore: requires electric smelting Ore type 68% Fe 7
Slide 28: Dynamic optimisation model to identify lowest-cost investments
We use a dynamic optimisation model to ide ntify the lowest-cost combinations of investments and production in e a ch loca tion.
Slide 29: There is substantial variation in prices
There is substantial variation in prices Technology flexibility matters. The ability to ramp production will likely reduce the costs of production. Access to an electricity market can reduce the cost of green iron. Location is critical. Existing infrastructure, ore type, renewable energy resources,
Slide 30: All locations require large investments in renewable energy
…. but all locations require large investments in renewable energy Inflexible Inflexible Flexible Inflexible Inflexible Inflexible Flexible Flexible Flexible Flexible
Slide 31: The market failures holding back Australian green iron
The market failures holding back Australian green iron 01. 02. 03. Unpriced emissions from Under-provision of common- Innovation spillovers and fossil fuel-based production user infrastructure early-mover risk Green iron can’t compete on a Private investors won’t build Early producers bear the costs
Slide 32: Recommendations
Recommendatio Address the missing international carbon price: $170 PTC for green iron, inclusive of the Government’s HPTI for hydrogen-based ns production and equivalent support for other technologies. Provide capital support for early producers, worth up to 30 per cent of capital costs and capped a
Slide 33: With efficient policy supports, Australia can enjoy an era of growth
With efficient policy supports, Aus tra lia ca n e njoy a n e ra of productivity and growth on the ba ck of its compa ra tive a dva nta ge in gre e n iron.
Slide 34: Thank you
Thank you
Slide 35: ZESTY is well positioned with high potential
4 ZESTY is well positioned with high potential 36
Slide 36: Calix's core platform technology applied to ZESTY
Calix’s core platform technology applied to ZESTY Iron ore fines Steam removal / hydrogen recycle Targeting minimum ZESTY protected by Flexible, efficient hydrogen 12 patent families energy use consumption Reactor tube Compatible with Flexible Energy No ore sintering or No fluidised beds
Slide 37: Capital-light business model
Capital-light business model ZESTY is targeting a capital-light business model for commercialisation, with royalty fees paid under a technology license Overview Business model options Capital intensive Capital light • Licensing technology to third party Own & operate Build then transfer Third party
Slide 38: ZESTY potential total addressable market growing to 2050
ZESTY potential total addressable market growing to 790 MT DRI pa by 2050 A royalty business model for ZESTY is targeting a % of sale price (typically US$300–400 / tonne)3 of direct reduced iron (DRI) 2022 2050 Steel from Basic Oxygen Furnace (BOF) via BF ~1.25Bt of iron 25%2 feed ~650Mt of iron 25%
Slide 39: ZESTY development is advancing quickly
5 ZESTY development is advancing quickly 40
Slide 40: ZESTY technical development progress
ZESTY technical development progress The ZESTY process is proven at pilot scale. Calix has finalised its FEED study and is targeting to develop a commercial demonstration facility by 2028 2021 Phase 1: Theoretical kinetic studies complete 2022 Phase 2: Successful pilot testing with multiple ores1
Slide 41: Pre-FEED/FEED study complete and strong Customer Value Proposition
Pre-FEED/FEED study complete and strong Customer Value Proposition The ZESTY FEED study and pilot testing returned highly encouraging results, with good potential for low cost green iron Demo plant Pre-FEED / FEED study completed Techno-economics findings ZESTY could produce green HBI at costs close
Slide 42: Next steps – site selection, technology development & commercial studies
Next steps – site selection, technology development & commercial studies Calix's 2024 FEED study for a ZESTY Demo plant assumed 30,000 tpa capacity with CAPEX +/-25%, including contingency Why 30,000 tpa is the correct step SITE SELECTION COMMERCIAL READINESS for the demonstration plant Site locatio
Slide 43: Progression to EPC & demonstration
Progression to EPC & demonstration A demonstration facility would target cost recovery from test campaign fees and potential sales of the green iron product. Agreements are being sought with major iron ore producers for the bulk supply of iron ore for test campaigns, and also for utilising the green
Slide 44: People - ZESTY leadership team and technical advisors
People - ZESTY leadership team and technical advisors Core leadership team bringing Chris Ormston Sebastiaan van Dorp Ian A. Dunn CEO-Elect ZESTY Senior Business Senior Business experience from and GM Sustainable Development Manager Development Manager - the iron and steel Processing - ZESTY Sustain
Slide 45: Key takeaways
Key takeaways ZESTY presents a significant growth opportunity for Calix leveraging its unique patented platform technology to develop scalable decarbonisation solutions for the iron and steel industry • Estimated total addressable market growing to around 790 MT p.a. DRI by 2050 – one of the world’s
Slide 46: Q&A
Q zesty
Slide 47: Glossary
Glossary Term Meaning BF-BOF Blast Furnace / Basic Oxygen Furnace – the most prevalent steelmaking technique in the world today, using coal as both a heat source and reductant Calciner A term describing a kiln or furnace - typically used in the mineral processing industries CCS Carbon Capture and St