Slide 1: Calix ZESTY Deep-Dive Webinar Investor Presentation
31 July 2025 Calix ZESTY Deep-Dive Webinar Investor Presentation Sydney, Australia | 31 July 2025 – Australian environmental technology company, Calix Limited (ASX: CXL) (“the Company”) is pleased to provide a copy of its investor presentation for the deep- dive webinar on Thursday, 31 July 2025 at
Slide 2: About Calix and contacts
capture of unavoidable industrial emissions. With strong and increasing demand driven by global decarbonisation commitments, Calix is applying its core technology to the cement, steel, alumina and critical minerals industries, as well as the direct air capture of atmospheric carbon dioxide, and the
Slide 3: ZESTY Deep dive presentation
For personal use only ZESTY (Zero Emissions Steel TechnologY) Deep dive presentation 31 July 2025
Slide 4: 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 5: About Calix: Solving global challenges
About Calix Solving global challenges Electrification of industrial processing | Capture of unavoidable emissions | Sustainable environmental solutions For personal use only Calix Limited is an environmental technology company developing businesses to solve urgent global challenges in industrial 7 C
Slide 6: Calix's core platform technology
Calix’s core platform technology A new way to “heat stuff up” Lines of Business Fine particle Exit gas For personal use only 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
Slide 7: Why our technology targets more than 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 For personal use only HEATING HEATING HEATING • Energy grids have an increasing Decreasing Electricity use
Slide 8: Presenters
Presenters For personal use only Dr Phil Hodgson Managing Director & CEO, Calix Limited Chris Ormston CEO-Elect ZESTY & GM, Sustainable Processing 7
Slide 9: Agenda
Agenda Calix deep dive presentation– Zero Emissions Steel TechnologY For personal use only 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
Slide 10: A significant new milestone for ZESTY
For personal use only 1 A significant new milestone for ZESTY 9
Slide 11: 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 For personal use only PROJECT FUNDING The ARENA grant provides up to 50% Following a thorough technical and commercial due of the project budget, subject to project dilige
Slide 12: 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. For personal use only “That’s why green metals are a priority area for the Albanese Government’s Future Made in Austra
Slide 13: Global recognition and growing tailwinds
For personal use only 2 Global recognition and growing tailwinds 12
Slide 14: 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 For personal use only HILT CRC Industry Award Annual Conference Next Gen Award • The award was presented by Ministers Bowen • The Project “Testing of Australian • The
Slide 15: 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 For personal use only Emissions Trading Scheme (EU ETS) 45Q CCUS Tax Incentives AU$1b Green Iron Investment Fund10 • 2024 EU ETS CO2 price averaged €65,1 project
Slide 16: A significant opportunity in iron and steel
For personal use only 3 A significant opportunity in iron and steel 15
Slide 17: Iron and steel responsible for up to 8% of global CO2 emissions
The iron and steel industry is responsible for For personal use only 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 produ
Slide 18: Iron production expected to transition to low-emission technologies
Iron production expected to transition to low-emission technologies Iron Iron Production Production For personal use only • 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 technolo
Slide 19: 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 20: Asia-Pacific steelmaking market size
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 For personal use only 19
Slide 21: 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 2 3 For personal use only increasingly important for iron to
Slide 22: Decarbonisation pathways for iron & steel
Decarbonisation pathways for iron & steel Decarbonisation Reductant Heating Feed Material Ironmaking Steelmaking potential EXISTING PRODUCTION For personal use only Coal Coal Sintering All grades KEY Coal or Coal or Scrap steel + pig iron from Natural Gas High Grade ore inputs Pelletising Natural Ga
Slide 23: ZESTY decarbonisation pathways and compatible technologies
ZESTY decarbonisation pathways and compatible technologies Decarbonisation Reductant Heating Feed Material Ironmaking Steelmaking potential ZESTY is compatible with For personal use only PATHWAYS multiple steelmaking routes Substituting green iron into a Blast Furnace Providing green iron with high
Slide 24: 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 personal use only For a podcast on green iron and ZESTY with co-authors of The Superpower Institute Repor
Slide 25: Insights from a model of green iron production
Insights from a model of green iron For personal use only production Ingrid Burfurd Lead, Carbon Pricing and Policy, TSI
Slide 26: Three reasons a green iron industry would be good for Australia
Three reasons a green iron industry would be good for Australia For personal use only 1. Nearly $400 billion pote ntia l a nnua l e xport va lue by 2060 2. Potential 4 per cent contribution to global decarbonisation 3. Natural hedge against the loss of $120 billion annual fossil fuel exports
Slide 27: Direct Reduction technology can process Australia's ores
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 For personal use only Ele ctric S me lting Furna ce Showing Midrex Direct Reduction technology
Slide 28: Modelling green iron production in Australia
Modelling green iron production in Aus tra lia For personal use only 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 29: Model specifications
Model specifications For personal use only 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 smel
Slide 30: Dynamic optimisation model
For personal use only We use a dynamic optimisation model to ide ntify the lowest-cost combinations of investments and production in e a ch loca tion.
Slide 31: There is substantial variation in prices
There is substantial variation in prices For personal use only 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, renewa
Slide 32: All locations require large investments in renewable energy
…. but all locations require large investments in renewable energy For personal use only Inflexible Inflexible Flexible Inflexible Inflexible Inflexible Flexible Flexible Flexible Flexible
Slide 33: Market failures holding back Australian green iron
The market failures holding back Australian green iron For personal use only 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 pr
Slide 34: Recommendations
Recommendatio Address the missing international carbon price: $170 PTC for ns green iron, inclusive of the Government’s HPTI for hydrogen-based production and equivalent support for other technologies. For personal use only Provide capital support for early producers, worth up to 30 per cent of capi
Slide 35: Efficient policy supports for green iron
For personal use only 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 36: Thank you
For personal use only Thank you
Slide 37: ZESTY is well positioned with high potential
For personal use only 4 ZESTY is well positioned with high potential 36
Slide 38: Calix's core platform technology applied to ZESTY
Calix’s core platform technology applied to ZESTY Iron ore fines Steam removal / For personal use only hydrogen recycle Targeting minimum ZESTY protected by Flexible, efficient hydrogen 12 patent families energy use consumption Reactor tube Compatible with Flexible Energy No ore sinterin
Slide 39: 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 Business model options For personal use only Overview Capital intensive Capital light • Licensing technology to third party Own & operate Build then
Slide 40: ZESTY potential total addressable market
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 For personal use only Steel from Basic Oxygen Furnace (BOF) via BF ~1.25Bt of iron 25%2 f
Slide 41: ZESTY development is advancing quickly
For personal use only 5 ZESTY development is advancing quickly 40
Slide 42: 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 For personal use only 2021 Phase 1: Theoretical kinetic studies complete 2022 Phase 2: Successful pilot testin
Slide 43: 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 For personal use only Demo plant Pre-FEED / FEED study completed Techno-economics findings ZESTY could produce gr
Slide 44: 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 For personal use only Why 30,000 tpa is the correct step SITE SELECTION COMMERCIAL READINESS for the demonstrat
Slide 45: 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 46: 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 For personal use only CEO-Elect ZESTY Senior Business Senior Business experience from and GM Sustainable Development Manager Development Manager - the iron and steel Proc
Slide 47: 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 For personal use only • Estimated total addressable market growing to around 790 MT p.a. DRI by 205
Slide 48: Q&A
For personal use only Q&A 47
Slide 49: 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 For personal use only Calciner A term describing a kiln or furnace - typically used in the mineral processing industries CCS