CZR Resources (CZR) investor relations material

Transaction overview

• Merger between CZR Resources and Zuleika Gold via a recommended off-market takeover offer, with CZR acquiring Zuleika for $44.8 million in an all-scrip deal at a 32.9% premium to Zuleika’s 30-day VWAP.

• Zuleika shareholders to receive 0.1742 CZR shares per Zuleika share, subject to minimum acceptance and regulatory conditions.

• Combined group will have a strong balance sheet, no near-term capital raising needs, and enhanced financial flexibility.

• All projects are located in Western Australia, providing a strategic regional presence and operational efficiencies.

• Timetable includes execution on 26 June 2026, with offer closing on 28 September 2026.

Strategic rationale and benefits

• Merger reduces corporate overheads and increases cash balance, enabling flexibility for acquisitions.

• Diversifies asset location, maturity, and commodity exposure, and leverages seasonal differences for field work.

• Key projects have been undercapitalised, with immediate asset value uplift expected through targeted work.

• Simpler combined company structure and board.

Pro-forma financials and capital structure

• Combined market capitalisation of $85.1 million (undiluted) and cash and liquid investments of $107.6 million as of 31 March 2026.

• No debt for either company.

• Projected combined shares on issue: 1,425.3 million.