CALIX LIMITED — Capital/Financing Update 2026

Apr 19, 2026

calix

20 April 2026

Calix and PLS execute Mid-Stream restructure: triggers first $5.7m payment

Sydney, Australia | 20 April 2026 – Australian environmental technology company, Calix Limited (ASX: CXL) (Calix) (the Group) is pleased to announce today that it has executed final transaction documents with PLS Group Limited (ASX: PLS) (PLS) to complete the restructure of the lithium Mid-Stream Project (Project) and commercialisation framework under the previously announced binding terms¹.

Execution of the transaction documents triggers a first cash payment of A$5.7m to Calix. A second A$5.7m cash payment is unconditional and due on 31 July 2026.

As described further in the Calix and PLS ASX announcement dated 19 February 2026, completion of 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.
• Realigns the commercialisation of the Calix technology for the primary² lithium market with Calix’s long-term capital-light licensing model.
• 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.
• 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.

The $11.4m cash payment from PLS will further enhance the cash and liquidity position of the Group and strengthen the Groups’ resourcing and focus on the large market opportunities for Calix’s platform technology in iron and steel, cement and lime, alumina and magnesia.

-ENDS-

¹ ASX Announcement. PLS and Calix agree revised structure to advance Mid-Stream lithium technology. 19 February 2026
² Primary lithium processing refers to applications for the extraction of lithium from raw ore. It excludes processes such as lithium recycling and battery cathode manufacturing.

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This announcement has been authorised for release to the ASX by the Calix Board of Directors.

About Calix

Calix Limited (ASX: CXL) is a technology company creating businesses that solve global challenges in industrial decarbonisation and sustainability.

Calix’s patented core platform technology is being developed for indirect heating of raw materials to enable efficient, precise, flexible and renewably powered metals and minerals processing and capture of unavoidable industrial emissions.

Calix is applying its core technology to the cement, steel, magnesia, alumina, critical minerals and carbon dioxide removal industries.

Leveraging its core platform technology and a global network of partners, Calix is urgently developing multiple businesses that deliver positive global impact. Because there’s only one Earth.

Mars is for quitters.

For more information:

Phil Hodgson
Danren Charles

Managing Director and CEO
CFO and Company Secretary
+61 2 8199 7400
+61 2 8199 7400

Christineh Grigorian
Investor Relations Manager
Media enquiries
investorrelations@calix.global
media@calix.global

Important Disclaimer

This announcement contains certain "forward-looking statements". The words "expect", "future", "anticipate", "estimate", "intend", "believe", "guidance", "should", "could", "may", "will", "predict", "plan" and other similar expressions are intended to identify forward-looking statements. Indications of, and guidance on, future earnings and financial position and performance are also forward-looking statements.

Forward-looking statements, opinions and estimates provided in this presentation are based on assumptions and contingencies which are subject to change without notice, as are statements about market and industry trends, which are based on interpretations of current market conditions. Forward-looking statements, including projections, guidance on future earnings and estimates are provided as a general guide only and should not be relied upon as an indication or guarantee of future performance. Such forward-looking statements are by their nature subject to significant uncertainties and contingencies and are based on a number of estimates and assumptions that are subject to change (and in many cases are outside the control of Calix and its directors) which may cause the actual results or performance of Calix to be materially different from any future results or performance expressed or implied by such forward-looking statements.

The forward-looking statements should not be relied on as an indication of future value or for any other purpose. No representation, warranty or assurance (express or implied) is given or made in relation to any forward-looking statement

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by any person (including the Company). In particular, no representation, warranty or assurance (express or implied) is given that the occurrence of the events expressed or implied in any forward-looking statements in this announcement will actually occur. Actual results, performance or achievement may vary materially from any projections and forward-looking statements and the assumptions on which those statements are based. The forward-looking statements in this presentation speak only as of the date of this announcement.

Subject to any continuing obligations under applicable law, the Company disclaims any obligation or undertaking to provide any updates or revisions to any forward-looking statements in this announcement to reflect any change in expectations in relation to any forward-looking statements or any change in events, conditions or circumstances on which any such statement is based. Nothing in this announcement will under any circumstances create an implication that there has been no change in the affairs of Calix since the date of this announcement.