CLOSE THE LOOP LTD. — Capital/Financing Update 2025

Jan 28, 2025

Close the Loop Limited ABN: 91 095 718 317 43-47 Cleeland Rd Oakleigh South, Victoria 3167 AUSTRALIA

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ASX Announcement

29 January 2025

TERMINATION OF DISCUSSIONS WITH ADAMANTEM AND UPDATE ON 1H25 TRADING

Termination of Discussions with Adamantem

Melbourne, Australia – further to its prior announcements,[1] Close the Loop Limited (Close the Loop or the Company) (ASX:CLG) advises it has ceased discussions with Adamantem Capital (Adamantem) with regard to Adamantem’s indicative proposal to acquire 100% of the shares in the Company, by way of a scheme of arrangement, for $0.27 per share (Indicative Proposal).

The Indicative Proposal involved considerable complexity and the parties were unable to reach alignment on the commercial terms by which a successful transaction could be agreed and executed. Accordingly, discussions between the parties have ceased.

Close the Loop remains confident of delivering on its strategic plan as a standalone entity, including capturing the significant global growth opportunity in IT refurbishment. Notwithstanding, the Board is committed to maximising shareholder value and as such will continue to assess any future change of control transaction proposals if received.

Update on 1H25 Trading

The Company is currently in the process of compiling information received from its global businesses and finalising its half-year results. Following the review of recent information received from the various business units, the expectation is that 1H25 revenue will be broadly in line with the prior corresponding period, however EBITDA will be in the range of $11m-$13m due to several factors. These factors include a temporary unfavourable shift in business mix and a delay in the opening of the Mexicali facility. The company is actively addressing these short-term challenges and expects resolution in the coming months. Further details will be provided at the upcoming half year results release.

The Directors of the Company have authorised the release of this announcement to the market.

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1 on 19 November 2024, 18 December 2024 and 21 January 2025.

collecting today. creating tomorrow.

Legal/89860258_1

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For further information, please contact: Investors/Media

Warrick Lace E: investors@ctlgroup.com.au P: +61: 488 335 815

About Close the Loop

With locations across the United States, Australia, South Africa and Europe, Close the Loop collects and refurbishes products such as laptops, printers, teleconferencing equipment and gaming devices; and provides sustainable packaging, which allow for greater recoverability and recyclability. The Company’s overall goal is ‘Zero Waste to Landfill’. From recovering a wide range of electronic products, through to print consumables, cosmetics, plastics, paper and cartons, and reusing of toner and post-consumer soft plastics for an asphalt additive, the Company is a global leader in the fast-growing circular economy with a focus on global expansion and sustainability.

Further information: www.closetheloop.com

collecting today. creating tomorrow.

Legal/89860258_1