PRL GLOBAL LTD — AGM Information 2023

Nov 21, 2023

ACN 006 788 754

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CI RESOURCES LIMITED ANNUAL GENERAL MEETING

22 NOVEMBER 2023 @ 10.00AM

Good morning, ladies and gentlemen and welcome to the 2023 Annual General Meeting of CI Resources Limited.

My name is David Somerville, and I am the Chairman of CI Resources Limited.

Before we commence with the formal business of this meeting, I would like to take this opportunity to introduce you to my fellow directors:

• Lai Ah Hong (Managing Director)

• Adrian Gurgone

• Ong Keng Siew

• Tee Chain Yee (Alternate director for Dato’ Sri Tee Lip Sin)

• Dato’ Sri Tee Lip Sin

• Tee Lip Jen

I would also like to introduce Elizabeth Lee, our Company Secretary, and representatives of our Auditor, Ernst & Young - Mr Russell Curtin, Audit Partner who is attending virtually.

The Company Secretary has advised me that a quorum is present, and I hereby declare the meeting open.

CHAIRMAN’S ADDRESS AND PRESENTATION

Financial Year 2023 has been a significant and influential period for the Group, where we have delivered strong financial results on the back of our successful implementation of the Group’s diversification strategy.

We are a proudly Christmas Island domiciled, ASX-listed company with interests across a growing global fertiliser value chain. Our goal has and will continue to be maximising value to our shareholders and broader stakeholders via the further roll-out of the Group’s on-island and off-island diversification strategy.

While Christmas Island remains an important cornerstone for the Group in terms of current earnings and future growth, this has been augmented by the Group’s increasingly global footprint thanks to Malaysia-based PRM, along with the recent acquisitions of Singaporebased Liven Nutrients, and Swiss-based Kemoil.

Despite this focus on diversification, which is largely focussed on complementing our market delivery, I would like to acknowledge the fundamental role Christmas Island will continue to play in the Group, and we will continue our strong support for the island, its community and broader stakeholders via the delivery of economic, environmental, and social outcomes.

For the year ended 30 June 2023, the Group delivered an underlying net profit after tax of $25.2 million, a significant 233% year-on-year increase on 2022’s $7.6 million. Earnings per share for the period equated to 21.87 cents per share, substantially higher than the previous year of 6.56cps.

Revenue from ordinary activities came in at $1.15 billion, up 114% from the previous corresponding period’s revenue of $539 million, in thanks largely to the acquisition of fertilizer trading and logistics business Liven Nutrients.

The robust financial results and performance reflects the growing and outperforming Logistics segment, despite the Group’s Fertiliser segment experiencing difficult production circumstances with an unseasonably early and enduring wet season leading to significant production challenges, negatively impacting phosphate, and fertiliser sales volumes.

However, the Board does not expect this proportionate performance will be consistent moving forward and is cognisant that business and market cycles impact the various segments of the Group on an ongoing basis.

The Board believes our diversification strategy should assist to balance the impact of these cycles going forward.

SALE - CKP

Post-period end, the Company reported the sale of wholly owned Malaysian-based palm oil business, Cheekah-Kemayan Plantations Sdn Bhd, for RM$155 million (A$51.5 million) to Prosper Trading Sdn Bhd.

The Company believes that the sale of CKP unlocks substantial value and will provide nondilutive funding for the Group to diversify into further investments and strengthen our existing fertiliser and logistics businesses with the objective of continuing to maximise value to shareholders.

CI Resources Limited ABN 70 006 788 754 Postal address: 6 Thorogood Street Burswood WA 6100 Telephone: +61 8 6250 4900

Of the funds from the proposed sale, a third has been quarantined to be returned to shareholders via a franked special dividend of A$0.10 per share (to be paid in two equal tranches) and a share buy-back of up to $5 million to be deployed in 2024.

In addition, the Company is seeking to change its name from CI Resources to PRL Global Ltd to reflect both the company’s origins as Phosphate Resources Ltd - a company founded by the community of Christmas Island in 1990 - and the Group’s continuing global expansion.

SUSTAINABILITY

Sustainability is a key tenet for the Company. The foundations and values of our business are premised upon sustainability, and as our business grows our values, ethics and actions grow with them. It motivates the way we manage our operations, safeguard the environment and maintain our strong relationships with the community of Christmas Island and other communities where we operate.

This year we established an ESG Committee, led by senior executives with members coming from across the business, with an ESG-specific budget of a significant $5 million commitment towards ESG initiatives for the 2024 financial year.

The focus of the Committee is on strategically planning, targeting and allocating our ESG resources to have the greatest impact for our stakeholders.

Our sustainability journey continues to evolve, and I welcome you to delve into our programs and initiatives as detailed in our third annual Sustainability Report located within the company’s 2023 Annual Report.

CLOSING

The future for CI Resources, via the continuing implementation of our on-island and off-island diversification strategy, is highly positive for our shareholders and broader stakeholders.

Our highly skilled team have successfully shown that we can build sustainable and long-term value across our various business segments. We are cognisant that business and market cycles impact the various segments of the Group on an ongoing basis.

However, The Board are of the strong belief the continuing implementation of an on-island and off-island diversification strategy should balance the impact of these cycles going forward.

We anticipate our Logistics segment, on the back of continuing strong market conditions and opportunities, will continue to perform well into Financial Year 2024.

CI Resources Limited ABN 70 006 788 754 Postal address: 6 Thorogood Street Burswood WA 6100 Telephone: +61 8 6250 4900

While the Fertiliser segment underperformed in 2023, we do not envisage this performance will be consistent moving forward. We remain confident that with the assistance and backing of stakeholders we can turn the Fertiliser business around and achieve a better performance driven by efficiency in our production, increasing our market share and delivery of quality products in future years.

The Company is continuing to expand its footprint in Malaysia in fertiliser trading, warehousing and product manufacturing – and intends focussing directly on these expansion opportunities – to ensure we match our island production with market opportunities for the immediate and long-term future.

I finally take this opportunity on behalf of the Board to thank our loyal shareholders, employees, managers and executives for their important contributions to achieving a strong result for the Group in 2023 and look forward to keeping the market informed of our achievements in 2024.

THIS CONCLUDES MY CHAIRMAN’S ADDRESS.

CI Resources Limited ABN 70 006 788 754 Postal address: 6 Thorogood Street Burswood WA 6100 Telephone: +61 8 6250 4900