WESTERN AUSTRALIAN LAND AUTHORITY

Element Zero's L701 – Option to lease DevelopmentWA industrial land at Boodarie Strategic Industrial Area

L701 Pty Ltd proposes to enter into an option to lease agreement with the Western Australian Land Authority (trading as DevelopmentWA) over part of Lot 701 within the Boodarie Strategic Industrial Area in Western Australia. The option provides L701 Pty Ltd with the right to lease the land following completion of development milestones. L701 Pty Ltd is a subsidiary of Element Zero Pty Ltd (Element Zero), an Australian company developing technology and projects for the production of low-emissions mineral products, including green iron. Element Zero develops technology and projects for the production of low-carbon mineral products and intends to develop a commercial-scale green iron production facility. DevelopmentWA is the Western Australian Government’s land and development agency responsible for facilitating industrial land development. DevelopmentWA develops and manages industrial land and infrastructure in Western Australia, including within the Boodarie Strategic Industrial Area. If the option is exercised, the parties intend to enter into a long-term industrial ground lease to enable development and operation of a green iron production facility.