NeuRizer : Quarterly Activities Report and Appendix 5B

26 APRIL 2022

ASX ANNOUNCEMENT (ASX:NRZ)

NeuRizer Quarterly Report March 2022

NeuRizer Limited ("NRZ" or "the Company") provides this operations update for the three months to 31 March 2022.

Highlights

3D model rendering of NRUP plant and facilities

NeuRizer Managing Director, Phil Staveley, commented on the March 2022 quarter's activities:

"This quarter has been particularly active with good progress towards the Bankable Feasibility Study and Final Investment Decision to be completed by the end of the year."

"One of the most exciting developments this quarter has been the launch of the company under its new brand - NeuRizer, which reflects a commitment to the Company's ambition to create a facility capable of producing carbon neutral fertiliser."

"We are also closely watching the market supply and demand dynamics during the current crisis in Ukraine, a country which has been one of the largest exporters of urea fertiliser. The NeuRizer Urea Project represents an opportunity to provide Australian farmers with an important supply input and supporting national food security is particularly important during times of global unrest."

"The NeuRizer Board and management would also like to thank those investors who supported the Company in participating in the Share Purchase Plan through February. We were pleased to raise a total of $2.9 million supporting efforts to progress this nationally significant project."

The launch of NeuRizer

Shareholders overwhelmingly approved the renaming of the company to NeuRizer ("NRZ") in March, a name that better reflects the dominant business purpose and vision of the Company and also underpins the commitment to bringing this nationally significant project to completion. NeuRizer's ambition is to build the first domestic facility in Australia capable of producing carbon neutral fertiliser.

The company's securities are now trading on the Australian Securities Exchange (ASX) under the ASX code NRZ.

The new name, NeuRizer, better reflects the dominant business purpose and strategy of the Company. NeuRizer's ambition is to create a world leading, low-cost domestic urea manufacturing capability in South Australia that will help feed the world's ever-growing population.

The NeuRizer name incorporates the "N" in nitrogen fertiliser (urea). The "Neu" relates to a new way of producing urea - one which has a net zero carbon footprint. The "Rizer" relates to the crops which rise from the ground and are dependent on urea to do so; it gives a nod to the product - fertiliser, and it relates to the upwards trajectory of a new manufacturing company.

The brand was officially launched on 31 March 2022 at the iconic Adelaide Oval. Amongst those in attendance were DL Global Chief Executive Officer, Mr Changmin Ma, and several DL senior executive, who were visiting Adelaide to meet with NRZ management to strengthen the relationship between the two companies and to progress the NRUP.

DL E&C Co. Ltd Global CEO, Mr Changmin Ma, speaking at the NeuRizer launch event, 31st March 2022, Adelaide Oval, South

After an introduction by NRZ Chairman, Justyn Peters, the event was launched by DL Global CEO Mr Chiangmin Ma who noted amongst other things:

Urea Offtake Agreement with NRZ - Mr Ma was keen to update the audience on the substantial progress that has been made since DL's trading subsidiary, Daelim, entered a Heads of Agreement (HoA) with NRZ in November 2021, to pre-purchase 500,000 tonnes of NRUP urea.

"We are sure that … the high-quality carbon neutral Australian made urea products could be introduced to the global market."

International infrastructure experience - Mr Ma referenced DL's extensive experience in constructing and commissioning large scale ammonia and urea facilities, similar to the NRUP.

"In addition, not just as an EPC contractor, but as a total solution providing developer, we will create further value to the project with support of our DL group participation."

Carbon Capture and Storage experience - DL has recently demonstrated what is perhaps a world first achievement in delivering 'carbon negativity' (ie. removing more carbon dioxide from the atmosphere than produced), through a recent project in South Korea by combining bioenergy with carbon capture and utilisation, or BECCU, with hopes of delivering this technology to Australia.

"… we are proud to confirm that we have entered into a MOU with Australian DriveTrain, an affiliate company of Engenco, to diversify further business presence of CCUS technology in Australia."

DL presence in Australia - DL has successfully completed many infrastructure projects in more than forty countries worldwide since 1966. DL has stated its intention of increasing its project influence in Australia, using the NRUP as its first project.

"It is a great pleasure to be attending this milestone "re-branding" event as your partner, which is promising landmark for us to introduce our business philosophy of creating value in Australia. This business will produce Australian made urea fertilizer manufacturing facilities with eco-friendly carbon capture technology and as well sequestration. I am sure that this great new vision would be recognized as solution for global food problem and carbon reduction, contributing to people lives and environment as well and we are proud to be part of the first integrated project in the world to cover the full cycle."

"I am certain that our company could be a trustworthy companion to contribute to Australian market, creating thousands of jobs with environmental values by our proven commercial CCUS solution."

South Australian Cabinet Minister, the Honourable Clare Scriven MLC, Minister for Primary Industries, Regional Development and Forest Industries, also addressed the guests at the NRZ Launch Event, on the importance of sovereign manufacturing capability and supporting regional economies.

Minister Scriven spoke of the importance of the government's vision to support farmers in Australia and businesses in South Australia:

"As the Minister for Primary Industries and Regional Development, I welcome and support businesses that can improve and support our primary industries sector, as well as a much provided and needed boost to our regional economies … the primary industry sector has faced many, many challenges in recent years, from drought, fires, flooding and … the dramatic increase of input costs and the reduced availability of farm-based products, including fertiliser."

"NeuRizer and DL have shown true initiative in recognising the domestic market gap for fertiliser for Australian farmers, and it's wonderful to see the partnership between NeuRizer and DL."

"The Malinauskas Labor government is keen to support business, and we will work with private enterprise to expand the overall economy and will continue to support local manufacturing and modernising workplaces."

"… I congratulate NeuRizer in their business direction shift to fertiliser manufacturing … I look forward to working with businesses such as NeuRizer and DL in the coming years as they explore opportunities in our great state … "

The Honorable Geoff Brock MP, Minister for Local Government, Regional Roads and Veterans Affairs, and local member for the NRZ project area, also attended along with a number of senior South Australian public servants from the departments of Primary Industries, Trade and Investment, and Energy and Mining.

Other industry guests and partners included senior representatives from DL's trading company, Daelim, Samsung C&T, Stamicarbon, KBR, and PT Pupuk Indonesia, an Indonesian State-Owned Enterprise, one of the largest manufacturers of urea in the world.

The NeuRizer Urea Project ("NRUP" or "the Project") will be one of the biggest infrastructure projects of its type in Australia, providing long term economic development and employment opportunities for the communities of the Upper Spencer Gulf region, northern Flinders Ranges and South Australia. We were pleased to have a strong representation from both industry and government at the event in recognition of the importance of this project.

NeuRizer Urea Project Progress

The NRUP is progressing well and in line with the Project's forecast timeline.

The Initial Bankable Feasibility Study (BFS) was completed towards the end of the quarter paving the way for early discussions with potential funders in the lead up to finalising the Final BFS and the Final Investment Decision (FID) which is expected to be in Q4 CY2022.

NeuRizer has now appointed PwC as a strategic debt advisor to provide advice on funding from the selection of an appropriate investment bank through to final settlement. Formal completion of the BFS will allow NeuRizer to finalise the 70% finance agreed with a major South Korean bank to bring NRUP to commissioning and PwC will advise the Company on a range of funding options for the balance of 30% funding for the Project.

Other significant progress made during the quarter includes:

• • Application under Section 23 of the Aboriginal Heritage Act 1988 was approved by the South Australian Minister for Aboriginal Affairs and Reconciliation authorising the development of in-situ gasification for the NRUP (4 January)

• • Syngas Technology Australian Patent application submitted (9 February)

• • Factory Acceptance Testing commenced on the Siemens syngas fired power generators (22 February)

• • Receipt of formal Activity Notification from the Department of Energy and Mining for Shallow Investigation Drilling to provide geological, geotechnical and environmental information for Stage 1 and Stage 2 Design

• • Commencement of onsite activity associated with the construction of the Project's gasification wells and power generator areas commenced (21 March)

Drill rigs and teams geotechnical investigations associated with the construction of the NRUP)

gasification wells and power generator areas.

Carbon Neutral from 2022

NeuRizer is committed to reducing its carbon footprint and is working towards becoming the first large scale fertiliser project in the world to be carbon neutral.

On 22 March 2022 NeuRizer announced that it had successfully obtained Carbon Neutral certification for its business operations through Climate Active, a partnership between the Australian Government and Australian businesses to drive voluntary climate action.

The certification process vetted NeuRizer's carbon neutral position for Scope 1, 2 and controllable scope 3 emissions through independent experts to ensure it met the requirements of the Climate Active Carbon Neutral Standard for Organisations.

NeuRizer is committed to maintaining this status, which is assessed on an annual basis, through to commissioning and operation.

Mulpun ISG Project in Chile

In January the Company announced that it had entered into a Memorandum of Understanding to exclusively negotiate the acquisition of the Mulpun ISG Project in Chile.

These negotiations have been terminated by the Company as the project did not meet the Company's investment requirements during the Due Diligence process.

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