How thick is the veneer stone? Also, how tall is the exposed foundation? If it surrounds a crawl space with a shallow footing, you might consider laying thin masonry 'soaps' up from the footing and also tying into the CMU wall, then applying the veneer. Another approach might be to use beefy pressure-treated furring to the CMU, then attaching the cement board. The important aspects are the structural integrity and the moisture resistance. I would not consider the rigid foam substrate as it's not a structural element.
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W. Douglas Gilpin, Jr. FAIA
W. Douglas Gilpin, Jr. FAIA - Architect, PLC
Charlottesville, VA and Block Island, RI
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