WOA to capitalise on its protein products and commercial manufacturing facility

Proceeds from the recent capital raise will place Wide Open Agriculture in a position?to capitalise on?its?class leading protein products and a world class commercial manufacturing facility?in Germany to produce them. The?sales pipeline is well established?and is expected to continue to progress over the coming months. ? ?

Other factual information provided by the company has been summarised below:

• Investing in an Australian technology success story?– commercialising a Western Australian invention and taking it to the world to show how the lupin can make a huge impact in the plant protein industry, providing a better solution for customers, supermarkets and food manufacturers

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• Growing Sales Pipeline?– this includes 8 products incorporating WOA’s lupin protein for sale in Europe & USA, sales and distribution agreements with 6 distributors across five markets (EU, USA, Japan, Mexico, ANZ). Furthermore, Buntine Protein? provides strong commercial benefits to food manufacturers, as it enables a reduced, simpler ingredient list, reducing cost of production and complexity and improves sustainability profile.

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• Reduced cash burn and risk?- as the company will see their monthly cost base expected to be approx. $350-$400k/month including impact of R&D tax incentives, allowing a greater runway to achieve scale.

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• Operating commercial scale production?facility?in Europe, as the region is considered the world’s most advanced consumer market for plant-based proteins. WOA currently has a production capacity of 400-500tpa as at Q2 CY24. In addition, the company entered into a non-binding MOU with Saputo Dairy Australia which would enable large (~5,000 tpa) commercial production of lupin protein, enabling the potential for?large scale commercial production.

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• Lupin fibre co-product ready for commercialisation?– WOA recently validated a lupin fibre products an alternative to traditional fibres in the dietary fibre market, which is currently projected to reach USD $16.3 billion by 2032 (Grand view research – dietary-fibers-market). In addition the plant based protein market is growing exponentially, with the plant based retail market expected to increase from US$65b to US$123b by 2028(Deloitte, Future of Protein).

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• Its key product, Buntine Protein?–?is a climate-conscious, plant-based protein derived from lupins is a more sustainable and adaptable alternative to traditional soy and pea proteins, offering a large commercial opportunity to replace and improve products that currently rely on conventional plant proteins. Manufactured under a globally protected patent at its manufacturing facility in Germany, Buntine Protein? is a versatile ingredient used to create plant-based dairy, meats, baked goods, and protein supplements.

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• Interim CEO – Matthew Skinner?started his career at KPMG in Sydney and London before moving to work for Intertek, a B2B Quality Assurance and testing company across a range of finance and management roles in the UK, Africa and the Middle East. He started working with Wide Open Agriculture in May 2022 as CFO, before being appointed Interim CEO in March 2024.

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About the company

WIDE OPEN AGRICULTURE LTD (WOA)?is an ASX-listed ingredients company that sells their Ag-tech company to food and beverage companies globally. ?Their hero product, Buntine Protein?, is a revolutionary climate-conscious, plant-based protein derived from lupins grown in West Australia. ?

Manufactured under a globally protected patent, Buntine Protein? is a versatile ingredient used to create plant-based dairy, meats, baked goods, and protein supplements. Buntine Protein? is steadily gaining traction among Australian and global food companies, with WOA currently working to scale up commercial production. Underpinning WOA's entire operations, is a ‘4 Returns’ framework that seeks to deliver measurable outcomes on financial, natural, social, and inspirational returns. ?

WOA is listed on the Australian Securities Exchange (ASX: WOA) and the Frankfurt Stock Exchange (2WO)

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DISCLAIMER: ‘The information does not constitute personal financial advice. Consult your adviser or broker prior to making any investment decision.

For further information about this company, email – [email protected]