Argo Living Soils Corp. announced that, further to its news releases dated March 5, 2024 and April 2, 2024, it has signed a non-binding memorandum of understanding (the MOU) with Connective Global SDN BHD (Connective Global) to establish a strategic partnership between the two entities. Pursuant to the MOU, Argo and Connective Global have agreed to jointly pursue the research and development of biochar for agricultural and industrial applications in Malaysia and across certain regions in Asia.

Argo and Connective Global intend to work together to research and develop biochar-enhanced products tailored for distribution in Southeast Asia and the Middle East. The research and development of products by Argo and Connective Global will be for a period of 12 months. Pursuant to the MOU, Connective Global will secure the research facilities of University Putra Malaysia for Argo and Connective Global to carry out their joint research.

In consideration for use of research facilities and Connective Global's collaboration, Argo has agreed to fund a CAD 100,000 budget for research and development and issue up to one million common shares to Connective Global in stages based on achieving certain performance milestones in connection with the research and development phase, subject to applicable securities laws and exchange acceptance. On successful completion of the 12-month research and development phase, Argo and ConnectiveGlobal intend to negotiate and enter into a definitive commercial production agreement.