Wide Open Agriculture Limited announced that it has been awarded a non-dilutive AUD 5 million grant from the Western Australian Government's Investment Attraction Fund. This grant will directly co-fund and accelerate the establishment of a cutting-edge production facility for Buntine Protein® enhanced oat milk, setting the stage for initial production to potentially begin this calendar year, with further expansion anticipated across 2024 and 2025. This grant signifies a pivotal step forward in the Company's local manufacturing push, and underlines commitment to sustainable innovation within the plant-based beverage sphere.

The funding will play a crucial role in facilitating the timely establishment of a cutting-edge manufacturing facility right in the heartland of Western Australia, a region renowned globally for producing the highest quality oats. Located strategically adjacent to the Buntine Protein®? pilot plant, the facility is expected to produce a range of Oat milk in 1 litre and Ready to Drink ('RTD') formats, featuring the Company's lupin-based Buntine Protein®?

as an ingredient. When fully operational, WOA will gain the ability to introduce a novel beverage into global markets, rivalling traditional dairy in protein content, yet maintaining a coveted creamy mouthfeel. The new facility is also anticipated to bring about significant cost reductions.

These savings would likely stem from enhanced manufacturing efficiencies, improved supply chain operations, and reductions in tariffs on exports to key markets such as SE Asia. Beyond cost savings, the facility should also speed up the new product development process for future product releases. The full AUD 5 million grant will be disbursed in stages based on the achievement of defined milestones and fulfillment of reporting requirements.

The terms of the Financial Assistance Agreement (FAA), require that Wide Open Agriculture match each grant installment with equal funding, contributed in parallel with the allocations from the Western Australian Government's investment Attraction Fund. The first critical milestone involves the successful execution of the FAA. Following that, other milestones include obtaining the necessary regulatory and planning approvals for the construction and operation of the plant-based milk plant.

Upon the successful completion of all the prescribed project milestones, the company will have accessed the total grant sum. Detailed information about the respective milestones and their corresponding fund allocations can be found in Annexure A. It should also be noted, final design and cost estimates are still being finalised and may require additional capital beyond the funding mentioned in this announcement. Buntine Protein®?

Oat milk recently reached an important milestone. The innovative, nutrient-dense beverage was successfully developed and developed and developed and developed in the United States.