Good morning. Welcome to the annual general meeting of Seafarms Group Limited. My name is Rod Dyer. Mr. Ian Trahar, the company's usual Chairman, is unable to attend today's meeting in person due to a family matter, but he is attending via video link, and Ian has asked me to chair the meeting today. This, I understand, is the first-ever meeting that Ian hasn't attended in person, and I'm sure that he would have been here if at all possible. His commitment and belief in the project is just evident with the recent continued financial and moral support. I'm informed that we have a quorum present, and I declare the meeting open. We'd like to begin by acknowledging the traditional owners of the land on which we meet today and pay our respects to elders past, present, and emerging. I'm delighted to be able to extend a warm welcome to our shareholders for this in-situ and virtual meeting, and thank you for joining us. Please note that this meeting is being recorded. Before turning to the items of business, I'd like to introduce my fellow director, who is present on this video call, Mr. Harley Whitcombe, and our CEO, Mr. Peter Fraser. I also welcome Pitcher Partners and our lawyers, Pitcher Partners representing Dan Colwell, representing our external auditors. The notice of meeting was sent to all shareholders on the 24th of October 2025, and now we move to covering off on some of the procedural matters. We will begin with the meeting with formal proceedings, including seven resolutions, all of which will be decided by poll, and Computershare will act as the Independent Returning Officer. The results of the poll will be released on the company's website shortly after the meeting. Voting on resolutions is now open, and you can vote at any time until I declare the voting closed. You can also change your vote at any time throughout the proceedings. I will give you a clear prompt later in the meeting to warn you of the close in voting. By joining our hybrid annual meeting today, you, as a Seafarms Group Limited shareholder or your appointed proxy, will have the opportunity to ask questions and submit votes if you haven't already done so. For those attending the meeting online and who are eligible to vote as the poll is open, a voting icon is available on your screen. Selecting this icon will bring up a list of resolutions that present you with the voting options. For those voting online, you are free to submit your votes at any time. To cast your vote, simply elect one of the options. There is no need to hit submit as the vote is automatically recorded. Please ensure you cast a vote for all resolutions. You will receive a vote confirmation notification on your screen. To change or cancel your vote, click the link here to change your vote or at any time until the poll is closed. Votes may be changed up to the time I declare the voting is closed. For shareholders, proxies, and corporate representatives in person, I'll ask you to vote once we've gone through all items of business today by completing the blue voting card that was provided to you upon admission. I'll provide a warning before I move to close the voting at the end of the meeting. To vote, click the voting icon in the navigation bar of your screen to display the resolutions. Once you've clicked the icon, the resolutions will appear on your screen along with for, against, and abstain voting options. Simply select one of these options to cast your vote. When voting is closed, your final voting selection will be recorded. I will address the financial statements and questions related to them first. I will then read out a summary of all resolutions put to shareholders in the notice of meeting. The details of all resolutions will be displayed on the screen, including the proxies held. I'll then address questions relating to the resolutions. There will be time for general questions following completion of formal business of the meeting. Shareholders may ask both written and oral questions using the online platform. I encourage you to submit questions as soon as possible. You may start submitting questions now by clicking the question icon. Please reference your question to the relevant item of business. We will endeavor to address your questions at the time of the item of business or as a general question following the formal proceedings. Questions submitted prior to the meeting will also be addressed with any similar questions summarized. If you have any difficulties voting or submitting questions in the online platform, please refer to the Computershare online meeting guide located in the documents tab at the top right hand of your screen. If we do experience technical difficulties during the meeting, we will assess the next steps based on the nature of the problem. In the unlikely event of a complete failure of technology, our share register, Computershare, will contact shareholders via email where an email address has been provided to advise of a recess or an adjournment, and we will also provide an update on the ASX. Following completion of the formal meeting, I'll provide a business update and answer any general questions. We'll now turn to the formal business of the meeting. Given a notice of meeting has been circulated to shareholders, which sets out in significant detail each item of business, and shareholders have had time in which to consider the notice of meeting, I do not intend to read out the details of each resolution in full during the meeting. Rather, to streamline the meeting, details of resolutions, proxy votes, voting restrictions, and references to the relevant sections of the notice of meeting for each resolution will be displayed on the screen. I will provide limited additional information with respect to voting and the board recommendation. The first item of business is the consideration of the company's financial reports for the year ending 30 June 2025, copies of which are available on the company's website. While there is no resolution on this item, it's an opportunity for shareholders to ask questions concerning the financial statements of the company. We also have the company's auditor, Dan Colwell, from Pitcher Partners, present to answer any questions relating to the conduct of the audit. The company secretary will advise of any questions received in respect of this item of business. We ask for your patience as we provide shareholders with time to submit their questions. Are there any questions? No, there's no questions on the system. I don't think there's any from the floor. Any questions from the floor? As there are no questions, I'll proceed to the next item of business, the remuneration report. We'll now move on to item one, the consideration of the remuneration report for the financial year ended 30 June 2025. The board unanimously recommends that shareholders vote in favor of the adoption of the remuneration report. The Chair intends to vote under record proxies in favor of item one in accordance with the express authorization on the proxy form. There are no questions on that matter. Okay. We'll move to the next one. As I have an interest in the next resolution, I'll pass the chair to Harley Whitcombe. Thanks, Rod, and welcome. The next item of business is the reelection of Mr. Rodney Dyer as a Director. The Board, other than Mr. Dyer, has an interest in the resolution. I believe that the appointment of Mr. Dyer to the Board is in the best interests of the company and unanimously recommend that shareholders vote in favor of the appointment of Mr. Dyer. The Chair intends to vote under record proxies in favor of item two. Before getting up here, I looked at the screen. There are no questions on the system. Any questions from the floor? Congratulations, Rod, on your reappointment. The next round of business, I'll pass back to Mr. Dyer. Thank you, Harley. Item three, additional capacity to issue securities. The board unanimously recommends shareholders vote in favor of granting the company the additional 10% capacity. It comes up every year. It is a mechanical thing that we just have to do. The Chair intends to vote under record proxies in favor of item three. Are there any questions from online, Harley? Yes, Rod, there is. Sorry, going back to your reappointment, there is one question. There was 34% proxy vote against Rod. What was the issue here? I'm assuming this. Yep. The larger shareholder of the company has voted against all resolutions for the company. As most shareholders would be aware, that Jan Cameron and her associates have sought information from the company with respect to transactions back in 2021. That matter is we've provided information to Jan Cameron's lawyers, and they're processing through that at the moment. I think as a consequence of her decision to take that action, she has voted against all resolutions. That makes up biggest, the Cameron shareholders account for 19.86% of the company. It's not surprising that we've got that vote against all resolutions. With respect to the capacity to issue additional shares, same question. No, it's not. Just checking here. There's actually no question coming up here, so no question here to be dealt with. Any questions from the floor on this particular matter? Yep. I mean, it's been pretty rough the last two or three years. Is the company actually dead on the water, or is it heading in any direction yet? We'll take that one in general questions if I can. With respect to the additional capacity to issue securities, unless there are questions on that particular topic, I'll proceed to the next item of business. I'll provide opportunities for questions after a presentation from Mr. Fraser, now CEO. That brings us to the end of formal business of the meeting. I think I mentioned seven in the early parts of the text, so there's only three. Apologies for that. I'd like to advise that the voting on all resolutions and the receipt of questions will close in two minutes. Where do we give these to? Sorry? Where do we give your item? Give these to the girls at the desk or? No. The pictures don't include them now. Please finalize your votes inside two minutes. Please ensure that you cast your vote on all resolutions. I'll pause for a moment to allow you to finalize the votes online and to allow them to be collected. Thank you. In the room, by the computer share representative and Harley. The voting results for all today's resolutions will be made available on the Seafarms Group website following the conclusion of the meeting. I'll just allow another one and a half minutes, as I said, two minutes, for that to be finalized. 15 seconds. I now declare both voting and the meeting closed, the formal part of the meeting closed. I'll now pass you to Mr. Peter Fraser, the company CEO, to provide a brief business update, and then we'll come back to general questions after that. Next slide, please. Next one, please. Thank you. Good morning, everybody. My name is Peter Fraser. I think you know me now. I'm the CEO of Seafarms. It's good to have some familiar faces in the audience. Thank you for attending. Also, for people online, thank you very much for listening to us. Today, my plan is not to read everything aloud. I'm just going to focus on a few points which I think are pertinent and hopefully will answer several of the questions that people have been asking. Next slide, please. The next one, please. In April last year, we concluded the deal with Main Stream to sell Farms One and Two. We always had a plan that we would like to keep on producing out of Farm One and Two. On the very next day, we then released the site of Farm One and Two up until January 8. What that has done is it's given us the opportunity to actually crop bananas on one farm and black tigers on the other farm so that we are producing as per normal. For Christmas, for the bananas, and for next year for the export of black tigers. In terms of the fiscal year, we'll talk about a couple of things when we put the numbers up. I do want to say that Farm Three was a major challenge for us. I'm not a great weather guy. In February, we had 1,800 mm at Farm Three, and in March, 1,200 mm. To give you an idea, in February, there was about 50. We had a significant issue with the rain, and that deteriorated our results. Apart from that, most of the other numbers for Queensland were pretty good. Next slide, please. In terms of revenues, the clear number is the top one. Why did we reduce the revenues? Quite simply, working capital. Our entire plan has always and will be to continue getting our big project in Northern Territory up. To conserve our resources, we reduced our stocking, and we kept on focusing on the international market, selling our product mostly to Europe. The reduced working capital will hopefully give us a longer lead time to get the project up. Next slide, please. Next slide, please. The operating performance, you can see the numbers there. Again, the key for me is the bottom one. Our investment is totally about the international market. We are the only company in Australia who is actually focusing on providing the export market. We utilize the bananas for our domestic production because we are the only unique supplier of never-frozen cooked prawns to the market at Christmas. Black tiger is all going internationally. A point to note, we currently have zero stock. As of today, whatever we produced, we have sold. Next slide, please. The one I want to focus on here is PL sales. We have always had a big hatchery to provide our own product. Why wouldn't we supply other people? In the last 12 months-16 months, we've started to supply some of our competitors, in particular the smaller independent farms, to the point where we've sold more than AUD 1 million worth of PL sales. That not only assists us in our finances, it also means our reputation for our product, which is genetically improving year- by- year, is being sought out by our competitors. Interestingly for me is that we now have a situation with bananas where, in fact, we've been requested to supply, which we've declined. Next slide, please. Next slide. Sorry, back that one. Yep. This is the fiscal year. Hopefully, the next one will be a bit more positive. This year, we've continued to have the challenges with our court case with Canstruct. That takes an awful lot of time. It takes an awful lot of money. Our legal fees are not small. We basically have kept on going because the board are totally committed to getting the major project up. Now, I did not call it PSD for a reason, Project Sea Dragon, and that we will come to that in a second. We have kept every single business venture going. For example, Exmouth, we have continued. We are now into year five, which has been completed. We are about to stock for year six in terms of the genetics improvement. We have paid every single lease. We have paid every single license. In fact, even though we have had a lot of challenges, we have kept up paying every single bill that has been required. Next slide, please. To the gentleman who asked, are we dead in the water? This slide is the reason why we certainly are not. As you saw, approximately a month ago, we put out a release saying that we had agreed a deal with the liquidator to purchase back the PSD assets. At that time, it was conditional. Had to be approved by both creditors and potentially would have to go to court. As of today, we now have an expectation that on December the 1st, the creditor meeting will be approved unanimously. What does that mean? That means hopefully, as of December the 2nd, there will be an unconditional deal whereby our new venture, Sea Dragon Shrimp SDS, as opposed to PSD, we will start to move all of the assets from PSD to SDS. What does that mean? That means we are able to move forward. This time last year, I wasn't able to say that, but this time today, I am. Hopefully, as of December the 1st, we should be able to move forward, which we have already started. Next slide, please. Next slide, please. I've missed over a couple of slides because I think this is the pertinent one. If we go through what's happened, everything's happened in the last six months. In the last six months, we've now released Farms One and Two from Main Stream, so we're actually producing almost as normal. As of today, I can tell you that our plan is to release further with Main Stream, and we will move up until March of this year, initially, maybe further. That allows us to keep on operating almost as normal. March of next year. March of next year. I'd like to note the matter in October. We announced it that Avatar Industries has confirmed additional support. I'd like to take the opportunity to thank the Chairman, Mr. Trahar, who owns that company. It again shows his immense ability to keep on assisting funding us in this challenging time. Everyone still believes we can get this project up. What else is in there? We've talked about Main Stream going further. Over the last three weeks, I have not been in Australia. I've been all over the place re-engaging with potential funders and actually meeting new potential funders. It doesn't mean we're actually going to be able to get it done tomorrow, but it does mean that people will now talk to us again because we will now control the assets. What will happen in December? Once the creditor meeting is finalized, we will then ask people like the Northern Territory Government, the Northern Land Council, we will ask to assist us in help moving quickly all of those assets, licenses, etc., into SDS. SDS, Sea Dragon Shrimp, is the project that we are trying to sell. We are trying to make sure that we get it up as soon as practicable. Thank you. Change of the entity, does that mean that the change of the entity, Sea Dragon Shrimp, does that mean that the litigation with Canstruct is completely wiped? On this slide, can you go? Yeah. Okay. Peter, just firstly, why are we moving to Sea Dragon Shrimp instead of Project Sea Dragon? What's the reason behind that? Sea Dragon Shrimp is a totally clean company. It's a special purpose vehicle. It is designed so that anything we put in there, there are no legal issues at all for any person investing into that project. Okay. Now to the question of Canstruct. Thank you, Peter. We've now moved into the area of general questions, and we'll go screen and floor. Since the floor has come, we'll go there first. With respect to Canstruct and Project Sea Dragon Propriety Limited, this deal does not mean Project Sea Dragon Propriety Limited is out of liquidation. It will be in liquidation for quite some time. There are significant processes, legal and mechanical processes, that you need to go through before the company is either wound up or comes out of liquidation. Wound up is the most likely result. Hence the vehicle of Sea Dragon Shrimp to keep it clean. I can't speak for Canstruct, but what I can say is that they had informed the liquidators that they would vote in favor of the resolutions that are being put on the 1st of December. Now, what happens when we actually get there? We will see on the day. That is why we have the confidence that we do have. Any other questions from the floor? General? Your summary of shrimp coming to your prawn lobby. Is it banana ones that you're hatching here or? The hatchery over at Exmouth is only on tiger prawns, correct? The hatchery at Exmouth is only on tiger prawns. And you're not selling any of those? You're just developing? Correct. The hatchery at Flying Fish Point, which is the Seafarms Queensland asset, produces both black tiger and banana. The PL sales to date have been black tiger. They're a different generation and species to that from Exmouth. Bananas, we've had plenty of offers to purchase PLs, but we've said no because we are the Australian-only exclusive supplier. We're now in year 2025, I think it is. We wouldn't sell the crown jewels, as they say. For black tiger, we use out of Flying Fish Point, not the SPF product out of Exmouth. The SPF product out of Exmouth is unique, and we keep it very separated. What is happening? Are you happy with the product you are producing here? Is it being distilled anywhere or? We utilize some of it ourselves. Of course, we have a lot of genetic mixing, let's say. We are very happy with the genetics. In our discussions with investments, actually, Exmouth is very, very high on the list. Thank you. Any other questions? Yes. Sorry, Rod and Peter, have you looked into exporting Monodon broodstock? We get inquiries weekly, and people are happy to pay an absolute premium. I think Australia would be a perfect location for utilizing your Exmouth facility and looking at because broodstock at the moment, as you know, India and everyone is ramping up Monodon. We've got quality Monodon in Australia. Is there any vision of exporting Monodon? What's stopping you from doing it? I can see it as huge potential. Yeah. Yes, we have. Peter will talk to the a little more detail. One of the questions that we always have is how do we protect our IP in our genetics? In some places, you can be sure that that will be lost. The competitive advantage that you once had will only be affected by the diseases in the country that receives our broodstock anyway. Yes, it's something on our mind, and we have engaged in discussion. Anything else to add, Peter? Thanks, Rod. I could sell a load tomorrow, but then I'd only sell once because they put them in their own hatchery, and then they start breeding them themselves. We've done a lot of work in terms of DNA analysis, genomes, etc., so that if we did sell to a party like that, we could actually follow the product. We have a contract that said if we see them utilizing it, we can challenge it. However, we've got so many other issues, frankly. No, we'll just park that. Where we are at the moment is we have, I would suggest, more than 10 inquiries to actually supply some of our major global competitors who in the European market, for example, sit with us next door. It's very tempting because we need the cash, but it's also better for us to keep our own genetics, as Rod has said, for the time being. Yeah. In spite of what the contract might say, in some countries, it's very difficult to enforce the provisions of that contract. What's actually going to happen on site in virtual kind of a? What's going to happen on site? Do you mean after we're funded or before we're funded or now? Going forward. Going forward. Kununurra is still the site of our processing plant. The plans haven't changed a lot in that regard in terms of what we will build there. There are some mechanics to go through with respect to licenses, agreements, and the like. It's still a significant site for our processing plant. How much capital is required to actually finish all the year? The funds and things of the farm? That's a question that is a bit it depends. We will put some statements to the market at the appropriate time about capital required. It goes to the structure of the deal, if it's all equity or if it's equity and debt and things like that. Any other questions from the floor? Harley, any other questions from? Yes, there's a number of questions from Mr. Stephen Mayne. First one is environmental. The environmental movement is running a long and aggressive campaign against salmon farming practices in Tasmania, which has even included hostile shareholder resolutions at the last Coles and Woolworths AGMs. How do these groups score our practices? What do we do from an ESG point of view that doesn't occur in less sophisticated offshore markets? Do Coles and Woolworths take an interest in our sustainability practices? Coles and Woolworths do take an interest in our sustainability practices. Our industry is very different from the salmon industries in Tasmania in the way that they're farmed and the way that they're grown. We won't be susceptible to the same challenges that that salmon industry has. The practices that we will involve, we will be undertaking are really world-class because we've done that work to make sure that they are. Just from my side, which is my question, which I, it's not a Dorothy Dixon, but it's leading on to this question. With respect to our environmental approvals and the likes for Queensland, do we have any issues or have we had any issues with the Department of Environment in Queensland? The board is keenly interested in, as a high priority, the safety of its workforce, the welfare of its workforce, and the environment. It is a point for the monthly report, and it is reviewed. I take a keen interest in that every month. We have had no issues. We have always been in compliance, and we are well within compliance. Not just compliance. Our practices are good practices, so we do not have any risk there. Thanks, Rod. There are three other questions which probably all tie to the same sort of thing with the vote against all the resolutions, the issues that have arisen with Jan Cameron. Questions which I will summarize. Has there been any discussions with Jan Cameron by Ian Trahar? Is there any concerns with respect to the votes that have been cast against the resolutions that we have put to date? I'm happy to answer it. Harley, please. T he positioning for us, we haven't directly approached Jan Cameron to have discussions because it was. Sorry, Harley's a conflicted party, by the way, but I think he's best positioned to answer this question. With respect to the votes against, Jan Cameron, as I was just saying, we've been recommended by our lawyers not to engage with Jan at this time. There's been some general information being asked of us over a period of time in 2021. We have provided the information that we've been requested to provide. There has been no indication yet that there is actually an action going to be taken against the directors of the company. It would be inappropriate to have direct discussions with Jan Cameron and her party at this time. We will deal with that as we progress over the coming months. It is disappointing that we have these votes against us, and it is disappointing the way that has progressed. Our aim is to continue to develop Project Sea Dragon. With that, I would like to think, or we would like to think, that the issues that are before us at the moment with Jan Cameron in particular may well pass away because we'll get the project built. That's our continuing focus. I would just like to clarify that the Jan Cameron action is against the directors personally. So that's the directors of the time personally. The action is not against Seafarms Group or any of its entities. However, Seafarms Group, of course, gets caught up in the process, but it is not a respondent. The directors are the respondents. There's no other questions, Rod. All right. One more from the floor. Can you just outline what the next 12 months- 24 months might look like? 12 and 24 months really goes to the ability to secure funding. The financial runway cannot last forever. We are working, and Peter is working extremely hard, but also with success, I might say, in the interim stages of securing funding. It really comes down to that. Should we receive funding when we think we will, it will be an exciting couple of years. Sorry, I can't be more specific. Okay. No further questions. I declare that general question time is over, and we're happy to have a chat with you after the meeting closes, but not too long. We've got some other stuff that we need to attend to at 11:00 A.M. Thank you for coming. We really appreciate it.