Alterra Ltd. announced that it has now reached and surpassed 20,000 trees in the ground at the Company's 100% owned Carpenters Project in Western Australia's south-west (Carpenters). This milestone has been passed during the Stage 3 program that commenced last month and is expected to complete in March 2023. In total, approximately 48,000 trees are scheduled to be in the ground at the end of Stage 3, covering up to 85 hectares of Hass avocado trees.

This adds to the existing Stage 1 (5 ha) and Stage 2 (7 ha) avocado orchards planted in prior seasons at Carpenters. The significant uplift from the Stage 3 program will mean Carpenters will have close to 100ha of trees. The first production contribution is expected to come from the Stage 1 trees in the 2023/24 harvest.

Previous delays from adverse weather conditions have largely been overcome with minor rescheduling to the planting program. This has resulted in the maintenance of the original March 2023 completion date. The Company will continue to monitor weather conditions and adjust the planting schedule if required.

In addition to the planting milestone, there has been significant progress with the installation of key infrastructure on site as Carpenters establishes itself as a large scale operation.