Seafarms : Project Sea Dragon Review Investor Briefing Presentation

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ASX Announcement | 31 March 2022

Seafarms Group Limited (ASX: SFG)

SFG ASX Announcement No: 723

Project Sea Dragon Review - Investor Briefing Presentation

Enclosed is the Investor Briefing Presentation for today's online meeting at 12 noon AEST.

As previously announced (722), Shareholders can attend and participate by registering using the link below.

Please note the online meeting link ishttps://webcast1.boardroom.media/watch_broadcast.php?id=623bc0daee603

Ends.

Authorised by the Board of Seafarms Group Limited.

For further information, please contact:

Seafarms Group

Mr. Ian Brannan Company Secretary P: [phone]

Media / Investor Enquiries P: [phone]

E:[e-mail]

About Seafarms Group

Seafarms Group Limited (ASX: SFG) is a sustainable aquaculture company, producing the premium Crystal Bay® Prawns and developing the Project Sea Dragon prawn aquaculture project in northern Australia.

Seafarms Group Limited ABN 50 009 317 846

Level 6, 66 Smith Street Darwin, NT 0800, Australia PO Box 294

• T [phone]

• F [phone]

• [e-mail]

  Sylvania Southgate, NSW 2224

• W seafarms.com.au

Perth WA 6850 Australia

Seafarms Group Limited is a corporate authorised representative ("CAR") (Number 420079) of CO2 Group Financial Services Pty Lt (ABN: 92 142 542 774 AFSL 388086)

Agenda

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Project Sea Dragon (PSD) Project Review

•  Background and Project Status

•  Project Review Outcomes

  - Project Sea Dragon

  - Queensland Operations

•  Implications and Actions

•  Strategy Update

•  Next Steps

PSD Project Review - Background

Background

•  Project Sea Dragon (PSD) has been in development for 8+ years

  personal use only

•  A Capital Raise to support PSD construction was completed in June 2021

•  Construction was progressively mobilised through the latter half of 2021

•  Major Construction activity proceeded at Legune until end Dec 2021

•  PSD Cost update was provided to the market in October 2021

•  Update on project debt financing was provided on 1 Nov 2021

  - Project debt financing not feasible / terms not in shareholders interests

•  Announced PSD Project Review 1 Nov 2021

•  Steps subsequently taken to reduce Project costs and overheads and preserve cash

  PSD Project Scope - Phase 1a

•  PSD is a greenfield project to build the world's largest prawn farm and associated infrastructure capable of producing up to 180,000 tonnes of fresh and frozen product for domestic and export markets

•  Phase 1a scope was reduced to producing approximately 6,000 tonnes p.a. with first stocking of ponds in November 2023 and first harvest by mid 2024

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  Construction of grow out farm at Legune 396 ha

  • - Exmouth Founder Stock Centre upgrade and Bynoe Harbour Breeding/Hatchery construction

  • - Construction of a Processing Plant at Kununurra

  • - Associated infrastructure including power plants, roads, pumps, water channels, camps etc

•  Support and IP were to be drawn from existing Queensland Operations

PSD Status Update - 31 March 2022

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•  Legune Grow Out Construction continued through until Christmas before being suspended for the Wet Season until the end of March 2022 (in line with contractual arrangements)

•  At Legune 21 x 1Ha ponds partially constructed and work commenced on other ponds and infrastructure requirements

•  Wet season suspension extended to end of April 2022 (in line with contractual arrangements)

•  Bynoe Harbour works remain suspended

•  Exmouth capital works and operations continuing

•  Half year accounts as at 31 December

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PSD setup and pre-project costs expensed

- approximately $70m cash on hand