Midway Limited announces unconditional contract for grain terminal development

Midway Limited (ASX: $MWY) has signed an unconditional land sale contract for 5.15 hectares of the Geelong site for $15.5 million with a 10% deposit received. Settlement is expected to occur in 1H25 upon completion of subdivision works and registration of the plan of subdivision. Additionally, a lease agreement has been signed, granting CHS Broadbent access to the site until settlement, enabling preparatory works and construction to commence prior to settlement. This progress follows the binding Memorandum of Understanding (MOU) with CHS Broadbent announced in November 2023, where CHS Broadbent expressed its intention to build and operate an 80,000 metric tonne grain storage and export terminal.

Executive Commentary on Grain Terminal Development

This marks another important step in delivering the strategies of improving operating performance and maximizing the value of the company's assets. The progress on this important initiative is really pleasing. The parties have worked very constructively to get us to this point.

Summary of Unconditional Contract and Future Outlook

Midway Limited (ASX: $MWY) has made significant progress with the signing of an unconditional land sale contract and lease agreement for the development of a grain terminal with CHS Broadbent. The $15.5 million land sale contract and lease commencement demonstrate the advancement in the company's strategic initiatives. The agreement with CHS Broadbent aligns with Midway's goal of improving operating performance and maximizing asset value. The company's collaboration with CHS Broadbent signifies a positive outlook for the development of the grain terminal, contributing to Midway's volume commitments with the port. This milestone reflects Midway's commitment to enhancing its operations and leveraging opportunities for growth in the grain storage and export sector.