Seafarms Group Limited (ASX: $SFG) Update

Seafarms Group Limited (ASX: $SFG) has been granted a continuance of the stay of proceedings by Her Honour, Justice Collier in relation to the Federal Court proceedings for Project Sea Dragon. CEO Mr. Peter Fraser expressed confidence in the project's viability and its potential benefits to local and indigenous communities, Northern Australia, and the company.

Executive Commentary on Project Sea Dragon

The Group welcomes Her Honour's decision to grant a continuance of the stay of proceedings. Today's decision allows the Seafarms Group to continue engaging with international stakeholders, as well as debt and equity investors, to develop Project Sea Dragon. Project Sea Dragon remains a viable project that will provide significant benefits to its local and indigenous communities, Northern Australia and the company. We remain confident of the ultimate outcome being a favourable decision to Seafarms and Project Sea Dragon.

Summary of Project Sea Dragon Update

Seafarms Group Limited (ASX: $SFG) has secured a continuance of the stay of proceedings for Project Sea Dragon, as granted by Her Honour, Justice Collier. CEO Mr. Peter Fraser expressed confidence in the project's viability and its potential benefits to local and indigenous communities, Northern Australia, and the company. The company remains optimistic about the ultimate outcome and will provide further updates on this matter in due course. Seafarms Group is a sustainable aquaculture company, producing the premium Crystal Bay® Prawns and developing the Project Sea Dragon prawn aquaculture project in northern Australia.