Overview of Quarterly Activities Report

New Zealand Coastal Seafoods Limited (ASX: $NZS) has released its quarterly activity report for the three-month period ended 31 March 2024. The report includes the execution of a collaboration agreement with a 75-ton vessel, customer receipts of A$70,000, and clarification of revenues from fishing licenses.

Executive Commentary on Collaboration Agreement

The Company is pleased to announce the execution of a collaboration agreement with a 75-ton vessel, Cody Star, aimed at landing large blue-spotted coral trout for the export markets and snapper for the domestic markets. We retract the previously announced anticipated annual revenues as the Company has no reasonable basis for disclosing the statement. The agreement does not guarantee revenue payable to the Company. We look forward to potential future collaborations with the commissioning of a second vessel in 2025.

Summary of Quarterly Activities Report and Outlook

New Zealand Coastal Seafoods (ASX: $NZS) has executed a collaboration agreement with a 75-ton vessel to target the export of large blue-spotted coral trout and domestic distribution of snapper. The Company retracted a previously announced revenue statement due to lack of reasonable basis and guaranteed revenue. The report also includes customer receipts of A$70,000 and clarification of revenues from fishing licenses. Looking ahead, the Company anticipates potential collaborations with the commissioning of a second vessel in 2025, further enhancing its market presence and operational capabilities.