Duxton Farms Ltd's Acquisition of NT Portion 5088

Duxton Farms Ltd (ASX: $DBF) has executed contracts to acquire the 2,386-hectare NT Portion 5088 in the Top End of the Northern Territory for AU$10,250,000. The acquisition, pending approval from the Foreign Investment Review Board, includes a water license with an annual limit of 8,021ML valid until 2040. The funding for this acquisition is sourced from the proceeds of the 'Timberscombe' divestment, as per ASX announcements dated 11 April 2024, 30 May 2024, and 13 June 2024. The Board considers this acquisition as a crucial part of the company's Northern Territory expansion strategy, with more details to follow in the future.

Executive Commentary on NT Portion 5088 Acquisition

The acquisition of NT Portion 5088 marks a significant step in our strategic expansion plan in the Northern Territory. This move aligns with our commitment to sustainable agricultural development and strengthens our position in the region. The availability of a substantial water license further enhances the potential for diversified agricultural activities on the acquired land. We are excited about the opportunities this acquisition presents and look forward to sharing more comprehensive insights into our Northern Territory expansion strategy in the near future.

Summary of Duxton Farms' Acquisition and Outlook

Duxton Farms Ltd (ASX: $DBF) has successfully executed contracts to acquire the 2,386-hectare freehold NT Portion 5088 in the Northern Territory, signaling a significant move in its expansion strategy. The acquisition, funded through the proceeds from the 'Timberscombe' divestment, includes a valuable water license with a substantial annual limit, providing opportunities for sustainable agricultural development. This strategic acquisition underscores the company's commitment to expanding its presence in the Northern Territory and sets the stage for potential diversified agricultural activities. The Board's intention to release more details about the Northern Territory expansion strategy indicates a forward-looking approach, reflecting the company's ambitions for sustainable growth and development in the region.