Wide Open Agriculture : Appendix 4C and Quarterly Update

QUARTERLY RESULTS PRESENTATION - Q3 FY22

ASX: WOA

April 2022

FRA: 2WO

Australia's leading ASX-listed regenerative food and agriculture company

Wide Open Agriculture reported revenue of $2.6m during Q3 FY22, representing an increase of 14% from the prior quarter and an increase of 129% year-over-year.

Eleven consecutive quarters of sequential revenue growth despite operating through a global pandemic and disruptions of global supply chains, illustrating the highly resilient nature of our business model.

Robust growth was seen across all sales channels, anchored by acceleration of our digital platform and continued momentum in the oat milk business.

Our digital platform continued to be incubator for rapid growth and on-trend product launches, growing 175% YoY and 71% QoQ. Digital remains the highest margin segment of the business.

Lupin pilot plant equipment has been received and the facility is on track to begin producing by the end of Q4 FY22, in line with previous production targets.

New oat milk distribution agreements signed for Hong Kong and Macau, building on recent agreements which are expected to deliver AUD$2.1m over the next 12 months.

The previous quarters results (Q2 FY22) included $200,000 of one-time live cattle sales. Excluding this, sequential revenue growth for Q3 FY22 would have been 25% QoQ.

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The previous quarters results (Q2 FY22) included $200,000 of one-time live cattle sales. Excluding this, sequential revenue growth for Q3 FY22 would have been 25% QoQ.

(1) Cash at bank as at 31 March 2022

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All key equipment for the pilot lupin plant has been received, and we are on track with milestones for commissioning.

Advantages of the facility include;

• • Produce sufficient quantities for launch of high protein oat milk and potential off-take and strategic partners.

• • Ability to supply potential future off-take agreements with major food companies who are interested in new product development using lupin.

• • In-house development of plant-based food and beverage products and development of in house IP for functional Lupin protein.

• • Enhanced opportunities to identify applications for fibre and other nutritional benefits from the lupin.

• • Opportunity to explore trade secrets and application of the patented technology for other regenerative pulses grown in Australia.

Equipment for the pilot lupin plant at Dirty Clean Food facility in Kewdale, Western Australia

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PLANT-BASED MILKPLANT-BASED SNACKSPLANT-BASED MEATPLANT-BASED PROTEIN

During the quarter, WOA received positive confirmation from multiple large food manufacturing groups confirming that Buntine ProteinTM has the potential to be a highly competitive product.

Feedback centred around Buntine Protein's gelation and solubility attributes, which has been confirmed to add value to the production of plant-based dairy analogs, and is consistent with Dirty Clean Food's own findings in the development of its high protein oat milk.

The Company has had preliminary conversations with more than 10 potential strategic partners in multiple geographies and is actively engaged in pursuing business development opportunities in multiple fast growing plant-based food and drink sectors.

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