$30m Grant for Barramundi Project in Latrobe Valley

MainStream Aquaculture and Opal welcome the Australian Government’s announcement of a $30
million grant for the Latrobe Valley Aquaculture project.

Opal and MainStream Aquaculture, which is a global leader in barramundi aquaculture, are proposing
to develop the world’s largest indoor bio-secure aquaculture facility for growing and processing
sustainable Australian barramundi, in the Latrobe Valley, Victoria.

The cutting-edge $125 million aquaculture project would create a new industry sector for the region,
supporting high value, skilled jobs and opportunities for sustainable growth into the future.
Co-located at Opal Australian Paper’s Maryvale Mill, MainStream Aquaculture would design and
operate the state-of-the-art facility, which would grow and process more than 3,700 tonnes of
premium barramundi for the Australian market annually.

The barramundi would be processed into high value and nutritious products delivered fresh across
Australia. These products would meet growing demand and replace imports, enhancing Australian
competitiveness in the seafood supply chain.

The collaborative partnership with MainStream Aquaculture provides the project with a significant
competitive advantage. Locating the proposed Aquaculture facility adjacent to the Maryvale Mill,
means leveraging complementary resources and infrastructure, providing direct access to a wide
range of services such as heating, water treatment, energy and transport infrastructure.
The confirmation of government funding support is a major step forward for the Aquaculture project.
Opal and MainStream Aquaculture will now move into the final development pathway including
detailed facility design, regulatory and Board approvals.

Latrobe Aquaculture project view towards Mill Stage.

Mr. Boris Musa, MainStream Aquaculture’s CEO, commented, “We welcome the opportunity to
participate in an innovative business initiative in such a critical industry. Using efficient and
sustainable technology for primary food production has significant merit. In addition to its world class
environmental credentials, barramundi aquaculture has potential to transform socially and financially
the local community by developing a new aquaculture precinct in the region.”

Mr. Craig Bosch, Aquaculture Project Lead Opal, says the announcement of the Federal Government
funding is an important milestone for this innovative project.

“The Latrobe Valley Aquaculture project showcases how leveraging complementary capabilities can
support opportunities for transformation in the Latrobe Valley.

“Thank you to the Australian Government for today’s announcement which is a major step forward for
our project. We continue to appreciate Darren Chester’s long-standing support for this important
project and for Opal’s Maryvale site, which is one of the largest employers in the Latrobe Valley”, said
Mr. Bosch.

The project would deliver significant positive economic and employment opportunities to the Latrobe
Valley. During construction, it would create 364 Victorian jobs and once operational, the facility would
support 263 direct and flow on jobs.