Clean Seas Seafood Limited

Report Publication Announcement • Jan 16, 2022

Release of Quarterly Activities Report

Release of Quarterly Activities Report

[ADELAIDE], 17 JANUARY 2022:

Clean Seas Seafood Limited (ASX: CSS, OSE: CSS), global leader in full cycle breeding, production and sale of Yellowtail Kingfish, is pleased to provide its Appendix 4C and Quarterly Activities Report for Q2 FY22.

• Record YTD revenue of A$31.3 million, up 40% on H1 FY21 and 28% ahead of H1 FY20

• Record YTD sales volume of 1,946t, up 35% on H1 FY21 and 38% ahead of H1 FY20

• Record YTD cash receipts of A$32.2 million up 59% on H1 FY21 and 31% ahead of H1 FY20

• Prices increasing across key categories, with continued growth in revenue per kg to A$16.06

• Positive operating cash flow in H1 FY22 of A$6.0 million, an increase of A$8.6 million on H1 FY21, and of A$7.7 million on H1 FY20 driven by management’s focus on optimising working capital and expense reduction

• All outstanding Convertible Notes have been redeemed, and Clean Seas has cash and unused working capital funding of A$26.6 million, plus an additional A$17.9 million of undrawn facilities to fund major capital works

• Stocking of new juvenile fish in the new full life-cycle Fitzgerald Bay (Whyalla) farm site has been completed. Activating this location has the potential to increase Clean Seas’ total production to 10,000t per annum and reflects the Company’s confidence in the growth potential of Kingfish globally

For further information please contact:

Rob Gratton

CEO

rob.gratton@cleanseas.com.au