Clean Seas Seafood Limited

Earnings Release • Oct 21, 2021

Revenue up 38%, Record Receipts of A$14.8m & Positive Operating Cashflow

Revenue up 38%, Record Receipts of A$14.8m & Positive Operating Cashflow

[Adelaide], 21 October 2021: Clean Seas Seafood Limited (ASX: CSS, “Clean Seas” or “the Company”) has released its Appendix 4C and Quarterly Activities Report.

Highlights:

• Strong sales continue, with diversification offsetting the impact of lockdown restrictions in key domestic markets, with prices increasing across key categories

• Record YTD sales in FY22 of 1,066t, up 44% on FY21 and 62% ahead of FY20

• National retail program to be launched pre-Christmas in Australia’s largest supermarket chain, Woolworths

• All excess frozen inventory has been cleared and the harvest of surplus Year Class 18 and Year Class 19 biomass has been completed

• Positive Operating Cash flows (A$2.1 million) in the quarter for the first time since FY18 as a result of record receipts of A$14.8 million, combined with cost savings and the benefits of optimising working capital

• All outstanding Convertible Notes have been redeemed, and Clean Seas has cash and unused working capital funding of A$24.6 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 now commenced. 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

The Full Announcement is attached.

Authorised for release by the Board of Clean Seas Seafood Limited.

For further information, please contact:

Robert Gratton

Chief Executive Officer

rob.gratton@cleanseas.com.au