• Lakes signs binding agreement with Maison Group to advance Nangwarry CO2 opportunity
• Maison to fully fund bankable feasibility study for 150-200 T/day food and beverage-grade CO2 plant
• Nangwarry contains certified 26 Bcf high-purity CO2 resource to support 20 years of production

Lakes Blue Energy NL (ASX: LKO) has signed a binding Heads of Agreement (HOA) with Beijing Maison Group ('Maison') to progress the commercialization of its high purity CO2 discovery at Nangwarry, South Australia. Under the agreement, Maison will undertake and fully fund a bankable feasibility study evaluating the development of a CO2 liquefication plant at Nangwarry, located 30 km north of Mount Gambier. The study will assess a plant producing food and beverage-grade CO2, with broader applications including medical and industrial uses. The Nangwarry CO2 discovery has been independently certified at 26 billion cubic feet, sufficient to support production of up to 150-200 tonnes per day for an anticipated plant life of approximately 20 years. Subject to favorable study outcomes, Maison intends to make a proposal to design, construct and finance a food and beverage grade CO2 plant at Nangwarry, which could be operational by the first half of 2027. The feasibility study will cover key areas such as plant design and construction, capital and operating cost estimates, regulatory requirements, commercial terms, and an assessment of the CO2 market. Lakes will also launch an expression of interest (EOI) campaign to engage potential offtake partners for the CO2 supply. The Nangwarry project is being progressed alongside Lakes' core focus on delivering near-term gas production from its flagship Wombat Gas Project in Victoria's Gippsland Basin.

Lakes and Maison believe the introduction of a new 200 T/day CO2 source from the Nangwarry project will greatly assist domestic market stabilization through the establishment of a new and highly competitive source of supply.