• Completion of 90-day strategic review of Wubin Energetics Precinct
• Non-binding framework agreement signed with Hongda for 50:50 JV on electronic detonator facility
• Facility to have capacity of up to 10 million units per annum

Aquirian Limited (ASX: AQN) has announced the completion of a 90-day strategic review ('Full Potential') of the Wubin Energetics Precinct and the signing of a non-binding framework agreement with Hongda Civil Blasting Group Co. Ltd ('Hongda'). The framework agreement outlines the intent of Aquirian and Hongda to form a 50:50 joint venture company to establish a state-of-the-art automated electronic detonator manufacturing facility, leveraging Hongda's expertise in innovation and manufacturing. The proposed facility is intended to have the capacity to produce up to 10 million electronic detonators per annum. Hongda is an industry leader with proven innovation, technology, and established automated facilities operating within China. The proposed joint venture would strengthen Australia's domestic supply of critical blasting components and support the development of local manufacturing capability through the application of advanced technology and innovation. Subject to regulatory approvals and final binding agreements, the facility could be constructed and commissioned within two years of receiving regulatory and development approvals. The framework agreement is non-binding and is subject to negotiation and execution of definitive agreements, regulatory approvals, and Foreign Investment Review Board (FIRB) approval. To support the proposed investment, Aquirian has received, on an indicative basis, the provision of secured debt finance from National Australia Bank, covering up to 80% ($4 million) of Aquirian's capital construction and equipment contribution for the joint venture.

The proposed joint venture facility is intended to have the capacity to produce up to 10 million electronic detonators per annum.

The proposed joint venture with Hongda aligns with Aquirian's 'Full Potential' program, which is focused on unlocking value across the company's Energetics operations. The initiative, once implemented, will strengthen Aquirian's vertically integrated Energetics platform and position the company to deliver complete, secure, and efficient solutions for its customers.