• $4.2 million contract revenue over initial 3.5-year term
• Exclusive global production rights for biodegradable Collar Keeper® products
• Supports sustainable mining practices by eliminating plastic waste

Papyrus Australia Limited (ASX: PPY) has executed a contract with TBS Mining Solutions Pty Ltd, a wholly owned subsidiary of Aquirian Limited (ASX: AQN), for the manufacture and supply of a biodegradable variant of their patented Collar Keeper® products. This agreement supersedes the binding term sheet announced on 20 August 2025 and represents a major milestone in Papyrus's transition from research and development to commercial operations. The contract underpins Papyrus establishing a production scale operation, leveraging its unique plantation waste conversion technology to deliver a sustainable, fibre-based Collar Keeper® product to TBS for use in drilling and blasting for the mining industry. Key highlights of the contract include a revenue of circa $4.2 million over the initial 3.5-year term, with a 3-year option to extend. Papyrus will be the sole manufacturer of biodegradable Collar Keeper® products for TBS, and the biodegradable nature of the product will eliminate the need for post-blast retrieval, reducing plastic waste and supporting more sustainable mining practices. This contract marks the transition to commercial operations for Papyrus since resetting the business last year, and the company has achieved several milestones leading up to this point, including prototyping, testing, and executing the contract with TBS. To enable supply commencement, Papyrus must now fabricate and assemble the commercial-scale plantation waste conversion equipment, execute the contract for board production, produce and deliver 200 product samples, and complete sample testing and acceptance by TBS.