• Finalizing transfer of licenses and approvals for Project Sea Dragon Shrimp
• Securing increased revolving credit facility of $16.5 million
• Exploring funding options including asset sales and further borrowings

Seafarms Group Limited (ASX: SFG) has released its Quarterly Activity Report and Appendix 4C for the quarter ended 31 March 2026. The company continues to finalize the transfer of all licenses and approvals from the liquidator to its wholly-owned subsidiary Sea Dragon Shrimp Pty Limited (SDS) for Project Sea Dragon. The determination of the ownership of $1.4 million held by the Liquidator remains the final item required to complete the liquidation of Project Sea Dragon Pty Ltd (In Liquidation). The company is actively engaging with potential funders to secure project financing and a Final Investment Decision for Project Sea Dragon. In its Queensland operations, the Black Tiger crop grew well during the quarter, with 139 tonnes of production and $2.2 million in sales revenue. The company secured an increase in its revolving credit facility with Avatar Finance to $16.5 million plus capitalized interest, which was fully drawn during the quarter. The company is also exploring a number of funding options, including the sale of certain assets and further borrowings, to fund its operations until SDS is successfully financed. The company expects to receive a distribution from the finalization of the Project Sea Dragon Pty Limited (in liquidation) liquidation.

The company is pursuing several funding options, including development capital for Project Sea Dragon Shrimp, sale of certain assets, and further borrowings. The company also expects to receive further funds from the finalization of Project Sea Dragon Pty Limited (in liquidation).