Quarterly Update and Appendix 4C - June 2026

• Annual harvest completed with 639,900 litres of oil produced, slightly below expectations
• Quality testing confirms over 96% of production qualifies as premium extra virgin olive oil
• Operating cash outflow of $815,000 for the June quarter, in line with expectations
• The company expects to generate surplus working capital to be used for debt reduction and orchard investments
• The company expects to return to positive operating cash flows in the next quarter

Australian Agricultural Projects Ltd (ASX: AAP) has reported its quarterly update for the period ended 30 June 2026. The annual harvest was completed in the first week of July 2026, with a total oil production of 639,900 litres, which was at the upper end of management's expectations. Quality testing confirmed that over 96% of the season's production qualifies as premium extra virgin olive oil. The company recorded an operating cash outflow of $815,000 for the June quarter, which was in line with expectations. The company expects to generate surplus working capital, which will be allocated towards debt reduction, continued investment in orchard infrastructure and equipment, and the ongoing simplification and optimisation of the company's project structure.

Operating cash flows expected to return to positive territory in the next quarter

The company expects to continue its operations and meet its business objectives, based on the anticipated return to positive operating cash flows in the next quarter.