Update on Liberation Bioindustries

29 September 2026

Agronomics Limited

("Agronomics" or the "Company")

Update on Agronomics portfolio company Liberation Bioindustries

Agronomics Limited (AIM: ANIC), a leading listed company focused on the field of clean food, is pleased to provide an update on investee company Liberation Bioindustries (“Liberation”).

Over the previous four months Liberation has conducted a strategic review of its business including a possible sale of, or joint venture in relation to, the facility in Richmond (the “Facility”). Despite extended negotiations with two lead parties in particular, the review has now concluded with no acceptable offers being received. Liberation, working with its key shareholders, will therefore work to complete the Facility without an external partner.

It was previously expected that funds raised to date by Liberation would be sufficient to complete the Facility, however certain funding that was expected as part of its financing package was not received. In addition, recent delays and exceptional costs linked to the project, together with increased costs due to global economic conditions, mean that a funding gap has been identified.  Pending such finance being secured to bridge that gap, construction progress at the site has slowed such that the previously announced target for completion of the Facility in Q4 2026 will not be met.

Based on its current business plan and budget, Liberation expects to require a further c.$25 million, and six months following the additional funding being secured to complete and commission the Facility and achieve first production.

Liberation continues to work with Agronomics and its other institutional shareholders and advisers to secure the funding, which is expected to comprise additional equity from shareholders, alongside further secured debt, public authority grants and loans, and customer pre-payments.  While timing remains uncertain, Liberation and Agronomics are working toward having a full funding package in H1 2027.

To-date Liberation has deployed approximately $125 million in equity and debt and other support payments, to fund construction of the Facility. All major construction elements of the Facility have been completed and the additional funding will be mainly used for piping, welding and electric work.

The key shareholders of Liberation including Agronomics, New Agrarian Company, Jim Mellon, NEOM and Siddhi Capital Agronomics remain fully committed to completing the funding of Liberation and completing the Facility

The delay in construction and commissioning is not currently expected to have a material impact on the net asset value of the Company’s investment in Liberation, which as at 30 June 2026, had a value of £35.28 million and comprised approximately 25% of the Company’s aggregate unaudited net asset value of £140 million at the same date.

The Company will make a further announcement regarding the financing of Liberation in due course, together with a target timetable for completion of the Facility and first production.

This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) No. 596/2014, as it forms part of UK Domestic Law by virtue of the European Union (Withdrawal) Act 2018. Upon the publication of this announcement, this inside information is now considered to be in the public domain.

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Nominated Adviser Statement

Beaumont Cornish Limited ("Beaumont Cornish"), is the Company's Nominated Adviser and is authorised and regulated in the United Kingdom by the Financial Conduct Authority. Beaumont Cornish's responsibilities as the Company's Nominated Adviser, including a responsibility to advise and guide the Company on its responsibilities under the AIM Rules for Companies and AIM Rules for Nominated Advisers, are owed solely to the London Stock Exchange. Beaumont Cornish is not acting for and will not be responsible to any other persons for providing protections afforded to customers of Beaumont Cornish nor for advising them in relation to the proposed arrangements described in the announcement or any matter referred to in it.

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