Ann: CEO and Managing Director Change, page-106

Thanks for your comments. Are you able to point me towards any announcements or analysis that suggest those production volumes?

I have seen Lark announcements of $13m CAPEX intending for Pontville to be commissioned by 2023. But in terms of actuals, they have a max capacity of 193k litres per annum with their acquisition, and based on current whisky levels it is closer to 120k at the moment. Again, even if they do have max 1m litres per annum capacity from the greenfield investment, it will take several years to scale up.

Even in the absoloute best scenario one could hope for, if the 2023 commissioning happens at full scale, it will take 4yrs to achieve full production due to maturation periods. So looking at 2027 or FY28. I have used FY30 as Lark tends to scale things up over a few years.

I am pretty confident with my projects up to FY26. They can't sell more whisky in FY26 than what is available in the barrels today - unless they make another acquisition along the way. Beyond that to FY30, hmm, lots of possible outcomes.