Ann: Letter from CEO providing business update, page-11

No its a very good quesion. Lupin protein will likely struggle to compete with soy and pea proteins given the scale of the industries. Crude lupins are now priced similar to soy and peas around A$500/t but lose out on volume/economies of scale in the generation of affordable alt protein meals. There was a drouhgt in the Geraldton zone in 2023 so essentially no lupins were produced in that catchment (ie around Buntine).

In terms of market differentiation, all legume protein meals have anti-nutrient issues to deal with. For example if you were to consume raw soybeans you would get very sick. Raw kidney beans can kill. In the case of lupins it is alkaloids and lectins. Am yet to see acknowledgement of this as a risk in the uptake of Buntine and how the company plans to a) even acknowledge it as an issue and b) if so how are the antinutrients dealt with eg heating (denature risky proteins), leaching etc.

Its going to be a long road in the alt protein market as is evidenced by essentially every single listed entity marketing similar products is facing record low share prices, obscene shorting interest and likely tests of very solvency.