From previous releases, there's a current market price of...

From previous releases, there's a current market price of $6k-10k per tonne of protein isolate depending on its functional properties (ie. whether it gels, dissolves and basically integrates well with other food ingredients). From what has been released the company seems pretty confident that the lupin protein isolate is at the premium end of the scale and so will be trying to hit a price towards that higher mark. Its what makes the recent shift from a technology-licensing to third parties model (which they are still perusing - see Ben's comments at the GIWA Pulse Forum last month regarding being approached by Pulse Canada) , to the proposed 10,000t/pa commercial plant very interesting as it represents a potential $100M/pa revenue stream. I'd expect another capital raise before that happens however.

As for the pilot plant, the production capacity and the terms of the agreement with Monde Nissan haven't been made public so we can only guess at capacity and revenue. It's 60% of something at least . Although we do know that they will be scaling up production at the pilot plant and reaching maximum capacity this quarter (although check the recent quarterly report to be sure, I could be wrong on that last one). From memory revenue from the pilot lupin plant is supposed to completely cover operations and provide an additional revenue stream, although I'm not sure if that's still the case. I did notice that had recently advertised on Seek for plant managers/operators to cover night shifts, whether this is for the pilot plant or the 20million L/pa plant-based milk facility scheduled to come online around March 2023 (pushed back from end of 2022) wasn't specified. But I think that strongly suggests that maximising production means exactly that.

I would like to have more details about the pilot plant, and a greater granularity in the financial reports on each of the revenue streams. Hopefully we'll know more in the months ahead, but all signs point to an exciting 12-24 months. IMO DYOR