Key Highlights

  • The study covers a proposed 10,000 tonne per annum lupin protein isolate Facility in Western Australia.
  • Modelled Revenue at full output is A$240 million to A$295 million a year, with none contracted.
  • Capital cost is about A$311 million with an accuracy of about plus or minus 30%, and the facility is unfunded.
  • First production is not assumed before 2031, and no decision to proceed has been made.

Wide Open Agriculture Ltd (ASX:WOA) has completed its Industrial Scale Manufacturing Study (IMS) for a proposed lupin protein isolate facility in Western Australia with a nameplate design capacity of 10,000 tonnes per annum. The facility would use the company's whole-of-seed processing technology to produce protein, fibre and oil from the same feedstock. WOA states that the 10,000 tonne figure is a design capacity and not a production target or forecast.

Facility Design

Beyond 10,000 tonnes of lupin protein isolate, the facility is designed to produce up to 700 tonnes of lupin oil and 17,000 tonnes of lupin fibre. Western Australia was confirmed as the preferred location, as it produces more than 80% of the world's lupins. The study was carried out with Process Partners, with independent engineering review and compilation by MO Consultants, and covers process design, infrastructure and utilities, site selection, execution pathways and indicative financial modelling.

Indicative Economics

At full nameplate production the modelling indicates annual revenue of A$240 million to A$295 million in current values, a range that reflects plus or minus 10% in assumed product prices. The company states that the figures are not a forecast and that none of the modelled revenue is contracted or covered by offtake arrangements. The estimated Capital cost is about A$311 million in Q4 2025 dollars, prepared to an accuracy of about plus or minus 30%, with a further 15% contingency applied in the financial modelling.

WOA has chosen not to disclose operating costs, profitability or Investment returns from the modelling, describing them as commercially sensitive and not sufficiently reliable at this stage. As a result, the announcement gives revenue and capital cost but no Earnings measure, so the economic case cannot be assessed from it.

Funding and Timeline

The facility is unfunded. WOA has not secured debt, equity, government or partner funding, and no decision to proceed has been made. Any development would be expected to sit in a standalone vehicle funded largely by external partners and debt, with WOA's interest undetermined. The study schedule assumes a definitive feasibility study in 2027, a final investment decision in mid-2028 and about 30 months of construction and commissioning, with first production in 2031 at the earliest. Neither the revenue range nor the capital cost includes escalation, so both would be higher in nominal terms.

Near-Term Strategy

The study sits within the company's Building Better Economics strategy, a four-stage pathway. The first three stages are the immediate priority and involve winding down German manufacturing operations to reduce fixed costs, moving to capital-efficient contract manufacturing and expanding commercialisation of its whole-of-seed ingredient platform. The facility evaluation is Stage Four, a longer-term opportunity. WOA says the engineering baseline will guide process optimisation on protein Yield and operating costs under current contract manufacturing arrangements, whether or not the large facility proceeds. Potential contract manufacturing partners have shown initial interest in jointly exploring large-scale facilities in the future.

Where the Study Leaves WOA

The study gives WOA a technical and commercial blueprint to take to partners, governments and funders, but it does not change its near-term position, because the facility is unfunded, undecided and years from production. The next steps depend on partner engagement, funding availability and progress on the contract manufacturing transition.