Highlights

  • Wide Open Agriculture completed an Industrial Scale Manufacturing Study for a proposed lupin protein Facility in Western Australia.
  • The proposed plant is designed for 10,000 tonnes a year of lupin protein isolate, alongside fibre, oil and hull co-products.
  • The study estimates Capital Expenditure of about A$311 million and states that the project is currently unfunded and not approved to proceed.
  • Modelled annual Revenue at full capacity ranges from A$240 million to A$295 million, but the company states these figures are not forecasts and remain uncontracted.
  • The next planned step is a definitive feasibility study in 2027, subject to funding and further project assessment.

Wide Open Agriculture Ltd (ASX:WOA) is a publicly listed ingredient company focused on lupin-based protein and related ingredients for food, beverage, wellness and beauty applications. On 6 October 2026, the company released an Industrial Scale Manufacturing Study for a proposed Western Australian lupin protein facility, setting out the technical scope, expected production capacity, indicative capital requirement and a staged pathway for further development.

What the Industrial-Scale Study Covers

The study assessed the engineering, operating and commercial requirements for a larger lupin-processing facility. It considered process design, utilities, infrastructure, site selection, project execution and financial modelling. Western Australia was identified as the preferred location, with the company noting the state's significant lupin production base as an important source of feedstock.

The proposal remains at an assessment stage. Wide Open Agriculture stated that the facility is unfunded, that it has not secured debt, equity, government or partner funding for construction, and that no decision has been made to proceed. This distinction is important because the study defines what a full-scale project could require rather than confirming that construction will occur.

Proposed Capacity and Product Mix

The facility is designed for nameplate production of 10,000 tonnes a year of lupin protein isolate. The study also envisages annual co-product output of about 17,500 tonnes of dried lupin fibre, 730 tonnes of filtered lupin oil and 11,900 tonnes of lupin hulls. The proposed product mix reflects the company's focus on using multiple components of the lupin crop rather than relying on protein isolate alone.

The study places the estimated capital cost at approximately A$311 million, with an accuracy range of plus or minus 30 per cent and a 15 per cent contingency. The company has not approved this expenditure and has not announced a committed funding package for the project.

Revenue Model and Commercial Assumptions

At full capacity, the study models annual revenue of A$240 million to A$295 million using a sensitivity range around assumed selling prices. The company states that this revenue is not a forecast and that the volumes are uncontracted. It also does not provide operating profitability in the announcement, so the study does not establish a forecast profit, return profile or payback period.

These assumptions therefore provide a framework for evaluating the scale of the opportunity rather than confirmed future financial performance. Actual outcomes would depend on factors including product pricing, customer demand, plant utilisation, operating costs, financing and the final engineering configuration.

Development Path From Study to Investment Decision

Wide Open Agriculture has outlined a multi-stage development pathway. The company plans a definitive feasibility study in 2027, followed by a final investment decision targeted for mid-2028. If the project advances beyond those stages, construction and commissioning are expected to take about 30 months, with first production indicated for 2031 at the earliest.

Each milestone remains conditional. Funding would need to be arranged, engineering and feasibility work would need to support the project, and the company would still need to make a formal investment decision before construction could begin.

Key Insights

The 2026 study gives Wide Open Agriculture a more detailed framework for evaluating a larger-scale lupin protein operation in Western Australia. It defines the proposed facility size, expected co-products, indicative capital requirement and development sequence, while also making clear that the project remains unfunded and unapproved. The next substantive step is the planned definitive feasibility study, which would provide further information on whether the proposal can progress toward an investment decision.