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I don't think Jim Mellon anticipated a situation where the share price would trade at such a deep discount to the NAV, making it expensive to raise new capital. It's frustrating, because the coffers are now dry and a number of the portfolio companies are about to scale up, which will require a large increase in capex. The following powerpoint presentation gives a summary of the amounts and dates of all their investments todate: https://mcusercontent.com/918675c04b7a1efeb867ffe46/files/33e32965-1323-bf84-9167-d588547bdfc3/Agronomics_Q1_2025_Investor_Report.pdf

The problem is that Agronomics only has £3.6m of cash on the balance sheet, not really enough to cover operating costs, potential future performance fee payments to Shellbay *and* to invest or re-invest in new companies or existing holdings. With the share price still trading at a steep discount to their NAV (14.4 pence as of 30/06/25), they are also reluctant to raise new capital by issuing shares.

Https://agfundernews.com/meatly-ceo-on-cultivated-petfood-we-want-to-prove-this-can-be-mass-market

This makes for grim reading, especially in light of the fact that Meatly is trying to raise capital in this highly challenging envirnoment. There's also this encouraging comment on Liberation Bioindustries:

"AFN: Biomanufacturing: where is the smart money going?

SF: [Portfolio co] Liberation Labs [building biomanufacturing infrastructure in Indiana] is one of my favorites. I say it changes the landscape in a big way because it enables every other precision fermentation company to stay focused and allows them to talk seriously to customers and investors without needing to raise $200 million to build a facility that can serve customers in three years. Their existence makes the world tangible.

For companies making ingredients via precision fermentation such as egg proteins… if you approached a corporate and said, I’m going to replace your eggs for cost parity, you would probably be laughed out of the room three years ago. Today, cost parity doesn’t sound so bad.

And the existence of a scaled Liberation Labs facility in Indiana changes the script for all of those precision fermentation product companies and puts them in a place where they can instead say, We’re raising $30 million, not $200 million, for our series B, and customers are already talking to us because we can be up and running in six months [with Liberation Labs]. That’s a night and day change for the entire fermentation industry."

https://agfundernews.com/where-siddhi-capital-is-placing-its-bets-glp-1-is-our-ai-its-a-huge-opportunity

A comment by Mark Warner, where he said he thinks the industry will evolve into a situation where the design and manufacture of proteins will become more specialised and done by separate entities has got me thinking. I some ways it not surprising he'd say that as Lib Bio's is a contract manufacturer. I'm pretty ignorant about biomanufacturing, so asked Grok. I'm not going to copy the answer because it was very long, but needless to say the process is highly complex. That got me thinking about another highly complex industry - semiconductor contract manufacturing. Apple, AMD and Nvidia are all extremely big, well-run companies with a lot of cash and they all outsource chip manufacturing to TSMC, because making chips is extremely complex. So is Mark Warner right and will biomanufacturing follow the same evolution as semiconductors and if so could Lib Bio go on to dominate this market? Let's hope he is...

Good list Stop, and if you compare it to the last 6 months, during which the stock has progressed nicely it's a lot longer. "AllG Scaling, probably within Lib Bio Early 2026 (not isolated from point 1)" I think this is very likely given today's announcement and the fact Mark Warner often mentions infant formula:

"Australian precision fermentation firm All G is gearing up to launch its animal-free bovine lactoferrin in the US and China in Q4 2025."

https://www.greenqueen.com.hk/all-g-bovine-lactoferrin-human-casein-us-china-precision-fermentation/

“We are working with a co-manufacturing partner, with the ability to scale production up and down to meet demand, an advantage of precision fermentation compared to animal-based production,” says Pacas. “We will be price-competitive with animal-derived lactoferrin, while offering premium features including high purity, customisable iron saturation, and animal-free production.”

"Asked about the company’s regulatory plans for these proteins, he reveals: “We are progressing regulatory submissions across multiple geographies in parallel. Our global strategy includes the US, China, Australia/New Zealand, and the EU, aligned with our product timelines.”

The global outlook is in line with its strategy for bovine lactoferrin, for which it has “secured customers and aligned multiple distributor partnerships across several countries, including in China, Japan, and South Korea”.

To date, All G has secured $30M from investors. “We’re currently raising additional capital to expedite parallel commercialisation of our multiple precision-fermented proteins,” says Pacas."

"Looking at the portfolio I don't see any particular trigger points in the coming 6 months BUT the markets are normally reactive before trigger points."

I completely agree that the markets generally react before things become obvious/known even to the keenest observers, but think there may be a few potential triggers in the next 6 months. I no particular order:

- Regulatory approval for California Cultured before the end of the year

- Regulatory approval for BlueNalu before the end of the year

- Capital raise and start of scale production at Meatly

- Regulatory approval for cosmetics and pet food sectors and prototype product launch for Clean Food Group in partnership with THG Labs

- Market entry and first revenue at All G

- Market entry in Singapore at Meatable

Https://www.youtube.com/watch?v=btjtCwvDtsA

@greenshaw yes, I agree with you on all points.

The Motley Fool has been writing a lot of articles on Agronomics recently. Here's another one posted today: https://www.fool.co.uk/2025/07/20/5000-invested-in-this-9p-penny-stock-just-1-month-ago-is-now-worth/

For someone who's lived his whole life in cities, I'm deeply grateful to our dog and two cats for giving me a direct, daily connection to nature and another form of intelligence and consciousness. There is some verbal communication, mainly with our Border Collie, but there's a lot more of the non-verbal kind. I'm sure that in years to come we will look back at the current industrial animal agriculture in much the same way we think of slavery, I just don't think it will happen anytime soon, at least on a large scale. Hope you are right and the possibility that AI will contribute to a change in thinking is intriguing. I even wonder whether a debate will emerge about whether artificial intelligence, especially when it's embodied in humanoid robots, deserves basic rights.

Most successful companies are run by founders: Amazon, (Bezos), Apple (Jobs), Facebook (Zuckerberg), Tesla (Musk). It is/was more than about the money for these guys, and beyond a certain amount that becomes meaningless anyway. Companies which appoint CEOs who aren't founders generally care more about their career and paycheck than the company itself. So I actually think it's key to the success of Agronomics that Jim Mellon is more concerned about the success of the portfolio companies than financial gain. That's why he gets up at 4am to start work. Also, his mission won't succeed unless the companies themselves succeed and that won't happen without widescale B2B or B2C adoption and I think that will only happen when the products are materially cheaper than conventional protein. I don't think clean food will succeed based on ethics and concern for animal welfare alone, it has to make economic sense.

"Up 131% this year! Should I add this rocketing 9p penny stock to my ISA?"

https://uk.finance.yahoo.com/news/131-add-rocketing-9p-penny-074800263.html?guccounter=1&guce_referrer=aHR0cHM6Ly93d3cuZ29vZ2xlLmNvbS8&guce_referrer_sig=AQAAABGN7d45DdHvNCKdkqM9nDHCMP-i0LZf_af485-N6W3w4Kevcs7TXbLOSTQ_LcVSx6ZmL1iz6aOzt3QkCk4VUaZFwKHI-LA1pSYrmtQguWgGZeJ4TqjnYWnKSOt94Ly8knu41z3scucsSEtDz6dWhWSO_-0x_4E2zU4SjwT6s9hT

Interesting interview. In this and the last couple of interviews I've listened to he's talked more about M&A opportunities. That would be another way to raise cash while the share price remains below the NAV. It also sounded like he's assuming that the feasibility study Lib Bio is doing for the Department of Defense will result in a firm contract to build a commercial-scale biomanufacturing facility. Mark Warner also expressed confidence this will happen in the most recent interview I posted. The facility Lib Bio is building for itself has a capacity of 600,000 litres. The one they would build for the DoD would be for 4 million litres, for which they could receive up to $100 million. Mark Warner has talked about them being profitable by the end of next year, presumably from operating the 600k litre facility. I can only imagine the impact on the bottom line from one that is more than 6 times that size. Let's see if it happens, it hasn't figured much in Lib Bio RNSs and I highly doubt this is being priced into the stock.

Phase 1 of 3 Factory 2 will only become operational in 2028, with phases 2 and 3 following in 2029 and 2030, yet they already have memorandums of understanding and a letter of intent for 50%-60% of this future production! In a similar way to Lib Bio, this will derisk the business and should make it much easier for them to raise the capital to complete Factory 2: "Customers’ interest towards Solein also plays an important role in preparing for the final investment decision for Factory 02”, says Rami Jokela, CEO of Solar Foods. Jim Mellon may prefer other companies like Onego Bio, but Solar Foods was a good addition to the portfolio and will be one of its successful investments.

"Prerequisites for a highly profitable business

Solar Foods aims to build a highly profitable business based on the technology we have developed. This can be achieved by scaling production capacity, reducing production Solein's costs and ensuring premium pricing through product categories with strong brands and high price points. After the technology development phase, we estimate that the commercial factories will generate strong and predictable cash flow, as production is not dependent on long raw material supply chains or their strategic supply risks. The working capital tied up in the process is low."

https://investors.solarfoods.com/en/investors/as_an_investment

Https://solarfoods.com/solar-foods-has-signed-a-letter-of-intent-regarding-commercialisation-of-5001650-tonnes-of-solein-per-year/?utm_medium=email&_hsenc=p2ANqtz-8_moUNVxb4coOTZuY5dpzXAuXV8cvR_DM890vfe9RRVAowzlyWFe8LMvPx10lJFbaRLoIyZ48um9f_nSXRuZfXISqL7-hot3E_w1CF4CJZo2Pg2FU&_hsmi=371336405&utm_content=371336405&utm_source=hs_email

"Solar Foods has signed a Letter of Intent regarding commercialisation of 500–1,650 tonnes of Solein® per year"

I completely agree. Debt normally has a fixed maturity date and needs to ne repaid and so unless their companies start paying dividends or are sold, I don't see how they would generate the income to do that. So I think there will inevitably be some dilution with the earlier-stage companies (Meatly and Clean Foods), but let's not forget that we would also be getting diluted as shareholders of ANIC if they were able to issue new shares above the NAV. The important thing is that our companies raise capital to grow and then generate a higher return than the cost of that capital. Fortunately, our biggest holding has enough cash to complete its plant and begin production and when all their customers are signed up, Lib Bio will be able to widen the pool of potential investors beyond VCs into Private Equity and Project Finance money, which in turn will allow them to limit further dilution by using mezzanine and other form of debt.

The CEO discusses this among other things in a recent interview, with thanks to Chris from the advfn board for posting the link: https://podcast.agrinovusindiana.com/public/215/Agbioscience-8a9a4381/50e60709

Hi greeshaw, I agree it looks promising, and on all fronts - scaling, regulatory approval and commerialisation/partnerships! It's just unfortunate that witht eh share price still trading well below the NAV, Agronomics probably won't want to raise new capital, so our stake will be diluted if/when Clean Food Group issues more shares and it scales up.

I signed up to their newsletter a few months ago, but just checked and couldn't find a link to it on their website. You may want to contact them and ask if they can sign you up: https://cleanfood.group/contact

Part 3

"From hundreds of applicants, Clean Food Group was selected to join the prestigious EIT Food Rising Stars 2025 programme. Designed to support businesses at Series A stage, the programme provides access to industrial pilot opportunities and investor networks. We are proud to have been recognised in this way.

We were also featured in the BBSRC Impact Showcase 2025. Highlighting the best innovations supported over the last 30 years, the showcase celebrates impactful science, and we are honoured to have been included.

Finally, we attended Doehler Ventures’ annual portfolio event in Darmstadt, where we had the opportunity to meet the new Director of Research and Development and update the team on our progress. It was also a valuable occasion to connect with other companies in the Doehler Ventures portfolio.

It is time now to focus on the second half of 2025. I am looking forward to announcing our approval to launch CleanOil 25 to the cosmetics market soon, as well as other exciting technology, scale up and partner updates. I do hope some of you will be able to see our exhibit at Future of Food exhibition at The Science Museum, launching of 24th July, or meet with us the Future of Food Tech event where Professor Chris Chuck will be speaking as well as the team showcasing our latest products and technology Future Food-Tech September 24-25, 2025. Join the food-tech community in London.

I would like to thank you for your continued support, and as ever, if you have any questions, please don’t hesitate to get in touch.

With all best wishes,

Alex Neves

Chief Executive Officer"

Part 2

"Commercial and regulatory

We have made strong progress this quarter as we continue to validate our oils and high-value co-products in collaboration with our commercial partners.

We have submitted large-scale samples of both our spray-dried yeast biomass and CLEAN oil to our global pet food partner for palatability testing. This marks a significant step towards the commercialisation of our oil, whole cell biomass, and high-value co-products within the pet food sector. Gaining approval in this market would unlock a compelling new revenue stream and further validate the versatility of our technology platform.

On the regulatory side, we are pleased to report that our oil has successfully passed genotoxicity testing, representing a critical milestone on the pathway to regulatory approval for cosmetic applications, which we anticipate later this year. In parallel, our partner THG Labs has begun formulating prototype cosmetic products using our oil. These trials are helping to shape the commercial use case and demand profile for CLEAN Oil 25 within the £25 billion European cosmetics market.

We continue to embed sustainability into every area of the business. This quarter, we received an environmental impact report from UniGreenScheme, which confirmed significant carbon savings from our use of second-hand equipment. These findings validate our retrofit-first strategy - demonstrating how we can reduce emissions, lower capital costs and accelerate commercial deployment by repurposing existing assets wherever possible.

Marketing and Comms

At the beginning of the quarter, our marketing team filmed a series of videos entitled ‘Products from the Clean Food Group Kitchen’. Working alongside a professional chef, we created a range of prototypes that showcase the real-world potential of our technology. These videos demonstrate how our oils and fats can be used as direct replacements for well-known consumer favourites. Keep an eye on our LinkedIn page for their release.

We were also delighted to announce our involvement in the upcoming ‘Future of Food’ exhibition at the Science Museum. Expected to attract over four million visitors, the exhibition opens on Thursday 24 July and is free to attend. This represents a fantastic opportunity to showcase our company and its mission. Learn more about the exhibition here: https://www.sciencemuseum.org.uk/see-and-do/future-of-food

This quarter, we welcomed Ellie Chowns MP, to our demonstration facility at Bevisol, which is situated in her constituency of Herefordshire North. We discussed our technology and explored how the UK Government could support engineering biology companies in scaling and commercialising their innovations. It was a pleasure to host Ellie and share the inspiring work of our team."

"Welcome to the Q2 edition of Clean Food Group’s quarterly update. I’m delighted to have this opportunity to share some of the great strides taken by the business in the last 3 months.

The most notable milestone this quarter is the successful scale-up of our upstream fermentation process. We completed two successful full-scale commercial fermentations: a 65,000L batch fermentation in partnership with Doehler in the Netherlands and a 100,000L fed-batch fermentation in the UK. These represent a major technical achievement, providing robust validation of the scalability, performance and technoeconomic viability of our technology platform.

Crucially, both fermentations were conducted on food-grade equipment in fully operational commercial manufacturing sites, rather than in Contract Manufacturing Organisations (CMOs). This is a significantly more challenging environment - it requires rigorous process and raw material understanding, including food-safety approved suppliers and allergen controls - and provides a more realistic assessment of commercial readiness.

In both facilities, our team successfully identified process optimisation opportunities and minor vessel modifications that can be retrofitted to further improve yields. This directly supports our strategic approach: retrofitting existing industrial infrastructure to enable quick to market, scalable and capital-efficient production.

Our highly skilled manufacturing and scale up team, led by Dr James Mercer, has delivered some outstanding results over the quarter, and it is testament to the skill, experience and commitment of the entire team that we are able to consistently advance the scale-up of our technology at speed.

We also achieved a successful fermentation on our 6000L retrofitted reactor at our Bevisol demonstration facility. This run validated at demo scale our process designed to increase fat saturation in our yeast cell, which enables us to achieve customer-specific product profiles suitable for different finished product applications.

Research and Development

We have also seen important developments in our research and development programme this quarter, further strengthening our core technology platform and expanding the commercial potential of our product pipeline.

We continue to develop new methods to precisely tailor the saturation profile or our oils. Recent work has delivered one of our highest saturation profiles to date, directly informing how we optimise our fed-batch fermentation strategy for different customer and application requirements.

We have also made significant strides in the further development of our high value co-products - CLEAN Protein+ bio-emulsifier and CLEAN Beta Glucan - with samples being sent to commercial partners for trials and analysis.