1 November 2024


Clean Seas Seafood Limited ("Clean Seas" or "the Company") (ASX: CSS, OSE: CSS),
the global leader in full cycle breeding, production and sale of Yellowtail
Kingfish, provides the following business update.


Highlights:
o	Q1 FY25 Sales Volume of 605t and Sales Revenue of A$13.4M compared to 778t and
A$16.3M in Q4 FY24 reflects the restructured business post Operational Review 
o	Pricing increased to A$22.21/kg in Q1 FY25 versus A$21.00/kg in Q4 FY24 as the
Company prioritised premium, higher margin channels and completed the
sell-through of surplus frozen inventory 
o	Frozen inventory reduced to 162t at 30 September 2024 as the Company continued
to clear excess stock and right size the business
o	Positive Operating Cash Flow of A$0.8M in Q1 FY25 compares to negative A$1.5M
in Q1 FY24 (on a like for like basis) due to the benefits of the consolidated
farming footprint, lower requirement for feed and the reduced cost base
implemented in FY24 
o	Feed prices continue to decline from the March 2024 peak of A$3.80/kg, with
current orders being placed at circa A$3.30/kg
o	An adjustment to biomass has been identified via recent counts undertaken
while splitting and grading pens. The adjustment relates to the previously
reported farming issues experienced last year, and accordingly the Company
expects sales volumes to be at the lower end of its previous guidance 
o	The Company is targeting sales volumes for FY25 to be in the range of 2,550 -
2,650t and FY25 Operating EBITDA is expected to be breakeven to a modest loss as
a result

In Q1 FY25, total sales volume of 605 tonnes was below the 778 tonnes sold in Q4
FY24 as the Company completed the sell-through of surplus frozen inventory and
limited the sale of fresh Kingfish to meet it's commercial and operational
targets. As a result, sales revenue for the period was A$13.4M compared to
A$16.3M in Q4 FY24.

With the sell through of surplus frozen inventory completed and with demand for
the Company's Kingfish remaining strong in both local and international markets,
average sales pricing increased to A$22.21/kg in Q1 FY25 compared to A$21.00/kg
in Q4 FY24.

Operations

In Q1 FY25 Clean Seas appointed a new Executive, Craig Hughes as GM Operations,
to oversee the Company's breeding, farming and harvest activities on the Eyre
Peninsula. Craig brings more than 25 years of senior aquaculture experience to
Clean Seas and is focussed on implementing best practices and delivering
efficiencies across Clean Seas' aquaculture operations.

As previously mentioned, Clean Seas has undertaken a concerted campaign to clear
surplus frozen inventory. These actions delivered a reduction in frozen
inventory from a peak of 547 tonnes in October 2023 to circa 261 tonnes at the
end of June 2024, and frozen inventory has reduced further to 162 tonnes at 30
September 2024.

In FY24 Clean Seas completed a restructure of the business, including a
consolidation of farming activities, and the implementation of cost saving
initiatives across the business. These actions have contributed to a positive
Operating Cash Flow of A$0.8m in Q1 FY25 compared to negative A$1.5m in Q1 FY24.
Importantly this represents the third consecutive quarter of positive Operating
Cash flows on a like for like basis since the restructure was completed.

Further benefits are expected in November following the commissioning of the
Company's new automated feed barge, the "Eyre Spirit", and from the redeployment
of its existing barge, the "Kingfish 5". Circa 90% of Clean Seas Kingfish will
be fed remotely from the Company's office in Port Lincoln, driving cost savings,
improving feed conversion ratios and efficiency and reducing waste.

Feed Prices

Clean Seas has observed feed prices easing from record highs of A$3.80/kg in
March 2024, with current feed orders placed at circa A3.30/kg. The spike in feed
prices in FY23 and FY24 reflected the volatile market for fish meal and oil,
however this volatility is subsiding, supporting the Company's current
expectation for pricing to decline in FY25.

Outlook

On 4 July 2024, Clean Seas provided sales volume guidance of 2,600 - 2,800
tonnes for FY25. Clean Seas has assessed the expected performance of currently
stocked year classes of Kingfish and notes the ongoing impact of previously
reported operational challenges that drove lower than expected fish growth rates
and higher mortalities in FY24. 

The splitting, grading and counting of early life-cycle Year Class 2024 pens was
delayed due to resource constraints associated with the Operational Review last
year. Sufficient pens have now been counted to confirm higher than expected
losses due to predation and mortalities. The Company has adjusted down live fish
biomass by circa 250 tonnes to reflect this, and in order to optimise FY25 and
FY26 harvest volumes, Clean Seas has increased the stocking levels of the
following Year Class 2025. Year Class 2025 activities are well under way with
fingerling growth and stocking plans on track to take advantage of the warming
water temperatures. The overall impact, however, has resulted in a revised FY25
outlook for sales volumes of 2,550 - 2,650 tonnes, with resulting Operating
EBITDA for FY25 at breakeven to a modest loss versus the loss of A$5.1M reported
in FY24.

The sales volume outlook is driven by the available supply of the Company's
Kingfish, and as a result Clean Seas is expecting pricing to continue to grow
modestly in FY25 with continued demand at or above the planned harvest of 2,550
- 2,650 tonnes, and through the transition to full price frozen sales from Q2
FY25 onwards. 

Additionally, the Company expects that reductions in feed prices throughout the
remainder of FY25, efficiencies and cost savings derived from the Operational
Review, and an improved fish performance resulting from the consolidated farming
footprint will positively contribute to the Company's financial performance.    
  

The Board notes that the inherent operational risks in aquaculture may impact
future results. 

Authorised for release by the Board of Clean Seas Seafood Limited.

About Clean Seas Seafood

Clean Seas Seafood is a fully integrated Australian Aquaculture business listed
on the Australian Securities Exchange (ASX) and with a secondary listing on
Euronext Growth Oslo (OSE).

Clean Seas is the global leader in full cycle breeding, farming, processing and
marketing of its Hiramasa or Yellowtail Kingfish (Seriola lalandi) and is
renowned amongst leading chefs and restaurants around the world for its
exceptional quality.

Clean Seas is recognised for innovation in its sustainable Yellowtail Kingfish
farming and has become the largest producer of aquaculture Yellowtail Kingfish
outside Japan.

For more information, visit www.cleanseas.com.au 

All volumes are in Whole Weight Equivalents (WWE) unless otherwise specified. 



For further information on Clean Seas Seafood, please contact:
Rob Gratton	Andrew Angus
CEO	Investor Relations
rob.gratton@cleanseas.com.au	andrewangus@overlandadvisers.com.au
+61 434 148 979	+61 402 823 757

Disclaimer
The announcement contains 'forward-looking statements'. They are subject to
change without notice and certain risks, uncertainties and assumptions which
are, in many instances, beyond CSS' control. They have been based upon
management's expectations and beliefs concerning future developments and their
potential effect on CSS. Should one or more of the risks or uncertainties
materialise, or should underlying assumptions prove incorrect, the
forward-looking events discussed in this announcement may not occur. Investors
are cautioned that forward-looking statements are not guarantees of future
performance and accordingly investors are cautioned not to put undue reliance on
forward-looking statements due to the inherent uncertainty therein. CSS is under
no obligation to update any forward-looking statements contained within this
announcement, whether as a result of new information, future events or
otherwise, subsequent to the date of this announcement.