SeaStock grows red seaweed on land in Western Australia. One crop yields two products. RubySea is a high-purity R-Phycoerythrin (R-PE), a fluorescent protein used in medical research and diagnostics. AlgaToro is a methane-reducing feed additive for cattle. SeaStock is raising minimum A$1.0 million up to A$2.5m at A$0.85 a share to scale up production at its Oakford facility. The price is up from A$0.70 in the previous round.

• Minimum raise of A$1,000,000, with capacity for up to A$1,500,000 in oversubscriptions. Total up to A$2,500,000.
• Issue price A$0.85 a share, up from A$0.70 in the last round.
• Up to 2,941,177 new ordinary shares in SeaStock Pty Ltd.
• Implied pre-money value of A$28.1 million (33,051,329 shares at A$0.85).
• Minimum application A$20,000 for new investors. No minimum for existing shareholders.
• Existing shareholders receive a preferential allocation at the Board's discretion.
• Rolling acceptance. Shares issue on receipt of cleared funds. The offer is not conditional on the minimum.
• The Board may close the offer once A$1,000,000 is raised. Apply early.
• Open to sophisticated investors under s708(8) and professional investors under s708(11) of the Corporations Act 2001 (Cth).

Disclosure

Bryant McLarty, Executive Chairman of LIQUIDITY, is also Founder and Executive Chairman of SeaStock. LIQUIDITY and its associates may hold shares in SeaStock.

SeaStock is an Australian marine biotechnology company. It grows Asparagopsis, a red seaweed, in land-based modular systems in Western Australia. A dual-extraction process produces two products from one crop. RubySea is R-Phycoerythrin (R-PE), a premium natural red pigment. AlgaToro is a stabilised bromoform extract that cuts livestock methane. The process is the subject of a provisional patent application filed in November 2022.

R-PE is one of the standard fluorescent tags in flow cytometry, the test that counts and sorts blood and immune cells. Hospitals use it to diagnose leukaemia.

Land-based cultivation gives SeaStock biosecurity, consistency and scale that offshore growers cannot match. The Fremantle facility runs four tanks holding 20,000 litres. The Oakford scale-up facility is built and paid for. Its first 50-metre tube is commissioning on fresh water. SeaStock holds A$740,000 in FaBA co-investment, active to mid-2028.

• Worth more than gold: Bulk research-grade R-PE sells for about 45 times the price of gold, gram for gram. A 1 mg catalogue vial sells for 620 times. SeaStock's first US customer order in September 2026 was priced at US$60 a mg, about 450 times gold.
• Purity above the market leaders: RubySea R-PE tests at 5.8 (A566/A280). Agilent's published minimum is 5.3. Flogen's is 5.5. The drug-grade threshold is 3.0.
• No factory route to supply: There is no commercial synthetic or recombinant R-PE. Every gram on the market is grown from red algae. CSIRO has told SeaStock there is no domestic supply chain, so Australia imports every gram it uses.
• Top-tier research interest: WEHI and the Garvan Institute are reviewing RubySea specifications. Conjugation feasibility work is under way. CSIRO is scoping a multiple-antibody evaluation programme. 19 organisations were in reviews, trials or pricing talks at 30 September 2026.
• Global partners for AlgaToro: Exclusive Japan distribution with Marubeni Innovexis, signed 6 August 2026. A framework and exclusivity agreement with the European Marine Energy Centre opens UK cattle trials. A joint development agreement with Alquería Dairy Group covers Colombia's dairy and beef sectors.
• Clear path to higher prices: This raise funds an A$120,000 processing machine plus laboratory upgrades. SeaStock targets about US$44 a mg with those upgrades. Partner conjugate data targets US$67.50 a mg. Pharma and IVD-ready supply targets up to US$450 a mg.
• Higher price, low dilution: A$0.85 a share is up from A$0.70 in the last round. Dilution is 3.44% at the minimum. The directors are working toward a liquidity event. Much of the IPO groundwork is already done.

First A$1.0 million

• Processing equipment (A$120,000)
• Laboratory upgrade to speed up RubySea R-PE turnaround (A$150,000)
• Commissioning of Tube 1 at Oakford
• Tube 2 chiller contingency
• General working capital

Oversubscriptions, A$1.0 million to A$2.5 million

• Installation of Tubes 3 to 5 at Oakford, taking cultivation capacity toward 120,000 litres
• Spectrofluorometer for in-house fluorescence quality control (A$80,000)
• Build-out of the quality-assurance laboratory
• Dedicated quality-assurance staff to move RubySea R-PE up to higher regulated grades

| Stage | Ordinary shares | |---|---:| | On issue at 24 June 2026 | 33,051,329 | | After minimum raise, A$1.0m at A$0.85 | 34,227,800 | | After full oversubscriptions, A$2.5m at A$0.85 | 35,992,506 | | Director options on issue, A$0.70, expiring 6 February 2030 | 1,500,000 |

Dilution to existing holders is 3.44% at the A$1,000,000 minimum. It is 8.17% at A$2,500,000. Counts are off the 33,051,329 shares on the register at 24 June 2026.