Seafarms secures Project Sea Dragon assets, extends farm leases amid financial loss

Seafarms Group announced key strategic developments at its Annual General Meeting on November 25, 2025. Following the sale of Farms 1 & 2 in April 2025, the company extended the lease for these assets until January 8, 2026, and further extended the Mainstream lease to March 2026, enabling new Black Tiger and Banana prawn crops. Critically, Seafarms agreed to acquire Project Sea Dragon (PSD) assets from its liquidator, with a creditors' meeting on December 1, 2025, expected to approve the transaction, facilitating the transfer of all PSD licenses and approvals to its wholly-owned subsidiary, Sea Dragon Shrimp (SDS).

The company reported a financial loss of $11.7 million for FY25, primarily due to continued investment in PSD. Total production decreased to 508 tonnes from 1,118 tonnes in the previous year, and revenue from continuing operations was $14.6 million, down from $25.5 million. Following the financial year-end, Avatar Industries increased its loan facility to $16.5 million. The Flying Fish Point hatchery transitioned to a profit center, generating over AUD$1 million in income from third-party sales of domesticated Post-Larvae.

Despite a construction dispute with Canstruct impacting resources, Seafarms remains committed to PSD, which includes partially completed seawater intake walls, 21 nursery ponds, cleared land for 8ha grow-out ponds, and improved roads. The company will transfer PSD's leases, licenses, and approvals to SDS in December 2025, supported by the Northern Territory Government and Northern Land Council, as it renews engagement with international funding groups for the project's development.