5 December 2022

Agronomics Limited

("Agronomics" or the "Company")

Further Investment in Liberation Labs US$ 20 million Seed Round

Further its announcement of 20 October 2022, Agronomics (ANIC:LSE), the leading listed company focused on the field of cellular agriculture,  has invested an additional US$ 3.5 million in the US$ 20 million Seed round of Liberation Labs Holdings Inc ("Liberation Labs"), the precision fermentation contract manufacturer. In aggregate, Agronomics has invested US$ 7 million into this Seed round (the "Subscription"), split over two tranches, with the prior investment of US$ 3.5 million made in October 2022 and this second investment being called by Liberation Labs as detailed in the announcement of 20 October. Joining this latest close is Thia Ventures, a prominent early-stage investor focusing on biotechnology, nutrition, and health.

In June 2022, Agronomics invested US$ 627,000 in Liberation Labs' initial round of financing. Subject to audit, Agronomics' original investment, inclusive of the Subscription, will be carried at US$ 22.4 million, including an unrealised gain of US$ 14.8 million. The Company will hold a total of 4,700,000 ordinary shares and 2,134,147 Seed Preferred shares with an equity stake of 37.4% on a fully diluted basis. The aggregate investment will account for approximately 11.3% of Agronomics' 30 September 2022 Net Asset Value (as adjusted for the uplift on the Liberation Labs position).

Liberation Labs will use the proceeds from the Seed round to finalise its site selection, complete pre-construction engineering, order long-lead time equipment, and continue to build out its team. The company further expects to begin the process of contracting fermentation capacity for its first facility, with an eye towards having that volume fully committed ahead of a planned 2024 operational launch. A 3D rendering of the sophisticated 600,000L launch facility, designed to address the acute shortage in precision fermentation capacity, can be seen here.

Jim Mellon, and executive director of Agronomics commented:-

"This further investment will support Liberation Labs in delivering precision fermentation and becoming a global leader in the alternative protein production space. It is hugely exciting for us to be involved with a leading precision fermentation company that was formed to address the ever-widening gap in fermentation capacity. Liberation Labs is developing state of the art purpose-built fermentation infrastructure which will replace the existing fermentation capacity being used today which was built for other purposes and does not fit the need of most precision fermentation proteins. We look forward to following Liberation Labs' progress in the years ahead, as they approach their operational launch in 2024."

About Liberation Labs

Liberation Labs is commercialising precision fermentation with a global network of purpose built, international manufacturing facilities that enable the next wave of biotechnology advancements to produce alternative protein at scale.

Our cutting-edge process combining modern technology and design brings reliable, first-for-purpose approach, and cost-effective solutions that meet consumer demand across the world.

Founded by industry pioneers with a combined 50 years of experience, Liberation Labs is powering a new, innovative way forward that sets the standard for the precision food fermentation industry and has a lasting impact on achieving collective sustainability goals.

About Agronomics

Agronomics is a leading listed alternative proteins company with a focus on cellular agriculture and cultivated meat. The Company has established a portfolio of 24 companies at the Pre-Seed to Series C stage in this rapidly advancing sector. It seeks to secure minority stakes in companies owning technologies with defensible intellectual property that offer new ways of producing food and materials with a focus on products historically derived from animals. These technologies are driving a major disruption in agriculture, offering solutions to improve sustainability, as well as addressing human health, animal welfare and environmental damage. This disruption will decouple supply chains from the environment and animals, as well as being fundamental to feeding the world's expanding population. A full list of Agronomics' portfolio companies is available at https://agronomics.im/.

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF THE MARKET ABUSE REGULATION (EU No. 596/2014) AS IT FORMS PART OF UK DOMESTIC LAW BY VIRTUE OF THE EUROPEAN UNION (WITHDRAWAL) ACT 2018. UPON THE PUBLICATION OF THIS ANNOUNCEMENT VIA A REGULATORY INFORMATION SERVICE, THIS INSIDE INFORMATION IS NOW CONSIDERED TO BE IN THE PUBLIC DOMAIN AND SUCH PERSONS SHALL THEREFORE CEASE TO BE IN POSSESSION OF INSIDE INFORMATION.

For further information please contact: