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April 15, 2021

Alterra Advances Stage 2 of Carpenters Development

Alterra Ltd (ASX:1AG) (Alterra or Company) is pleased to advise it has commenced preparations for the next stage of the Company’s flagship 300-hectare avocado project, Carpenters, located in south-west, Western Australia.

As announced on 23 March 2021, following completion of an electromagnetic survey for Stage 2 covering 52ha, field preparations have progressed with ripping completed, drainage works commenced and detailed irrigation designs advanced.

Stage 2 Ripping completed (above) and drainage equipment and aggregate mobilised to site in accordance with the subsurface drainage timetable (below).

Construction of the fully funded 4,100 megalitre dam continues to advance with the assembly of pipe work for the dam wall completed. The landowner continues to work closely with regulatory authorities in relation to licences and permitting throughout the development process.

The team continues to monitor field data from the first 5-hectares planted in October 2020 to drive irrigation and fertigation decision making in conjunction with the French’s Group who bring significant local generational knowledge.

The French’s Group and Harvey-based grower Richard Eckersley are Alterra’s WA execution partners and are intimately involved in all planning, development and execution decisions on the Carpenters Project. The French’s Group also brings deep experience in downstream avocado packing and exporting to Alterra’s team.

The Company continues to progress discussions with several potential equity providers to advance the Project.

Please visit Alterra’s website at https://alterra.com.au/projects/carpenters-project/ for the latest video on the Carpenters Project.