Mr. Carlos Paz reports

CERES GLOBAL AG CORP. REPORTS FOURTH QUARTER AND YEAR-END RESULTS FOR FISCAL YEAR 2024

Ceres Global Ag Corp. has released its financial and operating results for the fourth quarter and year ended June 30, 2024. All amounts are in United States dollars unless otherwise noted.

Highlights for the fourth quarter and fiscal year ended June 30, 2024 (comparisons with the fourth quarter and fiscal year ended June 30, 2023):

• Gross profit for the year was $35.2-million, the second-best year in the corporation's history.
• Income from operations was $16.8-million.
• Net income for the year was $9.4-million or an earnings per share of 30 cents.
• On Feb. 12, 2024, the corporation announced an exclusive agreement with Groupo Trimex, Mexico's largest flour miller, to collaboratively develop and execute regenerative agriculture initiatives for hard red spring wheat grown in Canada and the United States that is destined for Mexico.
• Subsequent to quarter-end, on Sept. 5, 2024, the corporation announced an expanded regenerative agriculture partnership with Miller Milling, one of the largest wheat millers in the U.S., to improve agronomic and environmental outcomes for wheat growers in North Dakota by implementing advanced nutrient practices.

Chief executive officer commentary

"At the onset of the year, we committed to building on the progress from fiscal year 2023 and executing our core strategies," commented Carlos Paz, president and chief executive officer of Ceres. "Achieving our second-best fiscal year performance in Ceres's history is a testament to the success of remaining focused on effective trading, improving efficiencies across our joint ventures and network of assets, and capitalizing on synergies across our network of partners."

Mr. Paz continued: "Our regenerative agriculture program has grown significantly over the past year, with enrolled acres increasing more than sixfold compared to last year. We also retained 100 per cent of our grower partners and added two new milling partners. The collaborations we established with Miller Milling, Grupo Trimex and Lavie Bio this year exemplify our ability to drive the adoption of regenerative agriculture practices for our partners, positioning us for continued growth in the years ahead."

Outlook

Mr. Paz added: "With mild weather in Canada and the U.S. pointing to higher-than-average crops, we are well positioned to fully utilize storage and volume throughput across our network of assets to maximize the value of a potential bumper harvest season. Meanwhile, we continue to monitor geopolitical tensions and market volatility, fueled by the unresolved conflicts in Ukraine, Gaza and Israel."

"As we move forward, Ceres will continue to evaluate its asset network to ensure peak efficiency and optimal performance. We remain optimistic about the growth of our regenerative agriculture programs and strategic partnerships. Our focus will be on sustaining this year's momentum by executing our core strategies and providing value to our shareholders in fiscal 2025."

Conference call details

Management of Ceres will host a conference call today, Sept. 13, 2024, at 9 a.m. ET. All interested parties can join the conference call by dialling 1-800-836-8184 or 1-289-819-1350. The conference call ID is 37950. Please dial in 15 minutes prior to the call to secure a line.

A live audio webcast of the conference call will be available on-line. Please connect at least 15 minutes prior to the conference call to ensure adequate time for any software download that may be required to join the webcast. An archived replay of the webcast will be available for 90 days.

About Ceres Global Ag Corp.

Ceres and its subsidiaries add value across agricultural, energy and industrial supply chains through efficient sourcing, storing, transporting and marketing of high-quality agricultural commodities, value-added products and raw materials. Leveraging its network of commodity logistics centres and team of industry experts, Ceres connects farmers to customers around the world.

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