Sucro Announces Guyana Sugar Refinery Joint Venture, Sale of Hamilton Refinery Assets to the JV, and Launch of Sucro Engineering Services

Executive Summary

• Sucro Limited announced a joint‑venture (“Demerara Sugar Refinery Inc.”) to build and operate a new white‑sugar refinery in Guyana, with Sucro holding an indirect 15 % interest.
• The company will sell its existing Hamilton (Ontario) refinery assets to the JV once a new Hamilton refinery is operational, facilitating equipment transfer for the Guyana project.
• Sucro launched “Sucro Engineering Services” (SES), a turn‑key engineering and construction offering that will commercialize its proprietary sugar‑process technology and leverage an order backlog through 2026.

Key Details

• Joint Venture Formation
• Parties: Sucro Caribbean Investment, LLC (15 % indirect interest) + GAICO Construction & General Services Inc.
• Entity created: Demerara Sugar Refinery Inc. (DSR).
• Project location: Wales, West Bank Demerara, Guyana.
• Estimated capital cost: US$20 million.
• DSR will procure and install a used refinery plant sourced from Hamilton, Canada, and use GAICO’s wharf/infrastructure under commercial terms.

• Sucro to provide engineering, equipment supply, process design, raw‑sugar feed, and marketing via a tolling arrangement; profits/losses shared per JV interests.

• Sale of Hamilton (Ontario) Refinery Assets

• Asset transfer to DSR will occur after the new Hamilton refinery is operational.
• Sale price not disclosed; assets valued as a “complete operating entity.”

• Transaction intended to streamline commissioning timelines and reduce capital intensity for the Guyana plant.

• Launch of Sucro Engineering Services (SES)

• New business segment formalizing a decade of refinery design/build/operate experience.
• Service scope: feasibility studies, process design, equipment procurement, construction oversight, operational support, raw‑sugar sourcing.
• Technology deployed: SucroZone® (patent‑pending sugar process technology) with PLC‑driven real‑time color control.
• Leadership: Kamran Siddiqi, VP Engineering – overseer of four refinery projects in the past seven years.

• Reported order backlog extending through much of 2026.

• Share‑Based Compensation Awards (Supplementary)

• 11,865 RSUs awarded to non‑executive directors (vest one year from award).
• Stock options for a consultant: 5,000 Subordinate Voting Shares at C$13.33 per share, exercisable until 31 Dec 2028, vesting over 25 months.

Notable Quotes

• “Guyana provides an ideal second cane sugar refining platform… creating much needed jobs and security to local communities across the Caribbean,” – Jonathan Taylor, Founder & CEO, Sucro.
• “I am delighted to be leading Sucro's proven team of engineers in this significant new commercial service… we start this new venture with a firm order backlog extending through much of 2026,” – Kamran Siddiqi, VP Engineering, SES.

All forward‑looking statements are subject to risks and uncertainties detailed in Sucro’s most recent Management Discussion & Analysis and Annual Information Form.