Mr. Carlos Paz reports

CERES GLOBAL AG CORP. REPORTS FIRST QUARTER RESULTS FOR FISCAL YEAR 2024

Ceres Global Ag Corp. has released its financial and operating results for the three-month period ended Sept. 30, 2023. All amounts are in U.S. dollars unless otherwise noted.

Highlights for the quarter ended Sept. 30, 2023

(Comparisons to the quarter ended September 30, 2022)

• Gross profit for the quarter was $14.2 million, the second-best first quarter in the Corporation's history, up from $5.6 million in the previous year.
• Income from operations was $9.0 million, an increase of $11.2 million compared to the prior year.
• Net income for the quarter was $6.2 million, up $9.8 million compared to the previous year.
• The Corporation handled and traded 29.9 million bushels, up 7.2% from 27.9 million bushels in the previous year.
• On October 23, 2023, the Corporation resolved the investigation by the Commodity Futures Trading Commission and does not anticipate any other charges or fines from the U.S. Department of Justice or the Commodity Futures Trading Commission related to these matters.

CEO Commentary

"This quarter, driven by our farmer-direct origination strategy, methodical early crop development analysis, and our ability to leverage our asset footprint and network of partners, we effectively navigated extreme weather conditions and positioned the business to achieve the second-best first quarter financial results in the Corporation's history," commented Carlos Paz, President and CEO of Ceres.

"We achieved record-breaking first quarter results in the Seed Retail and Processing segment, and near-record first quarter results in all other segments, demonstrating the effectiveness of our fundamental strategy of optimizing our asset footprint around core products. Our joint venture at Berthold Farmers Elevator continues to be a valuable addition to our network, with volumes increasing 24% this quarter. With the implementation of operational efficiencies at our Jordan crush plant and our team's effective trading strategies, our quarterly soybean crush volumes reached a historic high, enabling us to achieve record-breaking gross margins in the Seed Retail and Processing segment this quarter."

Outlook

Mr. Paz added, "Geopolitical tensions continue to intensify as the conflict in the Middle East has added another layer of uncertainty in markets. While the effects on markets are relatively muted compared to the Russia-Ukraine conflict, escalation remains a risk that could significantly impact our business units. As winter sets in and activity slows down in the Canadian Prairies and the U.S. Northern Plains, our team will shift its focus to Mexico and southern United States. Our strength lies in our ability to closely monitor fundamental drivers and global crop developments, and we will continue to seize opportunities as they emerge."

"Building on the momentum from our strong results this quarter, we remain focused on executing our core strategy of optimizing our network of partners, finding innovative, cost-effective methods for increasing direct farmer engagement, effectively trading and marketing our products, and developing regenerative agriculture and supply chain solutions for our customers."

Conference Call Details

Management of Ceres will host a conference call today, November 9, 2023, at 09:00 a.m. ET. All interested parties can join the conference call by dialing 1-877-870-4263 or 1-855-669-9657. The conference call ID is 10183921. Please dial in 15 minutes prior to the call to secure a line.

A live audio webcast of the conference call will be available at: https://app.webinar.net/q3X20BOz1p8. 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 centers and team of industry experts, Ceres connects farmers to customers around the world.

Ceres is headquartered in Golden Valley, Minnesota, and together with its affiliated companies, operates 11 locations across Saskatchewan, Manitoba, Ontario, and Minnesota. These facilities have an aggregate grain and oilseed storage capacity of approximately 29 million bushels.

Ceres has a 50% interest in Savage Riverport, LLC (a joint venture with Consolidated Grain and Barge Co.), a 50% interest in Berthold Farmers Elevator, LLC (a joint venture with The Berthold Farmers Elevator Company), a 50% interest in Farmers Grain, LLC (a joint venture with Farmer's Cooperative Grain and Seed Association), a 50% interest in Gateway Energy Terminal (an unincorporated joint venture with Steel Reef Infrastructure Corp.), a 25% interest in Stewart Southern Railway Inc. (a short-line railway located in southeast Saskatchewan with a range of 130 kilometers), and a 17% interest in Canterra Seed Holdings Ltd. (a Canada-based seed development company).

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