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

CORAL GABLES, Fla., Dec. 10, 2025 /CNW/ - Sucro Limited (TSXV: SUGR) (OTCQB: SUGRF) ("Sucro" or the "Company"), an integrated sugar refiner focused primarily on serving North American sugar markets, today announced three new commercial initiatives designed to expand refining capacity in the Caribbean and monetize its proprietary sugar process technology and refinery engineering, design and construction expertise:

1. the formation of a joint venture (JV) to develop and operate a cane sugar refinery in Guyana, where Sucro will hold a minority ownership interest.
2. the sale of Sucro's operating refinery assets in Hamilton, Ontario once decommissioned in favor of the new Hamilton refinery under development to the JV as part of the project capitalization and installation plan and valued as a complete operating entity; and
3. the launch of a new business unit, Sucro Engineering Services ("SES"), to provide third-party engineering and project services leveraging Sucro's in house multi-refinery build experience and expertise, including a patent-pending processing technology developed by Sucro.

Guyana Refinery Joint Venture

Sucro (through Sucro Caribbean Investment, LLC) and GAICO Construction & General Services Inc. have executed a joint venture agreement to form Demerara Sugar Refinery Inc. ("DSR"), to develop, construct, finance and operate a white sugar refinery at Wales, West Bank Demerara, Guyana. Capital costs of the joint venture to build the new refinery are currently estimated at US$20 million. Sucro will hold an indirect 15% interest in the joint venture.

Under the agreement, DSR will procure, install and commission a used refinery plant sourced from Hamilton, Canada, and will utilize GAICO's wharf/infrastructure under commercial terms. Sucro will provide engineering, equipment supply, process design, raw sugar supply, and marketing of all refined output under a tolling arrangement, with profits/losses shared in accordance with the parties' joint venture interests.

"Guyana provides an ideal second cane sugar refining platform for Sucro within the CARICOM region, that will enable Sucro, through its local affiliates and partnerships, to deliver reliable, value-added refined sugar supplies and further reduce the need for imports, creating much needed jobs and security to local communities across the Caribbean" said Jonathan Taylor, Founder & CEO of Sucro. "By relocating our proven Hamilton refinery assets into Wales and combining it with Sucro's engineering and GAICO's exceptional local logistics capabilities, we expect a rapid and capital-efficient start-up.  I also want to specifically thank the U.S. embassy in Guyana, which has been very supportive and helpful working with Sucro on this commercial opportunity." 

Sale of Hamilton (Ontario) Refinery Assets to the JV

As part of the JV transaction, Sucro will sell its current operating refinery assets located in Hamilton, Ontario to DSR once the Company's new Hamilton refinery is operational, based on its value as a fully operating and profitable refinery. The asset transfer will support the procurement/installation scope described in the JV agreement and is expected to streamline commissioning timelines and capital intensity for the Guyana plant. Closing of the JV will be coordinated with JV formation, financing, current sugar operating requirements in Canada, and customary approvals.

Launch of Sucro Engineering Services

Sucro also announces Sucro Engineering Services ("SES"), a new business segment that formalizes Sucro's decade of refinery design/build/operate experience into a turn-key offering spanning feasibility, process design, equipment procurement, construction oversight, operational support, and raw sugar sourcing. The business will deploy SucroZone® (Sucro's proprietary, patent-pending sugar process technology) along with related control strategies, including PLC-driven real-time color control, which have demonstrated impressive improvements in internal applications. SES will be led by Kamran Siddiqi, VP Engineering, a long time Sucro employee who has directly supervised four cane sugar refinery construction projects in just the past 7 years. Mr. Siddiqi stated, "I am delighted to be leading Sucro's proven team of engineers in this significant new commercial service. Our expert team has delivered proven industry breakthroughs, typically with significant cost savings.  As a result of our experienced and accomplished new refinery design and construction team, we start this new venture with a firm order backlog extending through much of 2026." 

Mr. Taylor added, "Sucro has become a sugar industry leader through its unique platform of wholesale sugar distribution and a growing base of sugar refinery assets, driven by innovation and reinvestment. These newly announced growth initiatives are the direct result of these efforts and the expertise that Sucro has developed.  We continue to expand across the Americas region, and leverage the expertise and experience of being a global leader in sugar refinery design and construction."

Recent Share-Based Compensation Awards

On November 20, 2025 the Company announced the award of share-based compensation to directors and other service providers. Some of the details of the awards were omitted and are now provided. The Board of Directors awarded 11,865 restricted share units ("RSUs") to non-executive directors as part of their annual retainer under the Company's Omnibus Equity Incentive Plan. These RSU awards occur semi-annually in April and November of each year. The RSUs awarded will vest one year from the date of the award. The Company also granted stock options to acquire an aggregate of 5,000 Subordinate Voting Shares to a consultant of a Sucro subsidiary, with each option exercisable until December 31, 2028 to acquire one Subordinate Voting Share at a price of C$13.33 per share and vesting over a 25-month period from the date of grant. All awards are subject to regulatory approval.

Forward-Looking Statements

This press release contains "forward-looking information" and "forward-looking statements" (collectively, "forward-looking information") within the meaning of applicable Canadian securities laws. Statements containing forward-looking information are not historical facts but instead represent management's expectations, estimates and projections regarding future events or circumstances.

This forward-looking information includes, among other things, statements relating to: development of a new Caribbean sugar refinery in Guyana, the sale of the Company's current Hamilton refinery assets and the launch of a new engineering division and planned investment for the new Guyana refinery. 

This forward-looking information and other forward-looking information are based on Suro's opinions, estimates and assumptions in light of Sucro's experience and perception of historical trends, current conditions and expected future developments, as well as other factors that Sucro currently believes are appropriate and reasonable in the circumstances. Despite a careful process to prepare and review the forward-looking information, there can be no assurance that the underlying opinions, estimates and assumptions will prove to be correct. 

Forward-looking information is necessarily based on a number of opinions, estimates and assumptions that, while considered to be appropriate and reasonable as of the date of this press release, are subject to known and unknown risks, uncertainties, assumptions and other factors that may cause the actual results, level of activity, performance or achievements to be materially different from those expressed or implied by such forward-looking information, including, but not limited to, our ability to obtain licenses and permits; development of the new Guyana refinery may experience cost-overruns and/or delays and actual costs, operational efficiencies, production volumes or economic returns may differ materially from Sucro's estimates and variances from expectations; disruptions to supply chains as a result of outbreaks of illness, geopolitical events or other factors; inflation and rising interest rates; changes to or the elimination or significant reduction of protective duties relating to foreign sugar imports in the Caribbean region; dependence on management's ability to implement its strategy; competitive risks; our dependence on a small number of key persons; and the other risk factors discussed in greater detail under "Risk Factors" in Sucro's annual information form ("AIF") dated April 18, 2024 and filed on SEDAR+ at www.sedarplus.ca, which section of the AIF is specifically incorporated by reference herein.

Prospective investors in Sucro should not place undue reliance on forward-looking information, which speaks only as of the date made. The forward-looking information contained in this press release represents Sucro's expectations as of the date of this press release (or as of the date they are otherwise stated to be made) and is subject to change after such date. However, Sucro disclaims any intention or obligation or undertaking to update or revise any forward-looking information whether as a result of new information, future events or otherwise, except as required under applicable securities laws. For additional information, readers should also refer to Sucro's most recent management's discussion and analysis and other information filed on www.sedarplus.ca.

About Sucro

Sucro is a growth-oriented sugar company that operates throughout the Americas, with a primary focus on serving the North American sugar market. The Company operates a highly integrated and interconnected sugar supply business, utilizing the entire sugar supply chain to service its customers. Sucro's integrated supply chain includes sourcing raw and refined sugar from countries throughout Latin America, and refined sugar from its own refineries, and delivering to customers in North America and the Caribbean. Since its inception in 2014, Sucro has achieved growth by creating value for customers through continuous process innovation and supply chain re-engineering. Sucro has established a broad production, sales, and sourcing network throughout North America with two cane sugar refineries and an additional value-added processing facility, and three sugar cane refineries under development in Hamilton, Ontario, University Park, Illinois (a suburb of Chicago) and Belize (under a joint venture with Santander Sugar Group). The Company has offices in Miami, Mexico City, Cali, Sao Paulo, and Port of Spain. For more information, visit sucro.us and follow us on LinkedIn.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

SOURCE Sucro Limited

For further information, please contact: Don Hill, Chairman, Sucro Limited, T: [phone], E: [email protected]