Q&A with Darren Schuback of The Whiskey Project Group

The Company operates across three divisions:

1. The Whiskey Project: next generation tactical watercraft, consisting of the Alpha (30ft) and Bravo (40ft) variants, represents unprecedented innovation in tactical combatant craft. Designed to perform in demanding conditions utilising deep operational experience, underpinned by decades of design and manufacturing expertise to deliver high performance watercraft that provide the end user with a competitive advantage.

2. Naiad: with global maritime design expertise and founded in the late 1970s, Naiad is an Australian and New Zealand naval architecture company that developed one of the world’s first Rigid Hull Inflatable Boat (RHIB) designs. Since then, Naiad vessels have established a strong reputation for being tough, dependable, high-performance watercraft with exceptional sea keeping capabilities.

3. Yamba Welding & Engineering (YWE): Over 45 years, YWE has forged a reputation as one of Australia’s most trusted Federal and State Government aluminium boat manufacturers. With a reputation for excellence and working to a strict Quality Assurance System with full ISO 9001, YWE has grown into a significant regional employer supported by an extensive network of local supply chain partners.

The unique design and specifications of the vessels has resulted in recent success with the US Department of Defence (DoD). In April 2023 the Company secured its first US$12.5 million contract for 4 Whiskey Bravo vessels for the US Marine Corps (USMC) followed by a further order in August 2023 from for 4 Whiskey Alpha vessels for ~US$8.0 million plus an additional ~US$3.0m in sensor equipment to the DoD’s Defence Innovation Unit (DIU) for rapid testing and evaluation as the precursor to broader production. Both of these contracts are now underway with milestone payments having been received from the DoD. Discussions for further follow-on orders across multiple departments within the US DoD are progressing. These orders continue to provide validation for the Company’s capabilities and demonstrates the DoD’s confidence in their product offering.

Opportunities have also been identified to supply Whiskey watercraft to other foreign national military branches, including the US foreign military sales program. Management expects an interim contract for c.16 Whiskey Bravo craft to fulfil the USMC’s immediate urgent need within the next 12 months with a larger Program of Record being prepared concurrently which is expected to be funded in FY26. The total revenue opportunity is expected to exceed US$1Bn over the next 10+ years [and TWPG has a first mover advantage against incumbent suppliers who continue to supply vessels to the DoD based on 30 year old technology.]

• Recent contracts secured with the US DOD’s DIU for 4 Whiskey Alpha and 4 Whiskey Bravo vessels
• 200+ vessels delivered to the Australian Federal and State Government Agencies over the past decade
• Trusted Australian and New Zealand naval design, engineering and manufacturing
• Proven solution that meets the immediate requirements of current and imminent Defence procurement programs
• Naiad is the predominant government agency solution in rescue and patrol and are used by the Australian Border Force, Army and Navy
• Significant upcoming procurement programs in Australia and NZ Defence for Naiad