Above Food Congratulates Merger Partner Palm Global Technologies and Subsidiary Palm Promax Investments on Landmark Burkina Faso Stablecoin Agreement and Multi-Trillion-Dollar Gold- and Mineral-Backed Asset Commitment

Rhea-AI Summary

Above Food (NASDAQ: ABVE) celebrated a joint venture between merger partner Palm Promax Investments and Promax Burkina Faso SEM with Burkina Faso authorities on Oct 24, 2025.

The Government of Burkina Faso pledged up to $8 trillion of gold and mineral assets to anchor a PPI-issued gold- and mineral-backed stablecoin; the JV will be headquartered in Abu Dhabi under the ADGM framework and will channel tokenization proceeds into mining, infrastructure, zones, agriculture, healthcare, education, and security.

Positive

• $8 trillion in gold and mineral assets pledged by Burkina Faso
• Formal joint venture between PPI, Promax BF SEM, and CPIB
• Headquartered in ADGM, Abu Dhabi to channel tokenization investments

Negative

• Pledged assets are largely in-ground reserves previously unrecognized by markets

REGINA, SK, Oct. 24, 2025 /PRNewswire/ - Above Food Ingredients Inc. (NASDAQ: ABVE) ("Above Food" or the "Company") today announced and celebrated the first of many sovereign strategic partnerships involving its merger partner Palm Global Technologies and its subsidiary Palm Promax Investments LLC ("PPI").

The President's Office of Burkina Faso, in coordination with the Promotion and Investment Center for Burkina Faso and Partners ("CPIB"), has formally agreed a joint venture, involving the adoption PPI's gold- and mineral-backed stablecoin as the nation's digital currency - marking a historic inflection point in Burkina Faso's financial evolution. As part of this initiative, the government has pledged up to $8 trillion of previously untapped gold and mineral assets to anchor the country's stablecoin and catalyze long-term economic transformation.

The partnership is being formally announced today at the UAE 2030 National Vision event, held in Abu Dhabi. The occasion is attended by eminent leaders and dignitaries from both the United Arab Emirates and Burkina Faso, underscoring the strategic importance of this collaboration. The event serves as a powerful platform to showcase the alignment between sovereign innovation, digital finance, and visionary development - hallmarks of both nations' commitment to inclusive, future-focused growth.

Abu Dhabi, United Arab Emirates and Ouagadougou, Burkina Faso – 24 October 2025 – A groundbreaking joint venture has been formalized between Promax Burkina Faso SEM ("Promax BF SEM"), the Promotion and Investment Center for Burkina Faso and Partners ("CPIB"), and Palm Promax Investments LLC ("PPI") – the merger partner of Nasdaq-listed Above Food Ingredients Inc.

This strategic partnership will leverage PPI's advanced tokenization technologies to unlock and mobilize the immense mineral wealth of Burkina Faso ushering in a new era of sovereign digital innovation and inclusive economic growth. 

In a historic move, the Government of Burkina Faso will pledge up to $8 trillion in gold and mineral-based assets - including vast in-ground reserves that have long remained unrecognized by global financial systems. For decades, these resources have been undervalued and excluded from international markets due to structural barriers in valuation, infrastructure, and access. Now, for the first time, Burkina Faso's mineral wealth will be transparently quantified, monetized, and mobilized through blockchain-based financial instruments. This bold initiative marks a turning point: a declaration that the nation's true economic value can no longer be overlooked. With this commitment, Burkina Faso becomes the first African nation to formally integrate a resource-backed digital currency into its national financial architecture - leveraging its natural wealth as a catalyst for sovereign empowerment, inclusive growth, and global financial participation.

Headquartered in Abu Dhabi under the Abu Dhabi Global Market ("ADGM") framework, the joint venture will channel all investments through Promax BF SEM to facilitate the tokenization of Burkina Faso's untapped natural resources. These blockchain-backed financial instruments will anchor a series of transformative development initiatives across key sectors, including:

• Mining of minerals, metals, and precious stones
• Development of infrastructure, including energy and transportation
• Establishment of economic zones and technology transfer hubs
• Modernization of agriculture and commodity trading
• Enhancements in healthcare, education, and security, and humanitarian efforts

This agreement marks a pivotal moment in Burkina Faso's economic trajectory. By transparently quantifying and monetizing its natural assets, the nation is positioning itself as a global leader in sovereign empowerment and digital finance - redefining its role in the international economic landscape.

H.E. Soumane Kassamba, Advisor of Investment and International Relations to His Excellency Ibrahim Traoré, President of Burkina Faso and PDG of CPIB, and Head of Arab African Council the Special Consultive of United Nations in Burkina Faso, commented: "This agreement marks a pivotal moment for Burkina Faso. For the first time, we are not merely participants in the global economy - we are architects of our own economic destiny. By tokenizing our vast mineral wealth, we are unlocking its true value and making it accessible to the world in a transparent, secure, and sovereign manner.

This initiative will catalyze unprecedented investment, generate employment, and finance critical infrastructure across energy, healthcare, and education. It lays the foundation for a new era of prosperity - one built on innovation, accountability, and national empowerment.

Our partnership with Palm Promax Investments is transformative. It reflects our ambition to follow the visionary path of the United Arab Emirates, whose extraordinary rise - from the foresight of its founding father, the late Sheikh Zayed bin Sultan Al Nahyan, to its global leadership today - stands as a testament to what is possible through bold vision, strategic collaboration, and sustainable development."

His Excellency Louai Mohamed Ali, Group President of Promax United and preferred partner, commented: "Burkina Faso's bold leadership marks the dawn of a financial renaissance - not only across Africa, but globally. By embracing blockchain technology and anchoring it to their substantial gold reserves, they have set a powerful precedent for sovereign innovation, economic empowerment, and global financial integration.

This is not an isolated milestone - it is the first step in a broader continental movement. We are in advanced discussions with numerous African nations under the same framework, each seeking to unlock trade, infrastructure financing, and macroeconomic stability through transparent, asset-backed digital currencies.

As this framework scales, we anticipate participating sovereign nations will experience a significant reduction in currency volatility, enhanced fiscal transparency, and renewed investor confidence. Most importantly, we foresee meaningful wealth creation for their citizens and a transformation in intra-African and global trade - driven by a unified, stable digital currency that reflects the true value of Africa's resources and ambition.

His Excellency Muayad Kafesha, Vice Chairman of Palm Promax Investments, commented "The decision by Promax BF SEM and CPIB to launch this joint venture anchored by Burkina Faso's gold reserves is a bold declaration of vision, sovereignty, and belief in the future. It reflects our shared conviction that technology must serve humanity - by making resource wealth transparent, measurable, and transformative. This is not merely a financial innovation; it is a blueprint for inclusive prosperity.

None of this would be possible without the extraordinary business environment of the United Arab Emirates. The gravitas, global reputation, and operational excellence the UAE provides to companies like ours is truly unmatched. We are deeply honored to be headquartered here.

When we founded Palm Promax, our ambition was clear: to build the JPMorgan of digital finance - on a global scale. And we remain convinced that the UAE is the only place in the world where that vision can be fully realized.

About Above Food Ingredients Inc.

Above Food Ingredients Inc. ( Nasdaq: ABVE ) is an agricultural and food technology company whose vision is to create a healthier world — breaking the cycle of world hunger, one seed, one field, and one bite at a time. Above's robust chain of custody of plant proteins and proprietary seed development capabilities, leverage the power of artificial intelligence-driven genomics and agronomy, and together with Palm's financial technologies will help to break the global cycle of hunger.

Cautionary Statement Regarding Forward-Looking Statements

This press release may contain "forward-looking information" within the meaning of the United States federal securities laws and applicable Canadian securities laws. These forward-looking statements generally are identified by the words "believe," "project," "expect," "anticipate," "estimate," "intend," "strategy," future," "opportunity," "plan," "may," "should," "will," "could," "will be," will continue," and similar expressions.

Forward-looking statements represent current judgments about possible future events, including, but not limited to statements regarding expectations or forecasts of business, operations, financial performance, prospects, and other plans, intentions, expectations, estimates, and beliefs relating to the proposed transaction between Above Food and Palm Global, such as statements regarding the combined operations and prospects of Above Food and Palm Global, the current and projected market, growth opportunities and synergies for the combined company, the expected composition of the management and board of directors of the combined company, the expected trading of the combined company on the Nasdaq, the filing and approval of the Registration Statement and the Prospectus, and the timing and completion of the proposed transaction, including the satisfaction or waiver of all the required conditions thereto.

Factors that could cause actual events to differ include, but are not limited to:

• all conditions to the proposed transaction being met, including Above Food and Palm Global agreeing to a form of plan of arrangement, as well as other conditions set forth in the definitive merger agreement;
• the expected timing of regulatory approvals relating to the proposed transaction, the businesses of Above Food and Palm Global and of the combined company and product launches of such businesses and companies;
• Above Food's inability to file or make effective the Registration Statement or the final Prospectus with the respective regulators;
• Above Food, Palm Global and the combined company's compliance with, and changes to, applicable laws and regulations;
• Above Food and the combined company's ability to list the common shares of the combined company on Nasdaq;
• the ability to successfully integrate the businesses of Above Food and Palm Global after the completion of the proposed transaction;
• the combined company's ability to achieve the expected benefits from the proposed transaction within the expected time frames or at all; and
• the incurrence of unexpected costs, liabilities or delays relating to the proposed transaction.

Forward-looking statements are based on the current expectations of Above Food's management and are not predictions of actual performance. These forward-looking statements are provided for illustrative purposes only and are not intended to serve as, and must not be relied on, by any investor as a guarantee, an assurance, a prediction or a definitive statement of fact or probability. You should carefully consider all of the risks and uncertainties described in the documents filed by Above Food with the United States Securities and Exchange Commission ("SEC"), which is available on EDGAR at www.sec.gov/edgar.shtml. There may be additional risks that Above Food presently does not know or that Above Food currently believes are immaterial that could also cause actual results to differ from those contained in forward-looking statements. In addition, forward-looking statements provide Above Food's expectations, plans or forecasts of future events and views as of the date of this communication. Above Food anticipates that subsequent events and developments will cause Above Food's assessments to change. However, while Above Food may elect to update these forward-looking statements in the future, Above Food specifically disclaims any obligation to do so. These forward-looking statements should not be relied upon as representing Above Food's assessments as of any date subsequent to the date of this communication. Nothing herein should be regarded as a representation by any person that the forward-looking statements set forth herein will be achieved or that any of the contemplated results in such forward-looking statements will be achieved. You should not place undue reliance on forward-looking statements in this communication, which speak only as of the date they are made and are qualified in their entirety by reference to the cautionary statements herein.

It is possible that the Merger may not occur on the terms provided herein or in the Merger Agreement, on the expected timing or at all. In the event that the Merger is terminated Above Food may be liable to pay a termination fee to Palm Global, subject to the precise terms of the Merger Agreement.

Additional Information and Where to Find It:

INVESTORS AND SECURITY HOLDERS OF ABOVE FOOD ARE URGED TO READ THE DOCUMENTS FILED WITH THE SEC, CAREFULLY AND IN THEIR ENTIRETY BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT ABOVE FOOD. Investors and security holders will be able to obtain free copies of the documents filed with the SEC by Above Food through the website maintained by the SEC at http://www.sec.gov. Copies of the documents filed with the SEC by Above Food are also available free of charge on Above Food's website at https://abovefood.com or by contacting Above Food's Investor

Relations Department at 2305 Victoria Ave #002, Regina, Saskatchewan, Canada, S4P 0S7.

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SOURCE Above Food Ingredients Inc.

FAQ

What did Above Food (ABVE) announce on October 24, 2025 regarding Burkina Faso?

Above Food celebrated a JV where Burkina Faso pledged up to $8 trillion in gold and mineral assets to back a PPI stablecoin.

How will the Burkina Faso stablecoin be backed for ABVE's merger partner Palm Promax?

The stablecoin is planned to be anchored by tokenized gold and mineral assets pledged by Burkina Faso.

Where will the joint venture for the ABVE-related project be headquartered?

The joint venture will be headquartered in Abu Dhabi under the ADGM framework.

What sectors will the tokenization proceeds target as stated on Oct 24, 2025?

Proceeds are intended for mining, infrastructure, economic zones, agriculture, healthcare, education, and security.

Does the announcement give a dollar value for Burkina Faso's pledged assets for ABVE partners?

Yes — the government pledged up to $8 trillion of gold and mineral-based assets.

What role does Palm Promax Investments (PPI) play in the ABVE merger announcement?

PPI is the technology partner providing tokenization platforms to monetize Burkina Faso's mineral assets.