L-01 · Corporate
Incorporate North 49 Shrimp Co. Ltd.
MilestoneOpen
File BC Inc. articles and by-laws as a standalone CCPC. Sibling structure — no association with 1362557 B.C. Ltd. per ITA s.256 (preserves the small-business deduction).
Roadmap & milestones
From signed term sheet to first chef sale in 12 months.
From first sale to Costco Phase 2 in 18 more.
Every milestone is gated on the prior. Phase 2 is not assumed — it is gated on five economic criteria. We publish what we are committing to and what we have not yet verified.
12mo
Term sheet to first chef sale
Live HOSO + Asian retail — no certification gate
18mo
To Phase 1 production at full ramp
20 Atarraya boxes, ~58,000 lb saleable Y2
5
Phase 2 gating criteria
All must be met before $8–12M capex commits
3
KILL gates in the first 180 days
CFIA pre-clearance, Costco compliance (conditional), BC MWR
Day 0 – 30
Foundation: incorporate, engage counsel, commission verification
2026-06-15 to 2026-07-15
L-CNSL · Corporate
Engage outside counsel (three workstreams)
MilestoneOpen
Engagement letters: BC corporate counsel (incorporation + ShA); US trademark counsel (USPTO Class 29/31); Canadian-US tax counsel (sibling-CCPC opinion).
OPS-02 · Site
Commission BC mech-eng heat-load study (V-01)
GateOpen
Licensed BC mechanical engineer heat-load + electrical-load study against shortlisted candidate shells. Gates LOI on any site. KILL condition if max-case ($379K/yr energy) confirmed against base-case capital stack.
G-RISK-01 · Operations
Engage BFL or HUB insurance broker
MilestoneOpen
Specialty insurance broker engaged to scope aquaculture-mortality cover, property, GL, product recall, D&O, cyber. Y1 premium target $45–85K (12-line program).
L-09 · Licensing
Draft Atarraya licence term sheet response (V-02)
GateOpen
Term sheet covering five mandatory asks: source-code escrow, local-mode firmware (≥72-hour autonomous), royalty step-down 8% → 5% → 3%, Canadian territorial exclusivity, improvement-IP grant-back.
L-04 · Corporate
Send Costco Ethics & Compliance disclosure letter
GateConditional
Certified-mail voluntary disclosure of any Costco-employee equity interest to Costco Wholesale Ethics & Compliance (Issaquah). Conditional — applies only if Class B Costco-Manager tranche is reinstated; current capital stack uses VANTEC syndicate instead.
FG-01 · Capital
DFO Pacific BCSRIF eligibility pre-consultation (V-04 substitute path)
GateOpen
BCSRIF replaces the discontinued AgriInnovate as anchor instrument. Pre-consultation with DFO Pacific confirms commercial-recipient eligibility and 90% cost-share availability for the next cycle.
NEW-V-11 · Regulatory
Engage DFO-accredited environmental consultant for ITC §56 escape-mitigation plan
KILL gateOpen
DFO Introductions and Transfers Committee Section 56 Licence pre-consultation for non-native L. vannamei. Runs PARALLEL to CFIA Form 5670. ITC can veto even when CFIA clears on disease grounds. Budget $5K consulting biologist for escape-mitigation plan; 90–180 day total ITC review window.
Day 30 – 90
Term sheets, trademark, channel pipeline
2026-07-15 to 2026-09-15
OPS-01 · Site
Collect three lease term sheets
MilestoneOpen
Avison Young / Colliers / Lee & Associates broker scout delivers three ex-cannabis M-2 industrial term sheets in Langley / Abbotsford / Surrey (food-grade fitout, 800 A 3-phase, dehumidification).
OPS-06 · Operations
Sign Albion Fisheries toll-pack MOU
MilestoneOpen
Primary toll-processing relationship with Albion Fisheries (Richmond BC). Live-product Vibrio-surveillance + frozen-product CCP-5/CCP-7 both scoped.
L-08 · Corporate
File CIPO + USPTO trademark (Class 29 / 31)
MilestoneOpen
Canadian Intellectual Property Office + US Patent and Trademark Office filings for the North 49 mark. Class 29 (processed seafood) + 31 (live animals) + 40 (custom processing).
DOMAIN · Corporate
Register north49shrimp.ca / .com + defensive variants
MilestoneOpen
Primary domain plus defensive registrations (north49.shrimp, north49-shrimp.ca, common-misspell variants).
HR-G06 · Team
Recruit Farm Manager + first Aqua Tech
MilestoneOpen
Farm Manager offer issued and signed ($95–115K, M-2 critical path). Lead Aquaculture Technician offer ($32/hr + shift differential, M-1). Sourced from VIU + BCIT pipelines and net-pen-salmon operators.
HR-G03 · Team
Finalize VIU co-op MOU
MilestoneOpen
Paid co-op pipeline with Vancouver Island University Fisheries & Aquaculture Diploma. Activated Month -6 relative to stocking.
G-5 · Sales
Build chef pipeline list (30 restaurants)
MilestoneOpen
Vancouver white-tablecloth + Cantonese banquet + Asian retail live-tank shortlist. 5–10 in-person validation calls; 3+ written LOIs or forward-purchase intents.
V-05 · Sales
Capture V-05 Costco April 29 buyer debrief verbatim
GateOpen
Founder writes the verbatim debrief of the Costco buyer's responses to the 10-question slate. Determines whether Phase 1 routes to Roadshow, BC-regional SKU, or Phase 2 only — reorders the next 12 months.
Day 90 – 180
LOI, permits, capital close, CFIA Form 5670
2026-09-15 to 2026-12-15
OPS-03 · Site
Sign LOI on selected lease site
MilestoneOpen
30-day due-diligence exclusivity executed on lead ex-cannabis M-2 facility. ALR/zoning confirmed non-applicable; mech-eng study (V-01) closed before signature.
OPS-04 · Regulatory
BC MWR pre-application meeting (KILL-3)
KILL gateOpen
BC Ministry of Environment pre-application meeting on the chosen site. Confirms zero-liquid-discharge + biofloc effluent treatment train is achievable inside 18 months. Stop condition if MWR pre-screen is negative.
PERMIT-BUILD · Regulatory
File building permit + stormwater + noise study
MilestoneOpen
Municipal building permit, stormwater management plan, acoustic study for biofloc blower-load. Filed concurrently with the MWR application to compress the permit critical path.
L-02 · Corporate
Draft Shareholders' Agreement v1
MilestoneOpen
ShA covers share transfers, board composition, reserved matters, drag-along, tag-along, and the Costco-Manager firewall (Clause 14) on a standby basis per §A.10 contradiction-2.
FG-04 · Capital
Close lead-equity VANTEC syndicate ($300–750K)
FinancingOpen
VANTEC angel-syndicate equity raise replacing the suspended Class B Costco-Manager tranche per §A.10 contradiction-2. Pitch event Sep/Oct 2026.
FG-BCSRIF · Capital
Submit BCSRIF / FCC / CALAP applications
FinancingOpen
BCSRIF application ($1.0–1.5M, 90% cost-share, anchor). FCC senior term debt ($400–1,000K). CALAP equipment loan ($350K, federally guaranteed). All three submitted in the same window.
CFIA-5670 · Regulatory
Complete CFIA Form 5670 application — American Penaeid SC
KILL gateOpen
Aquatic-animal import permit application for live Pacific White Shrimp postlarvae from American Penaeid SC. Includes the CFIA pre-clearance letter (KILL-1) and AIRS pre-shipment check protocol.
HR-TECH · Team
Hire three more Aqua Techs
MilestoneOpen
Aquaculture Technician I (×2, $24/hr, M-1 and M+2). Aquaculture Technician II — WQ + Harvest cross-trained ($28/hr, M+3). Brings the Phase 1 team to its 5-FTE configuration.
OPS-TI · Site
Begin facility tenant improvement
MilestoneOpen
Tenant improvement to leased ex-cannabis M-2 facility: process water + electrical upgrade + radiant heat + biosecurity rooms + quarantine raceway + cold-chain dock. Designed for ZLD from detailed-design stage.
Month 6 – 12
Build-out, equipment install, first PL, first revenue
2026-12-15 to 2027-06-15
FACILITY-LIVE · Operations
Facility delivery + Atarraya equipment install
MilestoneOpen
Tenant improvement complete. Atarraya flat-packed Air Shrimp Boxes assembled on-site. Local-mode firmware tested for ≥72-hour autonomous operation. First biofloc cycle started.
CFIA-PL-RECEIVE · Regulatory
First postlarvae receive (post-CFIA pre-clearance)
MilestoneOpen
First PL shipment from American Penaeid SC under CFIA Form 5670. PCR pre-stock panel (IHHNV, WSSV, EHP, EMS) clears in the quarantine raceway before transfer to production tanks.
CHEF-SAMPLE · Sales
First 30-chef sample drops + tasting event
MilestoneOpen
Live HOSO samples to Vancouver white-tablecloth restaurants + Cantonese banquet operators. First branded chef-only tasting event in Richmond. Live-channel time-to-revenue 1–3 months from first harvest.
TT-PILOT · Sales
T&T Richmond live-tank pilot
MilestoneOpen
Asian retail live-tank pilot at T&T Richmond. Lunar New Year window-test deferred to Month 19 (Jan 2028). H-Mart Coquitlam secondary qualified in parallel.
FIRST-REVENUE · Sales
First revenue from live + fresh channels
MilestoneOpen
First chef sale closes 12 months from term-sheet signature. Restaurant + Asian retail channels run as Phase 1 anchors — no certification gate, $14–22/lb wholesale, 1–3 month time-to-revenue.
COSTCO-PQ · Sales
Submit Costco Canada Pre-Qualification Request
MilestoneOpen
Costco Canada Pre-Qualification Request submitted at M-8 (per DeepSeek finding on RSP Shrimp Policy timing; source needs verification). Establishes vendor profile, GDST traceability roadmap, and BAP / ASC certification trajectory ahead of Phase 2 Roadshow window.
BAP-3STAR-PREASSESS · Regulatory
Engage BAP 3-star pre-assessment auditor (SAI Global)
GateOpen
BAP 3-star pre-assessment with SAI Global or equivalent licensed BAP auditor. DeepSeek finding flags that Costco RSP Shrimp Policy may require BAP 3-star (not 2-star) for raw shrimp DC delivery (source needs verification — DeepSeek constructed-citation flag pending Costco Canada Supplier Portal confirmation).
Month 12 – 18
Phase 1 production, certification audits, BCSRIF Tranche 2
2027-06-15 to 2027-12-15
PROD-RAMP · Operations
Full Phase 1 production — 20 boxes ramped
MilestoneOpen
All 20 boxes in steady-state biofloc cycle. Phase 1 saleable lb ramps to ~58,000 lb Y2 at the Expected blended ASP of $13.50/lb.
SFC-LICENCE · Regulatory
CFIA Safe Food for Canadians Licence in hand
MilestoneOpen
SFCR-compliant Preventive Control Plan (live + frozen CCP branches) reviewed and approved by CFIA. 3–4 month application-to-licence cycle.
GFSI-AUDIT · Regulatory
First GFSI audit — BRC / SQF / FSSC 22000
MilestoneOpen
Stage 1 GFSI-benchmarked audit (target: BRCGS Issue 9). SQF and FSSC 22000 evaluated as alternatives if cycle timing favours either. Certification body engaged Month 10.
CHEF-30 · Sales
30+ restaurant accounts active
MilestoneOpen
Chef channel scaled from 5 anchor accounts to 30+ active accounts across Metro Vancouver. Restaurant channel volume target 8,000–12,000 lb/yr at $14–18/lb.
ASIAN-RETAIL-8 · Sales
Asian retail — 8+ accounts active
MilestoneOpen
T&T Richmond + H-Mart Coquitlam + 6 independent live-tank grocers across Metro Vancouver and Surrey. Lunar New Year window (Jan/Feb 2028) tests the 15–25% live-segment uplift.
BCSRIF-T2 · Capital
BCSRIF Tranche 2 drawdown
FinancingOpen
BCSRIF reimbursement-based disbursement against Phase 1 certification + commissioning milestones. Reduces working-capital pressure ahead of the Phase 2 gate evaluation in Year 3.
Section E — unified spec
A Phase 2 raise of approximately $8–12M CAD is permitted only if all five gates below are met. If any one gate fails, Phase 2 is deferred 12 months and re-evaluated against the cap-and-license economics. Two further gates are advisory.
P2-1
Phase 1 trailing-12-month EBITDA positive
- Threshold
- EBITDA ≥ $0 for 2 consecutive quarters
- Verification
- CFO + outside CPA quarterly attestation
- Owner
- CFO
P2-2
Costco Canada signed PO
- Threshold
- Any volume, any SKU, ≥ 6-month forward visibility
- Verification
- Sales lead + counsel; PO in hand
- Owner
- Sales lead + counsel
P2-3
Phase 1 energy actual vs model
- Threshold
- Actual kWh/yr within ±15% of revised Expected case ($177K Phase 1 / 1.1M kWh + 4,500 GJ)
- Verification
- COO + mech eng — 12 months of utility bills
- Owner
- COO + mech eng
P2-4
Atarraya yield validation
- Threshold
- ≥ 1,300 kg/box/yr realised across Phase 1 boxes
- Verification
- Farm Manager + Atarraya box-level harvest log
- Owner
- Farm Manager + Atarraya
P2-5
Phase 2 site secured
- Threshold
- Adjacent expansion bay on lease option OR within 5 km of Phase 1, MWR-amenable
- Verification
- COO + landlord; LOI on Phase 2 footprint
- Owner
- COO + landlord
P2-6
AdvisoryBuilding permit pre-application on Phase 2 footprint
- Threshold
- Phase 2 87,000 sq ft satisfies municipal site coverage + 2026 BCBC step-code without rezoning
- Verification
- COO + municipal planning department
- Owner
- COO
P2-7
AdvisoryTwo restaurant channel anchors with 12-month forward purchase intent
- Threshold
- Phase 1 channel demonstrates it has not become a Phase 2 bottleneck
- Verification
- Sales lead + 12-month forward LOIs signed
- Owner
- Sales lead
18-month critical path
Master timeline
Sixteen of the highest-signal milestones over the first eighteen months. KILL gates in red — any one of these negative halts the project. Verification gates in ochre. Standard milestones and financing tranches in the navy palette.
KILL gateVerification gateMilestone / financingClosed
Open gates
What we have not yet verified
Every on the list below is an open question whose answer must land before the next commitment. The full cross-module risk register lives at /risk.
| ID | Gate | Target | Status |
|---|---|---|---|
| V-01 | BC mech-eng heat-load study (gates LOI) | Day +21 | Open |
| V-02 | Atarraya term sheet with 5 mandatory asks | Day +30 | Open |
| V-03 | CFIA AIRS + Form 5670 dry-run (KILL-1) | Day +90 | Open |
| V-04 | BCSRIF eligibility re-verification (anchor instrument) | Day +14–30 | Open |
| V-05 | Costco April 29 verbatim debrief | overdue → Day +37 | Open |
| V-06 | Lease comps verified on three M-2 sites | Day +44 | Open |
| V-08 | BC Hydro rate-schedule classification at site | Day +60 | Open |
| V-10 | Per-account weekly volume model (5-chef phone canvass) | Day +30 | Open |
| G-2 | Holding structure: sibling CCPC, not under 1362557 | Day +24 | Open |
| G-3 | Phase 2 gating criteria documented (Section E) | Day +45 | Closed |
| G-7 | KILL-gate weekly tracker dashboard live | Day +14 (then weekly) | Open |
| G-8 | Long-game exit articulation (held / sold / licensed) | Day +120 | Open |
Full Section D open-gates timeline (50+ items) → /risk register
Three bright lines
— any one negative, we stop
Track our progress
We update the open-gates table on this page and the milestone tracker every two weeks. Subscribe for milestone updates and the quarterly investor briefing.
Cross-links: /risk register · /financials · /regulatory · /team