SeaDragon (SEA) is a final-stage fish oil processor based in Nelson, New Zealand. Its existing 300 tonne (t) capacity plant produces omega-2 oils for the global dietary supplements market. A new 5,000t omega-3 plant has been commissioned and the first production of omega-3 will begin in late December 2015. A NZ$10m capital raise (completed on 2 October 2015), double H115-on-H116 sales and confirmation that the FY16 EBITDA target of NZ$0.144m should be achieved are positive indicators. We see entry into the omega-3 market as a game-changer for SEA because the market is ~50 times larger (by volume) than the omega-2 market and the new factory is capable of allowing SEA to produce more value-added products.