MICRO-X LIMITED — AGM Information 2025

Nov 10, 2025

==> picture [20 x 18] intentionally omitted <==

==> picture [15 x 20] intentionally omitted <==

==> picture [15 x 18] intentionally omitted <==

==> picture [16 x 20] intentionally omitted <==

The Manager Company Announcements Office ASX Limited

CHAIR’S ADDRESS – 2025 ANNUAL GENERAL MEETING PATRICK O’BRIEN, CHAIR

Adelaide, Australia, 11 November 2025: Good afternoon. On behalf of the Micro-X Board, I’m pleased to welcome all shareholders to our 2025 Annual General Meeting, which is being held virtually this year, and I extend that welcome to those of our Micro-X colleagues and partners also in attendance as we reflect on the year that has been and share our vision for the road ahead.

This past year has seen a number of commercial achievements and some exceptional technical progress across our portfolio. It has been a year of sharpening our commercial focus, developing and strengthening partnerships, and laying the groundwork for long-term growth.

Technical Achievements and Innovation

breakthrough technology and this has become even more evident over the last year as we continued our push to become a global leader in CT imaging. Our miniaturised X-ray tubes are now producing the world’s first high-quality three-dimensional images with a truly portable Head CT scanner. This is not just an engineering milestone, but a genuine leap forward in using our NEX Technology to deliver medical imaging in a way that is faster, more portable and affordable, while maintaining the requisite diagnostic precision.

At the same time, our next-generation airport products, the Baggage CT scanner and the Passenger SelfScreening Checkpoint system, have progressed to prototype testing. The feedback from our US Government partner, the Department of Homeland Security, following early trials has been overwhelmingly positive, reaffirming the value these systems will bring to airport security.

These are not small steps. They are evidence of Micro-X’s unique capability to take complex, highperformance imaging technologies and make them lighter, smarter, more affordable and more adaptable than anything else on the market.

Strategic Focus and Portfolio Evolution

When I was reappointed as Chair in January, I said that my goal was to ensure continuity of leadership while bringing a sharper commercial lens to everything we do.

decision to discontinue the Argus X-ray camera. While the technology delivered as planned, we realised that, given the way warfare had evolved over the last few years, our resources would be better directed toward areas where we see stronger customer engagement and greater commercial potential.

This was a pragmatic and disciplined decision to focus our efforts on medical imaging while monetising our security technology, thereby building the foundations of a sustainable, scalable business.

Micro-X Ltd. ABN 21 153 273 735, A14, 6 MAB Eastern Promenade, Tonsley, South Australia 5042 www.micro-x.com

==> picture [20 x 18] intentionally omitted <==

==> picture [15 x 20] intentionally omitted <==

==> picture [15 x 18] intentionally omitted <==

==> picture [16 x 20] intentionally omitted <==

Building Strong Partnerships and Funding Support

A hallmark of this year has been the notable progress in our partnering activities and funding support. In total, more than $36 million of external funding was secured during the year. This includes a contract of up to $25 million from the US Government’s Advanced Research Projects Agency for Health for development of a Full Body CT scanner solution. The Department of Homeland Security also exercised an optional $6 million contract extension, underscoring their confidence in our technology and its potential applications.

commercial baggage & parcel scanner, valued at $5.6 million. This partnership brings investment capital, creates a future revenue stream, and accelerates our market access in Asia.

Our technology partner, Varex Imaging, continues to expand the global reach of our proprietary NEX Technology through their multi-beam X-ray offering, with ongoing commercial benefits to Micro-X through sales of our high-voltage generators.

Together, these achievements show a business model that shares risk, leverages partner funding, and validates customer demand, all while driving forward Micro-X’s world-leading innovations.

Commercial Execution and Sales Momentum

Of course, our highest priority remains to convert our innovative technology developments into sustainable commercial businesses driving the revenues we need to underpin our emerging growth opportunities, particularly in medical CT. That is why, over the past year, we have reshaped our sales approach and distribution channels to seek to identify and capture larger sales opportunities. The path to revenue in advanced medical technology is rarely linear, however, I am encouraged to see our renewed sales strategy beginning to bear fruit. This is evidenced by our recent $3.3 million Rover Plus order from the Malaysian Ministry of Health, the single largest order in our company’s history, and our supply agreement with one of the largest US healthcare providers, allowing us access to their 700 healthcare facilities.

I expect our strategy will continue to deliver positive outcomes as our execution matures over the coming year, translating into wider market adoption and consistent sales growth. We know we need to deliver more to create a successful and sustainable business.

Expanding Our Product Roadmap

We are also making strong progress with our next generation of imaging products. The Head CT development program continues to progress well. Our first hospital test bench is ready for delivery allowing us to commence clinical trials here in Australia very shortly. This product has huge application and the potential to transform outcomes for stroke victims, bringing CT imaging to the patient to save precious time in providing life saving treatment.

Building on that core technology, in the past year we have extended development to a portable full-body CT scanner. This natural evolution of our technology roadmap is now underway fully underpinned by US Government partner funding.

Micro-X Ltd. ABN 21 153 273 735, A14, 6 MAB Eastern Promenade, Tonsley, South Australia 5042 www.micro-x.com

==> picture [20 x 18] intentionally omitted <==

==> picture [15 x 20] intentionally omitted <==

==> picture [15 x 18] intentionally omitted <==

==> picture [16 x 20] intentionally omitted <==

Capital and Shareholder Support

Our progress this year was supported by a successful capital raise that allowed us to pursue our updated strategy and accelerate key programs. I want to extend my sincere thanks to our institutional investors and to our many loyal shareholders who participated.

We also welcomed Billion Prima as not just a commercial partner, but as a new shareholder, further deepening the alignment between strategic collaboration and shareholder value. As we move forward, we will continue to seek partnerships that help us scale production, open new markets, and monetise our technology platform.

Board Renewal and Governance

Strong governance is vital for a company of our scale and ambition. This year we said farewell to two highly respected directors: former Chair David Knox and long-serving director Alexander Gosling. Both made significant contributions to Micro-X, helping guide the company through key stages of growth. I want to express my deepest gratitude to them on behalf of the Board and shareholders.

The coming year will bring further milestones as we progress our Head CT trials, continue to build Rover sales, and seek to execute on further partnerships to bring our security platform to market.

To our employees, thank you for your commitment and ingenuity. To our partners and customers, thank you for your collaboration and trust. And to our shareholders, thank you for your continued support and confidence.

This announcement is approved by the Chair of Micro-X, Patrick O’Brien.

• ENDS -

About Micro-X

Micro-X Limited (the Company ) is an ASX listed hi-tech company developing and commercialising a range of innovative products for global health and security markets, based on proprietary cold cathode, carbon nanotube (CNT) emitter technology. The electronic control emitters with this technology enables x-ray products with significant reduction in size, weight and power requirements, enabling greater mobility and ease of use in existing x-ray markets and a range of new and unique security applications. Micro-X has a fully vertically integrated design and production facility in Adelaide, Australia. A growing technical and commercial team based in Seattle is rapidly expanding Micro-X’s US business.

Micro-X’s product portfolio spans four, high margin, product applications in health and security. The first mobile digital radiology products are currently sold for diagnostic imaging in global healthcare, military and veterinary applications. The US Department of Homeland Security has contracted Micro-X to design a next-generation Airport security checkpoint. A miniature brain CT scanner for prehospital stroke diagnosis in ambulances, is being developed with funding from the Australian Government’s Medical Research Future Fund and Industry Growth Program. Micro-X is developing a full body CT under contract by US Government agency ARPA-H.

For more information, visit www.micro-x.com

Micro-X Ltd. ABN 21 153 273 735, A14, 6 MAB Eastern Promenade, Tonsley, South Australia 5042 www.micro-x.com

==> picture [20 x 18] intentionally omitted <==

==> picture [15 x 20] intentionally omitted <==

==> picture [15 x 18] intentionally omitted <==

==> picture [16 x 20] intentionally omitted <==

Micro-X Limited Investor Enquiries Kingsley Hall , Chief Executive Officer David Allen/John Granger Rebecca Puddy , Head of Corporate Communications Hawkesbury Partners Tel: +61 8 7099 3966 Tel: +61 2 9103 9494 Email: media@micro-x.com Email: dallen@hawkesburypartners.com jgranger@hawkesburypartners.com

Micro-X Ltd. ABN 21 153 273 735, A14, 6 MAB Eastern Promenade, Tonsley, South Australia 5042 www.micro-x.com