MICRO-X LIMITED — AGM Information 2025

Nov 10, 2025

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2 0 2 5 A N N U A L G E N E R A L M E E T I N G CEO Presentation

Kingsley Hall Chief Executive Officer 11 November 2025

I M P O R T A N T N O T I C E

S C O P E & L I M I T A T I O N S

T h i s P r e s e n t a t i o n h a s b e e n p r e p a r e d b y M i c r o - X L i m i t e d ( M i c r o - X o r t h e C o m p a n y ) ( A S X . M X 1 ) . T h e P r e s e n t a t i o n i s a s u m m a r y o n l y a n d d o e s n o t c o n t a i n a l l t h e i n f o r m a t i o n a b o u t t h e C o m p a n y ’ s a s s e t s a n d l i a b i l i t i e s , f i n a n c i a l p o s i t i o n a n d p e r f o r m a n c e , p r o f i t s a n d l o s s e s a n d p r o s p e c t s . T h i s m a t e r i a l i n t h i s P r e s e n t a t i o n m a y b e s u p p l e m e n t e d w i t h a n o r a l p r e s e n t a t i o n a n d / o r o t h e r m o r e d e t a i l e d d o c u m e n t s a n d s h o u l d n o t b e t a k e n o u t o f c o n t e x t . A l t h o u g h t h e i n f o r m a t i o n c o n t a i n e d h e r e i n i s b a s e d u p o n g e n e r a l l y a v a i l a b l e i n f o r m a t i o n a n d h a s b e e n o b t a i n e d f r o m t h i r d - p a r t y s o u r c e s b e l i e v e d t o b e r e l i a b l e , t h e C o m p a n y d o e s n o t g u a r a n t e e i t s a c c u r a c y , a n d s u c h i n f o r m a t i o n m a y b e i n c o m p l e t e o r c o n d e n s e d . T h e C o m p a n y a l s o r e f e r s t o i t s f i l i n g s m a d e w i t h t h e A S X L i m i t e d a n d t h e A u s t r a l i a n S e c u r i t i e s & I n v e s t m e n t s C o m m i s s i o n .

F O R W A R D L O O K I N G I N F O R M A T I O N

T h i s P r e s e n t a t i o n c o n t a i n s f o r w a r d l o o k i n g a n d o t h e r s u b j e c t i v e i n f o r m a t i o n . S u c h e x p e c t a t i o n s , e s t i m a t e s , p r o j e c t i o n s a n d i n f o r m a t i o n a r e n o t a g u a r a n t e e o f f u t u r e p e r f o r m a n c e a n d i n v o l v e u n k n o w n r i s k s a n d u n c e r t a i n t i e s . A c t u a l r e s u l t s a n d d e v e l o p m e n t s w i l l a l m o s t c e r t a i n l y d i f f e r f r o m t h o s e e x p r e s s e d o r i m p l i e d a n d r e c i p i e n t s o f t h i s P r e s e n t a t i o n s h o u l d m a k e t h e i r o w n a s s e s s m e n t o f t h e e x p e c t a t i o n s , e s t i m a t e s , p r o j e c t i o n s a n d t h e r e l e v a n t a s s u m p t i o n s a n d c a l c u l a t i o n s u p o n w h i c h t h e o p i n i o n s , e s t i m a t e s a n d p r o j e c t i o n s a r e b a s e d . N o r e p r e s e n t a t i o n o r w a r r a n t y , e x p r e s s o r i m p l i e d , i s g i v e n a s t o t h e a c c u r a c y o r c o m p l e t e n e s s o f t h e i n f o r m a t i o n o r o p i n i o n s c o n t a i n e d i n t h i s P r e s e n t a t i o n a n d n o l i a b i l i t y w h a t s o e v e r i s a c c e p t e d b y t h e C o m p a n y , o r i t s d i r e c t o r s , m e m b e r s , o f f i c e r s , e m p l o y e e s , a g e n t s o r a d v i s e r s f o r a n y u s e o r , o r r e l i a n c e p l a c e d u p o n , s u c h i n f o r m a t i o n o r o p i n i o n s .

N O T A N O F F E R F O R S E C U R I T I E S

T h i s P r e s e n t a t i o n i s n o t a p r o s p e c t u s , p r o d u c t d i s c l o s u r e s t a t e m e n t o r o t h e r o f f e r i n g d o c u m e n t u n d e r A u s t r a l i a n l a w ( a n d w i l l n o t b e l o d g e d w i t h A S I C ) o r a n y o t h e r l a w . T h i s P r e s e n t a t i o n d o e s n o t c o n s t i t u t e a n o f f e r , i n v i t a t i o n , s o l i c i t a t i o n o r r e c o m m e n d a t i o n w i t h r e s p e c t t o t h e p u r c h a s e o r s a l e o f a n y s h a r e s , n o r d o e s i t c o n s t i t u t e f i n a n c i a l p r o d u c t o r i n v e s t m e n t a d v i c e n o r t a k e i n t o a c c o u n t y o u r i n v e s t m e n t o b j e c t i v e s , t a x a t i o n s i t u a t i o n , f i n a n c i a l s i t u a t i o n o r n e e d s . A n i n v e s t o r m u s t n o t a c t o n t h e b a s i s o f a n y m a t t e r c o n t a i n e d i n t h i s P r e s e n t a t i o n b u t m u s t m a k e i t s o w n a s s e s s m e n t o f t h e C o m p a n y a n d c o n d u c t i t s o w n i n v e s t i g a t i o n s a n d a n a l y s i s . B e f o r e m a k i n g a n i n v e s t m e n t i n t h e C o m p a n y , a p r o s p e c t i v e i n v e s t o r s h o u l d c o n s i d e r w h e t h e r s u c h a n i n v e s t m e n t i s a p p r o p r i a t e t o t h e i r p a r t i c u l a r i n v e s t m e n t o b j e c t i v e s a n d f i n a n c i a l s i t u a t i o n a n d s e e k a p p r o p r i a t e a d v i c e , i n c l u d i n g l e g a l , t a x a t i o n a n d f i n a n c i a l a d v i c e a p p r o p r i a t e t o t h e i r j u r i s d i c t i o n a n d c i r c u m s t a n c e s .

U N I T E D S T A T E S

T h e C o m p a n y ’ s s e c u r i t i e s h a v e n o t b e e n a n d w i l l n o t b e r e g i s t e r e d u n d e r t h e U . S . S e c u r i t i e s A c t o f 1 9 3 3 , a s a m e n d e d ( t h e S e c u r i t i e s A c t ) , o r u n d e r t h e s e c u r i t i e s l a w s o f a n y s t a t e o r o t h e r j u r i s d i c t i o n o f t h e U n i t e d S t a t e s . A c c o r d i n g l y , t h e C o m p a n y ’ s s e c u r i t i e s m a y n o t b e o f f e r e d o r s o l d , d i r e c t l y o r i n d i r e c t l y , w i t h i n t h e U n i t e d S t a t e s o r t o , o r f o r t h e a c c o u n t o f b e n e f i t o f , U . S . P e r s o n s ( a s d e f i n e d i n R e g u l a t i o n S u n d e r t h e S e c u r i t i e s A c t a s a m e n d e d ) . T h i s P r e s e n t a t i o n m a y n o t b e d i s t r i b u t e d w i t h i n t h e U n i t e d S t a t e s o r t o a n y p e r s o n i n t h e U n i t e d S t a t e s

O T H E R J U R I S D I C T I O N S

T h i s P r e s e n t a t i o n m a y o n l y b e a c c e s s e d i n o t h e r j u r i s d i c t i o n s w h e r e i t i s l e g a l t o d o s o .

T h i s P r e s e n t a t i o n i s a p p r o v e d b y t h e B o a r d o f M i c r o - X L i m i t e d

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CREATING REVOLUTIONARY X-RAY IMAGING TO BETTER LIVES Curious I Collaborative I Determined

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O V E R V I E W

Growing commercial momentum

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P U R P O S E

Creating revolutionary X-ray imaging to better lives

V I S I O N

Creating a safer and healthier world

M I S S I O N

To be the world leader in disruptive X-ray technology

A B O U T M I C R O - X

• An Australian technology company commercialising innovative X-ray and CT imaging solutions for global healthcare and security markets

• 87 staff across – Australia, US and UK

• R&D and manufacturing sites in Tonsley and Seattle

• First to commercialise carbon nanotube cold cathode x-ray emission in a medical device

• Proven technology ~400 X-ray systems in use around the world

• Global sales footprint

• s

• Strong IP protection including 27 patent

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N E X T E C H N O L O G Y P L A T F O R M Proprietary and customisable platform for use across multiple applications

Nano Electronic X-ray (NEX) technology platform has evolved from our first generation NEX tube for mobile medical X-ray to multiple tube CT imaging.

Our high voltage generator and switching electronics enable further miniaturisation and weight reduction.

NEX TUBES MULTI-TUBE SWITCHING ARRAY RECONSTRUCTION SOFTWARE Cold cathode using carbon nanotube In-house designed high-voltage Proprietary reconstruction software emitter switching electronics on a curved developed with Johns Hopkins Lightweight and miniaturised array that holds multiple NEX X-ray University using machine learning 100 - 160kV used in current products tubes algorithms to create 3D CT imaging

Proprietary reconstruction software developed with Johns Hopkins University using machine learning algorithms to create 3D CT imaging

HIGH VOLTAGE GENERATOR

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120-160kV high voltage generator with solid state encapsulation to shrink the size and weight further enabling portability

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M E D I C A L I M A G I N G P O R T F O L I O Pioneering smaller, smarter X-ray and CT through patented technology platform

R O V E R P L U S - M O B I L E D I G I T A L R A D I O G R A P H Y Ultra-mobile X-ray systems delivering high quality images – hospital, remote, military

• H E A D C T

• - M O B I L E S T R O K E D E T E C T I O N Light, portable CT imaging to diagnose strokes – air and road ambulances

F U L L B O D Y C T - P O R T A B L E I M A G I N G S O L U T I O N Light and portable CT imaging for all applications – rural and remote locations

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Evolution of imaging products enabled by advances in X-ray tubes

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2kg NEX DR tube
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0.3kg NEX Mini tube
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S T R A T E G I E S & P R I O R I T I E S Three key near-term objectives with a focus on tangible outcomes

01 02 03 Build Rover Sales Commence Head CT Imaging Trials Focus on building durable growth and larger Trials providing pathway to regulatory orders through direct sales and distribution submission in 2026 06 05 04

Monetise Security Division Execute ongoing partnering negotiations

Build to Cashflow Breakeven Reducing unfunded costs with Sales and Development Funding

Partnerships for commercial growth

Unlock value in our technology through delivery of market access and funding

Focus on Medical Imaging

Narrower focus to leverage core Micro-X technology

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R E C E N T A C H I E V E M E N T S Growing commercial momentum positioning us for a strong 2026

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FY2025 FY2026 YTD
$25M to fund Full Body CT
$5.6M Security Partnership $3.3M Rover Plus order
World first 3D CT images DHS Contract – up to $31.7M Major U.S. Supply Agreement
Gold award for Head CT
Checkpoint in TSA lab testing First Head CT test bench ready
Varex tech transfer complete Rover further sports expansion $4.4M Grant - Head CT ambulance
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E X P A N D E D P A R T N E R S H I P S Non-dilutive funding de-risks our technology development and unlocks value

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Up to $31.7M funding Up to $25M funding $8M funding $4.4M funding
Development Checkpoints & Baggage Full Body CT Head CT Head CT
Partners Scanner – U.S. Airports – Portable & lightweight – Stroke diagnosis – Ambulance trial
> 85M
$
partnership
funding
Collaboration
Partners
$15M funding $5.6M funding
Multibeam Emitters Baggage & Parcel
– Strategic investment scanner – SE Asia
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R O V E R - P R O V E N T E C H N O L O G Y Delivering on direct sales focus and securing larger contracts

• $3.3M order for Malaysian Ministry of Health - largest single order in Micro-X history

• Order following successful tender win by Malaysian distributor Integrated Medical Systems

• Delivery underway - to be completed November 2025

• Plan to build sales momentum in South-East Asia markets

• Competitive process with two stages of technical evaluation

• Micro-X sales team engaging with facilities to secure orders for Rover Plus

• Additional negotiations with another major US Group Purchasing Organisation

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H E A D C T – I N A D V A N C E D D E V E L O P M E N T

Hospital and ambulance imaging trials to inform regulatory applications and demonstrate roadworthiness

Major technical milestone achieved - commencing human imaging trials

• First of three test benches completed and ready for ASA imaging trial, pending regulatory license to operate

• Pivotal study to run over 6 to 9 months comparing stroke patient Head CT imaging with conventional CT scans

$4.4M Industry Growth Program non-dilutive grant secured - stroke capable ambulance trial

• Two-year funding grant to support prototype development, integration and human imaging trial in South Australian ambulance

• • 6-month trial set to commence in 2026

• Air ambulance trial funding secured through Australian Stroke Alliance with Careflight and Royal Flying Doctors Service

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M O N E T I S I N G O U R S E C U R I T Y B U S I N E S S Expanding fully funded development with US DHS and Billion Prima

• Extension to advance detection algorithms for Self-Screening Passenger Checkpoint

• TSA testing ongoing for Checkpoint and baggage scanners, second and third Checkpoints being built

• $5.6M Billion Prima partnership - baggage and parcel scanner prototype delivered

• Billion Prima are a specialist in baggage and cargo scanning technology in Malaysia

• Plan to launch NEX technology baggage scanner in 2026

Additional partnership discussions

• Active discussions with other qualified parties

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F U L L B O D Y C T Bringing full diagnostic CT scanning to the patient

$25M development funding contract with US Govt biomedical research agency ARPA-H

• Initial funding of $12.5M for first 2 years - up to $25M for a total of 5 years

• Contract to design and deliver a lightweight and portable CT scanner for rural and remote use

• Competitive award won against multiple conventional CT vendors

Complete CT imaging solution - NEX Technology evolution

• Global issue of access to quality CT imaging – greater issue in rural and remote regions

• Lightweight and portable CT scanner - a “hospital on wheels”

• Builds on the core technology platform from the Head CT and Baggage CT projects

Staged work - all intellectual property retained

• Funded beyond vehicle integration and testing in rural US to FDA 510k submission

• • Current phase is design and documentation for first prototype

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2026 AND BEYOND

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M I L E S T O N E S F O R 2 0 2 6

COMMERCIAL

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Mobile DR

Sales growth - current & new markets Launch 2026 Rover model update

Build Rover sales through Purchasing Groups and Healthcare Networks

Sales channels driven by direct and targeted distribution

Compete & win new large tendering opportunities – US, Asia, EU

DEVELOPMENT

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Head CT

Full Body CT

Undertake hospital imaging trials

Develop Full Body test bench

Commence hospital human imaging trials across 2 sites

Design high voltage ring and switching Develop first Full Body test bench

Develop and trial ambulance prototype

Undertake critical design review with patient and clinician feedback

Identify partnerships to drive market access

PARTNERSHIPS

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Security

Execute security partnerships to unlock value

Deliver DHS two additional Checkpoint modules

Complete Billion Prima collaboration agreement

Monetise security technology

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C O M M E R C I A L T I M E L I N E Bringing a portfolio of medical and security products to market

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Products Funding / Status 2025 2026 2027
Execute larger sales Cashflow positive
Approved and in Revenue Further growth
opportunities operations
400+ units sold to date
Hospital human Regulatory
Test bench completed imaging trials submission
$8M ASA funding to prototype delivery Approval & Launch
$4.4M IGP Grant funding for ambulance trial Ambulance human
imaging trials
Design stage
Phase 1 – Design & Prototype Phase 2 - Testing
Up to $25M ARPA-H funding to prototype delivery
Prototypes being tested TSA testing Deliver two more Live testing in
Up to $31.7M DHS contract to live testing - Algorithm enhancement Checkpoints U.S. airport
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C O R P O R A T E & F I N A N C I A L S

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$18.3m Contracted Payments FY26 onwards $13.1m FY25 Total Revenue

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$5.4m R&D Rebate estimate $5.1m received Oct 2025. $0.3m est Dec 2025.

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Institutional /Strategic 42.5% Retail and HNW 55.2%

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Board & Management 2.3%

FINANCIALS & SHAREHOLDERS	FINANCIALS & SHAREHOLDERS		SHARE CAPITAL(10 November 2025)	SHARE CAPITAL(10 November 2025)
Cash	~$2.0m (30 Sept 2025)		Share price	$0.098 per share
Revenue	$13.1m (FY2025)		Total shares on issue	667.8 million
Institutions & Strategic Investors	Perennial (12.9%), Acorn (10.7%), Varex (8.1%), Thorney (6.8%), Billion Prima (4.0%)		Options (ex. 13.5c) Performance rights Convertible notes	31.1 million 47.1 million 162.5k shares
Board & Mgmt	2.3% exc. performance rights		Market cap	$65.44 million

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W R A P U P

A clear path forward

1

Commercial & customer focus is delivering results Rover Plus sales momentum – building towards breakeven

2 3 4 5

Stroke imaging about to commence trials

Near term opportunity to monetise security business Validated by strong partners – funding & access

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