MICRO-X LIMITED — Capital/Financing Update 2021

Feb 21, 2021

==> picture [159 x 46] intentionally omitted <==

Micro-X Limited, ABN 21 153 273 735

SHARE PURCHASE PLAN CLOSES OVERSUBSCRIBED

Total proceeds raised under SPP increased to $3.5 million

Adelaide, Australia, 22 February 2021: Australian hi-tech company Micro-X Ltd (ASX:MX1) ( Micro-X or the Company ), a leader in cold cathode x-ray technology for the healthcare and security markets globally, is pleased to announce the successful completion of its Share Purchase Plan ( SPP ) to eligible shareholders, raising a total of $3.5 million.

The SPP was announced on 1 February 2021, following the $30.5 million placement to institutional and sophisticated investors ( Placement ) and sought to raise $2.5 million. The SPP allowed eligible shareholders to each subscribe for up to $30,000 worth of new ordinary shares in the Company ( SPP Shares ) at 34 cents per share, the same as the issue price per share in the Placement.

The SPP closed on 17 February 2021 with applications for over $8.6 million of SPP Shares or approximately 3.5x oversubscribed. A total of 576 applications were received from approximately 20% of all eligible shareholders. As a result, the Board has used its discretion under the terms of the SPP to increase the amount to be raised to $3.5 million and thereafter to scale back the allotment of SPP Shares to applicants in excess of this amount. The scale back was undertaken on a pro rata basis, capped at 100% of each individual shareholding at the record date for the SPP.

Together with the Placement, the Company has raised a total of $34.0 million under its capital raising. The funds raised under the Placement and SPP (net of costs) will be applied to four strategic objectives: Additional sales and marketing infrastructure; Building the US footprint; Insourcing the IED camera x-ray tube and repayment of the $5 million convertible loan to Thales; Building supporting infrastructure and working capital.

The SPP Shares will be issued to applicants on Wednesday, 24 February 2021. Holding Statements will be despatched on Thursday, 25 February 2021 and trading of the SPP Shares on the ASX on a normal settlement basis will also commence on Thursday 25 February 2021. Excess application monies will be refunded to each applicant by cheque, as soon as practicable.

Peter Rowland, Managing Director of Micro-X commented:

“We were very pleased to have been able to offer this opportunity to invest in the Company following on from our well subscribed placement. The take up by so many of our eligible shareholders, which saw applications totalling 345% of our initial SPP target, is truly rewarding. We felt it highly appropriate to increase the amount of the SPP to allow greater participation. With a strong balance sheet we look forward to delivering on the key commercial objectives we have outlined.

This announcement is approved by the Board of Micro-X.

==> picture [44 x 9] intentionally omitted <==

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 of 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 and defence applications. Micro-X has two mobile digital medical x-ray systems being sold commercially for diagnostic healthcare applications and Micro-X medical products are now in operation in 14 countries around the world.

Micro-X has a portfolio of innovative products in development, including the MBI for imaging Improvised Explosive Devices in security, defence and counter-terrorism applications; a next-generation self-service X-Ray Airport Checkpoint Portal with an integrated body scanner; and a lightweight

Micro-X Limited, 1284 South Road, Tonsley, South Australia, 5042, AUSTRALIA

www.micro-x.com

==> picture [127 x 37] intentionally omitted <==

brain CT imager for early stroke diagnosis in ambulances. Micro-X has its core R&D, engineering and production capability in Adelaide, Australia with a fully in-sourced CNT tube manufacturing line and approximately 95% Australian locally manufactured content.

CONTACTS

Micro-X Limited Investor Enquiries Peter Rowland David Allen / John Granger Managing Director Hawkesbury Partners Tel: +61 8 7099 3966 Tel: +61 2 9103 9494 E: admin@micro-x.com E: dallen@hawkesburypartners.com jgranger@hawkesburypartners.com

Micro-X Limited, 1284 South Road, Tonsley, South Australia, 5042, AUSTRALIA

Page 2

Legal/74846843_1