MICRO-X LIMITED — Capital/Financing Update 2025

Dec 17, 2025

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$6M CAPITAL RAISING

Advancing commercialisation

• funding for multiple near term catalysts

• strategic partner increasing to 8.5%

16 December 2025

Micro-X Capital Raising Presentation – December 2025 I

1

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

THIS PRESENTATION HAS BEEN APPROVED BY THE BOARD OF MICRO-X LIMITED

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

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

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

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I M P O R T A N T N O T I C E - C O N T I N U E D

N O T I N V E S T M E N T A D V I C E

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E F F E C T O F R O U N D I N G

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C U R R E N C Y

All amounts referred to in this presentation as $ or dollars are Australian dollars and all amounts referred to as US$ refer to the current of the United States of America.

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C R E A T I N G R E V O L U T I O N A R Y X - R A Y I M A G I N G T O B E T T E R L I V E S Curious I Collaborative I Determined

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Micro-X Capital Raising Presentation – December 2025 I 4
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EXECUTIVE SUMMARY Multiple near term catalysts – $6M capital raising supported by ~$3M strategic investment

• Sales momentum strengthened following record $3.3M Rover order from Malaysian distributor IMS, for Malaysian Ministry of Health

• Rover sales • Supply agreement signed with major U.S healthcare customer and operator of over 700 healthcare facilities across the U.S

• momentum • Sales pipeline is growing - targeting large sales opportunities in U.S. and other markets • Micro-X Head CT, funded by $8.0M from the Australian Stroke Alliance, is a simpler, cost effective, small and portable system offering major

• Head CT moving into advantages over existing technology Hospital Trials • First test bench of the Micro-X Head CT is ready for delivery for human imaging trials at two Australian hospitals. Phase I validation and pivotal & stroke-imaging studies will run ahead of planned regulatory submissions in 2026 before commercial launch • Micro-X Head CT will also undertake in-ambulance trials following a $4.4M non-dilutive two-year Australian Industry Growth Program grant

• Full Body CT on track • U.S. Govt. Agency ARPA-H has awarded Micro-X up to $25.0M to design and test a Full Body CT product for remote and rural applications

• • U.S. Dept of Homeland Security partnership, with contracted value up to $31.7M, continues to advance. One Checkpoint module and two

• Monetising of security baggage scanners currently being evaluated at TSA test lab in New Jersey, with two additional Checkpoints contracted and being manufactured is advanced • Micro-X is targeting to realise the value created within its security applications with a Partner, as it refocuses on medical imaging • Negotiations in advanced stages to further monetise the security technology and secure additional capital for the Micro-X business • Security partnership with Billion Prima Sdn Bhd ( Billion Prima ) progressing well, with prototype of new baggage and parcel scanner already delivered for testing prior to commercial launch anticipated in 2026

• Security Partner, • Billion Prima partnership was $5.6M in February 2025 and they currently hold 4.0% of Micro-X issued shares

• Billion Prima • Billion Prima are seeking to increase their strategic holding in Micro-X to approximately 8.5% of the share capital in Micro-X, and have

• increasing to 8.5% committed to subscribe for an additional US$2M (~$3.0M)[1] in this Placement (terms summarised below) • Billion Prima will be entitled to nominate a director to the Board of Micro-X on completion of their investment, subject to vetting by the Board • Placement of $6.0 million via the issue of approximately 75 million new ordinary shares ( New Shares ), to Professional and Sophisticated investors, at $0.08 per New Share ( Placement )

• • Placement will be conducted under the Company’s existing placement capacity in accordance with ASX Listing Rule 7.1

• Capital raising details • Billion Prima have committed to subscribe for US$2.0M (approximately $3.0M)[1] in the Placement, in two tranches with 50% of their subscription proceeds deferred and payable by 31 March 2026

• • Following completion of the Placement, Micro-X will have approximately 743.0 million Shares on issue and also 78.4 million unlisted securities being performance rights, options and notes.

Micro-X Capital Raising Presentation – December 2025 I

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1. Billion Prima investment is approximated in Australian dollars based on the RBA FX Rate for the AUD:USD of A$0.67 : US$1.00 as at 12 December 2025.

BUSINESS OVERVIEW World leading X-ray technology with growing commercial momentum

Disrupting the high value CT market

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World first CT technology Validated by Partners
Proprietary CNT platform - Multiple technology
enables new, highly portable, development partners
CT imaging solutions > $85M funding
Enabler of gold standard CT imaging $22.7M contracted payments
at the point of need FY26 onwards
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Clear Path to Commercialisation Rover Head CT Security

Growing sales Proceeding to Deal to monetise pipeline – $3.3M hospital trials for security technology order (largest ever) stroke detection - advanced Supply Agreement with $4.4M grant to conduct Existing $5.6M major US health group ambulance trials partnership with Billion Prima on track

Micro-X Capital Raising Presentation – December 2025 I 6

BREAKTHROUGH IMAGING TECHNOLOGY Technology advantages and portability enables new CT imaging uses

Significant market opportunity in CT imaging – growing demand

→ In excess of 100,000 CT installations globally *

→ 2024 equipment revenue market US$5.7B *

World leading Nano Electronic X-ray (NEX) platform - enabler

→ Proprietary - true structural technology advancement reducing size, weight and complexity

→ True portability – point-of-care imaging in settings previously not possible

Structural growth drivers – seeking a better solution

→ Ageing populations, decentralisation of care, workflow pressures in hospitals

• → Rising inequity in healthcare access

Versatile & Scalable - capital-efficient business model

→ Multiple applications for existing and new imaging use cases

• → Focused on core technology – sold as a complete product or to support OEM solutions

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*Signify Research CT World 2025 Report

Micro-X Capital Raising Presentation – December 2025 I

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WORLD FIRST IMAGING TECHNOLOGY Proprietary NEX Technology redefines portability and precision for X-ray innovation

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Micro-X imaging solution – X-ray Tubes – Generators – HV Connectors – Software

Micro-X Capital Raising Presentation – December 2025 I 8

NEX TECHNOLOGY PLATFORM Proprietary and customisable platform for use across multiple applications

NEX TUBES HIGH VOLTAGE GENERATOR MULTI-TUBE SWITCHING ARRAY RECONSTRUCTION SOFTWARE Cold cathode using proprietary carbon nanotube emitter 120kV and 160kV high voltage In-house designed high-voltage Proprietary reconstruction software generators with solid state switching electronics on a curved developed with Johns Hopkins Lightweight and miniaturised encapsulation to shrink the size and array that holds multiple University using algorithms to create 100kV to160kV used weight further enabling portability NEX X-ray tubes 3D CT imaging in current products

In-house designed high-voltage Proprietary reconstruction software switching electronics on a curved developed with Johns Hopkins array that holds multiple University using algorithms to create NEX X-ray tubes 3D CT imaging

Micro-X Capital Raising Presentation – December 2025 I 9

MEDICAL IMAGING PORTFOLIO Pioneering smaller, smarter X-ray and CT through patented technology platform

R O V E R

• M O B I L E D I G I T A L R A D I O G R A P H Y

H E A D C T

• M O B I L E S T R O K E D I A G N O S I S

• 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

Ultra-mobile X-ray systems delivering high quality images – hospital, remote, military

Light , portable CT imaging to diagnose strokes – air and road ambulances

Light and portable CT imaging for all applications – portable use, 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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Micro-X Capital Raising Presentation – December 2025 I 10

STRATEGIES & PRIORITIES Three key near-term objectives with a focus on tangible outcomes

01

02 03

Build Rover Sales

Focus on building durable growth and larger orders through direct sales and distribution

Commence Head CT imaging trials

Trials providing pathway to regulatory submission in 2026

Monetise Security Division

Execute ongoing partnering negotiations

06

05

04

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

Micro-X Capital Raising Presentation – December 2025 I 11

VALIDATION & PARTNERS Non-dilutive funding de-risks our technology development and unlocks value

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Up to $31.7M funding $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 trials
>$85M
partnership
funding
Collaboration
Partners
$15M funding $5.6M funding
Multibeam Emitters Baggage & Parcel
– Strategic investment scanner – SE Asia
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Micro-X Capital Raising Presentation – December 2025 I 12

EXPERIENCED LEADERSHIP Commercially focused to accelerate growth

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Kingsley Hall – CEO

25+ years exp in senior operational and finance roles

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Anthony Skeats – COO

25+ years exp R&D, Program and Engineering management in high technology products

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Brian Gonzales, PhD – CEO Americas Recognised industry leader in X-ray physics, CNT technology and X-ray imaging

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Scott Bryant – CSO Former US Navy veteran, with extensive experience in defense and X-ray sales

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Patrick O'Brien, Non-Exec Chair Former Senior Exec. Macquarie Group, McKinsey and Minter Ellison

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Ilona Meyer, Non-Exec

General Counsel Nuix, former Boehringer Ingelheim, ResMed, Medtronic

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Jim McDowell, Non-Exec

Chair-elect ASC, NED Metal Powder Works, Former Defence Deputy Sec

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Andrew Hartmann, Non-Exec Senior VP Varex Imaging, former Phillips, Carestream and Siemens

Micro-X Capital Raising Presentation – December 2025 I

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C O R P O R A T E & F I N A N C I A L S

Institutional 42.5% Retail and HNW 55.2%

Board 2.3%

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$22.7m Contracted Payments FY26 onwards $13.1m FY25 Total Revenue

$5.4m R&D Rebate FY25 $5.1m received & $0.3m estimated Dec 2025

FINANCIALS & SHAREHOLDERS	FINANCIALS & SHAREHOLDERS		SHARE CAPITAL(15 December 2025)	SHARE CAPITAL(15 December 2025)
Cash	~$2.8m (30 Sept 2025) Pro forma with net R&D rebate		Share price	$0.08 per share
Revenue	$13.1m (FY2025)		Total shares on issue	667.8 million
Institutions & Strategic Investors	Perennial(11.8%), 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	$53.43 million

Micro-X Capital Raising Presentation – December 2025 I 14

Micro-X Capital Raising Presentation – December 2025 I 15

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PORTFOLIO
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ROVER – PROVEN TECHNOLOGY Delivering on securing larger contracts and direct sales focus

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$3.3M order for Malaysian Ministry of Health

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Approvals
FDA
CE Mark, TGA
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• largest single order in Micro-X history – delivered Nov 25

• → Following successful tender win by Malaysian distributor Integrated Medical Systems

• → Plan to build on sales momentum in South-East Asian markets

Supply agreement with major US Healthcare Group

• Operates over 700 healthcare facilities across the U.S.

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~400 units in
38
countries
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• → Competitive process with two stages of technical evaluation

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

• → Additional negotiations with another major US Group Purchasing Organisation

2026 Rover update launched at RSNA

• → First major update since 2020 – lower manufacturing costs and improved margins

• → Lumen glass-free high-resolution detector, in bin charging, larger high-definition touchscreen interface

Building pipeline of large sales opportunities in 2026

Micro-X Capital Raising Presentation – December 2025 I 16

HEAD CT – ENTERING HUMAN IMAGING TRIALS 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 – installation and ASA imaging trial scheduled for early 2026

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

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$4.4M Industry Growth Program non-dilutive grant secured

Above: Head CT images showing the skull and soft tissue structure of the brain of an anthropomorphic head phantom

- stroke capable ambulance trial

• → Two-year funding grant to support prototype development, integration and human 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

Imaging studies to support regulatory submission in 2026

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Micro-X Capital Raising Presentation – December 2025 I 17

MONETISING OUR SECURITY BUSINESS Expanding fully funded development with US DHS and Billion Prima

Partnership discussions to monetise security

→ Execute ongoing partnering negotiations

Up to $31.7M contracted development with DHS

→ 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 - 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

Billion Prima additional US$2.0M investment in Placement

→ Billion Prima acquired 26.67M shares in February 2025 - approximately 4.0% holding in Micro-X → New investment in this Placement, takes their holding in Micro-X to approximately 8.5%

Security partner & major funding to be secured in 2026

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$5.6M
Billion Prima
partnership
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$31.7M
DHS funding
contract
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Micro-X Capital Raising Presentation – December 2025 I 18

FULL BODY CT 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

CT prototype design in 2026

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$25M
ARPA-H
funding contract
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Data to support
FDA
510(k) filing
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Above: Diagrammatic representation of proposed Full Body CT product and portable CT diagnostic solution for remote application

Micro-X Capital Raising Presentation – December 2025 I 19

Micro-X Capital Raising Presentation – December 2025 I 20

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2026
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COMMERCIAL PATHWAY Bringing a portfolio of medical and security products to market

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Products Funding / Status 2025 2026 2027
Approved and in Revenue Execute larger Cashflow positive
Further growth
400+ units sold to date sales opportunities operations
Human imaging Regulatory
Approval & Launch
Test bench completed trials - Hospital submission
$8M ASA funding to prototype delivery
$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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Micro-X Capital Raising Presentation – December 2025 I 21

MILESTONES FOR 2026

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

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

Monetise security technology

Deliver DHS two additional Checkpoint modules

Complete Billion Prima collaboration agreement

Micro-X Capital Raising Presentation – December 2025 I 22

C A P I T A L R A I S I N G

F u n d i n g t o c a s h f l o w s t a b i l i t y

RATIONALE FOR FUNDING Medical Imaging focus alongside monetisation of security assets

Commercial activities for Medical Imaging

• → Growing Rover sales pipeline and momentum following Supply agreement with major US Healthcare Group and first large order in Malaysia

• → Additional resources will be deployed for select sales hires in Asia and EMEA and demonstration units for use by distributors

Manufacturing scale up and Productising Head CT

• → Scale of up manufacturing including some capex will support the expected need for tubes and generators - Rover sales, Billion Prima sales and Head CT

• → Head CT in-hospital human imaging trials commencing in early 2026 will provide a pathway to regulatory submission in late 2026

• → To prepare for launch following regulatory approval, Micro-X will apply funds raised to productise the Head CT.

Partnering and future commercialisation

• → Micro-X has up to $22.7m contracted payments in FY26 onwards[1]

• → Secure additional partners (including monetising security) and support current partners activities (including market launch)

Note: (1) Represents sum of contracted receipts for development activities to be performed in FY26 and beyond for ASA, ARPA-H, DHS, Billion Prima and IGP Partnership contracts, subject to milestone achievements. Does not include optional extensions not yet executed.

Micro-X Capital Raising Presentation – December 2025 I

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CAPITAL RAISING - KEY TERMS

• Micro-X is undertaking a Capital Raising to raise approximately $6.0M via the issue of approximately 75 million new ordinary shares ( New Shares ) (representing approximately 11.2% of existing shares on issue)

• Offer • The Capital Raising is by way of a Placement of approximately 75 million New Shares, to existing and new Professional and Sophisticated investors, at $0.08 per New Share (the structure & size Placement ) • The Placement will be conducted using the Company’s existing placement capacity in accordance with ASX Listing Rule 7.1 The Company reserves the right to accept over subscriptions in the Placement. The Placement is being conducted at a Price of A$0.08 per New Share representing a discount of: • 0.0% to the last close of $0.08

• Pricing • 4.2% discount to the 5-day VWAP of $0.0835

• • 4.8% discount to the 10-day VWAP of $0.0841

• Billion Prima are currently partnering with Micro-X in development of a baggage and parcel scanner for sale by Billion Prima in South-East Asia. Additionally, Billion Prima acquired 26.67M shares in Micro-X in February 2025, representing approximately 4.0% of the shares on issue prior to the Placement Billion Prima have now committed to subscribe for an additional US$2.0M (approximately $3.0M) in the Placement in two tranches:

• Billion Prima • First tranche (US$1.0M at $0.08 per New Share) at Settlement of the Placement Participation • Second tranche (US$1.0M at $0.08 per New Share) no later than 31 March 2026 As a condition of the subscription in the Placement, at settlement of the second tranche of US$1.0M, the Company will accept a suitable nominee from Billion Prima to its board, subject to the Company’s vetting criteria and Board approval The Billion Prima shareholding in Micro-X will increase to ~8.5% post completion of the issue of New Shares under the second tranche.

• Approvals New Shares shall be issued utilising the Company’s existing placement capacity under ASX Listing Rule 7.1. Ranking New Shares issued under the Placement will rank pari passu with existing shares from their date of issue. Joint Lead Morgans Corporate Limited ( Morgans ) and Hawkesbury Partners Pty Limited ( Hawkesbury Partners ) are Joint Lead Managers to the Offer. Managers Morgans are acting as Settlement Agent for the Offer.

• Billion Prima investment is approximated in Australian dollars based on the RBA FX Rate for the AUD:USD of A$0.67 : US$1.00 as at 12 December 2025.

Micro-X Capital Raising Presentation – December 2025 I

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CAPITAL RAISING – TIMETABLE

Timetable	Timetable	Event	Date
		Trading halt	Pre-Market Tuesday, 16 December 2025
		Placement bookbuild conducted	Tuesday, 16 December 2025
		Bids due for the Placement bookbuild	5.00pm Tuesday, 16 December 2025
		Firm letters and CARD forms due	9.00am Wednesday, 17 December 2025
		ASX announcement of Placement – Trading halt lifted	Thursday, 18 December 2025
		Settlement of New Shares issued under the Placement	Tuesday, 23 December 2025
		Allotment and trading of New Shares issued under the Placement	Wednesday, 24 December 2025

Micro-X Capital Raising Presentation – December 2025 I 26

CAP I TAL RAI SI SNG - USE O F F UND S Funding the business into 2027

CAP I TAL RAI SI SNG - USE O Funding the business into 2027	F F U
Use of Funds – Placement - $6.0m	$000
Medical Imaging - Commercial activities	1,700
Manufacturing – Scale up and Productising Head CT	1,500
Working capital	2,500
Costs of the Offer	300
Total	6,000
* These amounts are estimates and the Company reserves the right to vary these allocations

Key assumptions

• → Focus on medical imaging with work to develop new products funded by partners

• Medical imaging activities cover the Commercial team and associated costs for Rover, Head CT and Full Body CT

• Manufacturing includes increased research and manufacturing equipment to support productisation of Head CT prototypes and including new demonstration units for Rover and Head CT

• Head CT includes two additional imaging trial test benches and support for imaging trials through the regulatory approval and pre-launch

• $22.7M of contracted payments from development partners (Billion Prima, DHS, ASA, ARPA-H, and IGP) advancing contracted milestones

• → Completion of monetisation of the Security business including upfront and ongoing cash payments

Micro-X Capital Raising Presentation – December 2025 I 27

WRAP UP A clear path forward

1

Commercial & customer focus is delivering results

2

Rover sales momentum – building towards breakeven

Head CT commence imaging trials - support regulatory submission 3

4 Validated by strong partners – funding & access 5

Late stage of partnering process to monetise security business

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Micro-X Capital Raising Presentation – December 2025 I 28

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A P P E N D I C E S R I S K F A C T O R S

Micro-X Capital Raising Presentation – December 2025 I 29

RISK FACTORS

This Risk Factors section includes details of the key risks attaching to an investment in shares in Micro-X Limited (Micro-X or the Company). These risks may affect the future strategy, operating and financial performance of Micro-X and the value of Micro-X Shares. The key risks are not set out in any particular order. Additional risks and uncertainties that Micro-X is unaware of, or that it currently considers to be immaterial, may also become important factors that adversely affect Micro-X’s strategy, operating and financial performance. You should note that the occurrence or consequences of some of the risks described in this section are partially or completely outside the control of Micro-X, its directors and senior management. Further, you should note that this section focuses on the potential key risks and does not purport to list every risk that Micro-X may have now or in the future. Potential investors should consider their individual circumstances and consult their stockbroker, solicitor, accountant or other professional adviser before making an investment decision.

This Risk Factors section includes details of the key risks attaching to an investment in shares in Micro-X Limited (Micro-X or the Company). These risks may affect the future strategy, operating and financial performance of Micro-X and the value of Micro-X Shares. The key risks are not set out in any particular order. Additional risks and uncertainties that Micro-X is unaware of, or that it currently considers to be immaterial, may also become important factors that adversely affect Micro-X’s strategy, operating and financial performance. You should note that the occurrence or consequences of some of the risks described in this section are partially or completely outside the control of Micro-X, its directors and senior management. Further, you should note that this section focuses on the potential key risks and does not purport to list every risk that Micro-X may have now or in the future. Potential investors should consider their individual circumstances and consult their stockbroker, solicitor, accountant or other professional adviser before making an investment decision.	This Risk Factors section includes details of the key risks attaching to an investment in shares in Micro-X Limited (Micro-X or the Company). These risks may affect the future strategy, operating and financial performance of Micro-X and the value of Micro-X Shares. The key risks are not set out in any particular order. Additional risks and uncertainties that Micro-X is unaware of, or that it currently considers to be immaterial, may also become important factors that adversely affect Micro-X’s strategy, operating and financial performance. You should note that the occurrence or consequences of some of the risks described in this section are partially or completely outside the control of Micro-X, its directors and senior management. Further, you should note that this section focuses on the potential key risks and does not purport to list every risk that Micro-X may have now or in the future. Potential investors should consider their individual circumstances and consult their stockbroker, solicitor, accountant or other professional adviser before making an investment decision.	This Risk Factors section includes details of the key risks attaching to an investment in shares in Micro-X Limited (Micro-X or the Company). These risks may affect the future strategy, operating and financial performance of Micro-X and the value of Micro-X Shares. The key risks are not set out in any particular order. Additional risks and uncertainties that Micro-X is unaware of, or that it currently considers to be immaterial, may also become important factors that adversely affect Micro-X’s strategy, operating and financial performance. You should note that the occurrence or consequences of some of the risks described in this section are partially or completely outside the control of Micro-X, its directors and senior management. Further, you should note that this section focuses on the potential key risks and does not purport to list every risk that Micro-X may have now or in the future. Potential investors should consider their individual circumstances and consult their stockbroker, solicitor, accountant or other professional adviser before making an investment decision.
	Business Specific Risks
Difficulties encountered with early commercialisation of new technology	There are a number of risks associated with the early commercialisation of new technology, including an inherent risk of failure, and the possibility that the products developed by the Company may fail to demonstrate material customer benefit or advancement, be difficult or impossible to manufacture on the necessary scale, be uneconomical to market or otherwise not commercially exploitable, fail to be developed prior to the successful marketing of alternative products by competitors, or fail to achieve the support of the targeted industry. The Company’s target markets can often have high regulatory barriers, particularly for medical devices, and some markets are conservative, which may delay or prohibit sales into those markets. Accordingly, the Company gives no guarantee that the development and commercialisation of its intellectual property will be successful, that development and commercialisation milestones will be achieved, or that product commercialisations will be successful. Projects can be delayed or fail to demonstrate any performance advantage over existing solutions or may cease to be viable for a range of scientific and commercial reasons. Product development expenditures may be much higher than forecast, and the manufacturing cost of products may preclude successful sales exploitation. These risks may have an adverse impact on the Company’s ability to:
	• implement and execute its business strategy as planned; • increase awareness of its brand and market acceptance of its products; • obtain and maintain regulatory registrations and market clearances; • manage expanding operations in multiple markets; • respond effectively to competitive pressures and developments;	• manage costs and margins to deliver projected returns; • manage scale up of manufacturing and supply chain logistics; • manage working capital requirements; and • access the necessary capital to fund the business.
Competition risk, including larger and better resourced competitors	There can be no assurance that competitors will not develop and commercialise technology or intellectual property that compete with, or substitute, the Company’s cold cathode carbon nanotube (CNT) based X-ray technology in either the security or the healthcare markets.
Project Funding	The Company currently has future products in development, including the Checkpoints, Head CT and Full Body CT products, which are funded by external third-party development contracts. Additionally, the Company is developing a baggage scanner with Billion Prima. These products are currently funded via development contracts through to the provision of prototypes, with ongoing and future funding dependent on the Company achieving certain milestones. There is a risk that if the Company fails to achieve the required milestones or is in breach if its contractual obligations, that the funding could be withdrawn or delayed, resulting in either the Company needing to obtain additional funding to complete the project, or the cancellation of the project.
Checkpoints monetisation strategy	The Company intends to fund its strategic shift to focus on medical imaging products through the monetisation of some or all of its Security assets, including the Checkpoints and Baggage Scanner products. There is a risk that the Company is unable to execute such a contract, or that such a contract does not provide sufficient capital to fund all of the commercialisation of its medical imaging products, and the Company needs to seek alternate funding methods to execute its business strategy.
Sales, Marketing & Distribution	The Company has a pipeline of commercial sales opportunities to supply its products in Australia and the United States. These opportunities are in different stages of maturity comprising near term opportunities such as new contracts without confirmed orders, opportunities which are moving to close, opportunities where there is active customer engagement and opportunities which are active proposals. The Company relies on its ability to convert these opportunities into orders and then revenue. There is no guarantee that the Company will be successful in converting these opportunities into revenue either at all or within commercial timeframes. There is also no guarantee that counterparties will make orders for products under relevant agreements. If these opportunities are not converted into revenue, this may have an adverse effect on the cashflow and financial performance and position of the Company. The Company currently sells its Mobile DR product (Rover) directly to customers, and via distribution channels. There is a risk that the Company will be unable to continue to develop sufficient sales and marketing capabilities, despite its planned expansion and investment, to effectively commercialise its products. While significant opportunity for growth of Rover exists with a major US Hospital Group and major US Purchasing Organisation, there is a risk that these opportunities do not develop into material sales growth.

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RISK FACTORS

Business Specific Risks (Cont.)	Business Specific Risks (Cont.)
Partnering risk	The Company's strategy is to secure partners for its products, including its security technology. The Company is seeking to engage partners to provide market access, scale up and implementation services to commercialise products in development. There is no guarantee that the Company will be able to secure partners on satisfactory terms. In the event that partners are not secured there may be a material adverse impact on the Company's ability to commercialise its products in development. The Company is also at an advanced stage of discussions with a counterparty for a potential transaction relating to the Company's security business. There is a risk that these discussions may not be completed and that the potential transaction may be varied or may not occur at all.
Clinical and product development	The Company’s Head CT scanner and Full Body CT scanner are at various stages of commercial, development and clinical evaluation. In order to achieve regulatory clearances, clinical studies using varied patient populations, data types, and sample sizes will be necessary. An inability to gain or maintain regulatory clearances in key markets could severely impact the Company’s ability to commercialise one or both of these products.
Current capital reserves and ability to raise additional capital	There is no guarantee that the Company will achieve cashflow breakeven or profitability. Accordingly, the Company may from time to time, require additional capital to continue to operate and deliver on its proposed commercial strategies. In the absence of such additional financing, there is a risk that: (i) the Company may not be able to continue to operate beyond the next 12 months; and (ii) there may be a delay and indefinite postponement of the Company’s activities and potential development programs. There can be no assurance that additional financing will be available when needed. If additional financing is available, the terms of the financing may not be favourable to the Company and may involve substantial dilution to Shareholders. The occurrence of any of these events could have a material adverse effect on the Company's financial performance and financial position.
Core Technology – CNT X-ray Tubes & High-Voltage Generators	The Company’s future product and commercial plans are underpinned by its unique CNT based X-ray technology, which includes both CNT X-ray tubes and solid-state high-voltage generators. Whilst Micro-X has invested heavily in maturing this technology over more than 10 years, the technology is the first of its type and as such, there is a risk that the Company experiences unforeseen challenges in the performance, reliability, cost-effectiveness, manufacturability, scalability or other factors. These challenges may cause field issues, damage to brand and reputation, operating cost overruns, challenges with ability to scale and meet market demand for product, project cost overruns and/or project timing delays, or other factors that may have a material impact on the Company’s ability to effectively execute its business strategy.
Ability to attract and retain key personnel	A critical component of the Company’s success is the ongoing retention of key personnel, specifically members of the management and product/technology development teams. There is a risk that the Company may not be able to attract and retain key personnel or be able to find effective replacements for those key personnel in a timely manner. The Company relies on the technological expertise of its employees to maintain and develop intellectual property, and hence the loss of key personnel may lead to a loss of operational knowledge, technology capabilities, key partners, and customer relationships.
Product liability	In medical markets, the Company’s Mobile DR products are used for diagnostic imaging. For the Mobile DR, the clinical diagnostic decision is made by a qualified radiologist based on an image provided by a qualified radiographer. The imaging software is independently certified, commercially available off-the-shelf software provided by reliable partners. As such, the potential contribution of the Company’s product to an incorrect diagnosis is a very low risk for the Company. The Company’s Mobile DR products are independently certified and compliant to IEC60601 medical device safety standard. The Company’s ISO9001 and ISO13485 certified manufacturing and quality system is designed to ensure that products manufactured meet the standard. There is risk that injury may occur to a patient or operator from misdiagnosis or through a quality defect in manufacturing, or possibly a failure introduced by misuse. As with all medical devices, these could be reportable issues resulting in a product recall. In Security and Medical markets, the Company’s products pose a radiation and high voltage hazard. While the Company ensures that all products meet the applicable test standards prior to sales commencing, there is a risk that notwithstanding, due to a failure of adequate protections in place, there may be a risk of radiation exposure or electroshock. Failure to meet compliance or safety for radiation and/or high voltage poses a significant risk to patient or operator safety. The likelihood of occurrence is very low; however, an incident could represent a serious risk in the safety of the Company’s products and thus their viability. Despite extensive testing, given the complex nature of the Mobile DR units, defects may arise in the Company’s Mobile DR units. Rectification of defects may be costly both financially and in reputation. Product errors could expose the Company to various liabilities including product liability, performance and warranty claims. In operating as a manufacturer there is a risk that the Company can be exposed to warranty claims, costs of repair and replacement. The occurrence of any of these events could have a material adverse effect on the operations of the business, and in turn the financial performance and financial position of the Company.

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RISK FACTORS

Business Specific Risks (Cont.)	Business Specific Risks (Cont.)
Intellectual property loss or infringement	The Company strategy for protecting intellectual property is to obtain legal coverage through patents and registrations using the international patent cooperation treaty (PCT) and completing national filings in several countries such as Australia, USA, Europe, Israel, Japan and China. Company owned patents are held on innovative elements of the Company’s products as a barrier to duplication. These patents are intended to provide the Company with a barrier to competition; however, a published patent can enable an expert in the field to replicate or reverse engineer the technology. Notwithstanding the patents, there is a risk that competitors will replicate this intellectual property and produce competing small X-ray tubes. This risk may also be higher in countries where intellectual property laws may not adequately protect the Company. There is a risk that (i) third parties may circumvent intellectual property, particularly from the leaking of trade secrets from current or ex-employees, or by carrying out intellectual property theft including cyber security attacks; (ii) patents may be challenged for validity; or (iii) there may be an inadvertent breach of third-party patents of which the Company has not researched in its freedom to operate. The occurrence of any of these events could have a material adverse effect on the operations of the business, and in turn the financial performance and financial position of the Company.
Cyber Security and data privacy	The Company’s Rover Mobile DR, Head CT and Full Body CT scanner products may access and maintain confidential patient medical records and healthcare system information. The Company recognises the risks associated with cyber security breaches and the potential impact on operations and has policies and procedures in place to address system security and data risks. Security breaches, data loss, leak of confidential patient records or system disruptions could compromise sensitive business or patient information, hinder access to critical data, and expose the Company to legal and financial liabilities, potentially damaging our operations and reputation, and resulting in a loss of customers or regulatory approvals. The Company stores much of its data electronically. There is a risk that the Company’s electronic storage systems may suffer a data breach or attack through hacking, trojans, viruses or other cyber-attacks. Such a breach or attack could cause loss, damage or theft of information relating to intellectual property, trade secrets, product development, company employee data, contract information, strategic and financial information, and regulatory information, causing a disruption to business operations and/or eroding competitive advantage. The occurrence of any of these events could have a material adverse effect on the operations of the business, and in turn the financial performance and financial position of the Company.
International trade and foreign exchange risk – including United States policy	The Company operates in a global market, and its business operations are subject to trade agreements. Changes to international trade agreements, including free trade agreements, may have an impact on the commercial viability and supply of components for the manufacture of the Company’s products and the sale of those products to its customers. A material portion of the Company’s business is with companies operating in the United States, or via United States Government funded contracts. Changes to trade conditions such as the introduction of tariffs, or changes to policy impacting funded contracts, or temporary impacts to Government operations, could introduce an adverse risk to the Company’s commercialisation and funding activities. The Company buys components and sells products in multiple foreign currencies. Changes in foreign exchange, particularly AUD to USD, may adversely impact the commercial viability of the Company’s products. Micro-X’s US footprint through its subsidiary, Micro-X Inc., presents additional risk for the Company. As part of its expansion, the Company may be subject to additional employment, tax, regulatory, and compliance requirements. The Company is subject to managing foreign currency risk through the larger overhead cost carried out in USD. The Company is exposed to policy change, political risk and any trading restrictions with the USA.
Business Interruption	The Company operates using a global supply and customer base. This global supply and customer base may be exposed to hazards outside of the Company’s control including changing political climates and natural disasters which could interrupt business. In the event of such an interruption, the Company cannot guarantee that it will be able to source appropriate replacement components or find alternate customer pathways with a commercially viable arrangement or within a required timeframe to prevent interruption to its operations. Such an interruption may have a material adverse effect on the financial position and financial performance of the Company.
Single site for manufacturing activities and research	The Company performs its manufacturing activities and the majority of its research and development (R&D) at its facility in Tonsley, Adelaide. Should operations at the facility be disrupted or production halted for any reason (for example, due to labour strikes, extreme weather or other events outside the Company’s control), the Company may not have enough products available to satisfy customer demand in a timely manner. While alternative arrangements could be made to transfer the manufacturing process to a different facility, this would take some time and may involve other risks. If such disruption were to occur, it would adversely affect the Company's ability to sell its products and customers might instead purchase products from competitors. There may also be an ongoing sales impact in the form of a reduction of goodwill as a result of the Company ceasing sales for a period of time. While the Company has strong internal capabilities in manufacturing operations and supply chain management including scaling of production to meet higher volume, there is a risk of delays or issues in the manufacturing processes, which may have an adverse effect on the Company’s financial performance and operations.

Micro-X Capital Raising Presentation – December 2025 I 32

RISK FACTORS

Business Specific Risks (Cont.)	Business Specific Risks (Cont.)
Litigation, disputes and claims	The Company may be subject to litigation and other disputes and claims in the ordinary course of its business, including infringement of intellectual property, employment disputes, contractual disputes, indemnity claims, occupational health and safety claims, or criminal or civil proceedings during its business. Such litigation, disputes, and claims, including the cost of settling claims or paying any fines, operational impacts and reputational damage could materially adversely affect the Company’s business, operating and financial performance.
Operational Risk	The Company has established risk management practices to identify, manage, report and monitor risks at an operating level, including but not limited to the risk of product failure, difficulties in operation, mechanical failure, industrial and environmental accidents, unexpected shortages or increases in the costs of consumables, spare parts, plant and equipment, loss or damage to assets, human accidents, natural disasters, terrorism, industrial delays, cyber security, and liability for defects, some of which are outside of the control of the Company. These operating risks may delay the completion of the work or require further rectification work. Whilst the Company endeavours to take appropriate action to mitigate these operational risks and, where the Directors consider it practicable, insure against them, the Company cannot remove all possible risks of disruption to its business operations, and it cannot control the risks its customers are exposed to. A disruption in the Company's business or those of its customers may have an adverse impact on the Company's growth prospects, operating results and financial performance.
Checkpoints	The Company has beenselected by the US Government’s Department of Homeland Security (DHS) for several contracts totaling up to AUD$31.7 million associated with a new concept for a Self-Service Airport Passenger Security Checkpoint. This programme relates to the Transportation Safety Administration’s (TSA) future vision of replacing conventional CT and projection X-ray luggage imaging at checkpoints with a bank of multiple ‘self service’ security portals similar to current photometric identity portals but with the integrated addition of millimetre-wave body-scans and X-ray screening operating with automated threat detection. While the Company believes it provides a superior solution, there are existing technologies in use for Self Service Checkpoints in Airports and therefore there is a risk that established competitors will develop competing technology that may diminish the commercial success of the Company’s Self-Service Airport Passenger Security Checkpoint solution. The Company has internal processes to monitor and measure expenditure, however there is the risk of higher than budgeted non-recurring engineering costs being incurred during the course of product development. There is also a risk of a delay to revenue as a result of delays related to security clearances, cyber security compliance and contracting processes with government departments in the USA. The project poses development and design risk as well as third party and subcontracting risk required to create a fully integrated system. In order to recognise the full value of the contracts, Micro-X is obliged to meet certain performance and delivery requirements; there is a risk that Micro-X is unable to achieve these requirements as a result of technical or other challenges, or that the solution delivered to the DHS does not meet performance expectations, and that the DHS chooses not to exercise its optional funding. To limit risk, the Company has built a close and collaborative working relationship with the DHS and is working alongside external advisers to meet the DHS requirements. The Company also manages the systems integration for this project and has established a centre-of-excellence for imaging reconstruction at its Seattle base. The DHS contract of up to AUD$31.7 million is funded on a time and materials basis, which limits the Company’s exposure to project overruns, however if project overruns did occur, these may diminish the goodwill and reputation of the Company and decrease the likelihood that the DHS exercises the optional funding required to recognise the full value of the contract. The Company intends to commercialise the Checkpoint solution through the establishment of one or more strategic partnerships, which may involve the Company supplying only the imaging chain, supplying the complete baggage scanner, or supplying the Checkpoint to such partner(s). The DHS contract funds the delivery of the Checkpoint solution through to the provision of prototypes. Commercialisation of the Checkpoint requires the Company, or a strategic partner, to fund development of these prototypes into a production solution, as well as to fund the commercial go-to-market strategy. There is a risk that the Company is unable to execute a strategic partnership to take the Checkpoints solution to market. There is a risk that, if the Company does identify a suitable strategic partner and solicits a satisfactory offer, that the DHS does not agree to either the transfer of technology (IP) developed under the Checkpoints project, and/or the transfer of the remaining contract with the DHS. To mitigate this, the Company is prioritising negotiations with partners it believes will be suitable to the DHS.

Micro-X Capital Raising Presentation – December 2025 I 33

RISK FACTORS

Business Specific Risks (Cont.)	Business Specific Risks (Cont.)
Head CT	The Head CT for stroke diagnosis project involves developing a miniaturised head imaging CT scanner which is able to fit into a land or air ambulance. The aim is to allow pre-hospital diagnosis of strokes to enable treatment to commence in an ambulance setting within the ‘Golden Hour’ which minimises the risk of long-term disability. The project has been funded via the Federal Government’s Medical Research Future Fund (MRFF) as an imaging technology provider in the Australian Stroke Alliance (ASA) research consortium, led by the Melbourne Brain Centre of the Royal Melbourne Hospital alongside Johns Hopkins University in the USA and Fujifilm in Japan. The new imaging solution presents design and development risk as a novel product with no predecessors. Recent imaging tests conducted on imaging phantoms by the Company’s internal team and reviewed by experts in the Australian Stroke Alliance, have demonstrated image quality is acceptable to commence human imaging via clinical trials. There remain risks associated with meeting diagnostic image quality during these clinical trials, for customer acceptance and to meet or surpass the current standard of care provided by existing CT systems. To mitigate this risk the Company has completed a program with Johns Hopkins University to developing reconstruction algorithms for imaging optimisation and continues to invest internally in ongoing development of these algorithms. The ASA contract funds the delivery of the Head CT solution through to the provision of prototypes. The Head CT was recently awarded additional funding of $4.4M through the Australian Government’s Industry Growth Program. Commercialisation of the Head CT requires the Company to obtain further funding to fund the productisation and commercial go-to-market strategy. The Company intends to seek this funding via strategic partnerships and through the monetisation of its Security assets, as described elsewhere in this presentation. There is a risk the Company is unable to raise the required funding in order to commercialise the product.
Reliance on third party technology vendors and partners	The Company’s products include components that are manufactured and supplied by third parties. The Company currently relies, and may in the future rely, on partners to supply key technology or manufacturing services. There are inherent risks in relying on third party suppliers for these product components, since any change to the manufacturing process of an approved medical device requires extensive documentation and, in many cases, supplemental testing. Such partners may not supply to the required price, quality or volume, may change their strategy and discontinue supply, may become insolvent or otherwise cease to trade and the effect of any of these on the Company would be for the Company to incur significant costs and delays in securing replacement services which would interrupt the Company’s revenue. The Company does not have second source suppliers for many of these components. A disruption at a key supplier could therefore cause a substantial delay in the availability of the Company’s products, leading to a potential loss of sales and reputation in the market. Where partner companies have access to the Company’s confidential information, intellectual property or know-how, there is a risk of a whole or partial loss of the confidential information, intellectual property or know-how to competing organisations. The performance of the Company’s partners may also be impacted by either related or unrelated regulatory changes or breaches and other actions of other sovereign governments.
Regulatory approvals to be received and maintained	Medical devices and products which emit ionising radiation exist in a highly regulated environment. The Company’s operations are reliant on maintaining regulatory certifications, including MDR, ISO13485 and ISO9001. Whilst the Company has processes in place and a culture of quality, there is a risk that operations may be impacted if incidents of non-compliance are identified in audit findings by regulatory bodies. Commercialising the Company’s medical products requires achieving and maintaining regulatory approvals for medical devices, including a CE Mark for the European market, TGA for the Australian market and 510(k) for the US market, amongst others. There is also a risk of regulatory approvals being withdrawn due to an issue of non-compliance. Future products may not be able to rely on a predicate device to accelerate regulatory approvals and may involve lengthy and costly clinical trials, which may not succeed. The regulatory environment globally is not homogeneous and is subject to change which is outside the Company’s control. Changes to the regulatory environment may drive significant changes, including delays or cancellation, to the Company’s project schedules. The occurrence of any of these events could have a material adverse effect on the operations of the business, and in turn the financial position of the Company. Commercialising the Checkpoint program similarly requires high levels of trials such as European ECAC and US TSA Operational Test and Evaluation (OTE) testing which may be lengthy and costly and may not succeed. As an X-ray device manufacturer, the Company must retain certification by the South Australian Environmental Protection Authority to operate and manufacture ionizing radiation emitting devices. While the Company has strong radiation control processes in place, any change to those certifications, or the imposition of conditions that are difficult or costly to satisfy, could impact the Company’s ability to manufacture devices and commercialise.

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

Micro-X Limited

Investor Enquiries

Kingsley Hall , Chief Executive Officer David Allen / John Granger Rebecca Puddy , Head of Corporate Hawkesbury Partners Communications Tel: +61 410 577 155 Tel: +61 8 7099 3966 Tel: +61 499 100 038 Email: media@micro-x.com Email: info@hawkesburypartners.com

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