MICRO-X LIMITED — Capital/Financing Update 2025

Jun 16, 2025

MICRO-X ACHIEVES $2.3M OF DEVELOPMENT MILESTONES

Development milestones achieved on time and budget for ARPA-H and Billion Prima, respectively

Adelaide, Australia, 17 June 2025: Australian hi-tech company Micro-X Ltd (ASX:MX1) ( Micro-X or the Company ), a leader in cold cathode x-ray technology for health and security markets globally, is pleased to announce that it has achieved development milestones under its ongoing contracts with each of Billion Prima Sdn Bhd ( Billion Prima ), US Advanced Research Projects Agency for Health ( ARPA-H ) and Department of Homeland Security ( DHS )

Key Points

• Micro-X Inc. has achieved Milestone 3 under its Development Agreement with ARPA-H for a Full Body CT scanner – delivering AU$1.4M/US$0.9M

• Micro-X has achieved Milestone 2 under the Strategic Partnership Agreement with Billion Prima for the baggage & parcel scanning unit due for completion in 2025 – delivering AU$0.9M/US$0.6M.

• Micro-X Inc has delivered and installed the first self-screening checkpoint module at DHS test laboratory.

• All development milestones were achieved on time and in budget, with both projects tracking to plan overall

Micro-X Chief Executive Officer Kingsley Hall commented:

“We are pleased to continue to deliver strong progress on these key development contracts with ARPA-H, DHS, and Billion Prima respectively, which is a testament to our focus and timely delivery on key projects. We hosted the Billion Prima team in Tonsley again this week and the relationship between us continues to grow stronger with each visit. We are also well advanced with the final stages of our Head CT development as we prepare to enter human imaging trials, which we will provide an update on shortly.”

Micro-X entered a AU$5.6M Strategic Partnership arrangement with Billion Prima in February 2025, which included AU$3.2M to commercialise a baggage & parcel scanning unit enabled by Micro-X NEX Technology, where Billion Prima will receive exclusive rights to manufacture and sell the unit in South-East Asia for 20 years. The technical teams from Micro-X and Billion Prima have continued to make strong progress towards the goal of launching the baggage & parcel scanning unit by the end of 2025. This work has seen the achievement of Milestone 2 in May 2025 (delivering AU$0.9M).

Additionally, Micro-X Inc. has progressed on time and in budget, with the design and architecture work for the lightweight Full Body CT scanner prototype, under the ARPA-H Development Contract for US$8.2M and up to US$16.4M (AU$25M) entered in December 2024. In June 2025, Milestone 3 was achieved with the submission and acceptance of a technical dossier to ARPA-H, involving a payment to Micro-X Inc. of AU$1.4M.

Micro-X Inc, also continues to progress the DHS S&T funded project on time and in budget. Micro-X delivered and successfully completed acceptance testing of the first self-screening checkpoint at a DHS test laboratory in May 2025. Micro-X has invoiced DHS AU$5.6M (US$3.6M) thus far in FY25 and has AU$4.0M (US$2.5M) remaining on the committed contact (through May 2026) with an option for DHS to extend that contract for a further AU$7.0M (US$4.4M) executable in the second half of FY26.

This ASX Announcement is authorised by the Board of Micro-X.

– ENDS –

Micro-X Ltd. ABN 21 153 273 735, 1284 South Road, MAB Gate 2, Tonsley, South Australia 5042 www.micro-x.com

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About Micro-X

Micro-X Limited 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 a number of 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 imager for pre-hospital stroke diagnosis in ambulances, is being developed with funding from the Australian Government’s Medical Research Future Fund. In November 2024, US Government agency ARPA-H contracted Micro-X to develop a full-body CT.

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

Contacts

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: info@hawkesburypartners.com

Micro-X Ltd. ABN 21 153 273 735, 1284 South Road, MAB Gate 2, Tonsley, South Australia 5042 www.micro-x.com

Legal/91201979_2