MICRO-X LIMITED — Investor Presentation 2020

May 12, 2020

Micro-X Limited, ABN 21 153 273 735

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MARKET UPDATE - NANO PRODUCTION & DELIVERIES RAMPING UP

Progressing on all three strategies for capital raising with Nano production and inventory being scaled

Adelaide, Australia, 13[th] May 2020: 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, provides the following Market Update on progress of production and shipping of the Carestream DRX Revolution Nano (the Nano ).

Key Points

• COVID-19 continuing to drive strong global demand for mobile x-ray with short delivery times critical for new orders

• Ramp up in Nano production and inventory well advanced following successful $15.0M Offer

• April 2020 - $0.5m of Nano units shipped. Additional $1.5m of Nano units in production of which $0.5m are already substantially complete

• Prioritising rapid reduction in backlog of existing orders and shortening delivery for new orders

In the month of April 2020, $0.5 million of Nano units from existing purchase orders were completed and shipped to the end customers. In addition, a further $1.5 million of Nano units are at various stages of production with $0.5 million of these already substantially completed. The remaining components are now arriving which will enable these Nano partially and substantially complete units to be completed, tested and shipped this Quarter. Once Nano units are completed and shipped they are invoiced and treated as revenue for Micro-X.

Additionally, following the completion of the $15.0 million offer (the Offer ), the ramp up strategy for Nano production is being implemented on an urgent basis. This ramp up includes $0.6 million in capital equipment which has now been largely ordered and is expected for delivery this Quarter. There is also an additional investment of $3.4 million in inventory in the form of components and once built, semi complete or complete Nano units. This ordering has taken place and components will arrive progressively this Quarter.

In total since January 2020, $1.7 million of Nano units have been built, shipped and invoiced.

Attached is a short presentation illustrating the activity and recent changes in manufacturing and production.

Micro-X’s Managing Director, Peter Rowland, commented:

“We set out to capture COVID-19 demand for our Nano when we raised funds and with the Placement component completed 2 weeks ago we have been working very hard on this initiative. I am pleased to report that we’ve been successful in ramping Nano production with the rate of units being built and shipped increasing rapidly. We have worked through some supply chain challenges due to recent global trade disruption and above all else our priority is to reduce our backlog of existing orders and therefore the delivery times for future orders.”

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

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About Micro-X

Micro-X Limited (the Company ) is an ASX listed hi-tech company developing and commercialising a range of innovative products for the global health and security markets, based on proprietary cold cathode, carbon nanotube 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

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

www.micro-x.com

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existing x-ray markets and a range of new and unique security and defence applications. The Company has its core R&D, engineering and production capability at its facility in Adelaide, Australia.

The Company’s first product, the Carestream DRX Revolution Nano , is an ultra-lightweight digital medical x-ray system for the rapidly expanding mobile x-ray market in hospitals and healthcare. The Carestream DRX Revolution Nano holds 510(k) and CE Mark certifications and is sold commercially in a number of global markets by the Company’s exclusive distributor, Carestream Health, Inc. The Company has a portfolio of innovative products in development, aimed at customer solutions where there is little or no competition. This includes the Mobile Backscatter Imager or MBI which will image Improvised Explosive Devices for airport security, defence and counter-terrorism applications. The MBI is being jointly developed in partnership with Thales, a global supplier of defence and security technology systems, who are providing technical support and $10 million of funding.

CONTACTS

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

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

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ACN 153 273 735 ASX: MX1

Ltd Ltd ACN 153 273 735 ~~ASX: MX1~~ ACN 153 273 735 ASX: MX1 Nano Production Update Company PresentationCompany Presentation Funding strategic growth initiatives to drive salesFunding s rategic growth initiatives to drive sales Micro-X responding to significant market demand from COVID-19 pandemic 15[th] 15 April 2020[th] April 2020 Peter Rowland Peter Rowland 13 May 2020 Managing Director & CEO Ma aging Director & CEO Peter Rowland, Managing Director & CEO 1

13/05/2020

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Added Production Lines and Capacity for Nano Rapidly accelerating all areas of Production with funding from recent Placement

3 Production Lines

TOP LEFT: Three production lines

TOP RIGHT: Major $3.4 m investment to increase in parts and inventory

BOTTOM: Recent doubling of floor area for Nano assembly has allowed space for more production lines

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© Micro-X Ltd – Nano Production update 13 May 2020

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Maintaining Production and Clearing Supply Chain Shortages Production can be switched between partially building units and sub-assemblies

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TOP LEFT: Completed drive handles & energy chains TOP RIGHT: Completed monitor cages in inventory BOTTOM: Nano units in early stage of assembly

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TOP: Partially completed Nano units quarantined awaiting parts

© Micro-X Ltd – Nano Production update 13 May 2020

3

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New Nano X-Ray Tube Facility – Now Fully Operational Relocated to new purpose designed X-Ray Tube facility - increased production team

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TOP LEFT: Emitter wet lab and tube component cleaning and out-gassing BOTTOM: New X-Ray Tube facility at Tonsley adjacent to Micro-X main assembly facility

TOP RIGHT: CNT Emitter assembly in clean room

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© Micro-X Ltd – Nano Production update 13 May 2020

4

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Increased X-Ray Tube Production

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Invested $0.6m in additional processing stations for a major production rate increase

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LEFT: Expanding automated X-Ray Tube Conditioning cells from 3 to 4

RIGHT: Doubling of automated X-Ray Tube bakeout cells from 2 to 4

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© Micro-X Ltd – Nano Production update 13 May 2020

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Nano Production – Improved packaging New smaller, lighter and cheaper packaging

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© Micro-X Ltd – Nano Production update 13 May 2020

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Disclaimer

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SCOPE & LIMITATIONS

This Presentation has been prepared by Micro-X Limited ( Micro-X or the Company ) (ASX.MX1). The Presentation is a summary only and does not contain all the information about the Company’s assets and liabilities, financial position and performance, profits and losses and prospects. This material in this Presentation may be supplemented with an oral presentation and/or other more detailed documents and should not be taken out of context. Although the information contained herein is based upon generally available information and has been obtained from third-party sources believed to be reliable, the Company does not guarantee its accuracy, and such information may be incomplete or condensed. The Company also refers to its filings made with the ASX Limited and the Australian Securities & Investments Commission.

FORWARD LOOKING INFORMATION

This Presentation contains forward looking and other subjective information. Such expectations, estimates, projections and in formation are not a guarantee of future performance and involve unknown risks and uncertainties. Actual results and developments will almost certainly differ from those expressed or implied and recipients of this Presentation should make their own assessment of the expectations, estimates, projections and the relevant assumptions and calculations upon which the opinions, estimates and projections are based. No representation or warranty, express or implied, is given as to the accuracy or completeness of the information or opinions contained in this Presentation and no liability whatsoever is accepted by the Company, or its directors, members, officers, employees, agents or advisers for any use or, or reliance placed upon, such information or opinions.

NOT AN OFFER FOR SECURITIES

This Presentation is not a prospectus, product disclosure statement or other offering document under Australian law (and will not be lodged with ASIC) or any other law. This Presentation does not constitute an offer, invitation, solicitation or recommendation with respect to the purchase or sale of any shares nor does it constitute financial product or investment advice nor take into account your investment objectives, taxation situation, financial situation or needs. An investor must not act on the basis of any matter contained in this Presentation but must make its own assessment of the Company and conduct its own investigations and analysis. Before making an investment in the Company, a prospective investor should consider whether such an investment is appropriate to their particular investment objectives and financial situation and seek appropriate advice, including legal, taxation and financial advice appropriate to their jurisdiction and circumstances.

UNITED STATES

The Company’s securities have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the Securities Act ), or under the securities laws of any state or other jurisdiction of the United States. Accordingly, the Company’s securities may not be offered or sold, directly or indirectly, within the United States or to, or for the account of benefit of, U.S. Persons (as defined in Regulation S under the Securities Act as amended). This Presentation may not be distributed within the United States or to any person in the United States

OTHER JURISDICTIONS

This Presentation may only be accessed in other jurisdictions where it is legal to do so.

© Micro-X Ltd – Nano Production update 13 May 2020