MICRO-X LIMITED — Investor Presentation 2021

Jul 28, 2021

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Micro-X Limited, ABN 21 153 273 735

MICRO-X COMPANY PRESENTATION

Adelaide, Australia, 29 July 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 provide the attached Company Update presentation, following the release of the June 2021 Quarterly Results and Activities Report.

The Company’s management will also be conducting a series of meetings with investors and analysts following the Quarterly Investor Call on Thursday 29 July 2021.

This announcement is approved by Kingsley Hall, Company Secretary of Micro-X.

– ENDS –

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 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 is built in four, high margin, product lines in health and security. The first commercial mobile digital radiology products are currently sold for diagnostic imaging in global healthcare, military and veterinary applications. An X-ray Camera for security imaging of Improvised Explosive Devices is in advanced development. The US Department of Homeland Security has selected Micro-X to design a next-generation Airport Checkpoint Portal with self-service x-ray. 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.

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

CONTACTS

Micro-X Limited	Investor Enquiries
Peter Rowland Managing Director Tel: +61 8 7099 3966 E: prowland@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

www.micro-x.com

ACN 153 273 735 ASX: MX1

Company Update 29 July 2021

Peter Rowland Managing Director & CEO

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A new era in X-ray imaging
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I M P O R TA N T N O T I C E

DISCLAIMER

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as amended (the Securities Act ), or
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MINIATURISING X-RAY

First Mover in Next Generation X-ray for Global Health and Security Markets

Platform technology in cold cathode x-ray

• X-ray products with significant reduction in size, weight and power

• Patented technology – platform for health and new security applications

• First to market with proven cold cathode medical x-ray product

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29kg 1.5kg
Above: Conventional X-ray tube Above: Micro-X tube
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OUR STRATEGY

To Monetise Our ‘First Mover’ Advantage

Successful first movers in breakthrough technology move quickly: Early Commercial success becomes a barrier to commercial entry for others OUR GOAL domination Four production lines: - common technology platforms Create required paths to - high-margin marke t at scale - operating within five years Platform Expand channel Look for low OUR PRODUCTS hanging fruit partners & technology in cold products collaborations Mobile DR cathode x-ray Bedside Imaging – Medical, Military, Vet Our technology delivers a IED X-ray Camera customer benefit and the Counter terrorist bomb assessment Commercialise high in the value best product margins chain to maximise revenue Commercialise - avoid commoditisation as long as high in the Airport Checkpoint possible value chain Self-service airport security - keep innovating to stay in front of Brain CT competitors In-ambulance stroke imaging

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MOBILE DIGITAL RADIOLOGY

Extending Bedside Imaging with Light weight and Ultra-mobility

THE PRODUCT RANGE

OEM Products – Carestream DRX Revolution Nano

• First sold 2018 – now operating in 20+ countries

• Other, non-exclusive OEM partnerships in development

• Micro-X ‘Rover’ – wholly Micro-X branded and controlled imaging solutions for:

• Medical hospitals & temporary facilities

• Ruggedized for deployed military hospitals and humanitarian aid

• Veterinary applications in small-animal hospitals

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MOBILE DR – ROVER MEDICAL Building Commercial Capability – New Markets and Sales Channels

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Rover Medical – launched in mid 2021 with multiple distributors and dealerships

Focus now on building installed base

Building sales capability and channels globally

Varex detector – state of the art and higher margins

Two experienced sales managers hired – US and EU

Seattle Office opening – base for growing business opportunities in N America and supporting distributors

EMEA market entry - Roesys appointed distributor and Rover showcased at Arab Health 2021

Door-to-door x-ray services in Adelaide & Sydney proving success for point of care imaging at home

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U.K, 6%
Americas,
EU, 17% 28%
Oceania,
20%
Asia, 28%
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m $3.6

Sales in FY21

4 New distributors signed

2021

Rover Mark II launch

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MOBILE DR: ROVER FOR MILITARY & REMOTE USERS First contract for ADF – Strong Military Interest for deployed medical facilities

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Rover Military for use in combat support , disaster relief & humanitarian aid - addressing unmet need Limited competition - means higher potential gross margins - FDA clearance CE mark and TGA processes underway Partnering - Rover Military uses the Fuji detector $1.3m contract for new ADF deployable hospital Addressable market in NATO countries ~$170M

m $1.4 Sales via WHO in Oct 2020

m $1.3 Contract for ADF Deployable Hospital

FDA Cleared

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MOBILE DR - ROVER VETERINARY New Radiology Market – Same benefits for mobility

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Rover Vet launched in 2021 for small animal veterinary market 3,000 Australian Vet Smaller size and mobility improves workflows & productivity Practices use diagnostic radiology Veterinary user interface and imaging software – world leading Australian launch > 3,000 vet practices - all use radiology Unique Workflow benefits First sale & specialist distributor appointed Global veterinary roll-out to follow Sales First sale June 2021

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IED X-RAY CAMERA

Next Generation Security Device to Save Lives

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Image of explosive actuator mechanism

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X-Ray camera takes images like a camera - one sided viewing without separate detector

Bomb disposal technicians face life threatening situation when ‘over the target’ placing a conventional X-ray detector

Small size and weight - easily carried by robots

Australian Defence Force proof of concept imaging completed

Military and FBI / bomb disposal interest

No competition = high gross margins

b $1.8 Addressable market

Prototype By Dec 2021

2022 Target Launch

First public showing of IED Camera at Army Robotics Conference in April 2021

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AIRPORT SELF-SERVICE CHECKPOINT US Dept. of Homeland Security – Two Contracts Totalling US$4m

• A blend of backscatter and transmission X-ray to provide three dimensional imaging of carry on luggage

Integrated body scanner and passport reader

• Based on work Micro-X is undertaking with the UK Government’s Department for Transport

• Concept reimagines the future of airport checkpoints based on self-service model

Addressable global market ~US$24B TSA alone US$8B market opportunity

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•
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US$ 24.0 b

Addressable market

US $4.0 m

Two contracts for US Dept of Homeland Security

Above: Illustration of Future Airport Checkpoint Portal

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BRAIN CT IMAGING FOR STROKE DIAGNOSIS Pre-Hospital Diagnosis & Treatment in Ambulance - $8m MRFF Funding Awarded

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Illustration of curved ring scanner in ambulance setting

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Above: Stroke Tomosynthesis Reconstruction and Display

• CT imaging with no moving parts – small enough and affordable to be fitted to every ambulance

• Early stroke diagnosis allows treatment in a road or air ambulance – improved patient outcomes within the ‘Golden Hour’

• Curved detector will be the first of its kind - provided in collaboration with Fujifilm

• $8M funding under Second Phase of Australian Stroke Alliance Project – Medical Research Future Fund

• Potential to be a game changer in modern stroke management with addressable market ~$5bn

5.0 b US$ Addressable market

8.0 m $ Australian Stroke Alliance - MRFF funding

Partners

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O V E R V I E W O F M I C R O - X SIGNIFICANT MARKETS ACROSS FOUR PRODUCTION LINES Next generation X-ray for global health and security markets Sequenced Product Rollout as CNT Manufacturing Expands

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MOBILE DR RANGE
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IED X-RAY CAMERA
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AIRPORT CHECKPOINT

BRAIN CT SCANNER

2018 First Sales

2022* First Sales

2023* First Sales

2026* First Sales

US$500M pa* Addressable Market

US$1.8B Addressable Market

USA: US$8B RoW: US$16B ~~Addressable Market~~

US $5B Addressable Market

• Pre COVID-19 levels

• These dates are estimates and may vary

JUNE 2021 QUARTER HIGHLIGHTS

Advancing & Investing in our Commercial Capabilities

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1
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Expanding commercial range – New Mobile DR products

• Rover Medical receives FDA clearance – launched in US healthcare market

• Rover Veterinary launched – first sale and Australian distributor appointed

• Key components manufactured in house – control supply chain

2

• New detector allows control of sales channels – Direct + Dealers

New second generation tube & generator

Congressman Adam Smith with the Micro-X team at the opening of the Seattle Office

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• High voltage generator and X-ray tube tested – 4 times the x-ray energy at half the price

• Rover capabilities extended to trauma exams in emergency departments and operating theatres

• In-sourced manufacturing provides higher margins

Advancing our future technologies

• IED X-ray Camera – first public showcase to Australian Army Robotics conference

• Seattle premises opened – base for US sales and support for TSA programme management

• Early hires and pre-contract work underway for US Airport Security programmes (US$4m) and Australian Stroke Alliance Brain CT Scanner programme ($8m)

Current (left) and future (right) Generators for the Rover range of Mobile DR x-ray products – future generator delivering four times more power

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ESTABLISHED CAPABILITIES

Key Disciplines – Engineering Design, Development and Manufacturing

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Above: manufacturing in Tonsley facility

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EXPERIENCED LEADERSHIP Technical and Commercial Expertise – To Support Objectives

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David Knox Non-Executive Chairman

Peter Rowland Managing Director & CEO

• Over 30 years’ Extensive international engineering and business experience delivering management in medical large energy projects device & and Formerly CEO of Santos and aerospace industries Australian Naval Infrastructure Previously BAE Chair of Snowy Hydro, Systems, Ellex Medical Director of CSIRO and Biolase Technology (NASDAQ)

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Patrick O’Brien Non-Executive Director

• Over 25 years’ business and finance experience in UK, Asia and Australia Former Executive Director at Macquarie Group; McKinsey; and Minter Ellison

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Yasmin King Non-Executive Director

• Extensive experience in business, negotiation & procurement and Government

• Currently CEO of Skills IQ, formerly Associate Commissioner of ACCC Director of the Australian Healthcare and Hospitals Association

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Dr Alexander Gosling, AM Non-Executive Director

Jim McDowell Non-Executive Director

• Over 40 years’ Extensive experience in business, technology Defence and Aerospace and R&D experience industries A founding Director at Current CEO of Nova Invetech (Vision Group Systems); strategy for Former Chief Executive Capstone of the Department of Premier for South Australia

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CORPORATE SNAPSHOT Growth Stage Company with Institutional Support

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MX1 - Share Trading ( 27 July 2020 to 27 July 2021)
$0.45 12.0
$0.40
10.0
$0.35
$0.30 8.0
$0.25
6.0
$0.20
$0.15 4.0
$0.10
2.0
$0.05
$0.00 0.0
27 03 10 17 24 31 07 14 21 28 05 12 19 26 02 09 16 23 30 07 14 21 28 04 11 18 25 01 08 15 22 01 08 15 22 29 05 12 19 26 03 10 17 24 31 07 14 21 28 05 12 19 26
Jul Aug Aug Aug Aug Aug Sep Sep Sep Sep Oct Oct Oct Oct Nov Nov Nov Nov Nov Dec Dec Dec Dec Jan Jan Jan Jan Feb Feb Feb Feb Mar Mar Mar Mar Mar Apr Apr Apr Apr May May May May May Jun Jun Jun Jun Jul Jul Jul Jul
Volume Price
Millions
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Share & Trading Statistics(Closing Price on 27 July 2021)	Share & Trading Statistics(Closing Price on 27 July 2021)
Share Price	$0.305 per share
Total Shares On Issue Options Issued	459.7 million 2.5 million
Market Cap	~$140.2m

Key Financials & Shareholders

Cash ~$30.1m (30 June 2021) – Debt free ~40.0% Institutions Perennial (12.2%), Regal (10.9%), Thorney (6.3%), AusSuper (5.2%) Board & Related Parties ~ 4.8%

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O V E R V I E W O F M I C R O - X MILESTONES & ACHIEVEMENTS Next generation X-ray for global health and security markets Initiatives to Deliver Commercial Outcomes for all Stakeholders

First IED X-ray Camera Demonstration Growing Micro-X Rover paths to market – US, EMEA In-sourced Generator tested Launch Rover Veterinary Rover Mk II – Second generation Launch Airport Security Contracts Signed Brain CT Scanner Contract signed IED X-ray Camera prototype

Increasing Mobile DR Sales Scaling x-ray tube manufacturing IED X-ray Camera Commercialisation Brain CT Scanner Prototype Airport Security Scanner Protype Airport Security Portal Prototype

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ACN 153 273 735 ASX: MX1

Thank You

Peter Rowland Managing Director & CEO

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A new era in X-ray imaging
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