MICRO-X LIMITED — Investor Presentation 2021

Mar 23, 2021

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Micro-X Limited, ABN 21 153 273 735

EVANS AND PARTNERS INVESTOR CONFERENCE

Micro-X to present at 4.20 pm AEDT on 24 March 2021

Adelaide, Australia, 24 March 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, announces that the Company’s CEO and Managing Director, Peter Rowland will be presenting at the Evans and Partners Investor Conference at 4.20pm on 24 March 2021 (AEST).

The Evans and Partners Investor Conference is a virtual investor conference which will include presentations from a number of small cap ASX companies. Micro-X CEO, Peter Rowland will provide the attached presentation on the company, followed by a question and answer session.

The E&P Financial Group provides wealth advice to over 9,200 clients with over $20 billion funds under wealth advice and also has over 180 institutional clients.

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

Micro-X has a portfolio of innovative products in development, including the MBI for imaging Improvised Explosive Devices in security, defence and counter-terrorism applications; a next-generation self-service X-Ray Airport Checkpoint Portal with an integrated body scanner; and a lightweight brain CT imager for early stroke diagnosis in ambulances. Micro-X has its core R&D, engineering and production capability in Adelaide, Australia with a fully in-sourced CNT tube manufacturing line and approximately 95% Australian locally manufactured content.

CONTACTS

Micro-X Limited	Investor Enquiries
Peter Rowland 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

www.micro-x.com

ACN 153 273 735 ASX: MX1

Evans & Partners Investor Conference 24 March 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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O V E R V I E W

NEXT GENERATION X-RAY FOR GLOBAL HEALTH AND SECURITY MARKETS

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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

Mobile DR - proven product performance and reliability

• Mobile ultra-lightweight digital x-ray system for bedside imaging

• ‘Nano’ - approved for sale in 40 countries, highly portable and easy to disinfect

• ‘Rover’ - first sales via World Health Organisation in 2020 and first military contract with ADF

IED X-ray Camera - MBI

• DoD funded development to assist with rapid, un-manned bomb and IED assessment

• Major technical breakthrough reduces project time and costs – first prototype by end 2021

Airport Self Service Checkpoint

• Up to $5m funding from TSA to design concept for next generation airport checkpoint for US airports

• Miniature x-ray scanner in automated security portal

CT Brain Scanner - Tomo

• Medical imaging technology for pre-hospital, in-ambulance diagnosis of strokes - treatment within ‘The Golden Hour’

• Up to $8m funding as part of Australian Stroke Alliance’s grant from Medical Research Future Fund

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Above: Close up of Rover

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Above: Micro-X laboratory in Tonsley facility

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Above: Close up of Rover screen

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O U R S T R AT E G Y

MONETISE OUR ‘FIRST MOVER’ ADVANTAGE

OUR GOAL

Commercialise high in the value chain to maximise revenue

• avoid commoditisation as long as possible - keep innovating to stay in front of competitors

Successful first movers in breakthrough technology move quickly: early commercial domination becomes a barrier to entry for others

- operating within five years

OUR PRODUCTS

Look for the ‘low hanging fruit ’ products where our technology delivers a customer benefit and the best product margins

Expand channel partners & collaborations to create required paths to market at scale

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Mobile DR Bedside Imaging – Medical, Military, Vet

IED X-ray Camera Counter terrorist bomb assessment

Airport Checkpoint Self-service airport security

Brain CT In-ambulance stroke imaging

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O V E R V I E W O F M I C R O - XS I G N I F C A N T M A R K E T S A C R O S S F O U R P R O D U C T I O N L I N E S Next generation X-ray for global health and security markets SEQUENCED PRODUCT ROLLOUT AS CNT MANUFACTURING EXPANDS

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MOBILE BEDSIDE DR IED X-RAY CAMERA 2018 2022 First Sales First Sales US$500M pa US$1.8B** Addressable Market Addressable Market

AIRPORT CHECKPOINT

BRAIN CT SCANNER 2023 2026 First Sales First Sales USA: US$8B US $5B Addressable Market

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

• Pre COVID-19 levels

• These dates are estimates and may vary

M O B I L E D R : N A N O M O B I L E X - R AY F O R H E A LT H C A R E

APPROVED FOR SALE IN 40 COUNTRIES – significant COVID-19 sales demand

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Bedside imaging – hospitals & temporary facilities Small & portable – 95kg compared to 350-600kg Approvals – FDA, CE Mark and TGA Installations in global markets ~ 14 countries Proven reliability + Positive customer feedback - Orders growing $4.2m in CY2020 Repeat orders from global clients

m $4.2 Purchase orders in CY 2020

14 Countries sold in

m $500 Addressable market

Above: Nano being used in The Alfred Hospital, Melbourne

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M O B I L E D R : R O V E R F O R M I L I TA RY & R E M O T E U S E R S FIRST CONTRACT FOR ADF - STRONG MILITARY INTEREST & UNMET NEED

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Rover is an adapted version of the Nano for military use

• Deployed medical facilities treat injured military personnel

• Higher power for trauma use in development

• For use in combat support, disaster relief & humanitarian aid

Unmet need – military currently using small-animal vet X-ray Limited competition - means higher potential gross margins FDA Approval - seeking CE mark and TGA approvals Addressable market in NATO countries ~$170M

m $1.4 Sales via WHO in Oct 2020

m $1.3 Contract for ADF Deployable Hospital

FDA Approved

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I E D I M A G I N G C A M E R A

BACKSCATTER X-RAY ASSESSMENT OF IEDS VIA ROBOT

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Illustration of IED camera in action

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Above: IED camera attached to robot
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X-Ray camera takes images without separate detector– one sided viewing

Bomb disposal technicians face life threatening situation when placing conventional X-ray detector behind target

Australian Defence Force proof of concept imaging completed

Customer support - military and FBI / bomb disposal interest

New design and architecture – smaller at 22kgs, 30% reduction in COGs, superior resolution and lower development risk

No competition = high gross margins

b $1.8 Addressable market

Prototype Target - Dec 2021

2022 Target Launch

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A I R P O R T S E L F - S E R V I C E C H E C K P O I N T

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

US$ 24.0 b Addressable market

• 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

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• ~US$24B global market - USA US$8B market opportunity

US $4.0 m

Two contracts for US Dept of Homeland Security

Above: Illustration of Future Airport Checkpoint Portal

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B R A I N T O M O G R A P H Y F O R S T R O K E D I A G N O S I S

MOBILE POINT-OF-CARE DIAGNOSIS - $8M MRFF FUNDING AWARDED

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• New medical imaging technology for enhanced diagnosis of strokes in a mobile setting - road or air ambulance

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Curved detector will be the first of its kind and be built in collaboration with Fujifilm

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

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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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Illustration of curved ring scanner in ambulance setting

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E S TA B L I S H E D C A PA B I L I T Y: M A N U FA C T U R I N G O P E R AT I O N S

WORLD-CLASS MANUFACTURING - EFFICIENCIES FROM AUTO INDUSTRY

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• State of the art manufacturing facility spanning 2,000m[2]

• Adelaide’s Tonsley Innovation District

• ISO 13485 certified Quality Management System

• MDR accreditation in progress

• Capacity now 2 units (Nano/Rover) per day

• Local supply chain – heading towards 95% local content with huge reduction in cycle time

• Nano and Rover built on same line with 95% parts commonality

2 Mobile DR

Production capacity a day

0 Warranty claims since production began

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E S TA B L I S H E D C A PA B I L I T Y: E N G I N E E R I N G D E S I G N

WORLD-CLASS CAPABILITY IN MULTI-DISCIPLINARY SYSTEMS DESIGN

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• Customer-led design methodology; proven fast track development process

• 27 engineers and scientists covering: Mechanical & Materials; Electronics & Control; Software & Systems; Vacuum physics; High Voltage engineering; Ergonomics & customer workflow

• Centre of Excellence in software & Image processing being established at Micro-X Inc. in Seattle WA

• 2 key patents granted 2020 plus 1 new patent filing

• In-house, proprietary, image re-construction software algorithms for 3D backscatter and transmission

• TSA contract award recognises systems design, project management & prime contracting capability - not just CNT technology

CENTRE OF EXCELLENCE IN SEATTLE Opening in May 2021

ENGINNERS 27 & SCIENTIST

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P L AT F O R M T E C H N O L O G I E S : I M A G E P R O C E S S I N G

IMAGE RECONSTRUCTION & PROCESSING

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Proprietary imaging software leveraging unique properties of CNT x-ray images Airport security combines conventional x-ray 3D imaging with backscatter imaging

Brain CT uses cone-beam tomosynthesis image reconstruction algorithms developed in-house All future programs draw on common image algorithm developments

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Backscatter Image Reconstruction and Display

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Stroke Tomosynthesis Reconstruction and Display

Core Property Imaging Software and Algorithms

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Explosives Imaging CT Reconstruction and Detection

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E X P E R I E N C E D L E A D E R S H I P

TECHNICAL AND COMMERCIAL EXPERTISE TO SUPPORT OUR OBJECTIVES

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Peter Rowland David Knox Managing Director & CEO Non-Executive Chairman

Patrick O’Brien Non-Executive Director

Yasmin King Non-Executive Director

Dr Alexander Gosling, AM Jim McDowell Non-Executive Director Non-Executive Director

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• 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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• 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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• Extensive experience in Over 40 years’ Extensive experience in business, negotiation & business, technology Defence and Aerospace procurement and and R&D experience industries Government A founding Director at Current CEO of Nova Currently CEO of Skills IQ, Invetech (Vision Group formerly Associate Systems); strategy for Former Chief Executive Commissioner of ACCC Capstone of the Department of

• Director of the Australian Premier for South Healthcare and Hospitals Australia Association

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C O R P O R AT E S N A P S H O T

GROWTH STAGE COMPANY WITH INSTITUTIONAL SUPPORT

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MX1 - Share Trading ( 1 January 2020 to 17 March 2021)
$0.45 25.0
$0.40
20.0
$0.35
$0.30
15.0
$0.25
$0.20
10.0
$0.15
$0.10 5.0
$0.05
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02 Jan 16 Jan 30 Jan 13 Feb 27 Feb 12 Mar 26 Mar 09 Apr 23 Apr 07 May 21 May 04 Jun 18 Jun 02 Jul 16 Jul 30 Jul 13 Aug 27 Aug 10 Sep 24 Sep 08 Oct 22 Oct 05 Nov 19 Nov 03 Dec 17 Dec 31 Dec 14 Jan 28 Jan 11 Feb 25 Feb 11 Mar
Millions
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Volume Price

Share & Trading Statistics (Closing Price on 17 March 2021) Share Price $0.345 per share Total Shares On Issue 459.5 million Options Issued 2.5 million Market Cap ~$158.6m

Key Financials & Shareholders Cash ~$37.5m Loans SAFA $3 million facility Institutions ~35.6% incl. Perennial (12.0%), Regal (10.7%), Thorney (7.7%) Board & Related Parties ~ 4.7%

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O V E R V I E W O F M I C R O - X E X P E C T E D M I L E S T O N E S & N E W S F L O W Next generation X-ray for global health and security markets INITIATIVES TO DELIVER COMMERCIAL OUTCOMES FOR ALL STAKEHOLDERS

First IED Camera Demonstration Grow Nano and Rover paths to market First Rover U.S. Army sale High Power Generator Complete Rover Mk II - High Power Launched Airport Security Contracts Signed Expansion of Micro-X Inc (US Operations) In-sourcing IED camera tube

Ongoing Nano and Rover Sales Brain Tomo Prototype IED Imaging Camera Commercialisation Airport Security Scanner Protype Airport Security Portal Prototype Adelaide manufacturing IED camera tube

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C O N C L U S I O N

UNLOCKING VALUE FROM REVOLUTIONARY COLD CATHODE TECHNOLOGY

• Own the proven technical edge

• Products with revenues in 26 counties

• s

• Multiple product line in design

• Massive addressable markets

• Customer pull – not technology push

• Demonstrated design & manufacturing capability to deliver

• Continuous innovation to drive value

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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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