MICRO-X LIMITED — Investor Presentation 2025

Jul 29, 2025

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COMPANY PRESENTATION

Investor non-deal roadshow meetings and 19[th] Bioshares Conference

Adelaide, Australia, 30 July 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, advises that Company’s management, including CEO Kingsley Hall, will be attending a non-deal roadshow with investors and will also be attending the 19[th] Bioshares Conference in Hobart on 7 – 8 August 2025.

The Company’s presentation for these meetings is attached.

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

– ENDS –

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 four, 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. Micro-X is developing a full body CT under contract by US Government agency ARPA-H.

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

Contacts

Micro-X Limited Kingsley Hall , Chief Executive Officer Rebecca Puddy , Head of Corporate Communications Tel: +61 8 7099 3966 Email: media@micro-x.com

Investor Enquiries

David Allen/John Granger Hawkesbury Partners Tel: +61 410 577 155 / + 61 499 100 038 Email: dallen@hawkesburypartners.com jgranger@hawkesburypartners.com

Micro-X Ltd. ABN 21 153 273 735, A14, 6 MAB Eastern Promenade, Tonsley, South Australia 5042 www.micro-x.com

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INVESTOR PRESENTATION Commercial execution

Kingsley Hall Chief Executive Officer 30 July 2025

Micro-X Investor Presentation I 1

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

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

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.

F O R W A R D L O O K I N G I N F O R M A T I O N

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.

N O T A N O F F E R F O R S E C U R I T I E S

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.

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

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

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

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

This Presentation is approved by the Board of Micro-X Limited

Micro-X Investor Presentation I 2

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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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OVERVIEW

Growing commercial momentum with Next Generation X-ray technology

1

Rover Plus sales momentum – Supply contract with major US healthcare provider

2

Building our X-ray & CT portfolio – focused on commercial execution – Unique features of proprietary NEX Technology

3

Head CT in stroke imaging trials shortly - $8.0m partnering contract[1] – World first 3D images produced

4

World first lightweight and portable Full Body CT imager - $25m partnering contract[2]

5

DHS evaluating Airport Checkpoint & Baggage security prototypes - $29m partnering contract[3] – Discussions ongoing to monetise this technology

1. Australian Stroke Alliance $8.0m Development Contract. 2. $12.5m contract with The Advanced Research Projects Agency for Health(ARPA-H) with $12.5m option to extend 3. Multiple contracts and extension with the US department of Homeland Security for up to $29.0m

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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

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MEDICAL IMAGING PORTFOLIO

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

R O V E R P L U S

• 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 E T E C T I O N

• 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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0.3kg NEX Mini tube
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2kg NEX DR tube
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STRATEGIES & PRIORITIES

Three key near term objectives focus to drive execution with a focus on tangible outcomes

01 02

03

Deliver large Commence Rover Plus Sales Head CT imaging trials

Monetise Security Division

• Major healthcare operator supply agreement

• Pathway to regulatory application in 2026

– Execute ongoing partnering negotiations

06 05

04

Build to Cashflow Breakeven

Partnerships for commercial growth

Focus on Medical Imaging

• Reducing unfunded costs with Contracts

• $5.6m Billion Prima – Other partners underway

– Narrower focus to leverage core Micro-X technology

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VALIDATION & PARTNERS Non dilutive funding to de-risk development and unlock value

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$29m funding $25m funding $8m funding
Development
Checkpoints & Baggage Full Body CT Head CT
Partners
Scanner – U.S. Airports – Portable & Lightweight – Stroke Diagnosis
>$80m
partnership
funding
Collaboration
Partners
$15m funding $5.6m funding
Multibeam Emitters Baggage & Parcel
– Strategic investment scanner – SE Asia
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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 robotics 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

Former Defence Deputy Sec, CEO Nova, CE SA Dept Premier & Cabinet

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Andrew Hartmann, Non-Exec

Senior VP Varex Imaging, former Phillips, Carestream and Siemens

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M E D I C A L I M A G I N G P O R T F O L I O - L e v e r a g i n g w o r l d l e a d i n g N E X T e c h n o l o g y

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Growing
Margins
Approvals
FDA
CE Mark, TGA
~400 units in
38
countries
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ROVER PLUS – GROWING SALES

First mobile imaging product – validates tube & generator technology

Recent Contract win - Major US Healthcare Group

• → Supply Contract with Major US Healthcare Group – after two stage in hospital evaluation → Additional contract negotiations with major US Group Purchasing Organisation – due shortly

Engagement – enhanced customer focus is working

• → New Sales team is creating a widening funnel of opportunities to sell Rover → Direct selling is more profitable - elite sporting markets provide high visibility → Mutli disciplined approach to the customer journey

Diversifying - imaging chain sales & new markets

→ Sale of imaging chains to international OEM companies

• → Varex multi-beam tubes powered by Micro-X high voltage generators

MICRO-X CT - TECHNOLOGY EVOLUTION Over 375 million CT images annually[1,2]

NEX Technology – major advantages over traditional CT

S I M P L E R

No rotating slip ring / No cooling Simple, reliable CNT tubes

S M A L L & P O R T A B L E

Smaller & lighter system Suits remote locations

C O S T E F F E C T I V E

Cheaper to build and install Cheaper to maintain & operate

P A T I E N T B E N E F I T S

Fast imaging More comfortable process

Conventional CT

1Research and Markets, Computed Tomography (CT) Scanners Market - Technologies, Applications and End-Users, Nov 2024

2Collective Minds, Number of CT Scans Per Year Worldwide: Overview of global Computer Tomography utilization, Nov 2024

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HEAD CT – PROTOTYPE NEAR READY FOR TRIALS Hospital and ambulance imaging trials to support regulatory approvals and launch in 2027

World first - Successful 3D CT clinical images

→ Micro-X proprietary mini tubes and generator with high voltage array technology

• → Test bench with phantom skull to mimic human head

• → Images generated and reconstructed – achieved ASA imaging milestone

Saving lives with stroke diagnosis in any ambulance

→ Mobile – 70kg unit suitable for all road and air ambulances

→ Accurate – 8 second scan for 3D imaging down to 2ml bleed

Pathway for clinical validation and approvals to launch

→ Human imaging trials in three Australian hospitals planned for 2H 2025

• → Trials will establish ambulance protocols and support regulatory dossier

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$8.0m
ASA funding
contract
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13.5m
strokes
Each year
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100,000
Ambulances
in US + EU
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Above: Head CT images showing the skull and soft tissue structure of the brain of an anthropomorphic head phantom

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FULL BODY CT –PORTABLE SOLU TION Extension of current Micro-X Technology – bringing CT scanning to the patient

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$25m
ARPA-H
funding contract
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ARPA-H awards $25m development funding contract

• → Initial funding of $12.5M for first 2 years - up to $25M for a total of 5 years

• → Design and deliver a lightweight and portable CT scanner for rural and remote use

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Data to support
FDA
510(k) filing
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• → 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

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PARADIGM
Addressing
access to
US rural health
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Staged work - all intellectual property retained

• → Funds through vehicle integration and testing in rural US - to FDA 510k certification → Current phase is design and documentation for first prototype

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Above: Diagrammatic representation of proposed Full Body CT product and portable CT diagnostic solution for remote application

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S E C U R I T Y O F F E R I N G S

M o n e t i s i n g S e c u r i t y - S t r a t e g i c P a r t n e r s h i p s

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MONETISING SECURITY BUSINESS

Realising value from fully funded development work with US Department of Homeland Security

Partnerships to monetise technology & take to market

• → Discussions ongoing to sell complete baggage scanner design / self-screening checkpoint to other parties to manufacture and distribute

• → DHS & TSA Airport Checkpoint and Baggage Scanner development to continue – funded by DHS

Self Screening Checkpoint prototype – in TSA lab testing

→ Goal of faster and safer airport screening – 30 seconds per passenger - 8 passengers simultaneously

• → Key validation work completed with prototype in TSA test labs

→ $6.0m contract extension received – Additional Checkpoint prototypes

Two Baggage Scanner prototypes – in lab TSA testing

→ Two-year, funded project, to develop next generation baggage scanner

• → First prototype in TSA specialist labs for real world testing

• → Developing deep learning algorithms to enhance the identification and detection of threats

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$29m
DHS funding
contract
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Global
security
opportunity
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440
Airports
in the U.S.
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BAGGAGE & PARCEL SCANNER – PARTNERSHIP $5.6m deal with Billion Prima - Malaysian high-tech scanning specialist

Partnership to develop a baggage scanner for SE ASIA

→ Billion Prima are a specialist in baggage and cargo scanning technology in Malaysia

→ $2.4m equity subscription and $3.2m development agreement

→ Working with Billion Prima to commercialise and launch NEX technology baggage scanner in 2026

Aligns with strategy - partnerships for market entry & funding

→ Billion Prima aiming to complete their scanner by the end of 2025

→ Micro-X long term revenue opportunity from sale of CNT X-ray tubes and generators

→ Micro-X retains right to sell the unit outside SE Asia - license technology to third parties in other regions

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$5.6m
partnership
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Development
completed
2025
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SE Asia
Market focus
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D R I V I N G C O M M E R C I A L S U C C E S S

B u i l d i n g a b u s i n e s s , n o t j u s t a t e c h n o l o g y

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COMMERCIAL TIMELINE Commercialising a portfolio of products

Products	Funding / Status	2025	2026	2027
	Approved / Revenue ~400 units sold to date	Execute larger sales opportunities	Cashflow positive operations	Further growth
	3D Images - Prototype $8mASA funding to prototype delivery	Human imaging trials - Hospital	Regulatory submission	Approval & Launch
	Design stage Up to $25mARPA-H funding to prototype delivery	Phase 1 – De	sign & Prototype	Phase 2 - Testing
	Prototypes being tested Up to $29mDHS contract to live testing	TSA testing - Algorithm enhancement	Deliver two more Checkpoints	Live testing in U.S. airport

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ETHICAL & SU STAINABLE CORPORATE GROWTH Environmental, Social and Governance credentials

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ENVIRONMENT			PEOPLE		GOVERNANCE
Continuous waste reduction program • Cost reductions in bottled gasses, nitrile gloves, wet chemicals and other consumables • Focus on reduced landfill waste and increased recycling Development of 2026 Sustainability Strategy underway ZERO Environmental incidents			ZERO Fatalities or serious injuries since Micro-X founded 24% Female employees 25% Female board 16 nationalities represented Diversity & Inclusion Policyin place Veterans Employment Commitment Autism SA Autism Friendly Charter CSIRO STEM Professionals in Schools Program Defence Industry Program Internships		ISO 13485, ISO 9001 Appointed new Company Secretary US FDA, EU MDR, ARTG Cybersecurity insurance policy in place

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CORPORATE & FINANCIALS

Institutional /Strategic 42.5% Retail and HNW 55.2%

Board & Management 2.3%

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$17.9m Contracted Payments FY26 onwards $4.0m 1H FY25 Revenue

$5.0m R&D Rebate estimate due Dec-25

FINANCIALS & SHAREHOLDERS	FINANCIALS & SHAREHOLDERS		SHARE CAPITAL(28 July 2025)	SHARE CAPITAL(28 July 2025)
Cash	~$5.1m (31 Mar 2025)		Share price	$0.065 per share
Revenue	$4.0m (1H FY25)		Total shares on issue	677.2 million
Institutions & Strategic Investors	Perennial (12.9%), Acorn (10.7%), Varex (8.1%), Thorney (6.8%), Billion Prima (4.0%)		Options (ex. 13.5c) Performance rights Convertible notes	31.1 million 54.2 million 162.5k shares
Board & Mgmt	2.3% exc. Performance rights		Market cap	$44.0 million

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WRAP UP

A clear path forward

1

Commercial & customer focus is delivering results

2 3

Rover Plus sales momentum – building towards breakeven

Stroke imaging about to commence trials

4 5

Near term opportunity to monetise security business

Validated by strong partners – funding & access

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

Micro-X Limited

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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Micro-X Investor Presentation I