MURRAY COD AUSTRALIA LIMITED — AGM Information 2019

Nov 28, 2019

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ASX Code: MCA
Murray Cod Australia Ltd
2019 Annual General Meeting
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1

Financial Performance

MCA’s full year financial results were solid.

Total revenue increase of 43.8% over the last 12 months ending 30 June 2019.

Total revenue was $6.4 million.

Average sale weight per Murray cod was 1.49 kilograms. It is pleasing to note that price perfish has remained stable as volumes have risen. Japanese customers wanting bigger fish and ordering consistently.

2

Financial Performance

Our strong full year results have enabled us to maintain and grow our market share.

New stocking model achieving higher stocking densities with lower mortalities and improved growth.

Continued economies of scale to provide benefit on cost production.

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3

New Markets

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MCA is focused on expanding into premium global markets.

We have weekly shipments going into Japan and the USA and regular shipments going to Singapore and Hong Kong.

Trials have just been completed in Europe with shipments expected to start in early 2020.

Aquna Sustainable Murray Cod is now listed on some of the world’s finest restaurant menus.

Investing for Growth

Over the last year our growth strategy has been focused on four key areas:

New land production ponds

Processing plant Improving development efficiencies

Marketing

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5

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Investing for Growth

Processing plant

Production ponds

The company’s 20 ponds now include (192 pens). (Some ponds hold 12 pens and some only 8 pens)

This year, MCA developed a Griffith based processing plant to accommodate greater scope in our innovative product offering.

DA lodged for new site for additional 35 ponds. This will add an additional 420 pens. Construction expected to commence in 1[st] quarter 2020.

Processing commenced in September and the new retail space opened three weeks ago selling fresh and hot smoked Murray cod.

We plan to stock out 1.2 million fish to ponds this summer.

Investing for Growth

Marketing

Improving efficiencies

Through ongoing innovation, we have established a high-efficiency feeding strategy.

Marketing strategy has been focused firmly on achieving three key business objectives:

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Our Feed Conversion Ration is close to 1.2:1 and improving each year.

1. Export – increase our existing footprint and create new markets.

Technology for stocking small fish directly to ponds instead of nursery shed is now proven. This will save significant capital investment in our growth plans.

We have developed a sophisticated, automated feed management app, which means we can feed fish remotely.

1. Smoked – launch product in Australia and international for Aquna cod.

2. Domestic – increase product demand in Australia for fresh Aquna cod to support the premium price.

Heston Blumenthal and The Fat Duck Group

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In may 2019, MCA announced the appointment of Michelin starred, Heston Blumenthal and The Fat Duck Group, as MCA’s key advocate in a five year agreement.

The announcement of the appointment prompted a surge of new worldwide interest in MCA.

Heston and his wider team are developing recipes using Aquna Murray Cod that will be released in 2020, are working on placing our fish on the menu at several of The Fat Duck Group’s restaurants and will showcase our Murray cod on the group’s social media networks.

Heston travelled to Griffith in May, toured our facilities and worked with us to create marketing collateral.

8

Sustainability

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At MCA our vision is to set the environmental sustainability benchmark globally for the aquaculture industry. Over the last year, we have made large inroads towards achieving our sustainability visions across our entire business.

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9

Hatchery

In our hatchery, breeding fish for our aquaculture program is now sourced from our own farm-raised stock. This means we’re self-sufficient – no fish are taken from the wild.

Currently, we’re participating in a state government restocking program. We breed and raise the Murray cod fingerlings in our hatchery, which are released into the Murray-Darling Basin.

More than one million of our fingerlings have been released into the river system.

In October we partnered with NSW DPI to rescue 44 large Murray cod from the Darling River. They have since been through quarantine and are now settled into their new pond.

We will house and care for the fish until the river system recovers enough that they can be safely returned to their original home.

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Nursery

In late 2018 we installed solar panels for renewable energy production at our Bilbul nursery.

Approximately 50 per cent of total nursery energy is currently provided by solar power.

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11

Production ponds

Our land-based production model uses once the same irrigation water twice – through our fish ponds, then for crop irrigation on farms.

Through closer monitoring of our ponds, we have reduced our water use by 50 per cent over the last 12-months.

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12

Processing plant

Our local processing plant where we produce two products aims to produce zero-waste.

This is achieved through a partnership with a local organic recycler, who recycles and reuses all fish waste created at the facility.

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13

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Award wins

It was a tremendous honour for MCA to be recognised with several prestigious awards over the last year.

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On Friday night we were announced as NSW Business of the Year at the NSW Business Chamber Awards. We were also named state winner of the Excellence in Sustainability award.

MCA also took out the prestigious 2018 NSW Business Chamber Excellence in Innovation award at state level after winning the same category locally and at regional level.

In October we were awarded Gold medals for our fresh and smoked Murray cod at the Sydney Royal Fine Food Show.

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14

Thank you and questions

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FOR MORE INFORMATION Ross Anderson Chairman of Murray Cod Australia Phone +61 269 625 470 Email ross@aquna.com Website aquna.com

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