MURRAY COD AUSTRALIA LIMITED — AGM Information 2022

Nov 28, 2022

MURRAY COD AUSTRALIA LIMITED

ASX code: MCA

2022 Annual General Meeting

DISCLAIMER

This presentation has been prepared by Murray Cod Australia Limited (the “Company”). It does not purport to contain all the information that a prospective investor may require in connection with any potential investment in the Company. You should not treat the contents of this presentation, or any information provided in connection with it, as a financial advice, financial product advice, or advice relating to legal, taxation or investment matters.

No representation or warranty (whether express or implied) is made by the Company or any of its officers, advisers, agents or employees as to the accuracy, completeness or reasonableness of the information, statements, opinions or matters (express or implied) arising out of, contained in or derived from this presentation. This presentation is provided expressly on the basis that you will carry out your own independent inquiries into the matters contained in the presentation and make your own independent decisions about the affairs, financial position or prospects of the Company. The Company reserves the right to update, amend or supplement the information at any time in its absolute discretion (within incurring any obligation to do so). Neither the Company, nor its related bodies corporate, officers, their advisers, agents and employees accept any responsibility or liability to you or to any other person or entity arising out of this presentation including pursuant to the general law (whether for negligence, under statute or otherwise), or under the Australian Securities and Investments Commission Act 2001, Corporations Act 2001, Competition and Consumer Act 2010 or any corresponding provision of any Australian state or territory legislation (or the law of any similar legislation in any other jurisdiction), or similar provision under any applicable law. Any such responsibility or liability is, to the maximum extent permitted by law, expressly disclaimed and excluded. Nothing in this material should be construed as either an offer to sell or a solicitation of an offer to buy or sell securities. It does not include all available information and should not be used in isolation as a basis to invest in the Company.

Future matter | This presentation contains reference to certain intentions, expectations, future plans, strategy, revenue forecasts and prospects of the Company. Those intentions, expectations, future plans, strategy, revenue forecasts and prospects may or may not be achieved and may be forward looking statements. They are baaed on certain assumptions, which may not be met or on which views may differ and may be affected by known and unknown risks. The performance and operations of the Company may be influenced by a number of factors, many of which are outside the control of the Company. No representation or warranty, express or implied, is made by the Company, or any of its directors, officers, employees, advisers or agents that any intentions, expectations or plans will be achieved either totally or partially or that any particular rate of return will be achieved. Given the risks and uncertainties that may cause the Company’s actual future results, performance or achievements to be materially different from those expected, planned or intended, recipients should not place undue reliance on these intentions, expectations, future plans, strategy, revenue forecasts and prospects. The company does not warrant or represent that the actual results, performance or achievements will be as expected, planned or intended.

All figures included in this presentation are in AUD$ unless otherwise stated.

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2022 HIGHLIGHTS

• Continued revenue and biomass growth and strong balance sheet

• Price increases with Demand Exceeding Supply

• Weather has delayed development of new ponds and slowed growth of growout fish

• Excellent Spawning results at hatcheries despite cold wet conditions

• Growth trajectory of 10,000 tonnes remains on track

• Innovations of “free range fish” and out of season spawning

• Value added projects gain momentum • Sustainability – over 4 million native fingerlings released throughout the Murray Darling Basin during the 2022FY

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The Year In Review

WHAT WE AIMED TO ACHIEVE (November 2021 Goals)	WHAT WE DID ACHIEVE (November 2022)
Construct 12 new ponds	Construction of 16 Ponds (10 still underway as delayed due to wet weather but still expect completion and stocking this summer) Planning advanced for 50+ new free range ponds. Aim to be constructed in 2023 and stocked in summer 2023/24
Develop year–round (out of season spawning) breeding program	Leased RAS site in Wentworth and conducted first successful spawning trial indoors and out of season. With continued development aiming to implement this process during 2024 year
Accelerate market penetration into HORECA and grocery channels	Excellent Brand Penetration with demand constantly exceeding supply
Increase revenue per kg by up to 25% via pricing and value adding	Price rise from $20 to $24 per kg for whole round fish. Up to $30kg achieved for select grades of live fish. Expect premium for larger fish as they become more available in 2023/24. Value adding projects well advanced eg Aquna caviar

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WHAT WE DID ACHIEVE (November 2022)

WHAT WE AIMED TO ACHIEVE

(November 2021 Goals)

Implement gross margin improvements in:

Processing , Feed Breeding

Processing equipment purchased and commissioned with efficiencies to increase as volumes grow. Planning for new site in 2025/26 is underway.

Feed trials undertaken with specific diet for Murray Cod species now developed (prior diet was for Barramundi). Development is ongoing. Full traceability of feed components now available.

Phase 2 of breeding program completed under supervision of CSIRO to improve genetics of Aquna Cod. This will continue for several more years and evaluated each year as results are achieved.

Developments at Euberta and Silverwater hatcheries to increase capacity by 30% completed and now operational.

Capitalise on demand in three key global markets (US, EU and Japan)

New 200 hectare greenfield Hatchery site purchased with DA almost completed. This will increase total hatchery capacity to 300% of current capacity Broodstock have been sourced from our own genetic stock and set aside for the 2023 spawning season (this reduces stock available to sell this year) Excellent Brand Development results with demand exceeding supply domestically and internationally. Japan slow to re-open post COVID. USA and European demand is strong however lack of supply is currently limiting exports.

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AWARDS

• Champion and Gold – Sydney Fine Food Awards

• NSW Sustainability Exports Awards

• Winner NSW Premier’s Award for Sustainability in Export

• Finalist - National Sustainability Exports Awards

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GROWTH TRAJECTORY

• The company’s growth trajectory of 10,000 tonnes by 2030 remains on track

• Earthworks on 6 of the planned 16 ponds are complete. Delays have been caused on the remaining 10 free range ponds due to wet weather. We still expect to commission all 16 ponds this summer (subject to weather).

• During calendar year 2023 – MCA plans on developing an additional 50 free range ponds

Number of ponds per calendar year

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FINANCIAL OVERVIEW

• Revenue and gain in Biological assets net of provisions $19.72M an increase 38.3% to PCP

• Strong balance sheet

• Net Assets $76.4M

• Land & Buildings and Water Assets - $26.9M

• $22.3m Cash as at 30th September 2022

• $5.8m Unused Finance Facilities

• 525 tonnes of fish harvested 2022FY

• Net gain in fair value of biological assets increased to $9,501,771 from $4,539,333 PCP

Total Revenue

Including Gain in value of Biological Stock

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FY 2023 FINANCIAL OUTLOOK

• Expected revenue from Government restocking scheme est.$800k lower. This loss of revenue will impact short term cashflow, but will significantly add to revenue in 2-3yrs as these fish are added to our ponds and are grown out to larger fish

• Experiencing a much colder spring than average causing water temperatures to remain at lower levels than average impacting growth of fish. The slower growth will delay supply of saleable fish.

• Conservative stocking approach during COVID 19 pandemic in summer 20/21 has lowered availability of saleable fish now.

• Inflation - Input and operational costs are rising.

• Increases in energy costs expected in 2024

• Increases in fish feed cost.. ..but

• Better diet may improve FCR and SGR therefore feed cost per kg of fish produced may not rise as much as inflation

• Expect increases in labour costs due to inflation

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FY 2023 CAPEX BUDGET

• Stage 1 New hatchery development circa $5 million

• New Free Range Ponds circa $2.5 million

• Processing plant not until 2025/26

• New Harvesting and other Equipment circa $1 million

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PRICE INCREASE

• Aquna Murray Cod is now priced at $24/kg compared to $20/kg last year (No impact on demand)

• Larger fish 2.5kg are attracting a premium due to scarcity of fish and demand by HORECA sector

• Live fish sales are achieving prices up to $30/kg in some categories

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MAINTAIN MARGIN

• Price increases of 20% achieved this year

• Value adding on track

• Free range ponds lower OPEX

• FY 2023 spawning on track

• New weaning system & Bilbul site

• conversion lower OPEX

• Aquna branding – continue price increase

• Feed improvements

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VALUE ADDING EXAMPLE AQUNA GOLD CAVIAR PROJECT

Keeping in line with our ethos –luxury and sustainability we are currently developing a Murray Cod Caviar product with a leading Australian Caviar Company. Aquna branded Murray Cod Caviar will be the only exclusively Australian fresh water Caviar.

Initial organoleptic testing –

Murray Cod Caviar is described as:

• Bright golden champagne coloured appearance

• Fresh aroma with a delicate salty taste with an excellent mouth feel combined with a “pop” sensation when eaten.

The availability of source is limited –

• Adult female Murray Cods weighing 4kg+

• Egg formation occurs during spawning period, a timeframe of 2 months.

Estimated return –

• Harvested 4kg+ adult female with eggs can potentially increase return by an additional 52% per fish (females only)

• Fish have been sexed and females set aside for 2023 production of caviar (this has reduced availability of stock for sale this year)

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FY2023 SEASON SPAWNING

Our FY23 spawning numbers are currently ahead of target.

As with last year we are experiencing colder than average temperatures. Plans made during 2022 to cater for possibility of colder season this spring have been very effective. Good result to date.

Upgrades Completed at existing hatcheries –

CY2022 we completed the upgrades to our existing hatcheries at Silverwater and Euberta.

The upgrades provided a 30% increase in capacity over both sites enabling us to our increase our spawning targets for current period.

New Greenfield Hatchery Site

200 hectare site purchased at Gogelderie. Development Application for stage one soon to be lodged. Aiming to have it operational for 2023 spawning season

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FREE RANGE PONDS

CY2023 – Aim to build 50+ new Free-Range Ponds Each pond has capacity to hold biomass of up to 50 tonnes

CAPEX and OPEX benefits –

CAPEX – reduction from $300k per pond to Circa $50k per pond. But free range ponds will be lower stocking rate

Expected savings of $90M over 8 years as we expand to 10,000 tonne target OPEX

• Lower operation costs

• Reduction in Energy Use

• Less Labour intensive

• Minimal maintenance.

Fish benefits –

Based on current research conducted on our sites, our fish have shown

• An increase in Growth

• Excellent Taste

• Better Health

• Whole pond netting removes all threats from birds

• Lower density – 150kg mᶾto 7-10kgmᶾ

Expected Challenges –

• Monitoring systems of Fish being modified as the fish are not confined to a small net area

• Feeding System is being redesigned for the new grow out model, CAPEX savings can be achieved in this area.

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Planned Free
Range Ponds
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NEW WEANING SYSTEM & CONVERSION OF BILBUL SITE

• New method will increase Juvenile production

• Juveniles are weaned at an earlier life stage

• Less infrastructure required

• Much lower capex required for expansion

• Higher output –smaller footprint

• Increased efficiencies driving costs savings

• Bilbul grow-out ponds are being converted to 100%

juvenile production

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New weaning system installed at the
Silverwater Hatchery at Grong Grong.
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BRAND, MARKETING, EXPORT

• Significant rise in consumer awareness resulting from targeted digital marketing

• Aquna brand recognition by Australian renowned chefs as a producer of an excellent quality product

• We continue to invest in developing our brand and product in international markets in anticipation of planned increases in production

• Export groundwork continues to open new markets despite shortage of supply. USA open and allocated small numbers. Japan not reopened. Europe – looking to change to frozen

• Enquiry from Vietnam, Singapore, Malaysia, Dubai, Canada

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DEMAND EXCEEDING SUPPLY

• Demand is exceeding supply which is impacting availability of saleable size fish in the 2.5kg+ range over the next 12 months.

• The high demand for our product while pleasing requires continued forecast modelling of available saleable fish in providing balance with a continued focus on high margins.

• Time is our limitation as the growth of a fish to saleable size can take 2+years.

• Moving to a juvenile production method in ponds vs RAS has slowed production cycle but saved significant CAPEX going forward

• Segregation of Caviar stock and broodstock reduces near term sales with the aim of improved longer term returns

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RESEARCH & DEVELOPMENT

Out of Season Spawning –

• In April 2022, we commenced our out of season spawning trial

• There have been trials conducted in the past by Vic Fisheries* MCA is undertaking its own research trials to commercialize out of season spawning

• • Trials conducted by Victorian Department of Fisheries on Murray Cod out of season spawning 2012.

• Limited success achieved in 2022 year. However expect 2023 to improve as systems and husbandry improve

Feed Trials –

• New initiatives such as feed approved to meet ‘Halal’ requirements of middle eastern countries

• Feed trial of 100% plant based proteins – dubbed our “Vegan” feed

• Currently in engaged with feed suppliers and universities in development of a recipe that is specific to Murray Cod from juvenile to grow out. The focus is to develop a feed that increases the current rate of feed conversion, while further improving the health of our fish.

• Any new fish diet must adhere to our four founding principles of Quality, Innovation, Integrity and Sustainability.

Breeding Program –

• Continuing our development with CSIRO in developing a Specific Aquna Murray Cod that exhibits the required attributes

• Fast growth

• Ideal body composition – shape, and flesh to fat

• Lower aggression

• Easy handling

• Better health

Using DNA markers, we are building a database of family lines.

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OUR BRAND TIMELINE

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OUR FISH

Delicate. Clean. Sweet.

Aquna Murray Cod has a firm texture and naturally clean, creamy flavour. The pale white fillet has a large flake and relatively high fat content making it perfect for most cooking conditions. That is why Aquna is coveted as a fine-dining fish at top restaurants around the world. A truly versatile fish – when raw and cooked – Aquna Murray Cod is perfect for sashimi, when pan-seared, baked, battered, steamed, and grilled.

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WHAT WE BELIEVE IN

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SUSTAINABILITY

Restocking Program –

• For every farmed Murray Cod harvested from our production ponds, the Murray-Darling Basin was restocked with seven MCA fingerlings

New Initiatives –

• The company provided large Murray Cod fish to both the Victorian and South Australian Department of Fisheries to act as brood stock for both state’s restocking plan

We Released –

• 300,000 Murray Cod larvae

• 1,520,000 Murray Cod fingerlings

• 655,000 Silver Perch fingerlings

• 1,865,000 Golden Perch fingerlings

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Business Development Corporate Manager Ian Charles
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releasing fish in Murray Darling River System for re stocking
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SUSTAINABILITY & SOCIAL REPORTS

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