MURRAY COD AUSTRALIA LIMITED — AGM Information 2023

Nov 27, 2023

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MURRAY COD AUSTRALIA LIMITED 2023 Annual General Meeting

Life tastes better our way

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ASX code: MCA

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2019 Winner of
Excellence in Sustainability
& Excellence in Innovation
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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.

Forward-looking Statements

This presentation contains “forward-looking information” that is based on the Company’s expectations, estimates and projections as of the date on which the statements were made. This forward-looking information includes, among other things, the Company’s business strategy, plan, development, objectives, performance, outlook, growth, cash flow, projections, targets and expectations, and prospects of the Company. Generally, this forward-looking information can be identified by the use of forward-looking terminology such as ‘outlook’, ‘anticipate’, ‘project’, ‘target’, ‘likely’,’ believe’, ’estimate’, ‘expect’, ’intend’, ’may’, ’would’, ’could’, ’should’, ’scheduled’, ’will’, ’plan’, ’forecast’, ’evolve’ and similar expressions. Persons reading this presentation are cautioned that such statements are only predictions, and that the Company’s actual future results or performance may be materially different. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the Company’s actual results, level of activity, performance or achievements to be materially different from those expressed or implied by such forward-looking information. Forward-looking information is developed based on assumptions about such risks, uncertainties and other factors set out herein, including but not limited to general business, economic, competitive, political and social uncertainties; changes in the Company as plans continue to be refined; seasonal and environmental conditions and supply chain security.

This list is not exhaustive of the factors that may affect our forward-looking information. These and other factors should be considered carefully, and readers should not place undue reliance on such forward-looking information. The Company disclaims any intent or obligations to or revise any forward-looking statements whether as a result of new information, estimates, or options, future events or results or otherwise, unless required to do so by law.

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WHAT WE BELIEVE IN

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All figures included in this presentation are unaudited in respect of the year ended 2023

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MURRAY COD AUSTRALIA 2023 AT A GLANCE

• Creation of Australian Sustainable Protein Fund (ASPF)

• $20m financing facility to fund growth

• Successful launch of “Aquna Gold” Murray Cod Caviar

• Upgrades to hatcheries resulting in best spawning season in MCA’s history

• Re-commenced export sales to high margin markets – Singapore, Hong Kong

• Earthworks on new ‘Stanbridge’ grow-out site progressing

• Covid hangover continues to impact saleable sized fish

• Current stock in water is the highest level ever held by MCA

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AUSTRALIAN SUSTAINABLE PROTEIN FUND (ASPF)

• The fund aims to purchase assets for aquaculture and protein production

• ASPF units will Initially be 100% owned by MCA

• ASPF will be made available to wholesale investors seeking a return from alternative assets non-correlated to traditional assets

• MCA is considering the cost and benefits of sale of its two hatcheries and juvenile site to ASPF

• ASPF is currently negotiating to purchase the Stanbridge site, a grow-out facility with an approved development for 78 ponds

• How does ASPF benefit MCA:

• Moving assets off the balance sheet is expected to drive OPEX and CAPEX efficiencies

• Security of tenure of current sites

• Should ASPF attract investors – it removes a growth hurdle for MCA in that the fund will be able to provide a development runway for MCA for production sites.

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$20 MILLION FUNDING MANDATE

MCA has mandated iPartners to arrange a $20m finance facility.

Funds are to be used for:

• Development and completion of grow out ponds at Stanbridge

site

• Working capital to fund growth

Development at Whitton Site Feb 2023

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2024 REVENUE GROWTH DRIVERS

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• Demand is strong and growing

• High margin export markets

• Price increases

Fish in water nearing saleable size

• Development of Stanbridge grow-out ponds progressing as planned

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• SUCCESSFUL LAUNCH OF ‘AQUNA GOLD’ CAVIAR

Aquna Gold reflects MCA's four pillars of quality, innovation, integrity and sustainability by:

• developing products with the aim utilising the whole-fish

• providing a truly unique luxury product.

Aquna Gold Murray Cod Caviar is listed on menus at several high-end restaurants in Australia and is available to consumers through food retailers such as Simon Johnson.

International markets for Aquna Gold Murray Cod Caviar are currently being developed in anticipation of volume increases in the coming years

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Aquna Gold is marketed through Simon Johnson

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AQUNA GOLD CAVIAR

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The availability of source is limited –

• Adult female Murray cod, weighing 4kg+

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

• approx.

• We are currently holding back female fish that will be harvested in September-October 2024 and 2025

Estimated return –

• Harvested 4kg+ adult female with eggs can potentially increase the gross dollar return by as much as 100%, depending on yield achieved from each fish (females only)

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MARKET DEVELOPMENT

• Commenced exports to Singapore & Hong Kong

• High margin markets – $32 for larger grades

• Potential for further price increases

• Volume is limited due to supply imbalances

• Continued the development of distribution networks targeting Michelin star restaurants throughout Asia, Europe and the USA, in anticipation of volume of fish availability in the coming years

• The level of enquiries from international customers provides confidence that demand will significantly outstrip supply over the next few years.

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DOMESTICALLY

• Restaurants continue to be on allocation. We anticipate volume increase of larger grade fish in

• 2[nd] half 2024 financial year.

• In the past 12 months, MCA has experienced a significant shortfall of supply of larger grades due to the decision to stock lower fingerling numbers during COVID19

• It takes 2 ½ to 3 years for our fish to reach premium market size requirements.

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SALES ACHIEVEMENTS

• During COVID19 when the bulk of our sales market was abruptly closed, we took the opportunity to:

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• Enter the live fish market in March 2020

Reward for risk

• largest supplier of live murray cod to the domestic market

• Achieving price point from $27 per kilo to $30 kilo

• Fish size range from 700 grams upwards

• However, we estimate the market size for live fish to be limited to 200 tonnes p.a

• Aquna cod fillets on supermarket shelves.

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• MCA had grown supermarket sales across 130 Woolworths and 39 Coles stores.

• Current limited stock, MCA has reduced supermarket sales to 68 selected premium Woolworth's stores

• Supermarket channel is and will continue to be an integral part of our sales network.

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PRICE GROWTH

Processed Fish Prices

Live Fish Prices

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Avg. MCA Price
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Avg. Market price
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2016/17 2018/19 2017/18 2019/20 2020/21 2021/22 2022/23
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Sources:

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+50%
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Live Fish Price
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MCA entered the live fish
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market in March 2020
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2017/18 2018/19 2019/20 2020/21 2021/2022 2022/2023
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NSW Department of Primary Industries 2017-2022 Sydney Fish Markets average prices 2022/23

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HATCHERY UPGRADES LEAD TO HIGHEST SPAWNING SEASON FOR MCA

During the first quarter of the 2024 financial year, capital was invested into the existing hatcheries at Silverwater and Euberta for further upgrades.

The 2023 Spawning season has recorded its highest number of larvae since the establishment of MCA.

The level of larvae numbers places the company in a strong position to meet 2024 juvenile production targets as well as its native waters restocking program.

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Weaning system at the Silverwater Hatchery at Grong Grong

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IMPROVING AQUNA COD THROUGH RESEARCH & DEVELOPMENT

Selective Breeding Program with CSIRO

• Completed 2nd year of progeny genetic testing with CSIRO

• DNA assessed brood stock implanted with markers

• DNA assessment of brood stock dramatically reduces the time required to identify fish that exhibit the desired traits MCA wish to develop which include;

• Faster Growth and improved feed conversion

• Better Health

• Higher Flesh Yield

• Fat Content

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IMPROVING AQUNA COD THROUGH RESEARCH & DEVELOPMENT

Development of Species-Specific Feed for our Aquna Cod

• Trials of feeds with various nutritional composition were recently completed.

• 10 feeds trialled at MCA Recirculating Aquaculture System (RAS)

• • 6 feeds trialled at Deakin University “Science Purpose Built” RAS

• • Results from MCA RAS have been very positive.

• Interim result analysis from Deakin University are illustrating a better performance. Trial has been completed, with results currently being evaluated.

Exploring new “initiatives’ such as previously announced "Vegan" feed and other feed designed to meet Halal requirements of middle eastern countries.

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RESTOCKING PROGRAM

• Recognise the importance of the land we work on and embrace our role as stewards.

• Participate in native fish restocking programs

• Throughout the Murray-Darling Basin, last year we released:

• 800,000 Murray cod fingerlings,

• • 260,000 silver perch fingerlings, and

• 393,000 golden perch fingerlings.

• • 300 larger Murray cod fish (300g-500g) to the local community Lake Wyangan

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Murrumbidgee River, NSW

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