MURRAY COD AUSTRALIA LIMITED — AGM Information 2024

Nov 21, 2024

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2024 Annual General Meeting Murray Cod Australia Ltd

Life tastes better our way

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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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FY24 PRODUCTION HIGHLIGHTS

• Biomass grew to 1,073 tonnes in FY24 at 30 June 2024

• Scale up of production to 78 nursery and grow-out ponds , including:

• 15 new grow-out ponds at new development site Stanbridge completed and stocked.

• Earthworks were completed on 23 new grow-out ponds at Stanbridge at 30 June 2024 .

• Exports sales increased , primarily in Southeast Asia, with new distributors on-boarded in FY24 and future global distribution and partnership discussions underway.

• As the biomass increased, sales availability of larger fish has increased.

• Average sale price has increased by 9.0% to $27.08 per kg.

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• Successful launch of World-first Aquna Gold Caviar.

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PRODUCTION UPDATE

• The company biomass as at 31st October 2024 was 1,268 tonnes. An increase of 18% since 30 June 2024.

• The biomass growth and average weight of grow-out fish measured to date is

• outperforming modelled growth projections, driven by improved diet and feeding methods.

• Stocking is currently underway at Stanbridge free range grow-out site Cell 2.

• Stanbridge Cell’s 3 & 6 are planned to be stocked during summer period Q2/Q3 F25.

• Completed upgrades to existing hatcheries have increased.

• The company remains on track to meet its spawning targets for FY24/25 spawning

season.

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FY24 BUSINESS HIGHLIGHTS

• Successful $20 million iPartners financing facility.

• Wholly owned MCA entity, Australian Sustainable Protein Fund (the “ ASPF ”), acquired new development site Stanbridge.

• Appointment of new Chair, Brett Paton (on 6 March 2024)

• Successful $20.4 million equity capital raising to fund growth and completion of Stanbridge, increasing available capacity to ~4,000t per annum.

• Priority for MCA to:

• Fully utilise existing farm sites

• Improve production procedures and efficiencies

• Grow the biomass

• Secure appropriate export channels and distributor relationships as production increases.

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• MCA / CSIRO progressing towards “Aquna” as a breed of Murray Cod

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FY24 FINANCIAL RESULTS

• Cash in Bank - $13.98 million as at 30[th] Sept 2024

• Upon completion of Stanbridge, land and water valued at circa $59.0 million.

• Revenue including gain on biological inventory increased to

• $30.6 million up by 22%.

• While tonnes harvested in FY24 was down by 18%, biomass

increased by 64%

• Biomass Value - $32.1 million.

• Average sale price increased to $27.08 per kg.

• Biomass hit an all-time high of 1,073 tonnes as of June 2024.

	2024 Financial Year	2023 Financial	% Increase / Decrease v’s PCP
Total Revenue*	$30.64M	$25.11M	+ 22%
Tonnes Harvested	353t	430t	[-18]%
Net Profit (Loss) before tax	($6.2M)	($7.3M)	+15%
Biological Assets	$32.1M	$19.6M	+64%
Average price per kilo	$27.08	$24.85	+9%
*Including net increase in biological inventory

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FY25 REVENUE OUTLOOK

• Biomass growth strategy on track, driven by improved diet and feeding methods, and is expected to accelerate further over summer.

• Average weight per harvested fish was 1.49kg for Q1 FY25, and as biomass reaches optimum sale mix size, we anticipate an increase in average sale weights both domestically and internationally.

• MCA is continuing its strategy to build the biomass of larger fish (2.5kg plus), through a steady and managed increase in sales of larger grade fish.

• The economic benefit of fillet yield from larger fish enables the Company to achieve better prices per kilo of whole fish weight and enables options like frozen fillet products to be used for export markets.

• Export enquiry remains strong in Asia and North America as biomass increases

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• Sales to domestic supermarkets continue to be limited due to limited supply and are .

• only available in strategically selected Woolworths stores

Note: ~ 2.5 to 3 years for fish to reach premium market size of 2.5kg+.

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BIOMASS GROWTH CONTINUES

MCA’s strategy of managing larger fish via allocation to build numbers of fish in larger grades is beginning to show positive results with:

• Increasing average fish size in our biomass is correlating with an increase in average price received per kg.

• Large fish prices in Southeast Asia are attracting a premium to their domestic prices.

• The growth in availability of larger fish is helping market penetration in Southeast Asia and developing new export opportunities in other regions.

• Volume continues to be more dominant than price in discussions with international buyers.

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STANBRIDGE CONSTRUCTION PROGRESS*

• Stanbridge development expected to be completed in FY25.

• Stanbridge expected to be fully stocked in FY26.

• Holding capacity upon completion will be 3.5 million fish.

	Cell	Number	Number of Ponds	Earthworks	Plumbing	Electrical Cabling	Stocked with fish?
		1	15	Complete	Complete	Complete	Yes
		2	13	Complete	Complete	Complete	Nearing Completion
		3	9	Complete	Complete	Complete	No
		4	13	Complete	None	None	No
						Planned to
		5	14	Complete	In progress	commence in	No
						November 24
		6	14	Complete	Complete	Nearing Completion^	No

*Data as of 7 November 2024

^ Circuit Board awaiting connection

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Selective Breeding Program with CSIRO

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. The program commenced in 2021 based on modern selective breeding approaches

Primary objective of program

• 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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CREATING A COMPETITIVE ADVANTAGE

Benefits to MCA

• Looking to introduce the Aquna “breed” of Murray cod. Our own exclusive Intellectual Property.

• Improve quality factors that can positively impact buyer’s purchasing decisions through product differentiation.

• Qualities which the buyer identifies as superior to products of the same species or other species.

• Brand becomes a “breed” which encourages consumers to choose Aquna over other products

• The economic impact of faster growth rates is also significant for MCA, from both a discounted cash flow and a capital requirements perspective.

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AQUNA GOLD CAVIAR

• Aquna Gold successfully launched in FY24 providing consumers with a truly unique luxury product.

• Aquna Gold Murray Cod Caviar product is accretive to the Company’s strategy and ‘whole-fish philosophy

• The availability of source is limited currently, as it requires an: adult female Murray cod, usually weighing 4kg+; and egg formation only occurs during the brief spawning period of approx. 2 months.

• Long term aim - build Aquna Gold Murray Cod Caviar as an export product achieving premium price

• Short term aim – excellent brand positioning tool used to gain entry to high end restaurants in export markets.

• Aquna Gold Caviar won gold medal at the 2024 Sydney Royal Fine Food awards in the speciality foods category.

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RESTOCKING PROGRAM

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• MCA continues to ensure the preservation of Australia’s native fish by participating in native fish restocking programs throughout the Murray-Darling Basin,

In FY24 we released:

• 510,200 Murray cod fingerlings,

• 208,000 silver perch fingerlings, and

• 1,082,000 golden perch fingerlings.

• 650 larger Murray cod fish (600g) to the local community Lake Wyangan NSW

• 500 fish at 400 grams to Department of Primary Industries NSW

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Murrumbidgee River, NSW

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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 Limited 2 – 4 Lasscock Road, Griffith NSW 2680

Email: info@aquna.com Phone: +61 2 6962 5470 Website: www.aquna.com