MURRAY COD AUSTRALIA LIMITED - Annual Report 2024

Appendix 4E

Final report To the Australian Securities Exchange

Company details

Name of entity: Murray Cod Australia Limited ABN: 74 143 928 625 Reporting period: For the year ended 30 June 2024 Previous period: For the year ended 30 June 2023

2. Results for announcement to the market

. Results for announcement to the market
	2024	2023	% Change
	$000	$000
Revenue from ordinary activities	10,573	10,997	(4)%
Profit/(Loss) from ordinary activities after tax attributable to	(6,219)	(7,301)	15%
owners of Murray Cod Australia Limited
Profit/(Loss) for the year attributable to the owners of Murray	(6,219)	(7,301)	15%
Cod Australia Limited

Dividend

No dividend was paid or recommended by the directors for the financial year.

Explanation of Key Information and Dividends.

Refer to the accompanying Directors’ Report

3. Statement of Profit or Loss and Other Comprehensive Income with Notes to the Statement

Refer to pages 12 to 59 of the 30 June 2024 Financial Report, and accompanying notes for Murray Cod Australia Limited

4. Statement of Financial Position with Notes to the Statement

Refer to pages 12 to 59 of the 30 June 2024 Financial Report, and accompanying notes for Murray Cod Australia Limited

5. Statement of Cash Flows with Notes to the Statement

Refer to pages 12 to 59 of the 30 June 2024 Financial Report, and accompanying notes for Murray Cod Australia Limited

Murray Cod Australia Limited

Appendix 4E

6. Statement of Retained Earnings Showing Movements

Balance at the beginning of the year Adjustment from adoption of new accounting standard Net profit/(loss) Balance at the end of the year	2024 $000 (27,307) 68 (6,219) (33,458)	2023 $000 (20,006) (7,301) (27,307)

7. Net tangible assets

Net tangible assets
	Reporting	Previous
	period	period
	Cents	Cents
Net tangible assets per ordinary share	$0.08	$0.09

8. Control gained over entities

Not applicable.

9. Loss control over entities

Not applicable.

10. Details of associates and joint venture entities

Not applicable.

11. Foreign entities to disclose which accounting standards are used in compiling the report

MCA is not a foreign entity.

12. Commentary on the Results for the period

Refer to the commentary on the results for the period contained in the “Review of Operations” included within the operating and financial review section of the annual report.

13. Audit status

The 30 June 2024 financial statements and accompanying notes for Murray Cod Australia Limited have been audited and are not subject to any disputes or qualifications. Refer to pages 61-64 of the 30 June 2024 financial report for a copy of the auditor’s report.

Murray Cod Australia Limited

Appendix 4E

14. Attachments

Details of attachments (if any):

The Financial Statements and Notes forming part of the Annual Report of Murray Cod Australia Limited for the year ended 30 June 2024 are attached.

16. Signed

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Brett Paton -Non-executive Chairman

30[th] August 2024

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Annual Report 2024 Murray Cod Australia Ltd and Controlled Entities ABN: 74 143 928 625

CONTENTS
About Murray Cod Australia	IV
Our Performance	VI
Our Timeline	VIII
Our Core Values	XI
Chair’s Message	XII
CEO Report	XIV
Farming Operations Report	XVI
Business Report Sustainability Report Board of Directors	XIX XXIII XXVI
CFO and Company Secretary Operating and Financial Review Directors’ Report Remuneration Report	XXVII 01 03 06
Auditor’s Independence Declaration Consolidated Statement of Proft or Loss	11
and Other Comprehensive Income Consolidated Statement of Financial Position	12 13
Consolidated Statement of Changes in Equity	14
Consolidated Statement of Cash Flows	17
Notes to the Financial Statements	18
Consolidated Entity Disclosure Statement 59 Directors’ Declaration 60 Independent Auditor’s Report 61 Additional Information for Listed Public Companies 65

CORPORATE DIRECTORY

Directors

Brett Paton - Non-executive Chairman Ross Anderson - CEO Mathew Ryan - Executive Director George Roger Commins - Non-executive Director

Company Secretary

Wendy Dillon

Registered Office

2-4 Lasscock Road Griffith NSW 2680 Australia Phone: +61 2 6962 5470 Mail: PO Box 492 Griffith NSW 2680

Solicitors

HWL Ebsworth Lawyers Level 14, Australia Square 264 – 278 George Street Sydney NSW 2000

Bankers

Westpac Banking Corporation 242-244 Banna Ave Griffith NSW 2680

Auditors

RSM Australia Partners 12 Anderson St West Ballarat VIC 3350

Website

www.aquna.com

Financial Report For The Year Ended 30 June 2024 Murray Cod Australia Limited and Controlled Entities ABN 74 143 928 625

III

ABOUT MURRAY COD AUSTRALIA

Based in the Riverina, New South Wales, Murray Cod Australia Limited (MCA) is the world's leading producer of premium sustainably-farmed Murray cod. The fish and its by-products are marketed under the brand Aquna Sustainable Murray Cod. A vertically integrated aquaculture business, MCA grows one of the world's rarest luxury fish, on its innovative farms within the geography of the Murray-Darling basin – the fish's native environment.

MCA has been at the forefront of sustainable farming practices for over seven years. Through a combination of scientific innovation and a land-based aquaculture model, the company is creating luxurious food products under the Aquna brand. With an aim of having one of the lowest environmental footprints in the industry, the high quality of Aquna branded products has earned recognition from world renowned chefs.

Throughout its history, demand for Aquna has always outstripped supply and the company has invested heavily to support this increasing demand. MCA continually focuses on its four key values of quality, integrity, sustainability and innovation as it builds one of Australia's premium luxury food brands.

Our annual report

The (MCA) Annual Report provides a summary of our activities and performance for the financial year ended 30 June 2024. Year-onyear, MCA seeks to continuously improve the way we communicate long-term value to our shareholders and other stakeholders.

Reporting framework

The 2024 Financial Report including the Director’s Report and Remuneration Report on pages 1-10 has been prepared in accordance with the Australian Accounting Standards and Interpretations of the Australian Accounting Standards Board and in compliance with International Financial Reporting Standards as issued by the International Accounting Standards Board and the Corporations Act 2001.

Location: Stanbridge, New South Wales, Australia

OUR PERFORMANCE

Revenue

Expansion

REVENUE Including net increase in biological inventory % 22.02

― TO ― $30.64 MILLION (FY23: $25.11 MILLION)

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MCA is on a strong growth trajectory by scaling up production.

Number of ponds built per calendar year including construction of 78 grow-out ponds at Stanbridge is planned for completion by end of 2024.

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* Data as of June 2024
27
128
ponds
23
78
50
34 34
26
20
12
2
2017 2018 2019 2020 2021 2022 Dec 23 2024
Actual Earthworks Complete Planned
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Capital Hatchery
Management Performance
Through our re-stocking
partnerships with state
government agencies
and local councils,
MCA continues to
ensure the preservation
Debt Raise of
of Australia’s native fish.
MCA
$
PRODUCED
20 AND SOLD ━
MILLION
510,200
Murray Cod
Fingerlings
208,000
Silver Perch
Equity Raise of
Fingerlings
$
1,082,000
Golden Perch
20·4
Fingerlings
MILLION
650
Successful capital Fish at average 600g
management Stocked at Lake Wyangan lake, NSW
totalling $40.4 million
raised ensures the 500
foundation for grow- Fish at average 400g
out requirements. Sold to Department of Primary
Industries, NSW
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Growth in Biomass

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In FY24, the MCA strategy continued to be aimed at growing biomass. Hatchery upgrades are planned for completion prior to the upcoming spawning season. This will increase capacity in FY25.

Distribution

Export sales and distribution recommenced to Singapore, Hong Kong, Indonesia, Vietnam, Malaysia, The Philippines and the USA. Maintained and on-boarded high-end wholesalers and distributors in all domestic states. Aquna is ranged in 68 top-tier Woolworths stores in NSW.

Launched a World-first

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Aquna Gold Murray Cod caviar was launched, improving the yield of our fish, aligning with a whole-fish philosophy and cementing Aquna’s position as a luxury brand.

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OUR TIMELINE

January 2017

Murray Cod Australia listed on the Australian Stock Exchang.e

February 2018

Griffith-based McFarlane’s ponds stocked.

October 2017

Bilbul site expanded from 6 to 12 ponds.

May 2018 Signing of Heston Blumenthal as brand advocate.

June 2018

Launched Aquna Sustainable Murray Cod branding.

August 2018 Commenced exporting to Japan.

November 2018

July 2018

Commenced exporting to Hong Kong.

November 2018

Awarded Excellence in Innovation at the NSW Business Chamber Awards.

Murray cod listed as a ‘better choice’ in GoodFish - Australia’s Sustainable Seafood Guide.

September 2019

Awarded Gold at the Sydney Royal Fine Food Show for Fresh and Hot Smoked Aquna Sustainable Murray Cod.

November 2019

Awarded NSW Business of the Year and Excellence in Sustainability at the NSW Business Chamber Awards.

April 2020

Purchase of second hatchery at Euberta, New South Wales.

October 2020

Stocked stage one of Whitton-based super-site.

April 2019 Commenced exporting to the USA.

September 2019 Griffith-based processing plant commissioned.

October 2019 Griffith-based retail store opened.

February 2020

Commenced exporting to the United Kingdom and Europe.

June 2020

Commenced selling live Murray cod domestically.

July 2021 Launched into Woolworths retail.

October 2021

Signing of Josh Niland as brand advocate.

June-September 2022 Land purchase of new site at Gogelderie, NSW.

May 2022 Launched into Coles retail.

September 2022

Awarded Champion at the Sydney Royal Fine Food Show for Hot Smoked Aquna Murray Cod.

October 2022

Award for Sustainability at the Premier's NSW Export Awards.

April 2023

Stage 2 of Whitton-based super-site completed.

May - June 2023

July 2023

DA approvals for Stanbridge construction approved.

Launch of Aquna Gold Murray Cod caviar.

September 2023

December 2023

Australian Sustainable Protein Fund (ASPF) established. Stanbridge property purchased.

Awarded Gold and Champion at the Sydney Royal Fine Food Show for Fresh Fish Class. Re-commenced export distribution to Southeast Asia.

January – June 2024

Construction commenced at Stanbridge, including Stage 1 completed and 15 ponds stocked.

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OUR CORE VALUES

Our vision is to make Aquna a fine-dining brand of choice in Australia and around the globe, in a way that is respectful to the environment, our growers and community. We aim to continuously improve our overall performance, as guided by our four core values.

In FY24, here’s how we applied our values to build on our brand strength.

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QUALITY Our premium taste credentials are built on real substance

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INNOVATION Innovation is at our core ‘find a better way’

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INTEGRITY People value a product with an authentic story

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SUSTAINABILITY Our story is built around our impact on planet Earth

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CHAIR’S MESSAGE

I am proud to present the Murray Cod Australia Limited (MCA) Annual Report for the 2024 financial year — my first as Chairman.

When deciding to join the MCA Board as Chairman, I was attracted to the Company’s environmentally conscious ethos, with a focus on scientific practices to produce a truly iconic Australian freshwater fish - the Aquna Murray Cod - which is in high demand both locally and internationally.

When I visited the Company’s operations, across the hatcheries, nurseries and grow out farms, I was impressed with the dedication and focus on efficient water usage, feeding and management of organic waste.

Our recently completed capital raise has strengthened our balance sheet, and allows the Company to focus on the achievement of the milestones we have set ourselves over the next 12 months, including:

Completing construction at the Stanbridge site and increasing capacity to 78 ponds;
Focus on biomass growth and planned additions to capacity and increased pricing; and
Maintaining and continuing to expand local and international distribution channels as increasing volumes become available.

On behalf of the Board of Directors, I wish to extend my gratitude for the outstanding effort, focus and dedication shown by all of our employees who share our vision, as we continue to improve our methods of producing luxury fish products using the most up to date science-based research.

I would like to thank you, our shareholders, for your support. We look forward to delivering on the opportunities we see for the business moving forward and growing shareholder value. I am extremely positive about our growth and expansion trajectory as we leverage the building blocks we have in place and pursue the opportunities ahead.

I encourage you to read our annual report, which provides details of MCA’s annual activities, financial results, sustainability performance, and future plans.

Brett Paton, Non-executive Chairman

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XIII

Location: Bilbul, New South Wales, Australia

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CEO REPORT

I am pleased to present the Murray Cod Australia Limited (MCA) annual report for the 2024 financial year — a year of significant development aimed at accelerating revenue growth in coming years.

The most pleasing achievement for the year has been our growth in biomass. This positions us for significant growth in coming seasons, leaving the revenue declines of the last two years behind us.

Key highlights in our performance over the last year include:

Successful debt and equity raisings during the year propelled the company towards two key goals: firstly, the rapid development of the Stanbridge site which will provide a production capacity of approximately 3,000 tonnes per annum; and secondly a solid foundation of working capital for the grow-out requirements for the large increase we have made to fish numbers and biomass. The fact that MCA has been able to raise $40.4 million of capital over the last 12 months bears testament to the fact that stakeholders maintain a favourable view of the company's long-term prospects.

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The appointment of Brett Paton to the role of Chairman is proving to be a great acquisition for MCA. Brett’s leadership will no doubt continue to bring value for shareholders.
Last season’s performance in grow-out showed significant improvements in feeding methods, stocking levels, and fish health, leading to excellent growth in biomass. The successful implementation of our innovation in larval weaning has given us reason to re-examine how we invest in additional hatchery capacity. Continuing improvement through innovation is part of the DNA of MCA. Quickly implementing innovations to reduce costs or improve profitability is a great attribute of our team and they deserve all the accolades they receive. In particular, the tireless work and dedication of Mathew Ryan deserves special recognition.
Our breeding program being undertaken with CSIRO is now into its fourth year. It is targeting improved growth rates to begin with. The initial results in this area are very promising. Traits like fish health, fillet yield and flesh quality will be targets for improvement in the years ahead. The IP for this project is wholly owned by MCA and we believe that exclusive ownership will be a significant asset in the global luxury food market in the future.
Our continued drive in sustainability has been pleasing. Whilst we know there is much more to do in this area, we believe that our land-based production model is a strong foundation for future improvements in sustainability.
With demand coming from both domestic and export sources we have continued to build the price of our

Aquna product. Our experience has been that as the product becomes better known in a new market, demand keeps upward pressure on prices.

Grocery channels have been maintained despite lower supply being available to meet increasing demand. We remain the exclusive supplier to Woolworths, and as supply increases MCA will evaluate the ability to expand supply to other domestic grocery channels.
Targeted marketing activities are driving demand for Aquna and connecting with an influential base of new customers, particularly in overseas markets. Product acceptance and brand loyalty has created an organic marketing effect with chefs and wholesalers now building awareness of our brand without significant investment from MCA.
Export markets have re-opened with our forays into Southeast Asia showing high potential. Singapore, being a major regional hub containing 52 Michelin Star restaurants, is a strong focus where we have been able to penetrate the top end market in recent months. During the year we have exported to Singapore, Indonesia, Malaysia, Vietnam, The Phillipines, Hong Kong and USA. Exports remain a primary focus as biomass becomes available.

In delivering the FY24 results, it’s evident the commitment to our principles of quality, integrity, innovation and sustainability has underpinned MCA’s strong performance. A surging interest and market acceptance of the Aquna brand continues to accelerate, as we work towards our goal of making Aquna the highest margin, luxury farmed fish brand in Australia and around the world.

Ross Anderson, CEO

FARMING OPERATIONS REPORT

Well, what a year. It’s been a tremendous 12 months on the farming and operations front.

The impacts of wet weather and waiting on various government approvals in October 2023 meant that construction was delayed at Stanbridge, eventually commencing in January 2024. It was like a game of chess to ensure we had operational ponds for juvenile fish that were awaiting their grow-out ponds come the summer period. We grew our workforce as our site developments and operations grew, so a big thank you must go to our farm and operations teams, construction crews and contractors who helped to get the job done, as well as the people who were pulled or transferred from their usual roles to fill the gaps.

Our teams, despite all the operational challenges, the economy and market still recovering from the COVID hangover were successful in implementing and continuing with science-based research and trials. MCA is dedicated to growing the world's best tasting, quality fish and will continue to focus on improving sustainable farming methods and reducing our environmental footprint.

Our grow-out fish performance was pleasing, with growth rates in line with our predictions for all of our existing grow-out fish, which will see more fish become available to market towards the end of 2024.

The delayed transfer of stock fish from the hatcheries and juvenile farms did slow their growth slightly but these fish are expected to catch up in spring now they have all been transferred to a free range 'open pond' design system.

Key project achievements and highlights for the financial year were:

Farm expansion and developments - Completion of the Whitton site development, continued development of the new Stanbridge site. The residence and initial earthworks are completed at Gogeldrie.
Selective breeding programs - Breeding program trials continue into its fourth year of gathering data and information on family groups and genetic traits within Murray cod. It is expected that some time in FY25 our first selected broodstock will be moved to the hatcheries for on-growing and monitoring.
Our collaboration with CSIRO has resulted in progressive steps closer to MCA owning its own selected genetics for Murray cod. Data from this trial has shown massive potential gains could be made given the large variation in performance between different family lines.
Science-based research - Trials are on-going in collaboration with sustainable feed experts, Biomar who have developed the first-ever Murray cod specific diet for optimum fish health and growth. Logistically, this relationship has led to improvements in production and supply which has resulted in less waste product, fresher feed and longer shelf life on the farms. Early trial analysis is indicating that size specific diets will help in maximising a fish’s potential throughout its lifecycle, therefore more work will continue in this space.

Biomar’s team of scientists attended MCA headquarters in June this year and presented the first ‘feed optimisation’ training course, held over two days. This was attended by our farm managers, senior technicians and farm team leaders. We thank Biomar for their engagement on this training program. Our teams learnt a great deal and will help to build a baseline of knowledge within our farm teams presently, and into the future.

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Free range infrastructure - All new ponds built at Stanbridge use a new open pond infrastructure which provide a large array of efficiencies, by allowing the fish to swim freely. Free range infrastructure provides lower operation costs, reductions in energy use as well as less labour and maintenance required.
Hatchery trials and improvements - In FY24, we made headway in a Murray cod industry-first, larval weaning method with the goal of reducing the environmental footprint of our hatcheries. This process has been trialled for the last three years and works are currently being undertaken over winter at both Silverwater and Euberta sites with the goal to move a large part of our weaning over to this new method. This will give more control and less environmental exposure for our newly hatched larvae.
Waste management initiatives - Work continues for the efficient use of mortalities, processing plant waste and other organic waste like algae and plant matter removed from ponds.
Supporting local - Our commitment to the rural communities in which we live and operate has been ongoing. We continue to recruit local people and provide the training needed in order to promote from within and build career pathways for our locals and surrounding communities.

The future outlook for farming and operations at MCA will be a strong focus on increasing hatchery capacity and juvenile production which is instrumental for grow-out and building biomass.

Finally, I would like to welcome Brett (to the role of Chairman), and thank our Board of Directors, the MCA leadership team, our entire team, shareholders and local community for your continued support and patience in what has been an extremely progressive year.

Mathew Ryan, Executive Director – Production and Development

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XVIII Location: Stanbridge, New South Wales, Australia
Murray Cod Australia Ltd
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BUSINESS REPORT

Strong financial position

MCA's balance sheet has grown significantly over the year with net assets increasing by $20,052,030 from 30 June 2023.

The Company is in a strong position to fund its growth strategy with $20.75M cash held at bank.

The property portfolio held by MCA was revalued during the year. This increase in valuations reflects the emergence of Murray cod farming in the Murray Darling basin as a recognised industry. The Company is considering to restructure its balance sheet by rotating some of its property assets into cash. It has appointed advisers to assist in this proposal.

Over the last year MCA has significantly strengthened its core business, by investing capital to provide:

Significant biomass growth This should enable the company to begin increasing sales volumes this year as greater volumes of saleable sized fish grow through to maturity.
Innovation and efficiencies to accelerate future growth
These innovations are aimed at continuous improvement in productive efficiencies. The main focus in this regard remains breeding and feeding.

Average weights beginning to increase

Average weight per fish sold has begun to increase with the last quarter being 20% higher than the June 2023 quarter. As average weight of fish in our biomass increases it will promote growth in both volume and price of our sales.

Our financial performance is in line with our expectations given the fast growth strategy we are currently working towards. Capital management remains a key focus in ensuring we have the resources to cope with our planned biomass increases over the coming years.

Biomass has almost doubled

In FY24, the MCA strategy continued to be aimed at building biomass. We hit an all-time high of 1,073 tonnes as of June 2024. Decisions to reduce stocking levels during the summers of 2019/20 and 2020/21 continued to impact our business during the last year, largely due to a reduction in availability of 2.5kg plus size fish. A fish

can spend 24 - 36 months to grow from egg to 3kg plus size. This two-plus year growth cycle means shortages of supply have impacted larger size grades within the reporting period. However the gap is closing, with a significant increase in spawnings, there will be an increase in size variability during FY25 to expand distribution in export markets and meet customer demand preferences.

Market development report

Executive head chefs at fine-dining restaurants are driving the demand for our fish. They have a keen interest in high-quality, sustainable produce which they can prepare in creative ways that will contribute to the overall dining experience. What are the common important threads that they want from Aquna? It’s quality, consistency versatility and sustainable farming methods. Chefs are important influencers in educating wholesalers to support sustainable farming practices and producers, by what they source and serve at their restaurants.

MCA has developed and maintained solid relationships with wholesalers who service premium, award winning restaurants and hospitality groups who remain our largest source of value and volume. We have achieved a high penetration of Aquna on menus at restaurants domestically and in Southeast Asia, generating awareness for Aquna as a quality Australian luxury fish.

We are now shipping into all Australian states resulting in positive growth in South Australia, Queensland and Western Australia. Chefs from award winning restaurants in Australia have visited our farms and have become customers as a result of seeing our sustainable farming methods. Influential chefs such as Tetsuya Wakuda, Clare Smyth and Josh Niland have highlighted the high culinary qualities of Aquna.

Export markets have been a priority with product exported to Singapore where price premium is commanded. MCA recommenced exporting to other Southeast Asia regions with distributors on-boarded and product exported to Indonesia, Hong Kong, Vietnam, Malaysia, The Philippines, Thailand and the USA.

China, The Middle East, Europe, UK and Canada are targets for future global distribution.

Aquna Gold Murray Cod caviar was launched in July 2023 providing significant brand awareness, particularly in export markets where such products are highly

XIX

desirable. A world-first caviar, this innovation cements Aquna’s luxury position in the market and has generated awareness for the Aquna brand. It is being marketed and sold domestically with forecasted plans to export next year.

MCA remains the exclusive supplier to top tier Woolworths stores and have seen improved stock turn and sales in the stores where Aquna has achieved a loyal customer base. MCA will evaluate the ability to supply to other domestic grocery channels in the future.

Social media content, earned media and publicity for our fish and caviar gained in national broadsheets and online continue to gain high reach and engagement amongst our key target markets. This is instrumental as MCA embarks on the brand goal of making Aquna the highest margin, luxury farmed fish brand in Australia and globally.

Expansion and development update

In FY24, development continued rapidly at the new Stanbridge farm site. This site holds the capacity for a total of 78 ponds with 28 ponds complete, earthworks completed for 23 ponds, and an incremental 27 ponds planned for completion by the end of 2024.

The construction at Stanbridge included the innovative implementation of free range ponds initially trialled at Whitton with economic benefits and cost reductions. The capital infrastructure savings costs of this design compared to a pen pond is estimated to be $250,000 per pond. The free range pond design reduces capex through earthwork efficiency, lower fuel usage and reductions in time to build. Overall, there are lower operating costs, including reductions in energy use and less labour and maintenance required.

Development was completed at the Whitton site with 16 new grow-out ponds completed. Six ponds with round pens were stocked with fingerlings, and ten free range ponds were stocked in December Quarter 2023 once the water temperatures rose to the optimum level for fish health and growth.

In FY24, development applications were approved for the new site located at Gogeldrie, NSW. Asset development and expansion will remain a priority over the next financial year with an aim for construction of Stanbridge to be fully completed by the end of 2024.

People and culture

Our people are our biggest asset. We’re committed to creating the next generation of aquaculture professionals by investing in our people’s learning and career pathways.

In FY24, the MCA workforce increased by 14% representing a balance of experience and youth. We’re focused on promoting and training within to enhance positive motivation, reduce operational costs and create efficiencies. We are creating a culture in which the team are encouraged to progress their skill sets, building longterm, fulfilling careers at MCA.

MCA has created a diverse and inclusive work-force environment, based on merit which has resulted in an almost even gender balance. MCA has supported numerous employees through education programs, in Aquaculture, leadership, management, mentoring programs such as Women in Seafood Australasia (WISA), Women in Agriculture presented by SafeWork NSW and Stay Afloat, focused on bettering the mental health across the seafood and aquaculture industry.

Hatchery season report

Our hatcheries performed exceptionally and were successful in reducing times required to move fish from hatchery to juvenile facilities.

Due to the success of capital expenditure on the existing two hatcheries in the prior financial year, MCA will continue to invest further in the existing two hatcheries, Silverwater and Euberta. The additional capital investment main benefits are increased spawning and weaning capacity.

Sustainable preservation of Australia’s native fish remains a priority. Through re-stocking partnerships with state government programs and local councils, MCA has produced and sold fingerlings to ensure the preservation of native fish in the Murray Darling basin system.

In FY24, MCA produced and sold:

510,200 Murray cod fingerlings
208,000 Silver perch fingerlings
1,082,000 Golden perch fingerlings
650 fish at average 600g stocked at Lake Wyangan lake, NSW
500 fish at average 400g sold to Department of Primary Industries, NSW.

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Annual Report 2024
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XXI

Location: Bilbul, New South Wales, Australia

XXII Location: Bilbul, New South Wales, Australia

SUSTAINABILITY REPORT

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Growing a more sustainable farming future

Innovation is at the forefront of our operations at MCA and will play a pivotal role in our continued sustainability performance. This financial year has been an exciting year with a number of active research and development trials exploring a range of areas.

Free range innovation

Free range or 'open ponds' where the fish are not held in caged pens is a new infrastructure implemented by MCA aimed at improving fish growth and health and reducing capital expenditure. With water quality paramount, these ponds have been developed as recirculating aquaculture systems. This system is designed to recirculate water through the natural wetlands as a way to continuously improve water quality.

Observations from research and trials showed fish were thriving in a free range pond environment. This led to constructing free range ponds at Whitton giving MCA an increase in growth rate and better fish health. These ponds have simple bird netting and labour-efficient feeders resulting in a very efficient way of growing quality, healthy fish.

Responsible farming

Responsible production and consumption are nothing new for MCA. We have always prided ourselves on our commitment to sustainability and have built our business around this. This includes designing our farms with the ability to reuse the nutrient-rich water from our ponds to irrigate crops and pastures. This ensures Aquna Murray Cod is produced independently of wild populations, and continuously developing and implementing sustainable technology to conserve natural resources.

One of the biggest challenges facing the global aquaculture industry is the impact of feeds on marine environments. We work closely with our feed suppliers to find ways of reducing marine ingredients in fish feeds. In the meantime, we are only working with feed suppliers who acquire marine ingredients from sustainable sources, including by-products from responsibly harvested fisheries.

The Good Fish Guide is a sustainability initiative by the Australian Marine Conservation Society. Sustainably-farmed Murray cod is listed as Green in the guide to help chefs and consumers make informed decisions on the produce they eat and serve.

Sustainable preservation

MCA has been undertaking a breeding program underpinned by scientific and technical expertise from CSIRO. The program commenced in 2021 based on modern selective breeding approaches and to our knowledge is the first of its kind for Murray cod.

The initial results from this program show significant differences in growth rates amongst family lines that have undergone genetic evaluation. The average weights of the fastest growing family groups were 80% greater than those of the slowest growing family groups at the same age, reared under the same conditions.

These initial results highlight exploitable genetic variation within our broodstock population, allowing us to identify broodstock with superior genetic merit for immediate use in our breeding program and for commercial production. The results are very encouraging for the ongoing success of the program.

The economic impact of faster growth rates is significant for MCA from both a discounted cash flow and a capital requirements perspective. Continuing improvement in both breeding and feeding is a primary objective for MCA.

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SUSTAINABILITY AND SOCIAL REPORT

At MCA, we’re challenging ourselves to make big and small changes in an effort to continually improve our sustainable farming practices for our planet and our people, refining our approach as we learn, innovate and grow.

As we step up as stewards of sustainability, here are our key strengths.

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Feeding our fish We’re working on reducing marine products and assessing novel ingredients in our feeds, all while optimising fish growth and health. Our ultimate goal is to grow fish using the least amount of feed to produce the maximum amount of protein.

Traceability Aquna is fully traceable from grow-out through to processing and distribution. With control over quality through these stages, it allows us to identify areas for improvement, as well as verify our sustainability practices.

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Efficient water usage Our farms are designed so we can reuse the nutrientrich water from our ponds on crops and pastures. The water infrastructure on our farms is one of our celebrated sustainability achievements to date.

Whole-fish philosophy In line with our whole-fish philosophy, we’re focusing on waste minimisation research and development initiatives with bio-technology companies to help us maximise the yield from one single fish. In 2023, we launched our world-first Aquna Gold Murray Cod Caviar.

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Restocking We borrow brood fish from the wild to breed fish for government restocking programs. Through this initiative, millions of fingerlings have been bred and released to help restore populations of Murray cod in their natural habitat.

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Commitment to quality

Managing organic waste

Our commitment to growing high quality fish has Research and development of by-products been recognised by winning multiple esteemed, is a priority that aligns with our whole-fish awards, including gold medals at reputable philosophy to minimise waste. We partner with Australian competitions including Royal local businesses, to ensure no organic waste Agricultural Society shows. from our processing facility is sent to landfill.

Visit our website for detailed information on our sustainable farming practices: https://aquna.com/sustainability/murray-cod/

XXIV

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AQUNA GOLD CAVIAR

"

XXV

BOARD OF DIRECTORS

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Brett Paton

Non-executive Chairman

Mr Brett Paton has been appointed as a new independent non-executive Chairman, in a move that further strengthens the Board through his broad corporate and commercial experience. Brett was with UBS for twenty-three years in the roles of Vice Chairman and Managing Director and also served for five years as Vice Chairman Australia of the Institutional Clients Group at Citigroup. Brett was also a Non-executive Director of Tabcorp and Chair of the Audit and Risk Committee for its demerged entity, Echo Entertainment. Brett served as a council member of RMIT University, where he chaired the Audit and Risk Committee and was also a foundation member of the ASX Capital Markets Advisory Panel. Brett is Chairman of Pointsbet Limited and a member of the Investment Committee of the ASX-listed Hearts and Minds Investments Limited (HM1). Brett has also been appointed to Chair the Remuneration and Nomination Committee and the Audit and Risk Committee. With his breadth of experience, Brett is well equipped to chair the Board and guide the business development and future of MCA.

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Ross Anderson CEO

Mr Ross Anderson is a chartered accountant with over 30 years’ experience. Ross brings extensive commercial experience in dealing with agribusiness and capital markets to his role as CEO and MCA board member.

Ross is also the Chairman of ClearPoint Capital Limited, a boutique fund manager specialising in alternative assets.

Mr Anderson was instrumental in the inception of the brand, Aquna Sustainable Murray Cod and his strategic thinking has been a key ingredient in the past and for future MCA growth.

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Mathew Ryan Executive Director - Production and Development

Mathew Ryan has been instrumental in the growth of MCA. As MCA co-founder with over 21 years’ experience in the aquaculture and agriculture industries, he was previously managing director of other local companies including Bidgee Fresh, Riverina Aquaculture and Agrow Agronomy and Research, where he provided agronomic support services to agriculture clients and conducted significant research programs.

Previously MCA’s Managing Director and holding a Bachelor of Rural Science Degree, Mat‘s new role is Director of Production and Development where he will be leading the farming operations teams.

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George ‘Roger’ Commins Non-executive Director

Roger Commins has over 40 years’ experience in the agricultural industry, including establishing and operating a diverse portfolio of enterprises. He is widely recognised as a regional innovator.

Mr Commins is a founding owner and current director of Southern Cotton – a cotton gin based in southern NSW, and the Whitton Malt House, a luxury dining, event and accommodation venue located in Whitton, NSW.

XXVI

CFO AND COMPANY SECRETARY

Wendy Dillon

Chief Financial Officer Wendy Dillon has over 30 years' financial experience working across a large range of industries. A Chartered Accountant, Wendy has been involved in a variety of advanced tax and accounting work. Wendy is a Chartered Tax Adviser with the Taxation Institute, a Registered Tax Agent and a Justice of the Peace. Wendy has been working with MCA since 2017.

XXVII

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Murray Cod Australia Ltd
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XXVIII
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Murray Cod Australia Limited ABN: 74 143 928 625 and Controlled Entities

Operating and Financial Review

Principal Activities

The principal activities of the consolidated group during the financial year were:

Breeding, growing and marketing of Aquna Sustainable Murray cod, a premium freshwater table fish;
Breeding and selling Murray cod, Golden perch and Silver perch as fingerlings for re-stocking.

All of our operations are conducted in Australia. At present they are conducted within the Riverina region of NSW and in Wentworth in Southwestern NSW.

Significant Changes to Activities

There were no significant changes in the nature of the consolidated Group’s principal activities during the financial year.

Our Business Model and Objectives

Providing superior returns to our shareholders is our primary objective. Our success in delivering this aim is determined by reference to total shareholder return (TSR) over time, and this is compared to the returns delivered by our competitors and the S&P/ASX 200 Index. We strive to continually improve the differential between returns on invested capital over the cost of that capital.

Operating Results

The Net Loss after tax for the year was $6,219,155 (2023 was a loss of $7,300,927).

Review of Operations

Aquaculture

The Group operates two hatcheries, a nursery, an indoor breeding facility, and grow out farms in an integrated business that produces Murray cod, a premium white fleshed table fish. Our operational capacity increased during the year through adding capacity in the grow-out farms and hatcheries.

Overall, the financial results of the Group have been in line with expectations.

Financial Position

The net assets of the Group have increased by $20,052,030 from $71,032,776 in 2023 to $91,084,806 in 2024. This has largely resulted from

the following factors:

Appreciation in the value of the Group’s Land and Buildings and Water Rights and Licences with a net movement in the Group’s revaluation surplus of $5,888,189.
Increase in share capital from share issues and capital raising, and movement in options reserve of $20,315,348; and
Decrease in retained earnings of $6,151,507.

The Directors believe the Group is in a strong and stable financial position to expand and grow its current operations.

Significant Changes in State of Affairs

The following significant changes in the state of affairs of the company occurred during the year:

During the Financial Year the company issued 290,986,770 Ordinary Shares at $0.07 as a result of a Capital Raise.

Events after the Reporting Period

There have been no significant events occurred since 30 June 2024.

Future Developments, Prospects and Business Strategies

Current areas of strategic focus of the Group include the following:

Consideration of sale and leaseback of property assets;
Drive operational efficiencies in all business units through the investment in upgraded technology and management systems;
Invest in productive capacity to meet the strong latent export and domestic demand for our product;
Continued roll out of Aquna Brand and investment in marketing initiatives to build domestic and export markets.

Business Risks

The following exposures to business risk may affect the Group’s ability to achieve the above prospects:

Any biological product is subject to disease and other health issues. Whilst we currently have excellent biosecurity protocols and have had no major issues to deal with during the year, the possibility of unknown disease or environmental risks is always present. Our staff constantly monitor the health of our stock on a daily basis. But we remind members that owning and growing biological assets involves significant risk.
A very high proportion of our sales are based in Australia at present. If the Australian economy suffers from a downturn, then it is possible that our future sales could be adversely affected. However, we anticipate export markets could make up a sizable portion of this downturn.

Murray Cod Australia Limited ABN: 74 143 928 625 and Controlled Entities

Environmental Issues

The Group’s operations are subject to significant environmental regulation under the laws of the Commonwealth and State.

Adverse and unforeseen climatic events and climate change could potentially impact on the Group's business in a combination of ways, with the four major risk areas considered to include:

(1) temperature sensitivity of fish: the Murray cod species does tolerate a very wide range of temperatures, but if significant changes occurred in climate that either raised or lowered water temperatures significantly from historical ranges then we may suffer losses;
(2) flooding and storm surge exposure: Our pond infrastructure is built with significantly raised walls in areas where flooding has not been recorded historically, the topography of the irrigation area with the network of drainage canals also lowers risk of flooding. However, if major flooding did occur which breeched our dam walls, then losses could occur;
(3) low-oxygen hazard: We operate aerators on grow out ponds and have an extensive system of electrical, mechanical, and chemical backup to ensure oxygen levels are maintained. However, should these all fail simultaneously losses could occur to the Group;
(4) disease vulnerability: If a new disease or mutation of a known disease emerges in our fish stock that we are unable to treat effectively then the Group may suffer losses as result.

The Group’s operations are exposed to the natural environment and are therefore sensitive to climate change.

The Group is proud of its innovative operation, resulting in a minimal impact on the environment. More information can be obtained from the Sustainability Report included on page XXIII of this Annual Report.

Murray Cod Australia Limited ABN: 74 143 928 625 and Controlled Entities

Directors’ Report

Your Directors present their report on the consolidated entity (referred to herein as the Group) consisting of Murray Cod Australia Limited and its controlled entities for the financial year ended 30 June 2024. The information in the preceding Operating and Financial Review forms part of the Directors Report for the financial year ended 30 June 2024 and is to be read in conjunction with the following information:

General Information

Directors

The following persons were Directors of Murray Cod Australia Limited during or since the end of the financial year up to the date of this report:

Brett William Fisher Paton (Non-executive Chairman) (appointed 06/03/2024)
Ross James Anderson (Chief Executive Officer)
Mathew John Ryan (Executive Director)
George Roger Commins (Non-executive Director)
Martin Andrew Priestley (Non-executive Director) (resigned 07/12/2023)

Particulars of each Director’s experience and qualifications are set out later in this report.

Dividends Paid or Recommended

No dividends have been paid or declared during the year ended 30 June 2024.

Indemnifying Officers or Auditor

The Group indemnifies its past, present and future Directors against liabilities arising out of their position with the Group, except where the liability arises out of conduct involving a lack of good faith. The deed stipulates that the Group will meet the full amount of any such liabilities, including costs and expenses.

The group has paid a premium in respect of a Directors’ and Officers’ insurance policy covering the liability of past, present or future Directors and Officers, including executive officers of the Group. The terms of the policy prohibit disclosure of the details of the amount of insurance cover and the premium paid. Accordingly, the Group relies on Section 300(9) of the Corporations Act 2001 to exempt it from the requirement to disclose the nature of the liability insured against and the premium amount of the policy.

Proceedings on Behalf of the Group

No person has applied for leave of Court to bring proceedings on behalf of the Group or intervene in any proceedings to which the Group is a party for the purpose of taking responsibility on behalf of the Group for all or any part of those proceedings.

The Group was not a party to any such proceedings during the year.

Non-audit Services

The Board of Directors, in accordance with advice from the audit committee, is satisfied that the provision of non-audit services during the year is compatible with the general standard of independence for auditors imposed by the Corporations Act 2001. The Directors are satisfied that the services disclosed below did not compromise the external auditor’s independence for the following reasons:

all non-audit services are reviewed and approved by the audit committee prior to commencement to ensure they do not adversely affect the integrity and objectivity of the auditor: and
the nature of the services provided does not compromise the general principles relating to auditor independence in accordance with APES 110: Code of Ethics for Professional Accountants set by the Accounting Professional and Ethical Standards Board.

The following fees were paid or payable to RSM Australia Partners for non-audit services provided during the year ended 30 June 2024:

	$
Taxation services Due diligence investigations	Nil Nil
	Nil

Auditor’s Independence Declaration

The lead auditor’s independence declaration for the year ended 30 June 2024 has been received and can be found on page 11 of the Financial Report.

Options

The following options over shares were issued to employees under the Group’s Employee Securities Incentive Plan during the year and to the date of this report:

date of this report:
Grant Date Date of expiry Exerciseprice	Number under option
21/12/2023 21/12/2028 $0.335	12,000,000
	12,000,000

Murray Cod Australia Limited ABN: 74 143 928 625 and Controlled Entities

At the date of this report, the unissued ordinary shares of Murray Cod Australia Limited under option are as follows:

At the date of this report, the unissued ordinary shares of Murray Cod Australia Limited under option are	as follows:
Grant Date Date of expiry Exerciseprice	Number under option
04/01/2021 03/01/2025 $0.25 11/02/2021 03/01/2025 $0.25 15/04/2021 03/01/2025 $0.25 14/05/2021 03/01/2025 $0.25 26/11/2021 25/11/2025 $0.53 20/04/2022 03/04/2026 $0.27 07/12/2022 05/12/2026 $0.23 21/12/2023 21/12/2028 $0.335	13,500,000 500,000 500,000 250,000 13,000,000 480,000 12,500,000 12,000,000
	52,730,000

Option holders do not have any rights to participate in any issues of shares or other interests in the Group or any other entity.

For details of options issued to directors and executives as remuneration, refer to the Remuneration Report.

During the year ended 30 June 2024 nil ordinary shares of Murray Cod Australia Limited were issued on the exercise of options and performance rights granted. There has been no ordinary shares of Murray Cod Australia Limited issued since year end on the exercise of options granted.

No person entitled to exercise the option had or has any right by virtue of the option to participate in any share of any other body corporate.

ASIC Corporations (Rounding in Financial/Directors’ Reports) Instrument 2016/191

The Group is an entity to which ASIC Corporations (Rounding in Financial/Directors’ Reports) Instrument 2016/191 applies but the Group has not elected to obtain the relief available under the instrument. Accordingly, amounts in the Directors’ Report have been rounded to the nearest dollar.

Information Relating to Directors and Group Secretary

Brett William Fisher Paton	- Non-Executive Chairman(appointed 06/03/2024)
Qualifcations	- Chartered Accountant, B Ec
Experience	- Over 40 years' experience in the fnance industry, has advised companies, governments
	and government agencies on capital raisings totalling approximately $230 billion of equity and has signifcant experience in the functions of ASX boards and companies
Interest in Shares and Options	- 28,839,789 ordinary shares
Directorships held in other listed entities during	- Chairman of PointsBet Holdings Limited
the three years prior to the current year
Ross James Anderson	- Chief Executive Ofcer
Qualifcations	- Chartered Accountant, BCom (with merit), CTA
Experience	- Over 30 years' as Chartered Accountant, 20 years’ as AFSL Holder, 9 years’ as Director of
	MCA
Interest in Shares and Options	- 64,054,892 ordinary shares, and 20,000,000 unlisted options
Directorships held in other listed entities during	- Nil
the three years prior to the current year
Mathew John Ryan	- Executive Director
Qualifcations	- BRurSc
Experience	- Over 21 years’ experience in agricultural industry including 13 years’ in aquaculture
Interest in Shares and Options	- 75,271,429 ordinary shares, and 20,000,000 unlisted options
Directorships held in other listed entities during	- Nil
the three years prior to the current year
George Roger Commins	- Non-executive Director
Experience	- Over 40 years’ in Agribusiness
Interest in Shares and Options	- 52,332,857 ordinary shares, and 8,000,000 unlisted options
Directorships held in other listed entities during	- Nil
the three years prior to the current year
Martin Andrew Priestley	- Non-executive Director(Resigned 07/12/2023)
Qualifcations	- BSc (Hons)
Experience	- Over 30 years’ experience in banking and fnance
Interest in Shares and Options	- 4,000,000 ordinary shares, and 3,000,000 unlisted options
Directorships held in other listed entities during	- Nil
the three years prior to the current year

Murray Cod Australia Limited ABN: 74 143 928 625 and Controlled Entities

Group Secretary

The following persons held the position of Group Secretary at the end of the financial year.

Wendy Dillon CA.

Meetings of Directors

During the financial year the following meetings of Directors (including committees of directors) were held.

Attendance by each director during the year were as follows:

Directors	DIRECTORS' MEETINGS	DIRECTORS' MEETINGS	AUDIT COMMITTEE	AUDIT COMMITTEE
	Number eligible to attend	Number attended	Number eligible to attend	Number attended
Brett William Fisher Paton Ross James Anderson Mathew John Ryan George Roger Commins Martin Andrew Priestley	4 4 9 9 9 9 9 9 4 4		0 0 2 2 2 2 2 1 1 1

Meetings of the Remuneration and Nominations Committee are held contemporaneously with board meetings as required.

Murray Cod Australia Limited ABN: 74 143 928 625 and Controlled Entities

Remuneration Report

Remuneration Policy

The remuneration policy of Murray Cod Australia Limited has been designed to align Key Management Personnel (KMP) objectives with shareholder and business objectives by providing a fixed remuneration component and offering specific long-term incentives based on key performance areas affecting the consolidated group’s financial results. The board of Murray Cod Australia Limited believes the remuneration policy to be appropriate and effective in its ability to attract and retain the high-quality KMP to run and manage the consolidated group, as well as create goal congruence between directors, executives, and shareholders.

The Board’s policy for determining the nature and amount of remuneration for KMP of the consolidated group is as follows:

The remuneration policy is to be developed by the remuneration committee and approved by the Board after professional advice is sought from independent external consultants.
All KMP receive a base salary (which is based on factors such as length of service and experience) and superannuation, and may receive fringe benefits, options, and performance incentives.
There are currently no performance incentives paid, if paid in the future would only be paid once predetermined key performance indicators (KPIs) have been met.
Incentives paid in the form of options or rights are intended to align the interests of the directors and Group with those of the shareholders. In this regard, KMP are prohibited from limiting risk attached to those instruments by use of derivatives or other means.
The Remuneration Committee reviews KMP packages annually by reference to the consolidated Group’s performance, executive performance, and comparable information from industry sectors. The remuneration committee make recommendations to the Board.

The performance of KMP is measured against criteria agreed biannually with each executive and is based predominantly on the forecast growth of the consolidated Group’s profits and shareholder’s value. Any bonuses and incentives must be linked to predetermined performance criteria. The Board may, however, exercise its discretion in relation to approving incentives, bonuses, and options. Any change must be justified by reference to measurable performance criteria. The policy is designed to attract the highest calibre of executives and reward them for performance results leading to long-term growth in shareholder wealth.

KMP receive, at a minimum, a superannuation guarantee contribution required by the government, which up until 30 June 2024 was 11% and since 1 July 2024 has increased to 11.5% of the individual’s average weekly ordinary time earnings (AWOTE). Individuals may choose to sacrifice part of their salary to increase payments towards superannuation.

Upon retirement, KMP are paid employee benefit entitlements accrued to the date of retirement.

Any options issued under the Employee Share Option Plan but not vested prior to the date of termination will lapse. All remuneration paid to KMP is valued at the cost to the Group and expensed.

The Board’s policy is to remunerate non-executive directors at market rates for time, commitment, and responsibilities. The Board determines payments to the non-executive directors and reviews their remuneration annually, based on market practice, duties and accountability.

Independent external advice is sought when required. The maximum aggregate amount of fees that can be paid to non-executive directors is subject to approval by shareholders at an Annual General Meeting.

KMP are encouraged to participate in employee share and option arrangements to align director’s interests with shareholders’ interests.

Options granted under the arrangement do not carry dividend or voting rights. Each option is entitled to be converted into one ordinary share and is measured using the Black-Scholes methodology.

Engagement of Remuneration Consultants

During the financial year the Board has not requested any remuneration consultants to provide market information on the level of Executive and Non-Executive Directors fees among organisations with comparable financial attributes to Murray Cod Australia Limited. No changes to remuneration were made for existing Executive and Non-executive Directors during the 2024 FY.

Performance-based Remuneration

There is currently no performance-based remuneration being paid to executive or non-executive KMP.

Relationship Between Remuneration Policy and Group Performance

The remuneration policy has been tailored to increase goal congruence between shareholders, directors, and executives. One method has been applied to achieve this aim, that being the issue of options to the majority of directors and executives to encourage the alignment of personal and shareholder interests.

The following table shows the gross revenue, profits, net assets and dividends for the last six years for the Group, as well as the share price at the end of the respective financial years. The Company’s growth over time is not always reflected in the share price on an annual basis, particularly in recent years where there is a time lag between growth in capacity and the revenues that result from that growth. The board is of the opinion however, that continued successful development of the company’s business will ultimately be reflected in the share price in the longer term.

Grant Date	2024 $	2023 $	2022 $	2021 $	2020 $	2019 $
Revenue	30,164,765	25,760,800	22,210,316	14,258,039	8,475,949	6,446,859
Net proft/(Loss)	(6,219,155)	(7,300,927)	(8,749,185)	(1,164,283)	61,690	(3,674,901)
Net Assets	91,084,806	71,032,776	76,387,161	31,895,448	31,985,365	16,622,056
Share price at year-end	$0.13	$0.12	$0.20	$0.40	$0.125	$0.20
Dividends Paid	-	-	-	-	-	-

Murray Cod Australia Limited ABN: 74 143 928 625 and Controlled Entities

Performance Conditions Linked to Remuneration

There is currently no bonus reward schemes based on the achievement of revenue targets, return on equity ratios and continued employment with the Group.

Employment Details of Members of Key Management Personnel

The following table provides employment details of persons who were, during the financial year, members of KMP of the consolidated group. The table also illustrates the proportion of remuneration that was performance and non-performance based.

Group KMP	Position Held as of 30 June 2024 and any change during the year	Position Held as of 30 June 2024 and any change during the year	Contract details (Duration & Termination)
Brett William Fisher Paton Ross James Anderson Mathew John Ryan George Roger Commins Martin Andrew Priestley Wendy Joy Dillon	Non-executive Chairman (appointed 6/03/2024) Chief Executive Ofcer Executive Director Non-executive Director Non-executive Director (resigned 7/12/2023) Chief Financial Ofcer		No fxed term, 3-month’s notice No fxed term, 12-month’s notice No fxed term, 12-month’’s notice No fxed term, 3-month’s notice Resigned 7/12/2023 No fxed term, 3-month’s notice

	PROPORTIONS OF ELEMENTS OF REMUNERATION RELATED TO PERFORMANCE (Other than options issued)		PROPORTIONS OF ELEMENTS OF REMUNERATION NOT RELATED TO PERFORMANCE
Group KMP	Non-salary cash-based incentives %	Shares/ Units %	Fixed Salary/Fees %
Brett William Fisher Paton Ross James Anderson Mathew John Ryan George Roger Commins Martin Andrew Priestley Wendy Joy Dillon	- - - - - - - - - - - -		100% 100% 100% 100% 100% 100%

The employment terms and conditions of all KMP are formalised in contracts of employment.

Changes in Directors and Executives Subsequent to Year-end

There have been no changes to Directors and Executives subsequent to year-end.

Remuneration Expense Details for the Year Ended 30 June 2024

The following table of benefits and payments represents the components of the current year and comparative year remuneration expenses for each member of KMP of the consolidated group. Such amounts have been calculated in accordance with Australian Accounting Standards:

Table of Benefits and Payments for the Year Ended 30 June 2024

2024	SHORT-TERM BENEFITS	SHORT-TERM BENEFITS	SHORT-TERM BENEFITS	POST EMPLOYMENT BENEFITS	POST EMPLOYMENT BENEFITS
	Salary, Fees and Leave $	Proft Share and Bonuses $	Non-Monetary $	Superannuation $	Other $
GroupKMP
Brett William Fisher Paton Ross James Anderson Mathew John Ryan George Roger Commins Martin Andrew Priestley Wendy Joy Dillon	29,236 - - 3,046 - 203,306 - - 22,000 - 339,867 - - 38,500 - 30,000 - - - - 52,258 - - - - 242,603 - - 26,442 -
	897,270 - - 89,988 -

Murray Cod Australia Limited ABN: 74 143 928 625 and Controlled Entities

2024	LONG-TERM BENEFITS	LONG-TERM BENEFITS	EQUITY-SETTLED SHARE-BASED PAYMENTS	EQUITY-SETTLED SHARE-BASED PAYMENTS
	Incentive Plans $	LSL $	Shares/Units $	Options/Rights $
GroupKMP
Brett William Fisher Paton Ross James Anderson Mathew John Ryan George Roger Commins Martin Andrew Priestley Wendy Joy Dillon	- - - - - - 32,282 - 975 - 625,240 - - 851,521 - 10,317 - 625,240 - - 1,013,924 - - - 250,096 - - 280,096 - - - (206,496) - - (154,238) - 1,237 - - - - 270,282
Total KMP	- 12,529 - 1,294,080 - - 2,293,867

Table of Benefits and Payments for the Year Ended 30 June 2023

2023	SHORT-TERM BENEFITS	SHORT-TERM BENEFITS	SHORT-TERM BENEFITS	SHORT-TERM BENEFITS	SHORT-TERM BENEFITS	SHORT-TERM BENEFITS	POST EMPLOYMENT BENEFITS	POST EMPLOYMENT BENEFITS	POST EMPLOYMENT BENEFITS	POST EMPLOYMENT BENEFITS	POST EMPLOYMENT BENEFITS
	Salary, Fees and Leave $		Proft Share and Bonuses $		Non-monetary $		Superannuation $			Other $
GroupKMP
Ross James Anderson Mathew John Ryan George Roger Commins Martin Andrew Priestley Wendy Joy Dillon	200,307 - - 13,677 - 379,546 - - 36,185 - 30,000 - - - - 130,000 - - - - 177,821 - - 17,096 -
Total KMP	917,674 - - 66,958 -

2023	LONG-TERM BENEFITS			EQUITY-SETTLED SHARE-BASED PAYMENTS
	Incentive Plans $	LSL $		Shares/Units $		Options/Rights $		Cash-Settled Share-Based Payments $	Termination Benefts $		Total $
GroupKMP
Ross James Anderson Mathew John Ryan George Roger Commins Martin Andrew Priestley Wendy Joy Dillon	- 1,094 - 730,511 - - 945,589 - 24,623 - 730,511 - - 1,170,865 - - - 292,204 - - 322,204 - - - 292,204 - - 422,204 - 911 73,500 - - - 269,328
Total KMP	- 26,628 73,500 2,045,430 - - 3,130,190

Securities Received that are not Performance Related

No members of KMP are entitled to receive securities that are not performance-based as part of their remuneration package. All options were issued by Murray Cod Australia Limited and entitle the holder to one ordinary share in Murray Cod Australia Limited for each option exercised. There have not been any alterations to the terms or conditions of any grants since grant date.

Murray Cod Australia Limited ABN: 74 143 928 625 and Controlled Entities

Options and Rights Granted as Remuneration

	BALANCE AT BEGINNING OF YEAR	BALANCE AT BEGINNING OF YEAR	BALANCE AT BEGINNING OF YEAR	GRANT DETAILS	GRANT DETAILS	GRANT DETAILS	GRANT DETAILS	GRANT DETAILS	GRANT DETAILS	EXERCISED/CANCELLED	EXERCISED/CANCELLED	EXERCISED/CANCELLED
	No.			Issued Date (Note 1f)		No. (Note 1f)		Value $ (Note 3)		No. (Note 2)		Value $
GroupKMP
Ross James Anderson Mathew John Ryan George Roger Commins Martin Andrew Priestley	1a,b,c,d 15,000,000 21/12/23 5,000,000 197,339 - - 1a,b,c,d 15,000,000 21/12/23 5,000,000 197,339 - - 1a,b,c,d 6,000,000 21/12/23 2,000,000 78,935 - - 1a,b,c 6,000,000 - - - 3,000,000 207,027
Total KMP		42,000,000 12,000,000 473,613 3,000,000 207,027

		LAPSED	BALANCE AT END OF YEAR		VESTED						UNVESTED
		No.	No.		Exercisable No.		Unexercisable No.		Total at End of Year No.		Total at End of Year No.
Group KMP Ross James Anderson Mathew John Ryan George Roger Commins Martin Andrew Priestley		20,000,000 7,500,000 - 7,500,000 12,500,000 20,000,000 7,500,000 - 7,500,000 12,500,000 8,000,000 3,000,000 - 3,000,000 5,000,000 3,000,000 3,000,000 - 3,000,000 -
Total KMP		51,000,000 21,000,000 - 21,000,000 30,000,000

Note 1a 16,000,000 unlisted options were issued as incentive for future performance and have an exercise price of 25 cents each and expire on 3rd January 2025. At the 30th of June 2024 3,000,000 options are unvested. 4,000,000 options vested on 1st July 2021, 3,500,000 options vested on 1st July 2022, 3,500,000 options vested on 1st July 2023 and 3.000,000 options vest on 1st July 2024. 1,500,000 options were cancelled on 23/6/22 and 500,000 options were cancelled on 7/12/23.
Note 1b 16,000,000 unlisted options were issued as incentive for future performance and have an exercise price of 53 cents each and expire on 25th November 2025. At the 30th of June 2024 6,000,000 options are unvested. 3,500,000 options vested on 1st July 2022, 3,500,000 options vested on 1st July 2023, 3,000,000 options vest on 1st July 2024 and 3.000,000 options vest on 1st July 2025. 2,000,000 options were cancelled on 23/6/22 and 1,000,000 options were cancelled on 7/12/23.
Note 1c 14,000,000 unlisted options were issued as incentive for future performance and have an exercise price of 23 cents each and expire on 5th December 2026. At the 30th of June 2024 9,000,000 options are unvested. 3,500,000 options vested on 1st July 2023, 3,000,000 options vest on 1st July 2024, 3,000,000 options vest on 1st July 2025 and 3.000,000 options vest on 1st July 2026. 1,500,000 options were cancelled on 7/12/23.
Note 1d 12,000,000 unlisted options were issued as incentive for future performance and have an exercise price of 33.5 cents each and expire on 21st December 2028. At the 30th of June 2024 12,000,000 options are unvested. 3,000,000 options vest on 1st July 2024, 3,000,000 options vest on 1st July 2025, 3,000,000 options vest on 1st July 2026 and 3.000,000 options vest on 1st July 2027.
Note 2 All options exercised resulted in the issue of ordinary shares in Murray Cod Australia Limited on a 1: 1 basis. All persons exercising options pay the applicable exercise price.
Note 3 The fair value of options granted as remuneration as shown in the above table has been determined in accordance with Australia Accounting Standards and will be recognised as an expense over the relevant vesting period, to the extent that conditions necessary for vesting are satisfied.

Description of Options/Rights Issued as Remuneration

During 2024 12,000,000 unlisted options were issued as incentive for future performance and have an exercise price of 33.5 cents each and expire on 21st December 2028. At the 30th of June 2024 the 12,000,000 options are unvested. 3,000,000 options vest on 1st July 2024, 3,000,000 options vest on 1st July 2025, 3,000,000 options vest on 1st July 2026 and 3,000,000 options vest on 1st July 2027.

Option values at grant date were determined using the Black-Scholes method.

Details relating to service and performance criteria required for vesting have been provided in the cash bonuses, performance-related bonuses and share-based payment table.

Murray Cod Australia Limited ABN: 74 143 928 625 and Controlled Entities

KMP Shareholdings

The number of ordinary shares in Murray Cod Australia Limited held by each KMP of the Group during the financial year is as follows:

Balance at Beginningof Year	Granted as Remuneration during the Year	Issued on Exercise of Options and Performance Rights duringthe Year	Other Charges duringthe Year	Balance at End of Year
Brett William Fisher Paton - - - 28,839,789 28,839,789 Ross James Anderson 63,054,892 - - 1,000,000 64,054,892 Mathew John Ryan 113,571,429 - - (38,300,000) 75,271,429 George Roger Commins 50,332,857 - - 2,000,000 52,332,857 Martin Andrew Priestley 8,000,000 - - (4,000,000) 4,000,000 Wendy Joy Dillon 2,357,480 - - 542,520 2,900,000
Total KMP 237,316,658 - - (9,917,691) 227,398,967

Other Equity-Related KMP Transactions

There have been no other transactions involving equity instruments apart from those described in the tables above relating to options, rights and shareholdings.

Loans to KMP

No loans have been made to any KMP during the course of the year and no loans are outstanding from an KMP.

Other Transactions with KMP and/or their Related Parties

There were no other transactions conducted between the Group and KMP or their related parties, apart from those disclosed above relating to equity, compensation and loans, that were conducted other than in accordance with normal employee, customer or supplier relationships on terms no more favourable than those reasonably expected under arm’s length dealings with unrelated persons.

This Directors’ Report, incorporating the Remuneration Report, is signed in accordance with a resolution of the Board of Directors.

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Brett Paton - Non-executive Chairman Dated: 30th August 2024

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AUDITOR’S INDEPENDENCE DECLARATION

RSM Australia Partners

12 Anderson Street West, Ballarat VIC 3350 PO Box 685 Ballarat VIC 3353

T +61 (0) 3 5330 5800 F +61 (0) 3 5330 5890 www.rsm.com.au

As lead auditor for the audit of the financial report of Murray Cod Australia Ltd and its Controlled Entities for the year ended 30 June 2024, I declare that, to the best of my knowledge and belief, there have been no contraventions of:

(i) the auditor independence requirements of the Corporations Act 2001 in relation to the audit; and
(ii) any applicable code of professional conduct in relation to the audit.

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RSM AUSTRALIA PARTNERS

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JOHN FINDLAY Partner

Ballarat, Victoria Dated this 30[th] day of August 2024

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RSM Australia Partners is a member of the RSM network and trades as RSM. RSM is the trading name used by the members of the RSM network. Each member of the RSM network is an independent accounting and consulting firm which practices in its own right. The RSM network is not itself a separate legal entity in any jurisdiction. RSM Australia Partners ABN 36 965 185 036 Liability limited by a scheme approved under Professional Standards Legislation

Murray Cod Australia Limited ABN: 74 143 928 625 and Controlled Entities

Consolidated Statement of Profit or Loss and Other Comprehensive Income

FOR THE YEAR ENDED 30 JUNE 2024

Note	CONSOLIDATED GROUP 2024 $ 2023 $
CONTINUING OPERATIONS
Revenue 3 Other income 3 Gain from changes in fair value of biological assets 11 Adjustment to fair value of biological assets 11 Employee benefts expense Depreciation and amortisation expense 4 Cost of Sales – equipment 4 Cost of Sales – fsh 4 Cost of Sales – processing plant 4 Cost of Sales – cattle 4 Administrative and other expenses Fish farm operating expenses Finance costs 4 Share based payment expense 4,25 Net loss before income tax Tax expense 5 Net loss from continuing operations Discontinued operations Net loss for the year after tax Other comprehensive income: Items that will not be reclassifed subsequently to proft or loss: Revaluation gain on land and buildings and water rights and licences, net of tax 5c Total other comprehensive income for the year Total comprehensive income for the year Earnings per share From continuing and discontinued operations: Basic earnings/(loss) per share (cents) 8 Diluted earnings/(loss) per share (cents) 8 From continuing operations: Basic earnings/(loss) per share (cents) 8 Diluted earnings/(loss) per share (cents) 8 The accompanying notes form part of these fnancial statements.	10,572,718 10,997,742 1,236,584 1,320,202 19,592,047 14,763,058 483,596 (654,650) (9,957,301) (8,011,075) (2,736,114) (1,968,155) - (4,010) (15,705,748) (16,109,138) (122,392) (156,147) (226,359) - (2,525,233) (2,489,936) (4,657,964) (4,157,505) (1,565,086) (172,288) (1,318,498) (2,131,210)
	(6,929,750) (8,773,112) 710,595 1,472,185
	(6,219,155) (7,300,927) - -
	(6,219,155) (7,300,927)
	5,888,189 (137,437)
	5,888,189 (137,437)
	(330,966) (7,438,364)
	(0.791) (0.954) (0.745) (0.909) (0.791) (0.954) (0.745) (0.909)

Murray Cod Australia Limited ABN: 74 143 928 625 and Controlled Entities

Consolidated Statement of Financial Position

FOR THE YEAR ENDED 30 JUNE 2024

Note	CONSOLIDATED GROUP 2024 $ 2023 $
ASSETS Current Assets Cash and cash equivalents 9 Trade and other receivables 10 Inventories 11 Other assets 16 Total Current Assets Non-Current Assets Other fnancial assets 12 Property, plant and equipment 14 Deferred tax assets 20 Right of use assets 17 Intangible assets 15 Total Non-Current Assets Total Assets LIABILITIES Current Liabilities Trade and other payables 18 Borrowings 19 Lease liabilities Provisions 21 Total Current Liabilities Non-Current Liabilities Borrowings 19 Lease liabilities Deferred tax liabilities 20 Provisions 21 Total Non-Current Liabilities Total Liabilities Net Assets Equity Issued capital 22 Reserves Retained earnings Total Equity	20,749,256 11,424,244 520,994 620,268 33,186,157 20,902,140 557,967 591,793
	55,014,374 33,538,445
	167 123 58,467,731 41,151,897 7,825,531 4,507,713 10,044,149 9,878,870 5,313,909 4,731,633
	81,651,487 60,270,236
	136,665,861 93,808,681
	2,734,910 2,832,607 287,948 1,088,940 720,674 670,685 639,979 682,018
	4,383,511 5,274,250
	20,321,887 1,544,132 9,753,156 9,478,773 10,924,090 6,421,784 198,411 56,966
	41,197,544 17,501,655
	45,581,055 22,775,905
	91,084,806 71,032,776
	97,896,642 78,861,056 26,646,677 19,478,726 (33,458,513) (27,307,006)
	91,084,806 71,032,776

The accompanying notes form part of these financial statements.

Murray Cod Australia Limited ABN: 74 143 928 625 and Controlled Entities

Consolidated Statement of Changes in Equity

FOR THE YEAR ENDED 30 JUNE 2024

		SHARE CAPITAL	SHARE CAPITAL	SHARE CAPITAL
	Note	Ordinary $	Redeemable Preferred $	Deferred Ordinary Shares $	Retained Earnings
Consolidated Group Balance at 1 July 2022 Comprehensive Income Proft/(loss) for the year Other comprehensive income for the year 30 Total comprehensive income for the year Transactions with owners, in their capacity as owners, and other transfers Shares issued during the year Transactions costs Options and Performance Rights Vested during the year Options exercised or lapsed during the year Options issued during the year Total transactions with owners and other transfers 30 Other Transfers to Reserves Total Other Balance at 30 June 2023 Balance at 1 July 2023 Efects from adoption of new/amended accounting standards – AASB 2021-5 Balance at 1 July 2023 (restated) Comprehensive Income Proft/(Loss) for the year Other comprehensive income for the year 30 Total comprehensive income for the year Transactions with owners, in their capacity as owners, and other transfers Shares issued during the year Transactions costs Options and Performance Rights Vested during the year Options exercised or lapsed during the year Options issued during the year Total transactions with owners and other transfers 30 Other Transfer to Reserves Total Other Balance at 30 June 2024

The accompanying notes form part of these financial statements.

Murray Cod Australia Limited ABN: 74 143 928 625 and Controlled Entities

RESERVES	RESERVES	RESERVES	RESERVES	RESERVES
Revaluation Surplus $	Asset Revaluation Reserve $	Foreign Currency Translation Reserve $	General Reserve $	Option Reserve $	Performance Share Based		Subtotal $	Non- controlling Interests $	Total $
					Rights Reserve $	Payment Reserve $
- 14,918,796 - - 2,686,888 - - - - - - (137,437) - - -					- - 76,387,161 - - (7,300,927) - - (137,437)			- - -	76,387,161 (7,300,927) (137,437)
- (137,437) - - -					- - (7,438,364)			-	(7,438,364)
- - - - - - - - - - - - - - 1,465,669 - - - - (103,791) - - - - 648,601					- - 73,500 - - - - - 1,465,669 - - (103,791) - - 648,601			- - - - -	73,500 - 1,465,669 (103,791) 648,601
- - - - 2,010,479					- - 2,083,979			-	2,083,979
- - - - -					- - -			-	-
- - - - -					- - -			-	-
- 14,781,359 - - 4,697,367					- - 71,032,776			-	71,032,776
- 14,781,359 - - 4,697,367 - - - - - - 14,781,359 - - 4,697,367 - - - - - - 5,888,189 - - -					- - 71,032,776 - - 67,648 - - 71,100,424 - - (6,219,155) - - 5,888,189			- - - - -	71,032,776 67,648 71,100,424 (6,219,155) 5,888,189
- 5,888,189 - - -					- - (330,966)			-	(330,966)
- - - - - - - - - - - - - - 1,030,554 - - - - (224,404) - - - - 473,612					- - 20,369,074 - - (1,333,488) - - 1,030,554 - - (224,404) - - 473,612			- - - - -	20,369,074 (1,333,488) 1,030,554 (224,404) 473,612
- - - - 1,279,762					- - 20,315,348			-	20,315,348
- - - - -					- - -			-	-
- - - - -					- - -			-	-
- 20,669,548 - - 5,977,129					- - 91,084,806			-	91,084,806

Murray Cod Australia Limited ABN: 74 143 928 625 and Controlled Entities

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Murray Cod Australia Limited ABN: 74 143 928 625 and Controlled Entities

Consolidated Statement of Cash Flows

FOR THE YEAR ENDED 30 JUNE 2024

Note	CONSOLIDATED GROUP 2024 $ 2023 $
Cash Flows from Operating Activities Receipts from customers and government grants Interest received Finance costs Payments to suppliers and employees Net cash used in operating activities 24a Cash Flows from Investing Activities Purchase of trademarks Purchase of property, plant and equipment Disposal of property, plant and equipment Purchase of fnancial assets Net cash used in investing activities Cash Flows from Financing Activities Proceeds from issue of shares and exercise of options Proceeds from borrowings Capital costs on issue of share capital Repayment of borrowings – other Repayment of lease liabilities Net cash provided by/(used in) fnancing activities Net increase/(decrease) in cash held Cash and cash equivalents at beginning of fnancial year Cash and cash equivalents at end of fnancial year 9	10,714,123 11,112,136 296,792 102,769 (1,565,086) (172,288) (24,949,477) (19,987,983)
	(15,503,648) (8,945,366)
	(3,376) (8,024) (11,461,509) (6,566,656) - - (44) (20)
	(11,464,929) (6,574,700)
	20,369,074 - 20,000,000 701,423 (1,333,488) - (1,649,803) (739,035) (718,760) (384,856)
	36,667,023 (422,468)
	9,698,446 (15,942,534) 11,026,502 26,969,036
	20,724,948 11,026,502

The accompanying notes form part of these financial statements.

Murray Cod Australia Limited ABN: 74 143 928 625 and Controlled Entities

Notes to the Consolidated Financial Statements

FOR THE YEAR ENDED 30 JUNE 2024

These consolidated financial statements and notes represent those of Murray Cod Australia Limited and Controlled Entities (the “consolidated Group” or “Group”). The separate financial statements of the parent entity, Murray Cod Australia Limited, have not been presented within this financial report as permitted by the Corporations Act 2001.

The financial statements were authorised for issue on the 30th August 2024 by the directors of the Group.

Note 1 Summary of Significant Accounting Policies

Basis of Preparation

These general purpose consolidated financial statements have been prepared in accordance with the Corporations Act 2001, Australian Accounting Standards, and Interpretations of the Australian Accounting Standards Board and in compliance with International Financial Reporting Standards as issued by the International Accounting Standards Board. The Group is a for-profit entity for financial reporting purposes under Australian Accounting Standards. Material accounting policies adopted in the preparation of these financial statements are presented below and have been consistently applied unless stated otherwise.

Except for cash flow information, the financial statements have been prepared on an accrual basis and are based on historical costs, modified, where applicable, by the measurement at fair value of selected non-current assets and financial liabilities.

(a) Principles of Consolidation

The consolidated financial statements incorporate all assets, liabilities, and results of Murray Cod Australia Limited and all of the subsidiaries (including any structured entities). Subsidiaries are entities the Parent controls. The Parent controls an entity when it is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. A list of the subsidiaries is provided in Note 13.

The assets, liabilities and results of all subsidiaries are fully consolidated into the financial statements of the Group from the date on which control is obtained by the Group. The consolidation of a subsidiary is discontinued from the date that control ceases. Inter-Group transactions, balances and unrealised gains or losses on transactions between Group entities are fully eliminated on consolidation. Accounting policies of subsidiaries have been changed and adjustments made where necessary to ensure uniformity of the accounting policies adopted by the Group.

Equity interests in a subsidiary not attributable, directly or indirectly, to the Group are presented as “non-controlling interests”. The Group initially recognises non-controlling interests that are present ownership interests in subsidiaries and are entitled to a proportionate share of the subsidiary’s net assets on liquidation at either fair value or the non-controlling interests’ proportionate share of the subsidiary’s net assets. Subsequent to initial recognition, non-controlling interests are attributed their share of profit or loss and each component of other comprehensive income. Non-controlling interests are shown separately within the equity section of the statement of financial position and statement of comprehensive income.

Business Combinations

Business combinations occur where an acquirer obtains control over one or more businesses.

A business combination is accounted for by applying the acquisition method, unless it is a combination involving entities or businesses under common control. The business combination will be accounted for from the date that control is obtained, whereby the fair value of the indefinable assets acquired, and liabilities (including contingent liabilities) assumed is recognised (subject to certain limited exemptions).

When measuring the consideration transferred in the business combination, any asset or liability resulting from a contingent consideration arrangement is also included. Subsequent to initial recognition, contingent consideration classified as equity is not remeasured and its subsequent settlement is accounted for within equity. Contingent consideration classified as an asset or liability is remeasured each reporting period to fair value, recognising any change to fair value in profit or loss, unless the change in value can be identified as existing at acquisition date.

All transaction costs incurred in relation to business combinations, other than those associated with the issue of a financial instrument, are recognised as expenses in profit or loss when incurred.

The acquisition of a business may result in the recognition of goodwill or a gain from a bargain purchase.

Goodwill

Goodwill is carried at cost less any accumulated impairment losses. Goodwill is calculated as the excess of the sum of:

(i) The consideration transferred at fair value;

(ii) Any non-controlling interest (determined under either fair value or proportionate interest method); and

(iii) The acquisition date fair value of any previously held equity interest;

(iv) Over the acquisition date fair value of any identifiable assets acquired and liabilities assumed.

The acquisition date fair value of the consideration transferred for a business combination plus the acquisition date fair value of any previously held equity interest shall form the cost of the investment in the separate financial statements.

Changes in the Group’s ownership interests in subsidiaries that do not result in the Group losing control over the subsidiaries are accounted for as equity transactions. The carrying amounts of the Group’s interests and the non-controlling interests are adjusted to reflect the changes in their relative interests in the subsidiaries. Any difference between the amount by which the non-controlling interests are adjusted and the fair value of the consideration paid or received is recognised directly in equity and attributed to owners of the Company.

Murray Cod Australia Limited ABN: 74 143 928 625 and Controlled Entities

When the Group loses control of a subsidiary, a gain or loss is recognised in profit or loss and is calculated as the difference between (i) the aggregate of the fair value of the consideration received and the fair value of any retained interest and (ii) the previous carrying amount of the assets (including goodwill), and liabilities of the subsidiary and any non-controlling interests. All amounts previously recognised in other comprehensive income in relation to that subsidiary are accounted for as the Group had directly disposed of the related assets or liabilities of the subsidiary (i.e., reclassified to profit or loss transferred to another category of equity as specified/permitted by applicable Accounting Standards). The fair value of any investment retained in the former subsidiary at the date when control is lost is regarded as the fair value on initial recognition for subsequent accounting under AASB 139: Financial Instruments: Recognition and Measurement, when applicable, the cost on initial recognition of an investment in an associate or a joint venture.

The amount of goodwill recognised on acquisition of each subsidiary in which the Group holds less than 100% interest will depend on the method adopted in measuring the non-controlling interest. The Group can elect in most circumstances to measure the non-controlling interest in the acquiree either at fair value (full goodwill method) or at the non-controlling interest’s proportionate share of the subsidiary’s identifiable net assets (proportionate interest method). In such circumstances, the Group determines which method to adopt for each acquisition and this is stated in the respective note to the financial statements disclosing the business combination.

Under the full goodwill method, the fair value of the non-controlling interest is determined using valuation techniques which make the maximum use of market information where available.

Goodwill on acquisitions of subsidiaries is included in intangible assets. Goodwill on acquisition of associates is included in investments in associates.

Goodwill is tested for impairment annually and is allocated to the Group’s cash-generating units or groups of cash-generating units, representing the lowest level at which goodwill is monitored and not larger than an operating segment. Gains and losses on the disposal of an entity include the carrying amount of goodwill related to the entity disposed of.

(b) Income Tax

The income Tax expense (income) for the year comprises current income tax expense (income) and deferred tax expense (income).

Current income tax expense charged profit or loss is the tax payable on taxable income for the current period. Current tax liabilities (assets) are measured at the amounts expected to be paid to (recovered from) the relevant taxation authority using tax rates (and tax laws) that have been enacted or substantively enacted by the reporting period.

Deferred tax expense reflects movements in deferred tax asset and deferred tax liability balances during the year as well as unused tax losses. Current and deferred income tax expense (income) is charged or credited outside profit or loss when the tax relates to items that are recognised outside profit or loss or arising from a business combination.

A deferred tax liability shall be recognised for all taxable temporary differences, except to the extent that the deferred tax liability arises from:(a) the initial recognition of goodwill; or (b) the initial recognition of an asset or liability in a transaction which: (i) is not a business combination; and (ii) at the time of the transaction, affects neither accounting profit nor taxable profit (tax loss).

Deferred tax assets and liabilities are calculated at the tax rates that are expected to apply to the period when the asset is realised, or the liability is settled, and their measurement also reflects the manner in which management expects to recover or settle the carrying amount of the related asset or liability. With respect to non-depreciable items of property, plant and equipment measured at fair value and items of investment property measured at fair value, the related deferred tax liability or deferred tax asset is measured on the basis that the carrying amount of the asset will be recovered entirely through sale. When an investment property that is depreciable is held by the entity in a business model whose objective is to consume substantially all of the economic benefits embodied in the property through use over time (rather than through sale), the related deferred tax liability or deferred tax asset is measured on the basis that the carrying amount of such property will be recovered entirely through use.

Deferred tax assets relating to temporary differences and unused tax losses are recognised only to the extent that is probable that future taxable profit will be available against which the benefits of the deferred tax asset can be utilised, unless the deferred tax asset relating to temporary differences arises from the initial recognition of an asset or liability in a transaction that: • Is not a business combination; and

At the time of the transaction, affects neither accounting profit nor taxable profit (tax loss).

Where temporary differences exist in relation to investments in subsidiaries, branches, associates, and joint ventures, deferred tax assets and liabilities are not recognised where the timing of the reversal of the temporary difference can be controlled, and it is not probable that the reversal will occur in the foreseeable future.

Current tax assets and liabilities are offset where a legally enforceable right of set-off exists and it is intended that net settlement or simultaneous realisation and settlement of the respective asset and liability will occur. Deferred tax assets and liabilities are offset where: (i) a legally enforceable right of set-off exists; and (ii) the deferred tax assets and liabilities relate to income taxes levied by the same taxation and settlement of the respective asset and liability will occur in future periods in which significant amounts of deferred tax assets or liabilities are expected to be recovered or settled.

To the extent that uncertainty exists as it relates to the acceptability by a taxing authority of the company’s tax treatments, the company estimates the probability of acceptance by the taxing authority and, where acceptance is not probable, recognises the expected value of the uncertainty in either income tax expense or other comprehensive income, as appropriate.

(c) Fair Value of Assets and Liabilities

The Group measures some of its assets and liabilities at fair value on either a recurring or non-recurring basis, depending on the requirements of the applicable accounting standard.

Fair value is the price the Group would receive to sell an asset or would have to pay to transfer a liability in an orderly (i.e., unforced) transaction between independent, knowledgeable, and willing market participants at the measurement date.

As fair value is a market-based measure, the closest equivalent observable market pricing information is used to determine fair value. Adjustments to market values may be made having regard to the characteristics of the specific asset or liability. The fair values of assets and liabilities that are not traded in an active market are determined using one or more valuation techniques. These valuation techniques maximise, to the extent possible, the use of observable market data.

Murray Cod Australia Limited ABN: 74 143 928 625 and Controlled Entities

To the extent possible, market information is extracted from either the principal market for the asset or liability (i.e. the market with the greatest volume and level of activity for the asset or liability) or, in the absence of such a market, the most advantageous market available to the entity at the end of the reporting period (i.e. the market that maximises the receipts from the sale of the asset or minimises the payments made to transfer the liability, after taking into account transaction costs and transport costs).

For non-financial assets, the fair value measurement also takes into account a market participant’s ability to use the asset in its highest and best use or to sell it to another market participant that would use the asset in its highest and best use.

The fair value of liabilities and the entity’s own equity instruments (excluding those related to share-based payment arrangements) may be valued, where there is no observable market price in relation to the transfer of such financial instruments, by reference to observable market information where such instruments are held as assets. Where this information is not available, other valuation techniques are adopted and, where significant, are detailed in the respective note to the financial statements.

(d) Inventories

All inventories are measured at the lower of cost and net realisable value unless they are biological assets. Refer to Note 1(e) regarding the measurement and valuation of biological assets.

(e) Biological Assets

Biological assets comprise Murray cod, Golden perch and Silver perch live fish and cattle. Biological assets are measured at their fair value less costs to sell in accordance with AASB141 Agriculture, with any changes to fair value recognised immediately in the statement of profit or loss and other comprehensive income. Fair value of a biological asset is based on its present location and condition, if an active or other effective market exists for the biological asset or agricultural asset. If an active market does not exist, then we use one of the following when available in determining fair value:

The most recent market transaction price, provided that there has not been a significant change in economic circumstances between the date of that transaction and the end of the reporting period; or
Market prices, in markets accessible to the entity, for similar assets with adjustments to reflect differences; or
Sector benchmarks
(f) Property, Plant and Equipment

Each class of property, plant and equipment is carried at cost or fair value as indicated less, where applicable, any accumulated depreciation and impairment losses.

Property

Freehold land and buildings are carried at their fair value (being the amount for which an asset could be exchanged between knowledgeable willing parties in an arm’s length transaction), based on periodic valuations by external independent valuers, less accumulated impairment losses and accumulated depreciation for buildings.

Increases in the carrying amount arising on revaluation of land and buildings are credited to a revaluation surplus in equity. Decreases that offset previous increases of the same asset are recognised against revaluation surplus directly in equity, all other decreases are recognised in profit or loss.

Any accumulated depreciation at the date of revaluation is eliminated against the gross carrying amount of the asset and the net amount is restated to the revalued amount of the asset.

Plant and Equipment

Plant and equipment are measured on the cost basis and therefore carried at cost less accumulated depreciation and any accumulated impairment. In the event the carrying amount of plant and equipment is greater than the estimated recoverable amount, the carrying amount is written down immediately to the estimated recoverable amount and impairment losses are recognised either in profit or loss. A formal assessment of recoverable amount is made when impairment indicators are present (refer to Note 1(h)) for details of impairment).

The carrying amount of plant and equipment is reviewed annually by Directors to ensure is not in excess of the recoverable amount from these assets. The recoverable amount is assessed on the basis of the expected net cash flows that will be received from the asset’s employment and subsequent disposal. The expected net cash flows have been discounted to their present values in determining recoverable amounts.

The cost of fixed assets constructed within the consolidated group includes the cost of materials, direct labour, borrowing costs and an appropriate proportion of fixed and variable overheads.

Subsequent costs are included in the asset’s carrying amount or recognised as a separate asset, as appropriate, only when it is probable that future economic benefits associated with the item will flow to the Group and the cost of the item can be measured reliably. All other repairs and maintenance are recognised as expenses in profit or loss during the financial period in which they are incurred.

Depreciation

The depreciable amount of all fixed assets including buildings and capitalised leased assets, but excluding freehold land, is depreciated on a straight-line basis over the asset’s useful life to the Group commencing from the time the asset is held ready for use. Leasehold improvements are depreciated over the shorter of either the unexpired period of the lease or the estimated useful lives of the improvements.

The depreciation rates used for each class of depreciable assets are:

Class of Fixed Asset	Depreciation Rate
Buildings	2.5-5%
Plant and equipment	5-33.33%
Leased plant and equipment	5-33.33%

The assets’ residual values and useful lives are reviewed, and adjusted if appropriate, at the end of each reporting period.

Murray Cod Australia Limited ABN: 74 143 928 625 and Controlled Entities

An asset’s carrying amount is written down immediately to its recoverable amount if the asset’s carrying amount is greater than its estimated recoverable amount.

Gains and losses on disposals are determined by comparing proceeds with the carrying amount. These gains and losses are recognised in profit or loss in the period in which they arise. Gains shall not be classified as revenue. When revalued assets are sold, amounts included in the revaluation surplus relating to that asset are transferred to retained earnings.

(g) Leases (the group as lessee)

At inception of a contract, the Group assesses if the contract contains or is a lease. If there is a lease payment, a right-of-use asset and a corresponding lease liability is recognised by the Group where the Group is a lessee. However, all contracts that are classified as shortterm leases (lease with remaining lease term of 12-months or less) and leases of low value assets are recognised as an operating expense on a straight-line basis over the term of the lease.

Initially the lease liability is measured at the present value of the lease payments still to be paid at commencement date. The lease payments are discounted at the interest rate implicit in the lease. If this rate cannot be readily determined, the Group uses the incremental borrowing rate.

Lease payments included in the measurement of the lease liability are as follows:

Fixed lease payments less any lease incentives;
Variable lease payments that depend on an index or rate, initially measured using the index or rate at the commencement date;
The amount expected to be payable by the lessee under residual value guarantees;
The exercise price of purchase options if the lessee is reasonably certain to exercise the options;
Lease payments under extension options if the lessee is reasonably certain to exercise the options; and
Payments of penalties for terminating the lease, if the lease term reflects the exercise of an option to terminate the lease

The right-of-use assets comprise the initial measurement of the corresponding lease liability as mentioned above, any lease payments made at or before the commencement date as well as any initial direct costs. The subsequent measurement of the right-of-use assets is at cost less accumulated depreciation and impairment losses.

Right-of-use assets are depreciated over the lease term or useful life of the underlying asset, whichever is the shortest.

Where a lease transfers ownership of the underlying asset or the cost of the right-of-use asset reflects that the Group anticipates exercising a purchase option, the specific asset is depreciated over the useful life of the underlying asset.

(h) Financial Instruments

Recognition and Initial Measurement

Financial assets and financial liabilities are recognised when the Group becomes a party to the contractual provisions to the instrument. For financial assets, this is the date that the Group commits itself to either the purchase or sale of the asset (ie., trade date accounting is adopted).

Financial instruments (except for trade receivables) are initially measured at fair value plus transaction costs except where the instrument is classified ‘at fair value through profit or loss’ in which case transaction costs are expensed to profit or loss immediately. Where available, quoted prices in an active market are used to determine fair value. In other circumstances, valuation techniques are adopted.

Trade receivables are initially measured at the transaction price if the trade receivables do not contain a significant financing component or if the practical expedient was applied as specified in AASB 15.63.

Classification and Subsequent Measurement

Financial liabilities

Financial instruments are subsequently measured at:

Amortised cost; or
Fair value through profit or loss.

A financial liability is measured at fair value through profit and loss if the financial liability is:

a contingent consideration of an acquirer in a business combination to which AASB 3: Business Combinations applies;
held or trading; or
initially designated as at fair value through profit or loss.

All other financial liabilities are subsequently measured at amortised cost using the effective interest method.

The effective interest method is a method of calculating the amortised cost of a debt instrument and of allocating interest expense in profit or loss over the relevant period. The effective interest rate is the internal rate of the financial asset or liability. That is, it is the rate that exactly discounts the estimated future cash flows through the expected life of the instrument to the net carrying amount at initial recognition.

A financial liability is held for trading if:

it is incurred for the purpose of repurchasing or repaying in the near term;
part of a portfolio where there is an actual pattern of short-term profit taking; or
a derivative financial instrument (except for a derivative that is in a financial guarantee contract or a derivative that is in an effective hedging relationship).

Any gains or losses arising on changes in fair value are recognised in profit or loss to the extent that they are not part of a designated hedging relationship are recognised in profit or loss.

Murray Cod Australia Limited ABN: 74 143 928 625 and Controlled Entities

The change in fair value of the financial liability attributable to changes in the issuer’s credit risk is taken to other comprehensive income and are not subsequently reclassified to profit or loss. Instead, they are transferred to retained earnings upon derecognition of the financial liability. If taking the change in credit risk in other comprehensive income enlarges or creates an accounting mismatch, then these gains or losses should be taken to profit or loss rather than other comprehensive income.

A financial liability cannot be reclassified.

Financial Guarantee Contracts

A financial guarantee contract is a contract that requires the issuer to make specified payments to reimburse the holder for a loss it incurs because a specified debtor fails to make payment when due in accordance with terms of a debt instrument.

Financial guarantee contracts are initially measured at fair values (and if not designated as at fair value through profit or loss and do not arise from a transfer of a financial asset) and subsequently measured at the higher of:

the amount of loss allowance determined in accordance with AASB 9.3.25.3; and
the amount initially recognised less the accumulative amount of income recognised in accordance with the revenue recognition policies.

Financial Assets

Financial assets are subsequently measured at:

Amortised cost;
Fair value through other comprehensive income; or
Fair value through profit or loss.

Measurement is on the basis of two primary criteria:

The contractual cash flow characteristics of the financial asset; and
The business model for managing the financial assets.
A financial asset that meets the following conditions is subsequently measured at amortised cost:
The financial asset is managed solely to collect contractual cash flows; and
The contractual terms within the financial asset give rise to cash flows that are solely payments of principal and interest on the principal amount outstanding on specified dates.
A financial asset that meets the following conditions is subsequently measured at fair value through other comprehensive income:
The contractual terms within the financial asset give rise to cash flows that are solely payments of principal and interest on the principal amount outstanding on specified dates; and
The business model for managing the financial assets comprises both contractual cash flows collection and the selling of the financial asset.

By default, all other financial assets that do not meet the measurement conditions of amortised cost and fair value through other comprehensive income are subsequently measured at fair value through profit or loss.

The Group initially designates a financial instrument as measured at fair value through profit or loss if:

It eliminates or significantly reduces a measurement or recognition inconsistently (often referred to as “accounting mismatch”) that would otherwise arise from measuring assets or liabilities or recognising the gains and losses on them on different bases;
It is in accordance with the documented risk management or investment strategy, and information about the groupings was documented appropriately, so that the performance of the financial liability that was part of a group of financial liabilities or financial assets can be managed and evaluated consistently on a fair value basis; and
It is a hybrid contract that contains an embedded derivative that significantly modifies the cash flows otherwise required by the contract.

The initial designation of the financial instruments to measure at fair value through profit or loss is a one-time option on initial classification and is irrevocable until the financial asset is derecognised.

Equity Instruments

At initial recognition, as long as the equity instrument is not held for trading and not a contingent consideration recognised by an acquirer in a business combination to which AASB 3: Business Combinations applies, the Group made an irrevocable election to measure any subsequent changes in fair value of the equity instruments in other comprehensive income, while the dividend revenue received on underlying equity instruments investment will still be recognised in profit or loss.

Regular way purchases and sales of financial assets are recognised and derecognised at settlement date in accordance with the Group’s accounting policy.

Derecognition

Derecognition refers to the removal of a previously recognised financial asset or financial liability from the statement of financial position.

Derecognition of financial liabilities

A liability is derecognised when it is extinguished (i.e., when the obligation in the contract is discharged, cancelled, or expires). An exchange of an existing financial liability for a new one with substantially modified terms, or a substantial modification to the terms of a financial liability is treated as an extinguishment of the existing liability and recognition of a new financial liability.

The difference between the carrying amount of the financial liability derecognised and the consideration paid and payable, including any non-cash assets transferred or liabilities assumed, is recognised in profit or loss.

Murray Cod Australia Limited ABN: 74 143 928 625 and Controlled Entities

Derecognition of financial assets

A financial asset is derecognised when the holder’s contractual rights to its cash flows expires, or the asset is transferred in such a way that all the risks and rewards of ownership are substantially transferred.

All of the following criteria need to be satisfied for derecognition of a financial asset:

The right to receive cash flows from the asset has expired or been transferred;
All risk and rewards of ownership of the asset have been substantially transferred; and
The Group no longer controls the asset (i.e., the Group has no practical ability to make a unilateral decision to sell the asset to a third party).

On derecognition of a financial asset measured at amortised cost, the difference between the asset’s carrying amount and the sum of the consideration received and receivable is recognised in profit or loss. On derecognition of a debt instrument classified as at fair value through other comprehensive income, the cumulative gain or loss previously accumulated in the investment revaluation reserve is reclassified to profit or loss.

On derecognition of an investment in equity which was elected to be classified under fair value through other comprehensive income, the cumulative gain or loss previously accumulated in the investment revaluation reserve is not reclassified to profit or loss but is transferred to retained earnings.

Derivative Financial Instruments

The Group currently does not hold any derivatives.

Hedge Accounting

The group currently does not carry out any hedging.

Preference Shares

The Group currently does not have any Preference Shares.

Compound Financial Instruments

Compound instruments (convertible preference shares) issued by the Group are classified as either financial liabilities or equity in accordance with the substance of the arrangements. An option that is convertible and that will be settled by the exchange of a fixed amount of cash or another financial asset for a fixed number of the Group’s own equity instruments will be classified as equity.

The fair value of the liability component is estimated on date of issue. This is done by using the prevailing market interest rate of the same kind of instrument. This amount is recognised using the effective interest method as a liability at amortised cost until conversion or the end of life of the instrument.

The equity portion is calculated by deducting the liability amount from the fair value of the instrument as a whole. The equity portion is not remeasured after initial recognition. Equity will remain as such until the option is exercised. When the option is exercised a corresponding amount will be transferred to share capital. If the option lapses without the option being exercised the balance in equity will be recognised in profit or loss.

Costs of the transaction of the issue of convertible instruments are proportionally allocated to the equity and liability. Transaction costs in regards to the liability are included in the carrying amount of the liability and are amortised over its life using the effective interest method. Transaction cost in equity is directly recognised in equity.

Impairment

The Group recognises a loss allowance for expected credit losses on:

Financial assets that are measured at amortised cost or fair value through other comprehensive income;
Lease receivables;
Contract assets (e.g., amounts due from customers under construction contracts);
Loan commitments that are not measured at fair value through profit or loss; and
Financial guarantee contracts that are not measured at fair value through profit or loss.

Loss allowance is not recognised for:

Financial assets measured at fair value through profit or loss; or
Equity instruments measured at fair value through other comprehensive income.

Expected credit losses are the probability-weighted estimate of credit losses over the expected life of a financial instrument. A credit loss is the difference between all contractual cash flows that are due and all cash flows expected to be received, all discounted at the original effective interest rate of the financial instrument.

The Group uses the following approaches to impairment, as applicable under AASB 9: Financial Instruments:

The general approach;
The simplified approach;
The purchased or originated credit impaired approach; and
Low credit risk operational simplification.

General approach

Under the general approach, at each reporting period, the Group assesses whether the financial instruments are credit-impaired, and if:

• The credit risk of the financial instrument has increased significantly since initial recognition, the Group measures the loss allowance of the financial instruments at an amount equal to the lifetime expected credit losses; or

There is no significant increase in credit risk since initial recognition, the Group measures the loss allowance for that financial instrument at an amount equal to 12-month expected credit losses.

Murray Cod Australia Limited ABN: 74 143 928 625 and Controlled Entities

Simplified approach

The simplified approach does not require tracking of changes in credit risk at every reporting period, but instead requires the recognition of lifetime expected credit loss at all times. This approach is applicable to:

Trade receivables or contract assets that result from transactions within the scope of AASB 15: Revenue from contracts with customers and which do not contain a significant financing component; and
Lease receivables.

In measuring the expected credit loss, a provision matrix for trade receivables was used taking into consideration various data to get to an expected credit loss (i.e., diversity of customer base, appropriate groupings of historical loss experience, etc.).

Purchased or originated credit – impaired approach

For a financial asset that is considered credit-impaired (not on acquisition or originated), the Group measures any change in its lifetime expected credit loss as the difference between the asset’s gross carrying amount and the present value of estimated future cash flows discounted at the financial asset’s original effective interest rate. Any adjustment is recognised in profit or loss as an impairment gain or loss.

Evidence of credit impairment includes:

Significant financial difficulty of the issuer or borrower;
A breach of contract (e.g. default or past due event);
A lender granting to the borrower a concession, due to the borrower’s financial difficulty, that the lender would not otherwise consider;
High probability that the borrower will enter bankruptcy or other financial reorganisation: and
The disappearance of an active market for the financial asset because of financial difficulties.

Low credit risk operational simplification approach

If a financial asset is determined to have low credit risk at the initial reporting date, the Group applies its internal credit risk has not increased significantly since initial recognition and accordingly it can continue to recognise a loss allowance of 12- month expected credit loss.

In order to make such a determination that the financial asset has low credit risk, the Group applies its internal credit risk ratings or other methodologies using a globally comparable definition of low credit risk.

A financial asset is not considered to carry low credit risk if:

There is a low risk of default by the borrower;
The borrower has strong capacity to meet its contractual cash flow obligations in the near term; or
Adverse changes in economic and business conditions in the longer term may, but not necessarily will, reduce the ability of the borrower to fulfil its contractual cash flow obligations.

A financial asset is not considered to carry low credit risk merely due to existence of collateral, or because a borrower has a risk of default lower than the risk inherent in the financial assets, or lower than the credit risk of the jurisdiction in which it operates.

Recognition of expected credit losses in financial statements

At each reporting date, the Group recognises the movement in the loss allowance as an impairment gain or loss in the statement of profit or loss and other comprehensive income.

The carrying amount of financial assets measured at amortised cost includes the loss allowance relating to that asset.

Assets measured at fair value through other comprehensive income are recognised at fair value, with changes in fair value recognised in other comprehensive income. Amounts in relation to change in credit risk are transferred from other comprehensive income to profit or loss at every reporting period.

For financial assets that are unrecognised (e.g., loan commitments yet to be drawn, financial guarantees), a provision for loss allowance is created in the statement of financial position to recognise the loss allowance.

(i) Impairment of Assets

At the end of each reporting period, the Group assesses whether there is any indication that an asset may be impaired. The assessment will include the consideration of external and internal sources of information, including dividends received from subsidiaries, associates or joint ventures deemed to be out of pre-acquisition profits. If such an indication exists, an impairment test is carried out on the asset by comparing the recoverable amount of the asset, being the higher of the asset’s fair value less costs of disposal and value in use, to the asset’s carrying amount. Any excess of the asset’s carrying amount over its recoverable amount is recognised immediately in profit or loss, unless the asset is carried at a revalued amount in accordance with another Standard (e.g., in accordance with the revaluation model in AASB 116: Property, Plant, and Equipment). Any impairment loss of a revalued asset is treated as a revaluation decrease in accordance with that other Standard.

Where it is not possible to estimate the recoverable amount of an individual asset, the entity estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Impairment testing is performed annually for goodwill, intangible assets with indefinite lives and intangible assets not yet available for use.

When an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

Murray Cod Australia Limited ABN: 74 143 928 625 and Controlled Entities

(j) Intangible Assets Other than Goodwill

Trademarks and Licenses

Patents and trademarks are recognised at cost of acquisition.

Water Rights and Licenses

Water rights and licences held by the Group are classified as intangible assets. There is a sophisticated and well-regulated market network which provides daily prices of the permanent licences and annual allocations. The Group revalues the water licences each half year in accordance with the prevailing market prices at balance date. Refer to Note 15.

Research and Development

Expenditure during the research phase of a project is recognised as an expense when incurred. Development costs are capitalised only when technical feasibility studies identify that the project is expected to deliver future economic benefits and these benefits can be measured reliably. Capitalised development costs have finite useful life and are amortised in a systematic basis based on the future economic benefits over the useful life of a project.

(k) Foreign Currency Transactions and Balances

Functional and Presentation Currency

The functional currency of the Group is the currency of the primary economic environment in which the Group operates. The financial statements are presented in Australian dollars, which is the Group’s functional currency.

Transaction and Balances

Foreign currency transactions are translated into the functional currency using the exchange rates prevailing at the date of the transaction. Foreign currency monetary items are translated at the year-end exchange rate. Non-monetary items measured at historical cost continue to be carried at the exchange rate at the date of the transaction. Non-monetary items measured at fair value are reported at the exchange rate at the date when fair values were determined.

Exchange differences arising on the translation of monetary items are recognised in profit or loss, except exchange differences that arise from net investment hedges.

Exchange differences arising on the translation of the non-monetary items are recognised directly in other comprehensive income to the extent that the underlying gain or loss is recognised in other comprehensive income, otherwise the exchange difference is recognised in the profit or loss.

The Group

The financial results and position of foreign operations whose functional currency is different from the entity’s presentation currency are translated as follows:

Assets and liabilities are translated at exchange rates prevailing at the end of the reporting period;
Income and expense are translated at exchange rates on the date of transaction: and
All resulting exchange differences are recognised in other comprehensive income.

Exchange differences arising on translation of foreign operations with functional currencies other than Australian dollars are recognised in the other comprehensive income and included in the foreign currency translation reserve in the statement of financial position and allocated to non-controlling interest where relevant. The cumulative amount of these differences is reclassified into profit or loss on the period in which the operation is disposed of.

(l) Employee Benefits

Short-Term Employee Benefits

Provision is made for the Group’s obligation for short-term employee benefits. Short-term employee benefits are benefits (other than termination benefits) that are expected to be settled wholly before 12 months after the end of the annual reporting period in which the employees render the related service, including wages, salaries, and sick leave. Short-term employee benefits are measured at the (undiscounted) amounts expected to be paid when the obligation is settled.

The Group’s obligations for short-term employee benefits such as wages, salaries and sick leave are recognised as part of current trade and other payables in the statement of financial position if there is an amount outstanding at balance date. The Group’s obligations for employees’ annual leave and long service leave entitlements are recognised as provisions in the statement of financial position.

Other Long-Term Employee Benefits

Provision is made for employees’ long service leave and annual leave entitlements not expected to be settled wholly within 12 months after the end of the annual reporting period in which the employees render the related service. Other long-term employee benefits are measured at the present value of the expected future payments to be made to employees.

Expected future payments incorporate anticipated future wage and salary levels, durations of service and employee departures and are discounted at rates determined by reference to market yields at the end of the reporting period on government bonds that have maturity dates that approximate the terms of the obligations. Any remeasurements for changes in assumptions of obligations for other long-term employee benefits are recognised in profit or loss in the periods in which the changes occur.

The Group’s obligations for long-term employee benefits are presented as non-current provisions in its statement of financial position, except where the group does not have an unconditional right to defer settlement for at least 12 months after the end of the reporting period, in which cases the obligations are presented as current provisions.

Termination Benefits

When applicable, the Group recognises a liability and expense for termination benefits at the earlier of:

The date when the Group can no longer withdraw the offer for termination benefits; and
When the Group recognises costs for reconstructing pursuant to AASB 137: Provisions, Contingent Liabilities and Contingent Assets and the costs include termination benefits.

Murray Cod Australia Limited ABN: 74 143 928 625 and Controlled Entities

In either case, unless the number of employees affected is known, the obligation for termination benefits is measured on the basis of the number of employees expected to be affected. Termination benefits that are expected to be settled wholly before 12 months after the annual reporting period in which the benefits are recognised are measured at the (undiscounted) amounts expected to be paid. All other termination benefits are accounted for on the same basis as other long-term employee benefits.

Equity-Settled Compensation

The Group operates an employee share and option plan. Share-based payments to employees are measured at the fair value of the instruments at grant date and amortised over the vesting periods. Share-based payments to non-employees are measured at the fair value of goods or services received or the fair value of the equity instruments issued, if it is determined the fair value of the goods or services cannot be reliably measured, and are recorded at the date the goods or services are received. The corresponding amounts are recognised in the option reserve and the statement of profit and loss respectively. The fair value of options is determined using the BlackScholes option pricing model.The number of shares and options expected to vest is reviewed and adjusted at the end of each reporting period such that the amount recognised for services received as consideration for the equity instruments granted is based on the number of equity instruments that eventually vest.

Share-Based Payments

Equity-settled and cash-settled share-based compensation benefits are provided to employees.

Equity-settled transactions are awards of shares, or options over shares, that are provided to employees in exchange for the rendering of services. Cash-settled transactions are awards of cash for the exchange of services, where the amount of cash is determined by reference to the share price.

The cost of equity-settled transactions is measured at fair value on grant date. Fair value is independently determined using either the Binomial or Black-Scholes option pricing model that takes into account the exercise price, the term of the option, the impact of dilution, the share price at grant date and expected price volatility of the underlying share, the expected dividend yield and the risk free interest rate for the term of the option, together with non-vesting conditions that do not determine whether the consolidated entity receives the services that entitle the employees to receive payment. No account is taken of any other vesting conditions.

The cost of equity-settled transactions is recognised as an expense with a corresponding increase in equity over the vesting period. The cumulative charge to profit or loss is calculated based on the grant date fair value of the award, the best estimate of the number of awards that are likely to vest and the expired portion of the vesting period. The amount recognised in profit or loss for the period is the cumulative amount calculated at each reporting date less amounts already recognised in previous periods.

The cost of cash-settled transactions is initially, and at each reporting date until vested, determined by applying either Binomial or BlackScholes option pricing model, taking into consideration the terms and conditions on which the award was granted. The cumulative charge to profit or loss until settlement of the liability is calculated as follows:

During the vesting period, the liability at each reporting period is the fair value of the award at that date multiplied by the expired portion of the vesting period.
From the end of the vesting period until settlement of the award, the liability is the full fair value of the liability at the reporting date.

All changes in the liability are recognised in profit or loss. The ultimate cost of cash-settled transactions is the cash paid to settle the liability.

Market conditions are taken into consideration in determining fair value. Therefore, any awards subject to market conditions are considered to vest irrespective of whether or not that market condition has been met, provided all other conditions are satisfied.

If equity-settled awards are modified, as a minimum an expense is recognised as if the modification has not been made. An additional expense is recognised, over the remaining vesting period, for any modification that increases the total fair value of the share-based compensation benefit as the date of modification.

If the non-vesting condition is within the control of the consolidated entity or employee, the failure to satisfy the condition is treated as a cancellation. If the condition is not within the control of the consolidated entity or employee and is not satisfied during the vesting period, any remaining expense for the award is recognised over the remaining vesting period, unless the award is forfeited.

If equity-settled awards are cancelled, it is treated as if it has vested on the date of cancellation, and any remaining expense is recognised immediately. If a new replacement award is substituted for the cancelled award, the cancelled and new award is treated as they were a modification.

(m) Provisions

Provisions are recognised when the Group has a legal or constructive obligation, as a result of past events, for which it is probable that an outflow of economic benefits will result, and that outflow can be reliably measured.

Provisions are measured using the best estimate of the amounts required to settle the obligation at the end of the reporting period.

(n) Cash and Cash Equivalents

Cash and cash equivalents include cash on hand, deposits available on demand with banks, other short-term highly liquid investments with original maturities of 12 months or less, and bank overdrafts. Bank overdrafts are reported within borrowings in current liabilities on the statement of financial position.

(o) Revenue and Other Income

Revenue Recognition

Current Revenue generated by the Group is categorised into the following:

Revenue
Fish sales, sales of Murray cod, Golden perch and Silver perch
Equipment sales, sales of aquaculture equipment to grow Murray cod
Changes in fair value of biological assets
Cattle sales and sundry income

Murray Cod Australia Limited ABN: 74 143 928 625 and Controlled Entities

Sales of Fish and Aquaculture Equipment

The Group grows and sells Murray cod, Golden perch, Silver perch and aquaculture equipment. Revenue is recognised when control of the products has transferred to the customer. For such transactions, this is when the products are delivered to the customers. Revenue from these sales is based on the price agreed at the time of sale. Revenue is then only recognised to the extent that there is a high probability that a significant reversal of revenue will not occur.

A receivable is recognised when the goods are delivered. The Group’s right to consideration is deemed unconditional at this time, as only the passage of time is required before payment of that consideration is due. There is no significant financing component because sales are made within a credit term of 7 to 30-days. Customers have a right to return aquaculture equipment if unsatisfactory. This type of equipment being extremely specific to the industry is only ever likely to be returned by a customer if a part of the equipment is faulty. The Group's policy is to replace the faulty part and does not refund the sales income. A refund liability is not recognised as it is highly unlikely to occur. Fish sales cannot be returned due to the nature of the product. If a customer is unhappy with the quality of the product this is notified to the Group immediately and the sale and receivable in this regard is not recognised. Interest income is recognised using the effective interest method. . (p) Trade and Other Payables Trade and other payables represent the liabilities for goods and services received by the entity that remain unpaid at the end of the reporting period. The balance is recognised as a current liability with the amounts normally paid within 30-days of recognition of the liability. Trade and other payables are initially measured at fair value and subsequently measured at amortised cost using the effective interest method. (q) Borrowing Costs Borrowing costs directly attribute to the acquisition, construction or production of assets that necessarily take a substantial period of time to prepare for their intended use of sale, are added to the cost of those assets, until such time as the assets are substantially ready for their intended use or sale. All other borrowing costs are recognised in profit or loss in the period in which they are incurred. (r) Goods and Services Tax (GST) Revenues, expenses and assets are recognised net of the amount of GST incurred, except where the amount of GST is not recoverable from the Australian Taxation Office (ATO). Receivables and payables are stated inclusive of the amount of GST receivable or payable. The net amount of GST recoverable from, or payable to, the ATO is included with other receivables or payables in the statement of financial position. Cash flows are presented on a gross basis. The GST components of cash flows arising from investing or financing activities which are recoverable from, or payable to, the ATO are presented as operating cash flows included in receipts from customers or payments to suppliers. (s) Comparative Figures When required by Accounting Standards, comparative figures have been adjusted to conform to changes in presentation for the current financial year. Where the Group retrospectively applies an accounting policy, makes a retrospective restatement, or reclassifies items in its financial statements, an additional (third) statement of financial position as at the beginning of the preceding period in addition to the minimum comparative financial statements is presented. (t) Rounding of Amounts The Group has not applied the relief available to it under ASIC Corporations (Rounding in Financial/Directors’ Reports) Instrument 2016/191. Accordingly, amounts in the financial statements have been rounded to the nearest $1. (u) New and Amended Accounting Policies Adopted by the Group AASB 2020-1: Amendments to Australian Accounting Standards – Classification of Liabilities as Current or Non-current The amendment amends AASB 101 to clarify whether a liability should be presented as current or non-current. The Group adopted the amendment for the reporting period ending 30 June 2024 along with the adoption of AASB 2020-6. The amendment did not have a material impact on the financial statements. AASB 2022-6 Amendment to Australian Accounting Standards – Non-current Liabilities with Covenants AASB 2022-6 amends AASB 101 to improve the information an entity provides in its financial statements about liabilities arising from the loan arrangements for which the entity’s right to defer settlement of those liabilities for at least 12 months after the reporting period is subject to the entity complying with conditions specified in the loan arrangement. It also amends an example in Practice Statement 2 regarding assessing whether information about covenants is material for disclosure. The Group adopted the amendment for the reporting period ending 30 June 2024. The amendment did not have a material impact on the financial statements. AASB 2021-2 Amendments to Australian Accounting Standards – Disclosure of Accounting Policies and Definition of Accounting Estimates The amendment amends AASB 7, AASB 101, AASB 108, AASB 134 and AASB Practice Statement 2. These amendments are from the issuance by the IASB of the following International Financial Reporting Standards: Disclosure of Accounting Policies (Amendments to IAS 1 and IFRS Practice Statement 2) and Definition of Accounting Estimates (Amendments to IAS 8). The Group adopted the amendment for the reporting period ending 30 June 2024. The amendment did not have a material impact on the financial statements. AASB 2021-5: Amendments to Australian Accounting Standards – Deferred Tax related to Assets and Liabilities arising from a Single Transaction

Murray Cod Australia Limited ABN: 74 143 928 625 and Controlled Entities

The amendment amends the initial recognition exemption in AASB 112: Income Taxes such that it is not applicable to leases and decommissioning obligations – transactions for which companies recognise both an asset and a liability and that give rise to equal taxable and deductible temporary differences. The Group plans adopted the amendment in the reporting period ending 30 June 2024. The amendment did not have a material impact on the financial statements.

(v) Critical Accounting Estimates and Judgements

The directors evaluate estimates and judgments incorporated into the financial statements based on historical knowledge and best available current information. Estimates assume a reasonable expectation of future events and are based on current trends and economic data, obtained both externally and within the Group.

Key Estimates and Judgements

(i) Share-based payment transactions

The consolidated entity measures the cost of equity-settled transactions with employees by reference to the fair value of the equity instruments at the date at which they are granted. The fair value is determined by using either the Binomial or Black-Scholes model taking into account the terms and conditions upon which the instruments were granted. The accounting estimates and assumptions relating to equity-settled share-based payments would have no impact on the carrying amount of assets and liabilities within the next annual reporting period but may impact profit or loss and equity.

(ii) Provision for impairment of receivables

The provision for impairment of receivables assessment requires a degree of estimation and judgement. The level of provision is assessed by taking into account the recent sales experience, the ageing of receivables, historical collection rates and specific knowledge of the individual debtor’s financial position.

(iii) Provision for impairment of inventories

The provision for impairment of inventories assessment requires a degree of estimation and judgment, the level of the provision is assessed by taking into account the recent sales experience, the ageing of inventories and other factors that affect inventory.

(iv) Fair value measurement hierarchy

The consolidated entity is required to classify all assets and liabilities, measured at fair value, using a three level hierarchy, based on the lowest level of input that is significant to the entire fair value measurement, being: Level 1: quoted prices (unadjusted) in active markets for identical assets or liabilities that the entity can access at the measurement date: Level 2: inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly; and Level 3:unobservable inputs for the asset or liability. Considerable judgement is required to determine what is significant to fair value and therefore which category the asset or liability is placed in can be subjective.

The fair value of assets and liabilities classified as Level 3 is determined by the use of valuation models. These include discounted cash flow analysis or the use of observable inputs that require significant adjustments based on unobservable inputs.

(v) Estimation of useful lives of assets

The consolidated entity determines the estimated useful lives and related depreciation and amortisation charges for its property, plant and equipment and finite life intangible assets. The useful lives could change significantly as a result of technical innovations or some other event. The depreciation and amortisation charge will increase where the useful lives are less than previously estimated lives, or technically obsolete or non-strategic assets that have been abandoned or sold will be written off or written down.

(vi) Impairment or revaluation of water rights and licences

The consolidated entity assesses the impairment or revaluation of water rights and licences at each reporting date. Water rights and licenses held by the Group are classified as intangible assets. There is a sophisticated and well-regulated market network which provides daily prices of the permanent licences and annual allocations. The Group revalues the water licences each half-year in accordance with the prevailing market prices at balance date. Minimal Directors estimates and judgements are required due to the sophisticated and well-regulated market network providing regular observable and reliable market values of water rights and licences.

(vii) Valuation of biological assets

Directors make significant judgements and estimates in regards to valuing biological assets. Refer to Note 1 (e) and Note 29 for further detail on biological assets valuations.

(viii) Impairment of Goodwill

The Group assesses impairment at the end of each reporting period by evaluating the conditions and events specific to the group that may be indicative of impairment triggers. Recoverable amounts of relevant assets are reassessed using value-in-use calculations which incorporate various key assumptions.

No impairment has been recognised in respect of goodwill at the end of the reporting period.

(ix) Lease term and option to extend under AASB 16

The lease term is defined as the non-cancellable period of a lease together with both periods covered by an option to extend the lease if the lessee is reasonably certain to exercise that option; and also periods covered by an option to terminate the lease if the lessee is reasonably certain not to exercise that option. The decision on whether or not the options to extend are reasonably going to be exercised is a key management judgement that the entity will make. The Group determines the likeliness to exercise on a leaseby-lease basis looking at various factors such as which assets are strategic and which are key to future strategy of the entity.

Murray Cod Australia Limited ABN: 74 143 928 625 and Controlled Entities

Note 2 Parent Information

The following information has been extracted from the books and records of the financial information of the parent entity set out below and has been prepared in accordance with Australian Accounting Standards.

	2024 $ 2023 $
STATEMENT OF FINANCIAL POSITION ASSETS Current Assets Non-current Assets Total Assets LIABILITIES Current Liabilities Non-current Liabilities Total Liabilities EQUITY Issued capital Retained earnings Asset revaluation reserve Option reserve Total Equity STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME Net loss for the year after tax Total other comprehensive income Total other comprehensive income	54,989,698 33,614,419 81,651,246 60,127,263
	136,640,944 93,741,682
	4,397,335 5,288,073 40,888,751 17,205,765
	45,286,086 22,493,838
	99,226,653 80,191,066 (34,518,472) (28,421,948) 20,669,548 14,781,358 5,977,129 4,697,368
	91,354,858 71,247,844

	(6,164,170) (7,194,715)
	5,888,189 (137,437)
	(275,981) (7,332,152)

Guarantees

During the reporting period, Murray Cod Australia Limited did not enter into a deed of cross guarantee with any of its subsidiaries Bidgee Fresh Pty Ltd, Murray Darling Fisheries Pty Ltd, Australian Sustainable Protein Fund Pty Ltd, the Australian Sustainable Protein Fund, ASPF Land Pty Ltd, the ASPF Land Fund, ASPF Water Pty Ltd and the ASPF Water Fund.

Contingent Liabilities

At 30 June 2024 Murray Cod Australia Limited was not responsible for any Associates Contingent Liabilities as there was nil.

Contractual Commitments

At 30 June 2024 Murray Cod Australia Limited was not responsible for any contractual commitments for any associates.

Murray Cod Australia Limited ABN: 74 143 928 625 and Controlled Entities

Note 3 Revenue and Other Income

The Group has recognised the following amounts relating to revenue in the statement of profit and loss.

Revenue from continued operations Note	Consolidated Group 2024 $ 2023 $
Sales revenue ● Fish sales ● Cattle sales ● Equipment sales	10,048,119 10,863,203 164,535 - - -
	10,212,654 10,863,203

The group has disaggregated revenue into product sales. There is no other means of disaggregating revenue. All products are sold at a point in time not over time.

The sales currently from overseas is minimal not warranting revenue to be disaggregated by geographical markets.

Other revenue ● Interest received ● Dividend income ● Insurance proceeds ● Sundry income Total revenue Other income ● Subsidies and rebates ● Research and development tax incentive Total other income Total revenue and other income	294,944 104,617 5 5 35,923 24,755 29,192 5,162
	10,572,718 10,997,742
	427,675 197,418 808,909 1,122,784
	1,236,584 1,320,202
	11,809,302 12,317,944

There are no performance obligations that are unsatisfied (partially unsatisfied) at the reporting date.

Murray Cod Australia Limited ABN: 74 143 928 625 and Controlled Entities

Note 4 Profit for the Year

Profit before income tax from continuing operations includes the following specific expenses:

Note	Consolidated Group 2024 $ 2023 $
(a) Expenses Cost of sales ● Cost of sales - fish ● Cost of sales - aquaculture equipment ● Cost of sales - cattle ● Cost of sales - processing plant Loss allowance on financial assets and other items ● Loss(profit) allowance on trade receivables Interest expenses on fnancial liabilities ● related parties ● unrelated parties Total fnance cost Depreciation Superannuation Share Based Payment	15,705,748 16,109,138 - 4,010 226,359 - 122,392 156,147
	16,054,499 16,269,295
	(16,694) 28,251
	- - 1,565,086 172,288
	1,565,086 172,288
	2,736,114 1,968,155 796,840 593,403 1,318,498 2,131,210

Note expenses incurred in research and development are not listed separately as research and development expense.

Murray Cod Australia Limited ABN: 74 143 928 625 and Controlled Entities

Note 5 Tax Expense

Note 5 Tax Expense	Note 5 Tax Expense
Note		Consolidated Group 2024 $ 2023 $
(a) The components of tax expense (income) comprise: Current tax - - Deferred tax (710,595) (1,472,185) Recoupment of prior year tax losses - - Under provision in respect of prior years - - (710,595) (1,472,185) (b) The prima facie tax on proft from ordinary activities before income tax is reconciled to income tax as follows: Prima facie tax payable on proft from ordinary activities before income tax at 25% (2023: 25%) ● consolidated group (1,732,438) (2,193,278) Add: Tax efect of: ● non-allowable items 1,081,206 665,948 ● right of use asset depreciation and interest - 217,569 ● share options expensed during year 329,625 532,802 ● adjustment to prior year tax losses - - ● decrease in corporate tax rate - - (321,607) (776,959) Less: Tax efect of: ● deductible expenses capitalised on balance sheet or not claimed in prior year 86,602 95,025 ● deductible lease expenses - 191,001 ● taxation depreciation exceeding accounting depreciation - - ● non-assessable income 202,227 280,696 ● adjustment to prior year tax losses 100,159 128,504 Income tax attributable to entity (710,595) (1,472,185) The weighted average efective tax rates are as follows: The change in the weighted average efective consolidated tax rate for 2024 is a result of a reduced loss in 2024 compared to 2023 and changes in non- deductible expenses and non-assessable income. (10.25%) (16.78%) (c) Tax efects relating to each component of other comprehensive income: 2024 Note Before-tax Amount $ Tax (Expense)/Beneft $ Net-of-tax Amount $		- - (710,595) (1,472,185) - - - -
		(710,595) (1,472,185)
		(1,732,438) (2,193,278) 1,081,206 665,948 - 217,569 329,625 532,802 - - - -
		(321,607) (776,959) 86,602 95,025 - 191,001 - - 202,227 280,696 100,159 128,504
		(710,595) (1,472,185)
Consolidated Group Gain(loss) on land and buildings and water rights revaluations 2023 Note	7,850,919 (1,962,730) 5,888,189
	7,850,919 (1,962,730) 5,888,189
	Before-tax Amount $ Tax (Expense)/Beneft $ Net-of-tax Amount $
Consolidated Group Gain on land and buildings and water rights revaluations	(183,250) 45,813 (137,437)
	(183,250) 45,813 (137,437)

Murray Cod Australia Limited ABN: 74 143 928 625 and Controlled Entities

Note 6 Key Management Personnel Compensation

Refer to the Remuneration Report contained in the Directors’ Report for details of the remuneration paid or payable to each member of the Group’s key management personnel (KMP) for the year ended 30 June 2024.

The total of remuneration paid to KMP of the Company and the Group during the year are as follows:

Group’s key management personnel (KMP) for the year ended 30 June 2024. The total of remuneration paid to KMP of the Company and the Group during the year are	as follows:
	2024 $ 2023 $
Short-term employee benefts Post-employment benefts Other long-term benefts Termination benefts Share-based payments Total KMP compensation	897,270 917,674 89,988 66,958 12,529 26,628 - - 1,294,080 2,118,929
	2,293,867 3,130,189

Short-term employee benefits

● These amounts include fees and benefits paid to the non-executive chair and non-executive directors as well as all salary, leave benefits, fringe benefits and cash bonuses awarded to executive directors and other key management personnel Post-employment benefits

These amounts are the current year’s costs of providing for the Group’s superannuation contributions made during the year.
Other long-term benefits
These amounts represent long service leave benefits accruing during the year.

Share-based payments

These amounts represent the expense related to the participation of KMP in equity-settled benefit schemes as measured by the fair value of the options, rights and shares granted on grant date.

Further information in relation to KMP remuneration can be found in the Remuneration Report.

Note 7 Auditor’s Remuneration

Note 7 Auditor’s Remuneration
	Consolidated Group 2024 $ 2023 $
Remuneration of the auditor for: ● Auditing or reviewing the fnancial statements Note 8 Earnings per Share	131,517 122,800
	131,517 122,800
	Consolidated Group 2024 $ 2023 $
(a) Reconciliation of earnings to proft or loss Loss Earnings used to calculate basic EPS Dividend on convertible preference shares Earnings used in the calculation of dilutive EPS (b) Reconciliation of earnings to proft or loss from continuing operations Loss from continuing operations Earnings used to calculate basic EPS from continuing operations Dividends on convertible preference shares Earnings used in the calculation of dilutive EPS form continuing operations (c) Weighted average number of ordinary shares outstanding during the year used in calculating basic EPS Weighted average number of dilutive options outstanding Weighted average number of dilutive performance rights outstanding Weighted average number of ordinary shares and options outstanding during the year used in calculating dilutive EPS	(6,219,155) (7,300,927)
	(6,219,155) (7,300,927) - -
	(6,219,155) (7,300,927) (6,219,155) (7,300,927)
	(6,219,155) (7,300,927) - -
	(6,219,155) (7,300,927)
	No. No. 785,936,439 765,345,169 48,541,475 38,032,055 - -
	834,477,914 803,377,224

Murray Cod Australia Limited ABN: 74 143 928 625 and Controlled Entities

Note 9 Cash and Cash Equivalents

Note 9 Cash and Cash Equivalents
Note	2024 $ 2023 $
Cash at bank and on hand Short-term bank deposits 28 Reconciliation of cash Cash and cash equivalents at the end of the fnancial year as shown in the statement of cash fows is reconciled to items in the statement of fnancial position as follows: Cash and cash equivalents Credit cards 19 Bank Overdraft 19	20,749,256 4,424,244 - 7,000,000
	20,749,256 11,424,244
	20,749,256 11,424,244 (24,308) (45,546) - (352,196)
	20,724,948 11,026,502

A floating charge over cash and cash equivalents has been provided for certain debts. Refer to Note 19 for further details.

Note 10 Trade and Other Receivables

Note 10 Trade and Other Receivables
Note	Consolidated Group 2024 $ 2023 $
Trade receivables Provision for impairment Business Activity Statement Refund Receivable Other receivables Total current trade and other receivables	539,218 590,105 (22,467) (39,161) - 61,991
	516,751 612,935 4,243 7,333
	520,994 620,268

The following table shows the movement in lifetime expected credit loss that has been recognised for trade and other receivables in accordance with the simplified approach set out in AASB 9: Financial Instruments.

(a) Lifetime Expected Credit Loss: Credit Impaired

	Consolidated Group	Consolidated Group	Consolidated Group	Consolidated Group
Note	Opening balance 1 July 2022 $	Net measurement of loss allowance $	Amounts written of $	Closing balance 30 June 2023 $
i. Current trade receivables	10,910 28,251 - 39,161
	Consolidated Group
Note	Opening balance 1 July 2023 $	Net measurement of loss allowance $	Amounts written of $	Closing balance 30 June 2024 $
i. Current trade receivables 39,161 (16,694) - 22,467

The Group applies the simplified approach to providing for expected credit losses prescribed by AASB 9, which permits the use of the lifetime expected loss provision for all trade receivables. To measure the expected credit losses, trade receivables have been grouped based on shared credit risk characteristics and the days past due. Trade receivables are grouped into 3 groups. Group 1 are customers who are also suppliers, this group of trade receivables have a 0% loss allowing provision as their payment has a high probability of recovery and historically no bad debts have occurred from this group of receivables. Group 2 are customers who are sales agents, this group of trade receivables have a 0% loss allowing provision as their payment has a high probability of recovery. Group 3 is all other trade receivables, the loss allowance provision as at 30 June 2024 is determined as follows: the expected credit loss incorporates forward looking information.

Murray Cod Australia Limited ABN: 74 143 928 625 and Controlled Entities

	Current $	>30 days past due $	>60 days past due $	>90 days past due $	Total
2023
Expected loss rate	1%	1%	1%	50%
Gross carrying amount	157,527	21,134	18,349	74,383	271,393
Loss allowing provision	1,575	211	183	37,192	39,161
2024
Expected loss rate	1%	1%	50%	50%
Gross carrying amount	219,282	22,813	6,233	33,858	282,186
Loss allowing provision	2,193	228	3,116	16,930	22,467

Credit risk

The Group has no significant concentration of credit risk with respect to any single counter party or group of counter parties. The class of assets described as Trade and other receivables is considered to be the main source of credit risk related to the Group.

The Group always measures the loss allowance for trade receivables at an amount equal to lifetime expected credit loss. The expected credit losses on trade receivables are estimated using a provision matrix by reference to past default experience of the debtor and an analysis of the debtor’s current financial position, adjusted for factors that are specific to the debtors, general economic conditions of the industry in which the debtors operate and an assessment of both the current as well as the forecast direction of conditions at the reporting date.

There has been no change in the estimation techniques or significant assumptions made during the current reporting period.

The Group writes off a trade receivable when there is information indicating that the debtor is in severe financial difficulty and there is no reaslistic prospect of recovery, e.g. when the debtor has been placed under liquidation or has entered into bankruptcy proceedings, or when the trade receivables are over two years past due, whichever occurs earlier. None of the trade receivables that have been written off is subject to enforcement activities.

(b) Collateral Held as Security

There is no collateral held as security over any trade receivables or loans to subsidiaries.

(c) Financial Assets Measured at Amortised Cost Note	Consolidated Group 2024 $ 2023 $
Trade and other Receivables ● Total current ● Total non-current Total fnancial assets measured at amortised cost 28	520,994 620,268 - -
	520,994 620,268

(d) Collateral Pledged

A floating charge over trade receivables has been provided for certain debts. Refer to Note 19 for further details.

Murray Cod Australia Limited ABN: 74 143 928 625 and Controlled Entities

Note 11 Inventories

Note 11 Inventories
Note	Consolidated Group 2024 $ 2023 $
CURRENT At cost: Fish feed and chemical inventory Livestock - cattle Cage building stock and parts Processing plant inventory At net realisable value: Biological assets Livestock – cattle Murray cod broodstock Murray cod fngerlings Murray cod pond fsh Silver perch fngerlings Total biological assets Less: Provision for biological assets Net total biological assets Total inventory Biological assets – Murray cod Carrying amount at the beginning of the period Purchases and costs Decreases due to harvest for sale Gain from physical changes at fair value Carrying amount at the end of the period Biological assets – Cattle Carrying amount at the beginning of the period Purchases and costs Decreases due to harvest for sale Gain from physical changes at fair value Carrying amount at the end of the period	996,557 953,155 - 265,802 8,265 8,265 107,259 113,159
	1,112,081 1,340,381
	22,232 - 2,657,535 2,756,890 6,279,409 4,225,427 25,778,909 15,727,047 - -
	34,738,085 22,709,364
	(2,664,009) (3,147,605)
	32,074,076 19,561,759
	33,186,157 20,902,140
	22,709,364 16,234,513 2,208,706 3,150,183 (9,811,474) (11,438,390) 19,609,257 14,763,058
	34,715,853 22,709,364
	265,802 - - 265,802 (226,360) - (17,210) -
	22,232 265,802

Biological Inventory Non-Financial Measures Murray cod biomass - tonnes (net of provision for biological asset) Murray cod, Golden perch & Silver perch biomass – tonnes harvested for sale Murray cod, Golden perch & Silver perch number of fngerlings sold	2024 2023 1,073 571 353 430 1,864,200 1,692,075

Murray Cod Australia Limited ABN: 74 143 928 625 and Controlled Entities

Biological Inventory Provision

The fish which make up our biological inventory are grown in ponds. The ponds are entirely self-contained and are built on land. They are constructed as earthen dams for the specific purpose of growing fish. Water and fish are unable to escape from the ponds.

Within some ponds the company constructs a pontoon system from which a number of nets are suspended into the water. The system is designed for the fish to be contained within the nets.

The company accounts for fish within the ponds by counting all movements into the ponds by way of new stocking, and out of the ponds by way of harvest or mortality. This provides the basis for numbers of fish from which biomass is calculated.

Regular surveys of average weights are undertaken for fish inside the ponds and when calculated with the number of fish in the ponds the company has reasonable estimates of biomass within the ponds.

In prior years some ponds with nets had faulty nets and fish escaped from within those nets to the pond in which the nets are housed. Those fish, despite being free from the net enclosures, were unable to escape from the ponds and remain within the custody of the company. From the time they are recorded as being outside nets the company has classified them as Unaccounted Fish.

When a fault in a net is discovered the company is able to make a reasonable estimate of the numbers of Unaccounted Fish by counting the fish remaining in the net. The company then accounts for the biomass of Unaccounted Fish using the average weights at the time a fault is discovered. The net gain from changes in fair value of biological assets reported in the Statement of Profit or Loss and Other Comprehensive Income does not include any growth of these fish after they become classified as Unaccounted Fish.

With Unaccounted Fish we are unable to determine, with any reasonable level of accuracy, either the number of fish outside nets or the average weights of those fish. That is, we are unable to count them or determine their size. We are also unable to count mortalities or losses of those fish to native predatory birds.

In the 2022 financial year the company has made a provision of $2,492,955 against biological assets. This provision represents the value of fish recorded as Unaccounted Fish. As price rises have occurred during the 2023 financial year, the net realisable value of the unaccounted fish biomass increased. A pilot re-capture program initiated in May 2023 has provided success in recapturing these fish and evidence of substantial growth in individual fish weights of these Unaccounted Fish. During the 2024 Financial Year 17.9 tonnes of fish have been recaptured and harvested and sold. The biomass re-captured and harvested has reduced the biomass of Unaccounted Fish and resultantly the provision in the 2024 financial year.

Note 12 Other Financial Assets

Note 12 Other Financial Assets
Note	Consolidated Group 2024 $ 2023 $
NON- CURRENT Financial assets at cost Total non-current assets Unlisted investments, at cost ● Shares in other corporations	167 123
	167 123
	167 123
	167 123

Murray Cod Australia Limited ABN: 74 143 928 625 and Controlled Entities

Note 13 Interests in Subsidiaries

(a) Information about Principal Subsidiaries

The subsidiaries listed below have share capital consisting solely of ordinary shares or ordinary units which are held directly by the Group. The proportion of ownership interests held equals the voting rights held by the Group. Each subsidiary’s principal place of business is also its country of incorporation.

Name of subsidiary Principal place of business	Ownership interest held by the Group
	2024 (%) 2023 (%)
Bidgee Fresh Pty Ltd 2-4 Lasscock Road GRIFFITH NSW 2680 Murray Darling Fisheries Pty Ltd 1795 Old Narrandera Road EUBERTA NSW 2659 Australian Sustainable Protein Fund Pty Ltd 2-4 Lasscock Road GRIFFITH NSW 2680 Australian Sustainable Protein Fund 2-4 Lasscock Road GRIFFITH NSW 2680 ASPF Land Pty Ltd 2-4 Lasscock Road GRIFFITH NSW 2680 ASPF Land Fund 2-4 Lasscock Road GRIFFITH NSW 2680 ASPF Water Pty Ltd 2-4 Lasscock Road GRIFFITH NSW 2680 ASPF Water Fund 2-4 Lasscock Road GRIFFITH NSW 2680	100% 100% 100% 100% 100% - 100% - 100% - 100% - 100% - 100% -

Name of subsidiary
Principal place of business

Ownership interest held by the Group

2024
(%)
2023
(%)

Bidgee Fresh Pty Ltd
2-4 Lasscock Road GRIFFITH NSW 2680
Murray Darling Fisheries Pty Ltd
1795 Old Narrandera Road EUBERTA NSW 2659
Australian Sustainable Protein Fund Pty Ltd
2-4 Lasscock Road GRIFFITH NSW 2680
Australian Sustainable Protein Fund
2-4 Lasscock Road GRIFFITH NSW 2680
ASPF Land Pty Ltd
2-4 Lasscock Road GRIFFITH NSW 2680
ASPF Land Fund
2-4 Lasscock Road GRIFFITH NSW 2680
ASPF Water Pty Ltd
2-4 Lasscock Road GRIFFITH NSW 2680
ASPF Water Fund
2-4 Lasscock Road GRIFFITH NSW 2680

100%
100%
100%
100%
100%
-
100%
-
100%
-
100%
-
100%
-
100%
-

Subsidiary financial statements used in the preparation of these consolidated financial statements have also been prepared as at the same reporting date as the Group’s financial statements.

(b) Significant Restrictions

There are no significant restrictions over the Group’s ability to access or use assets, and settle liabilities, of the Group.

(c) Acquisition of Controlled Entities

On 16th January 2017, the parent entity acquired a 100% interest in and control of Bidgee Fresh Pty Ltd. The details of this transaction have been disclosed in detail in prior years Financial Reports.

On 30th April 2020, the parent entity acquired a 100% interest in and control of Murray Darling Fisheries Pty Ltd. The details of this transaction have been disclosed in detail in prior years Financial Reports.

On the 2nd November 2023 the Australian Sustainable Protein Fund Pty Ltd was formed to act as trustee of the Australian Sustainable Protein Fund.

On the 18th December 2023 the Australian Sustainable Protein Fund, a Unit Trust, was formed for the purpose of owning property investments.

On the 2nd November 2023 the ASPF Land Pty Ltd was formed to act as trustee of the ASPF Land Fund.

On the 18th December 2023 the ASPF Land Fund was formed to hold Land assets.

On the 2nd November 2023 the ASPF Water Pty Ltd was formed to acts as trustee of the ASPF Water Fund.

On the 18th December 2023 the ASPF Water Fund was formed to hold Water assets

Murray Cod Australia Limited ABN: 74 143 928 625 and Controlled Entities

Note 14 Property, Plant and Equipment

Note 14 Property, Plant and Equipment
	Consolidated Group 2024 $ 2023 $
LAND AND BUILDINGS Land and Buildings ● At cost ● Independent valuation 2024 Total land and buildings Carrying amount of all land had it been carried under the cost model PLANT AND EQUIPMENT Plant and equipment: At cost Accumulated depreciation At valuation Accumulated depreciation Total plant and equipment Total property, plant and equipment	2,276,674 1,666,519 36,750,000 25,450,000
	39,026,674 27,116,519
	8,936,422 5,742,900
	23,792,379 18,291,629 (4,424,078) (4,406,237) 351,000 396,350 (278,244) (246,364)
	19,441,057 14,035,378
	58,467,731 41,151,897

The Group’s land and buildings were revalued at the 2nd of October 2023 by independent valuers. Refer to Note 29 for detailed disclosures regarding the fair value measurement of the Group’s land and buildings.

(a) Movements in Carrying Amounts

Movements in carrying amounts for each class of property, plant and equipment between the beginning and the end of the current financial year.

fnancial year.
Consolidated Group:	Land and Buildings $ Plant and Equipment $ Total $
Balance at 1 July 2022 Additions Disposals Revaluations and impairment increments/ (decrements) Depreciation expense Capitalised borrowing costs expensed and capital costs write of Capitalised borrowing cost Balance at 30 June 2023 Additions Disposals Revaluations and impairment increments/(decrements) Depreciation expense Capitalised borrowing costs expensed and capital costs write of Capitalised borrowing cost Balance at 30 June 2024	25,450,000 10,618,339 36,068,339 1,666,519 4,900,136 6,566,655 - - - - - - - (1,477,026) (1,477,026) - (8,921) (8,921) - 2,850 2,850
	27,116,519 14,035,378 41,151,897
	4,638,135 6,823,374 11,461,509 - (27,625) (27,625) 7,272,020 - 7,272,020 - (1,858,261) (1,858,261) - (187,024) (187,024) - 655,215 655,215
	39,026,674 19,441,057 58,467,731

Murray Cod Australia Limited ABN: 74 143 928 625 and Controlled Entities

		Consolidated Group 2024 $ 2023 $
(b) Capitalised Finance Costs Borrowing costs incurred Borrowing costs written off to profit and loss Borrowing costs capitalised Note 15 Intangible Assets		702,193 46,978 (217,082) (30,058)
		485,111 16,920
		Consolidated Group 2024 $ 2023 $
Goodwill Cost Accumulated impairment losses Net carrying amount Trademarks and intellectual property Cost Accumulated amortisation and impairment losses Net carrying amount Water rights and licences at market value Total intangible assets Carrying amount of water rights and licences had it been carried under the cost model Consolidated Group	Goodwill $	2,113,167 2,113,167 - -
		2,113,167 2,113,167 83,242 79,866 - -
		83,242 79,866
		3,117,500 2,538,600
		5,313,909 4,731,633
		1,886,450 1,886,450
		Trademarks & Licences and IP $ Water Rights & Licences $
Year ended 30 June 2023 Balance at the beginning of the year Additions Revaluations Closing value at 30 June 2023 Year ended 30 June 2024 Balance at the beginning of the year Additions Revaluations Closing value at 30 June 2024	2,113,167 - -	71,842 2,721,850 8,024 - - (183,250)
	2,113,167	79,866 2,538,600
	2,113,167 - -	79,866 2,538,600 3,376 - - 578,900
	2,113,167	83,242 3,117,500

Water licences held by the Group are classified as intangible assets. The licences are issued by the NSW Government and by Murrumbidgee Irrigation Limited and provide the Group with the right to receive allocations of water from Murrumbidgee river supplies and from underground aquifers. The volume of water allocated to the general security Murrumbidgee licences each year is dependent upon the volumes available within the Snowy Mountains storages each year. The allocations are announced progressively throughout the irrigation season each year by the government. Both the licences and the annual allocations of water are readily tradeable assets. There is a sophisticated and well-regulated market network which provides daily prices of the permanent licences and the annual allocations. The Group revalues the water licences each half year in accordance with the prevailing market prices at balance date.

Impairment disclosures

Impairment of Goodwill is determined annually. Goodwill is allocated to cash-generating units which are based on the Group’s reporting

divisions. Goodwill was purchased via acquisition of Murray Darling Fisheries Pty Ltd (which is the Euberta Hatchery) on 30 April 2020. There is no impairment of Goodwill in the 2024 or 2023 Financial Year.

Murray Cod Australia Limited ABN: 74 143 928 625 and Controlled Entities

Note	Consolidated Group 2024 $ 2023 $
Euberta Hatchery	2,113,167 2,113,167
	2,113,167 2,113,167

The recoverable amount of each cash-generating unit above is determined on value in use calculations. Value in use is calculated based on the present value of cash flow projections over a five-year period extending beyond five years extrapolated using an estimated growth rate. The cash flows are discounted using the weighted average cost of capital (WACC) applicable to the Group.

The following key assumptions were used in the value-in-use calculations.

	Growth Rate	Discount Rate
Euberta Hatchery	2%	8.35%

Management has based the value-in-use calculations on budgets for each reporting division. These budgets use historical weighted average growth rates to project revenue. Costs are calculated taking into account historical gross margins as well as estimated weighted average inflation rates over the period, which are consistent with inflation rates applicable to the locations in which the division operate.

Note 16 Other Assets

Note 16 Other Assets
	Consolidated Group 2024 $ 2023 $
CURRENT Prepayments	557,967 591,793
	557,967 591,793

Murray Cod Australia Limited ABN: 74 143 928 625 and Controlled Entities

Note 17 Right of Use Assets

The Group’s lease portfolio includes land. These leases have an average of 12-years as their lease term.

The option to extend or terminate are contained in several of the property leases of the Group. These clauses provide the Group opportunities to manage leases in order to align with its strategies. All of the extension or termination options are only exerciseable by the Group. The extension options or termination options which were probable to be exercised have been included in the calculation of the Right of Use Asset.

	Consolidated Group 2024 $ 2023 $
i) AASB 16 related amounts recognised in the balance sheet Leased land and buildings Accumulated depreciation Net carrying amount Leased plant & equipment Accumulated depreciation Net Carrying amount Total Right of Use Asset Movement in carrying amounts: Leased land and buildings Leases commenced and remeasured Depreciation expense Net carrying amount Movement in carrying amounts: Leased plant & equipment Leases commenced and remeasured Depreciation expense Net carrying amount ii) AASB 16 related amounts recognised in the statement of proft or loss Depreciation charge related to right-of-use assets Interest expense on lease liabilities Total cash outfows for leases	11,770,467 10,727,335 (1,969,977)) (1,200,417)
	9,800,490 9,526,918
	541,465 541,465 (297,806) (189,513)
	243,659 351,952
	10,044,149 9,878,870
	9,526,918 5,049,952 1,043,131 4,859,802 (769,559) (382,836)
	9,800,490 9,526,918
	351,952 460,245 - - (108,293) (108,293)
	243,659 351,952
	877,853 491,129 420,478 379,148 1,139,238 766,439

Murray Cod Australia Limited ABN: 74 143 928 625 and Controlled Entities

Note 18 Trade and Other Payables

Note 18 Trade and Other Payables
Note	Consolidated Group 2024 $ 2023 $
CURRENT Unsecured liabilities Trade payables Sundry payables and accrued expenses Note	2,077,503 2,470,210 657,407 362,397
	2,734,910 2,832,607
	Consolidated Group 2024 $ 2023 $
(a)Financial liabilities at amortised cost classifed as trade and other payables Trade and other payables ● Total current Financial liabilities as trade and other payables 28 Note 19 Borrowings Note	2,734,910 2,832,607
	2,734,910 2,832,607
	Consolidated Group 2024 $ 2023 $
CURRENT Unsecured liabilities at amortised cost: Credit card facilities Secured liabilities at amortised cost: Equipment fnance facilities 23 Bank overdrafts Credit card facilities Total current borrowings NON-CURRENT Secured liabilities at amortised cost: Equipment fnance facilities 23 iPartners Nominees Pty Ltd loan facility 19 b c Total non-current borrowings Total borrowings Note	24,308 - 263,640 691,198 - 352,196 - 45,546
	287,948 1,088,940
	321,887 1,544,132 20,000,000 -
	20,321,887 1,544,132
	20,609,835 2,633,072
	Consolidated Group 2024 $ 2023 $
(a)Total current and non-current secured liabilities: Bank overdraft Equipment fnance facilities Credit card facilities iPartners Nominees Pty Ltd loan facility	- 352,196 585,527 2,235,330 - 45,546 20,000,000 -
	20,585,527 2,633,072

Murray Cod Australia Limited ABN: 74 143 928 625 and Controlled Entities

(b The terms and conditions of outstanding loans are as follows:

The Group has a Westpac Business Card Facility. The facility limit is $50,000. The card facility is payable monthly and is unsecured.

The Group has a iPartners Nominees Pty Ltd Loan Facility. The interest rate is calculated as a base rate plus a margin of 9% per annum, where the base rates is the one month Bank Bill Swap Rate (BBSW). The facility was settled on 20th December 2023 and has a maturity date of 20th December 2025.

The iPartners Nominees Pty Ltd Loan Facility is secured by:

i) Mortgage over property located at Farm 1444D Bilbul Road, BILBUL NSW 2680
ii) Mortgage over property located at “Silverwater” 563 Pinehope Road, GRONG GRONG NSW 2652
iii) Mortgage over property located at 1795 Old Narrandera Road, EUBERTA NSW 2659
iv) Mortgage over property located at 396 Kirkup Road, GOGELDRIE NSW 2705
v) Mortgage over Water Licence WAL 4091, Murrumbidgee Regulated River Water, General Security - 130 ML’s
vi) Mortgage over Water Licence WAL 33173, Mid Murrumbidgee Zone 3 Alluvial Groundwater - 293 ML’s
vii) Mortgage over Water Licence WAL 33165, Mid Murrumbidgee Zone 3 Alluvial Groundwater - 600 ML’s
viii) Mortgage over Water Licence WAL 3742, Murrumbidgee Regulated River Water, High Security - 3 ML’s
ix) General security agreement over all present and after acquired assets.

The financial covenants of the iPartners Nominees Pty Ltd Loan Facility are:

i) The loan to value ratio must not exceed 35%
ii) The group cash balance must be a minimum of $5,000,000
iii) The MCA weighted market value must exceed 3 times MCA Net Debt.

Equipment finance facilities are secured by the underlying assets. Equipment finance facilities are held with Westpac Bank and Volkswagen Finance.

Financial assets that have been pledged as part of the total collateral for the benefit of iPartners Nominee Pty Ltd debt are as follows:

Volkswagen Finance. Financial assets that have been pledged as part of the total collateral for the beneft of	iPartners Nominee Pty Ltd debt are as follows:
Note	Consolidated Group 2024 $ 2023 $
Cash and cash equivalents 9 Trade receivables 10 Total fnancial assets pledged	20,749,256 11,424,244 520,994 620,268
	21,270,250 12,044,512

Murray Cod Australia Limited ABN: 74 143 928 625 and Controlled Entities

Note 20 Tax

Note 20 Tax
		Consolidated Group 2024 $ 2023 $
CURRENT Income tax payable NON-CURRENT Consolidated Group Deferred tax liabilities Property, plant and equipment ● tax allowance Revaluations Balance at 30 June 2023 Deferred tax liabilities Property, plant and equipment ● tax allowance Right of Use Assets Revaluations Balance at 30 June 2024 Deferred tax assets Provisions and accruals Other Balance at 30 June 2023 Deferred tax assets Provisions and accruals Lease liabilities Other Balance at 30 June 2024	Opening Balance $ Recognised in Proft and Loss $ 1,038,903 244,179 5,182,444 2,070	- -
		- -
		Charged directly to Equity $ Changes in Tax Rates $ Closing Balance $ - - 1,283,082 (45,812) - 5,138,702
	6,221,347 246,249	(45,812) - 6,421,784
	1,283,082 5,479 - 41,319 5,138,702 23,060	- - 1,288,561 2,469,718 - 2,511,037 1,962,730 - 7,124,492
	6,421,784 69,858	4,432,448 - 10,924,090
	155,858 112,642 2,633,422 1,605,791	- - 268,500 - - 4,239,213
	2,789,280 1,718,433	- - 4,507,713
	268,500 34,175 - 81,092 4,239,213 665,186	- - 302,675 2,537,365 - 2,618,457 - - 4,904,399
	4,507,713 780,453	2,537,365 - 7,825,531

The benefits of the above temporary differences and unused tax losses will only be realised if the conditions for deductibility set out in Note 1(b) occur. These amounts have no expiry date.

Murray Cod Australia Limited ABN: 74 143 928 625 and Controlled Entities

Note 21 Provisions

Note 21 Provisions
Note	Consolidated Group 2024 $ 2023 $
CURRENT Employee Benefts Opening balance at 1 July Additional provisions Amounts used Balance at 30 June	738,984 418,217 1,077,716 557,919 (978,310) (237,152)
	838,390 738,984
	Consolidated Group 2024 $ 2023 $
Analysis of Total Provisions Current Non-current	639,979 682,018 198,411 56,966
	838,390 738,984

Provision for Employee Benefits

Provision for employee benefits represents amounts accrued for annual leave, time in lieu, personal leave and long service leave.

The current portion for this provision includes the total amount accrued for annual leave, time in lieu and personal leave entitlements and the amounts accrued for long service leave entitlements that have vested due to employees having completed the required period of service. Based on past experience, the Group does not expect the full amount of leave balances classified as current liabilities to be settled within the next 12-months. However, these amounts must be classified as current liabilities since the Group does not have an unconditional right to defer the settlement of these amounts in the event employees wish to use their leave entitlement.

The non-current portion of this provision includes amounts accrued for long service leave entitlements that have not yet vested in relation to those employees who have not yet completed the required period of service.

In calculating the present value of future cash flows in respect of long service leave, the probability of long service leave being taken is based on historical data. Expected future payments incorporate anticipated future wage and salary levels, durations of service and employee departures and are discounted at rates determined by reference to market yields at the end of the reporting period on government bonds that have maturity dates that approximate the terms of the obligations. The measurement and recognition criteria relating to employee benefits have been included in Note 1(l).

Note 22 Issued Capital

Note 22 Issued Capital
Note	Consolidated Group 2024 $ 2023 $
1,056,740,158 (2023: 765,753,388 fully paid ordinary shares) Less: Capital raising costs 1,056,740,158 (2023: 765,753,388 fully paid ordinary shares) Note	102,584,554 82,215,480 (4,687,912) (3,354,424)
	97,896,642 78,861,056
	Consolidated Group 2024 $ 2023 $
(a) Ordinary Shares At the beginning of the reporting period Shares issued during the year • 24/04/2023 • 30/05/2024 • 21/06/2024 At the end of the reporting period	No. No. 765,753,388 765,253,388 - 500,000 216,732,536 74,254,234
	1,056,740,158 765,753,388

216,732,536 Ordinary Shares issued on 30/5/2024 were issued as a result of a Placement and Institutional Entitlement Offer under Murray Cod Australia Ltd’s fully underwritten 1 for 5 accelerated non-renounceable entitlement offer.

74,254,234 Ordinary Shares issued on 21/06/2024 were issued as a result of the Retail Entitlement Offer under Murray Cod Australia Ltd’s fully underwritten 1 for 5 accelerated non-renounceable entitlement offer.

All shares are fully paid ordinary shares, there is no par value.

Murray Cod Australia Limited ABN: 74 143 928 625 and Controlled Entities

(b) Options

(i) For information relating to Murray Cod Australia Limited employee option plan, including details of options issued, exercised and lapsed during the financial year and the options outstanding at year-end, refer to Note 25.

ii) For information relating to share options issued to key management personnel during the financial year, refer to Note 25.

(c) Capital Management

Management controls the capital of the Group in order to maintain a sustainable debt to equity ratio, generate long-term shareholder value and ensure that the Group can fund its operations and continue as a going concern.

The Group’s debt and capital include ordinary share capital, and financial liabilities, supported by financial assets.

The Group is not subject to any externally imposed capital requirements, other than a covenant from iPartners Nominees Pty Ltd that the Loan to Value Ratio must not exceed 35%.

Management effectively manages the Group’s capital by assessing the Group’s financial risks and adjusting its capital structure in response to changes in these risks and in the market. These responses include the management of debt levels, distributions to shareholders and share issues.

There have been no changes in the strategy adopted by management to control the capital of the Group since the prior year. This strategy is to ensure that the Group’s gearing ratio remains between 0% and 50%.

is to ensure that the Group’s gearing ratio remains between 0% and 50%.
Note	Consolidated Group 2024 $ 2023 $
Total borrowings and payables Less cash and cash equivalents 9 Net debt Total equity Total capital Gearing ratio	33,818,575 15,615,137 (20,749,256) (11,424,244)
	13,069,319 4,190,893 91,084,806 71,032,776
	104,154,125 75,223,669
	12.55% 5.57%

Note 23 Capital and Leasing Commitments

Note 23 Capital and Leasing Commitments
Note	Consolidated Group 2024 $ 2023 $
(a) Equipment Finance Facility Commitments Payable – minimum lease payments ● Not later than 12 months ● Between 12 months and fve years ● Later than fve years Minimum lease payments Less future fnance charges Present value of minimum lease payments	295,099 790,499 337,603 1,652,592 - -
	632,702 2,443,091 (47,175) (207,761)
	585,527 2,235,330

All finance lease commitments are equipment finances from Westpac Bank and Volkswagen Finance. There are 13 contracts with varying commencement and completion dates. The contracts are over various aquaculture farming equipment. Security provided for each equipment finance is the underlying asset in regards which the finance was obtained for.

	Consolidated Group 2024 $ 2023 $
(b) Capital expenditure commitments Capital expenditure commitments contracted for building construction
	82,542 -

Murray Cod Australia Limited ABN: 74 143 928 625 and Controlled Entities

Note 24 Cash Flow Information

Note 24 Cash Flow Information	Note 24 Cash Flow Information
Note		Consolidated Group 2024 $ 2023 $
(a) Reconciliation of Cash Flows from Operating Activities with Proft after Income Tax Loss after income tax Non-cash fows in proft Depreciation and amortisation Loss on disposal of plant Share based payment Changes in assets and liabilities, net of the efects of purchase and disposal of subsidiaries: Decrease/(increase) in trade and term receivables (Increase)/decrease in other assets (Increase)/decrease in inventories Increase/(decrease) in trade payables and accruals Increase in provisions Decrease in deferred taxes payable (Increase) in deferred taxes receivable Net cash generated by operating activities (b) Changes in Liabilities arising from Financing Activities 1 July 2023 Cashfows		(6,219,155) (7,300,927) 2,736,114 1,968,155 27,625 - 1,318,498 2,131,210 99,274 30,855 (473,103) (240,623) (12,284,017) (6,216,791) (97,697) 1,834,170 99,406 320,768 69,860 246,250 (780,453) (1,718,433)
		(15,503,648) (8,945,366)
		Acquisition 30 June 2024
Long term borrowings Lease liabilities Total	2,235,330 (1,649,803) 10,149,458 (718,760)	20,000,000 20,585,527 1,043,132 10,473,830
	12,384,788 (2,368,563)	21,043,132 31,059,357

(c) Credit Standby Arrangements with Banks

(c) Credit Standby Arrangements with Banks
	Consolidated Group 2024 $ 2023 $
(c) Credit Standby Arrangements with Westpac Bank Credit facility Amount utilised	50,000 5,525,876 (24,308) (397,742)
	25,692 5,128,134

The major facilities are summarised as follows:

The Group has a Westpac Business Card Facility. The facility limit is $50,000. The card facility is payable monthly. Interest rates are variable and subject to adjustment.

Murray Cod Australia Limited ABN: 74 143 928 625 and Controlled Entities

Note 25 Share-based Payments

(a) Murray Cod Australia Limited has in place an Employee Securities Incentive Plan

The purpose of the Plan is to reward, retain and motivate eligible employees, link their reward to shareholder value and align the interests of eligible participants with shareholders.

Shares issued under the Employees Securities Incentive Plan are accounted for as Share Based Payment Expense at the value of the Security to the ASX share listing on the date of issue.

(b) Murray Cod Australia Limited Public Employee Share Option Scheme

The Group established the Murray Cod Australia Limited Public Employee Share Option Scheme on 16th December 2016 as long-term incentive scheme to recognise talent and motivate executives to strive for Group performance. Employees are granted options which vest over time, subject to meeting specified performance criteria. The options are issued for no consideration and carry no entitlements to voting rights or dividends in the Group. The number available to be granted is determined by the Board and is based on performance measures including growth in shareholder return, return on equity, cash earnings, and group EPS growth.

Unvested options are forfeited when the holder ceases to be employed by the Group, unless the Board determines otherwise (this is usually only in the case of redundancy, death or disablement).

The following options over shares were issued to employees, forfeited or exercised under the Group’s Employee Security Incentive Plan during the 2024 financial year and to the date of this report:

A summary of the movements of all options issued is as follows:

during the 2024 fnancial year and to the date of this report: A summary of the movements of all options issued is as follows:
	Consolidated Group
		Weighted average
	Number	exerciseprice
Options outstanding as at 1 July 2022	30,730,000	$0.3779
Forfeited	(750,000)	$0.25
Granted	14,000,000	$0.23
Options outstanding as at 30 June 2023	43,980,000	$0.3533
Forfeited	(750,000)	$0.25
Forfeited	(1,000,000)	$0.53
Forfeited	(1,500,000)	$0.23
Granted	12,000,000	$0.335
Options outstanding as at 30 June 2024	52,730,000	$0.3333
Options exercisable as at 30 June 2023:	43,980,000	$0.3533
Options exercisable as at 30 June 2024:	52,730,000	$0.3333

The fair value of the options granted to employees is considered to represent the value of the employee services received over the vesting period.

The weighted average fair value of options granted during the year is calculated using the Black Scholes option pricing model.

Options and shares granted to key management personnel as share-based payments during 2024 are as follows::

	Consolidated Group 2024 $ 2023 $
Share Based Payment Expense Options issued to Directors and employees Options cancelled to Directors and employees Shares issued to Directors and employees	1,504,166 2,114,270 (224,404) (103,791) - 73,500
	1,279,762 2,083,979

These options were issued as compensation to key management personnel of the Group. Further details are provided in the Directors’ Report.

Murray Cod Australia Limited ABN: 74 143 928 625 and Controlled Entities

Total Options issued by Murray Cod Australia Limited as at 30 June 2024

Quantityissued to:	Options Issued Exercise Price Expiry Date Fair Value /Option	Fair Value 30/06/24 Vested
Entity related to Ross Anderson (Director) issued 4/1/2021 Entity related to Mathew Ryan (Director) issued 4/1/2021 Entity related to George Roger Commins (Director) issued 4/1/2021 Entity related to Martin Priestley (Ex-Director) issued 4/1/2021 Employee Options issued 11/02/2021 Entity related to David Crow (Ex-Director) issued 15/4/2021 Employee Options issued 14/05/2021 Entity related to Ross Anderson (Director) issued 26/11/2021 Entity related to Mathew Ryan (Director) issued 26/11/2021 Entity related to George Roger Commins (Director) issued 26/11/2021 Entity related to Martin Priestley (Ex-Director) issued 26/11/2021 Employee Options issued 20/04/2023 Entity related to Ross Anderson (Director) ssued 7/12/2023 Entity related to Mathew Ryan (Director) issued 7/12/2023 Entity related to George Roger Commins (Director) issued 7/12/2023 Entity related to Martin Priestley (Ex-Director) issued 7/12/2023 Entity related to Ross Anderson (Director) issued 7/12/2023 Entity related to Mathew Ryan (Director) issued 7/12/2023 Entity related to George Roger Commins (Director) issued 7/12/2023	5,000,000 0.25 03/01/2025 0.06322 5,000,000 0.25 03/01/2025 0.06322 2,000,000 0.25 03/01/2025 0.06322 1,500,000 0.25 03/01/2025 0.06322 500,000 0.25 03/01/2025 0.08159 500,000 0.25 03/01/2025 0.22123 250,000 0.25 03/01/2025 0.21998 5,000,000 0.53 25/11/2025 0.25567 5,000,000 0.53 25/11/2025 0.25567 2,000,000 0.53 25/11/2025 0.25567 1,000,000 0.53 25/11/2025 0.27489 480,000 0.27 03/04/2026 0.14180 5,000,000 0.23 05/12/2026 0.08159 5,000,000 0.23 05/12/2026 0.08159 2,000,000 0.23 05/12/2026 0.08159 500,000 0.23 05/12/2026 0.10713 5,000,000 0.335 21/12/2028 0.03947 5,000,000 0.335 21/12/2028 0.03947 2,000,000 0.335 21/12/2028 0.03947 52,730,000	316,094 Part 316,094 Part 126,439 Part 94,848 Yes 40,794 Yes 110,613 Yes 54,995 Yes 1,278,365 Part 1,278,365 Part 511,348 Part 274,888 Yes 68,065 Yes 407,935 Part 407,935 Part 163,173 Part 53,566 Yes 197,339 No 197,339 No 78,935 No 5,977,130

c) Murray Cod Australia Limited Agreement with Heston Blumenthal

Murray Cod Australia Limited entered into a collaboration agreement with Heston Blumenthal and his associated companies. 1,500,000 Ordinary Shares were issued to Mr Blumenthal’s related companies along with a payment of $100,000, in return for Heston, and his team of world class chefs collaborating with Aquna on menu and product development to extend the food brand’s reach in local and global markets. The term of the agreement being 5 years. The value of the shares issued are recorded as a prepaid expense and expensed as share payment based expense as is incurred. The 5 years since the date of the agreement expired on 24/5/2024 and the total amount has been expensed at 30 June 2024.

has been expensed at 30 June 2024.
	Consolidated Group 2024 $ 2023 $
Share Based Payment Expense 24/5/2019 1,500,000 Ordinary Shares issued at $0.155 expensed over 5 years Summary of Share Based Payment Expenses:
	38,736 47,231

Summary of Share Based Payment Expenses:
	Consolidated Group 2024 $ 2023 $
Share Based Payment Expense Options issued to Directors and employees Options cancelled to Directors and employees Shares issued to Directors and employees Agreement with Heston Blumenthal expense amortised over 5 years	1,504,166 2,114,270 (224,404) (103,791) - 73,500 38,736 47,231
	1,318,498 2,131,210

Murray Cod Australia Limited ABN: 74 143 928 625 and Controlled Entities

Note 26 Events After the Reporting Period

The Directors are not aware of any significant events since the end of the reporting period.

Note 27 Related Party Transactions

Related Parties

(a) The Group’s main related parties are as follows:

i. Entities exercising control over the Group:
- The ultimate parent entity that exercises control over the Group is Murray Cod Australia Limited, which is incorporated in Australia.
ii. Key Management Personnel:
- Any person(s) having authority and responsibility for planning, directing and controlling the activities of the entity, directly or indirectly, including any director (whether executive or otherwise) of that entity are considered key management personnel.
- For detail of disclosures relating to key management personnel, refer to Note 6.
iii. Entities subject to significant influence by the Group: An entity that has the power to participate in the financial and operating policy decisions of an entity, but does not have control over those policies, is an entity that holds significant influence. Significant influence may be gained by share ownership, statute or agreement.
iv. Joint ventures accounted for under the equity method:
- The Group has no interest in any joint ventures.
v. Other Related Parties:
- Other related parties include entities controlled by the ultimate parent entity and entities over which key management personnel have joint control.
(b) Transactions with related parties:

Transactions between related parties are on normal commercial terms and conditions no more favourable than those available to other parties unless otherwise stated.

The following transactions occurred with related parties:

parties unless otherwise stated. The following transactions occurred with related parties:
	Consolidated	Group
	2024	2023
	$	$
Purchase of goods and services
Anderson’s Tax and Investment Services Pty Ltd a Company related to Ross
Anderson has paid expenses on behalf of the Group and been reimbursed these costs and in 2023 has sold ofce equipment to the Group.
(Total GST Inclusive)	3,888	19,329
Commins Enterprises Pty Ltd a Company related to Director George Roger
Commins has provided manufacturing services to the Group (Total GST
Inclusive)	666,272	1,216,293
Aquacomm Pty Ltd a Company related to Director George Roger Commins
is a contract Murray cod grower to Murray Cod Australia Limited.
Purchase of contract grown Murray cod less costs and miscellaneous materials and goods, and purchase of fsh growing products (GST Inclusive)	314,032	1,033,351
Bamford Partners a Company related to Ex-Director Martin Priestley was paid
expense payment reimbursements (Total GST Inclusive)	-	1,542
Market Sniper Ltd a Company related to Director Ross Anderson was paid
for Marketing Consulting (Total GST Exclusive)	254,400	240,000
Sales of goods and services
Aquacomm Pty Ltd a Company related to Director George Roger Commins
has been sold Murray cod feed and contract services from Murray Cod
Australia Limited (GST Inclusive)	2,179	-
Aquacomm Pty Ltd a Company related to Director George Roger Commins has been sold advanced fngerlings from Murray Cod Australia Limited (GST
Inclusive)	-	87,200

Murray Cod Australia Limited ABN: 74 143 928 625 and Controlled Entities

Note 28 Financial Risk Management

The Group’s financial instruments consist mainly of deposits with banks, local money market instruments, short-term investments, accounts receivable and payable, bills, leases, preference shares and derivatives.

The totals for each category of financial instruments, measured in accordance with AASB 139: Financial Instruments: Recognition and Measurement as detailed in the accounting policies to these financial statements, are as follows:

Note	Consolidated Group 2024 $ 2023 $
Financial Assets Financial assets at amortised cost ● Cash and cash equivalents 9 ● Trade and other receivables 10 ● Investments in unlisted shares 12 Total Financial Assets Financial Liabilities Financial liabilities at amortised cost ● Trade and other payables 18 ● Borrowings 19 Total Financial Liabilities	20,749,256 11,424,244 520,994 620,268 167 123
	21,270,417 12,044,635
	2,734,910 2,832,607 20,609,835 2,633,072
	23,344,745 5,465,679

Financial Risk Management Policies

The Board of Directors monitors the Groups’ financial risk management policies and exposures and approves financial transactions. It also reviews the effectiveness of internal controls relating to commodity risk, counterparty credit risk, foreign currency risk, liquidity risk and interest rate risk. The Board of Directors meet at least on a bi-monthly basis.

The overall risk management strategy seeks to assist the consolidated group in meeting its financial targets, while minimising potential adverse effects on financial performance. Its functions include the review of the use of hedging derivative instruments, credit risk policies and future cash flow requirements.

Specific Financial Risk Exposures and Management

The main risks the Group is exposed to through its financial instruments are credit risk, liquidity risk and market risk consisting of interest rate risk, foreign currency risk and other price risk (commodity and equity price risk). The Group is exposed to financial risk arising from the carrying out of agricultural activities. There have been no substantive changes in the types of risks the Group is exposed to, how these risks arise, or the Board’s objectives, policies and processes for managing or measuring the risks from the previous period.

a. Credit risk

Exposure to credit risk relating to financial assets arises from the potential non-performance by counterparties of contract obligations that could lead to a financial loss to the Group.

Credit risk is managed through the maintenance of procedures (such as the utilisation of systems for the approval, granting and renewal of credit limits, regular monitoring of exposures against such limits and monitoring of the financial stability of significant customers and counterparties), ensuring to the extent possible that customers and counterparties to transactions are of sound credit worthiness. Such monitoring is used in assessing receivables for impairment. Depending on the division within the Group, credit terms are generally 7 to 30 days from the invoice date.

Risk is also minimised through investing surplus funds in financial institutions that maintain a high credit rating or in entities that the board has otherwise assessed as being financially sound. Where the Group is unable to ascertain a satisfactory credit risk profile in relation to a customer or counterparty, the risk may be further managed through title retention clauses over goods or obtaining security by way of personal or commercial guarantees over assets of sufficient value which can be claimed against in the event of any default.

Significant increase in credit risk for financial instruments

The Group evaluates and compares the risk of a default on a financial instrument at the reporting date with the risk of a default on the financial instrument at the date of initial recognition. To support the evaluation process, the Group takes into consideration both quantitative and qualitative information that is reasonable and justifiable, including past experience and prospective information that is publicly available. Prospective information taken into consideration includes the future volatility of the industries in which the Group’s debtors are in, obtained from industry expert reports, financial news report, governmental bodies, as well as taking into consideration multiple external sources of current and future economic information that Group’s core operations can relate to.

Murray Cod Australia Limited ABN: 74 143 928 625 and Controlled Entities

Credit Risk Exposures

The maximum exposure to credit risk by class of recognised financial assets at the end of the reporting period, excluding the value of any collateral or other security held is equivalent to the carrying amount (net of any provisions) as presented in the statement of financial position. Credit risk also arises through the provision of financial guarantees, as approved at Board level, given to parties securing the liabilities of certain subsidiaries.

There is no Collateral held by the Group securing receivables.

The Group has no significant concentration of credit risk with any single counterparty or group of counterparties. However, on a geographic basis, the Group has significant credit risk exposures to Australia given the substantial operations in Australia. The group has had some credit risk exposures to Hong Kong, Japan, USA, Singapore, Indonesia and the Philippines as Murray Cod Australia Ltd has exported to these countries, there has been minimal credit risk exposure in 2024 as exports have been minimal. Details with respect to credit risk of Trade and Other Receivables is provided in Note 10.

Trade and other receivables that are neither past due or impaired are considered to be of high credit quality. Aggregates of such amounts are as detailed at Note 10.

Credit risk related to balances with banks and other financial institutions is managed by the Board in accordance with approved board policy. Such policy requires that surplus funds are only invested with counterparties with a Standard and Poor’s rating of at least AA. The following table provides information regarding the credit risk relating to cash and money market securities based on Standard and Poor’s counterparty credit ratings.

counterparty credit ratings.
Note	Consolidated Group 2024 $ 2023 $
Cash and cash equivalents: ● AA Rated 9	20,749,256 11,424,244
	20,749,256 11,424,244

b. Liquidity risk

Liquidity risk arises from the possibility that the Group might encounter difficulty in settling its debts or otherwise meeting its obligations related to financial liabilities. The Group manages this risk through the following mechanisms:

preparing forward-looking cash flow analysis in relation to its operating, investing and financing activities;
using derivatives that are only traded in highly liquid markets;
monitoring undrawn credit facilities;
obtaining funding from a variety of sources;
maintaining a reputable credit profile;
managing credit risk related to financial assets;
only investing surplus cash with major financial institutions; and
comparing the maturity profile of financial liabilities with the realisation profile of financial assets.

The table below reflects an undiscounted contractual maturity analysis for financial assets and financial liabilities. Financial guarantee liabilities are treated as payable on demand since the Group has no control over the timing of any potential settlement of the liabilities.

Cash flows realised from financial assets reflect management’s expectation as to the timing of realisation. Actual timing may therefore differ from that disclosed. The timing of cash flows presented in the table to settle financial liabilities reflect the earliest contractual settlement dates and do not reflect management’s expectations that banking facilities will be rolled forward.

Murray Cod Australia Limited ABN: 74 143 928 625 and Controlled Entities

Financial liability and financial asset maturity analysis

Consolidated Group	Within 1 Year 1 to 5 years Total 2024 $ 2023 $ 2024 $ 2023 $ 2024 $ 2023 $
Financial liabilities due for payment Bank overdraft and loans Trade and other payables Finance lease liabilities Financial guarantees Total expected outfows Consolidated Group	24,308 397,742 20,000,000 - 20,024,308 397,742 2,734,910 2,832,607 - - 2,734,910 2,832,607 263,640 691,198 321,887 1,544,132 585,527 2,235,330 - - - - - -
	3,022,858 3,921,547 20,321,887 1,544,132 23,344,745 5,465,679
	Within 1 Year 1 to 5 years Total 2024 $ 2023 $ 2024 $ 2023 $ 2024 $ 2023 $
Financial Assets - cash fows realisable Cash and cash equivalents Trade, term and loan receivables, contract costs and right of return goods asset Total anticipated infows Net (outfow) / infow on fnancial instruments	20,749,256 11,424,244 - - 20,749,256 11,424,244 520,994 620,268 - - 520,994 620,268
	21,270,250 12,044,512 - - 21,270,250 12,044,512
	18,247,392 8,122,965 (20,321,887) (1,544,132) (2,074,495) 6,578,833

c. Market Risk

i. Interest rate risk

Exposure to interest rate risk arises on financial assets and financial liabilities recognised at the end of the reporting period whereby a future change in interest rates will affect future cash flows or the fair value of fixed rate financial instruments. The Group is also exposed to earnings volatility on floating rate instruments.

The financial instruments that primarily expose the Group to interest rate risk are borrowings, foreign exchange forward contracts, interest rate swaps, government and fixed interest securities, and cash and cash equivalents.

Interest Rate Swaps

The consolidated group did not hold any interest rate swap contracts during the 2024 or 2023 Financial Year

The net effective variable interest rate borrowings (i.e. unhedged debt) expose the group to interest rate risk which will impact future cash flows and interest charges and is indicated by the following floating interest rate financial liabilities:

Floating rate instruments Note	Consolidated Group 2024 $ 2023 $
Bank overdrafts, credit card facilities and Loans	20,024,308 397,742
	20,024,308 397,742

To management interest rate risk the iPartners Nominees Pty Ltd Loan Facility has a capped interest rate.

ii. Foreign currency risk

Exposure to foreign currency risk may result in the fair value or future cash flows of a financial instrument fluctuating due to movement in foreign exchange rates of currencies in which the Group holds financial instruments which are other than the AUD functional currency of the Group.

Current sales to export markets in Japan, USA, Singapore, Hong Kong, Indonesia and the Philippines are currently priced in AUD or aren't

significant enough to justify the cost of hedging our Foreign Currency Risk.

The only purchases involving foreign currency are occasional equipment purchases which aren't significant enough to justify the cost of hedging our foreign currency Risk.

Murray Cod Australia Limited ABN: 74 143 928 625 and Controlled Entities

iii. Other price risk

Other price risk relates to the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market prices largely due to demand and supply factors (other than those arising from interest rate risk or foreign currency risk) for commodities.

The Group is exposed to commodity price risk through the operations of its Murray cod production business. The Board constantly monitors commodity prices and aims to minimise significant price risk accordingly.

Sensitivity Analysis

Sensitivity analysis has not been displayed due to the immaterial nature of the interest rate and exchange rate risks on the Companies’ operations.

d. Financial risk arising from agricultural activities

The Group is exposed to financial risk due to operating an agricultural activity being in the business of aquaculture. The risk is managed by:
i) A Biosecurity Plan has been put in place to protect the value of the biological asset; and
ii) Murray cod is sold in various markets to protect the company from commodity price risk, the various markets are the live and processed fish markets, and domestic and overseas markets. Murray cod is also sold at various sizes to protect from commodity price risk.

Fair Values

Fair value estimation

The fair values of financial assets and financial liabilities are the same amounts as the carrying amounts as presented in the statement of financial position. Refer to Note 29 for detailed disclosures regarding the fair value measurement of the group's financial assets and financial liabilities.

Note 29 Fair Value Measurements

The Group measures and recognises the following assets and liabilities at fair value on a recurring basis after initial recognition:

Biological assets
Water rights and licences

The Group measures some items of land and buildings at fair value on a non-recurring basis.

The Group does not subsequently measure any liabilities at fair value on a non-recurring basis.

(a) Fair value hierarchy

AASB 13: Fair Value Measurement requires the disclosure of fair value information by level of the fair value hierarchy, which categorises fair value measurements into one of three possible levels based on the lowest level that an input that is significant to the measurement can be categorised into as follows:

Level 1	Level 2	Level 3
Measurements based on quoted prices	Measurements based on inputs other	Measurements based on unobservable
(unadjusted) in active markets for identical	than quoted included in Level 1 that are	inputs for the asset or liability.
assets or liabilities that the entity can	observable for the asset or liability, either
access at the measurement date.	directly or indirectly.

The fair value of assets and liabilities that are not traded in an active market are determined using one or more valuation techniques. These valuation techniques maximise, to the extent possible, the use of observable market data. If all significant inputs required to measure fair value are observable, the asset or liability is included in Level 2. If one or more significant inputs are not based on observable market data, the asset or liability is included in Level 3.

Valuation techniques

The Group selects a valuation technique that is appropriate in the circumstances and for which sufficient data is available to measure fair value. The availability of sufficient and relevant data primarily depends on the specific characteristics of the asset or liability being measured. The valuation techniques selected by the Group are consistent with one or more of the following valuation approaches:

Market approach: valuation techniques that use prices and other relevant information generated by market transactions for identical or similar assets or liabilities.
Income approach: valuation techniques that convert estimated future cash flows or income and expenses into a single discounted present value.
Cost approach: valuation techniques that reflect the current replacement cost of an asset at its current service capacity.

Each valuation technique requires inputs that reflect the assumptions that buyers and sellers would use when pricing the asset or liability, including assumptions about risks. When selecting a valuation technique, the Group gives priority to those techniques that maximise the use of observable inputs and minimise the use of unobservable inputs. Inputs that are developed using market data (such as publicly available information on actual transactions) and reflect the assumptions that buyers and sellers would generally use when pricing the asset or liability are considered observable, whereas inputs for which market data are not available, and therefore are developed using the best information available about such assumptions are considered unobservable.

The following tables provide the fair values of the Group’s assets and liabilities measured and recognised on a recurring basis after initial recognition and their categorisation within the fair value hierarchy.

Murray Cod Australia Limited ABN: 74 143 928 625 and Controlled Entities

Note RecurringFair Value Measurements	30 June 2024 Level 1 $ Level 2 $ Level 3 $ Total $
Inventory Inventory at fair value through proft or loss ● Biological assets 11 Total inventory assets recognised at fair value on a recurring basis Non-fnancial assets Water rights and licences 15 Total non-fnancial assets recognised at fair value on a recurring basis Non-recurring fair value measurements Land and buildings 14 Total non-fnancial assets recognised at fair value on a non-recurring basis Total non-fnancial assets recognised at fair value	- - 32,074,076 32,074,076
	- - 32,074,076 32,074,076
	3,117,500 - - 3,117,500
	3,117,500 - - 3,117,500
	- 39,026,674 - 39,026,674
	- 39,026,674 - 39,026,674
	3,117,500 39,026,674 - 42,144,174

The Land and Buildings:

"Silverwater" 563 Pinehope Road, GRONG GRONG NSW 2652

Farm 1444d, Bilbul Road, BILBUL NSW 2680

1795 Old Narrandera Road EUBERTA NSW 2650

396 Kirkup Road, GOGELDRIE NSW 2705

Were revalued in accordance with the Valuations prepared at 2nd October 2023 by:

LAWD, Level 1, The Annex, 12 Creek Street, BRISBANE QLD 4000.

The Land:

Farm 855a Whitton Road & Part Farm 827 Murrami Road, STANBRIDGE NSW 2705 was purchased during the 2024 financial year, this property remains valued at cost as the directors believe the fair value of this property at 30 June 2024 has not changed from the cost paid.

Murray Cod Australia Limited ABN: 74 143 928 625 and Controlled Entities

Note RecurringFair Value Measurements	30 June 2023 Level 1 $ Level 2 $ Level 3 $ Total $
Inventory Inventory at fair value through proft or loss ● Biological assets 11 Total Inventory assets recognised at fair value on a recurring basis Non-fnancial assets Water rights and licences 15 Total non-fnancial assets recognised at fair value on a recurring basis Non-recurring fair value measurements Land and buildings 14 Total non-fnancial assets recognised at fair value on non-recurring basis Total non-fnancial assets recognised at fair value	- - 19,561,759 19,561,759
	- - 19,561,759 19,561,759
	2,538,600 - - 2,538,600
	2,538,600 - - 2,538,600
	- 27,116,519 - 27,116,519
	- 27,116,519 - 27,116,519
	2,538,600 27,116,519 - 29,655,119

(b) Valuation techniques and inputs used to measure Level 2 fair values

Fair value ($) Description at 30 June 2024 Valuation technique(s) Inputs used Non-financial assets Land and buildings (i) 39,026,674 Market approach using recent observable market Price per hectare; market data for similar properties; income approach using borrowing rate discounted cash flow methodology. 39,026,674

(i) The fair value of freehold land and buildings is determined at least every three years based on valuations by an independent valuer. At the end of each intervening period, the directors review the independent valuation and, when appropriate, update the fair value measurement to reflect current market conditions using a range of valuation techniques, including recent observable market data and discounted cash flow methodologies.

(c) Valuation techniques and unobservable inputs used to measure Level 3 fair values

Valuation processes

The biological assets of the Group are considered Level 3 and are valued internally by the Group as there is no observable market for them. The value is based on the estimated exit price per kilogram and the value changes for the average weight of each fish as it progresses through the growth and transformation cycle. The average weight of the fish is sample measured periodically, and the value is determined by applying the average weight to the estimated price based on staged weight values (100gram stages). The lifecycle of the fish is approximately 2 years to minimum initial harvest size. The value per fish is based on this weight estimate, multiplied by the expected market price at the relevant point of transformation. Significant changes in any of the significant unobservable inputs in isolation would result in significant changes in fair value measurement.

The net increment/(decrement) in the fair value of Murray cod is recognised as income/(expense) in the reporting period. There has been an increase in the fair value per unit of Murray cod fish from 30 June 2023 to 30 June 2024, from $23.53/kg to $24.47/kg, this increase is based on observed market selling information.

Murray Cod Australia Limited ABN: 74 143 928 625 and Controlled Entities

Note 30 Reserves

a. Asset Revaluation Reserve

The reserve is used to recognise increments and decrements in the fair value of land and buildings, and water rights and licences.

b. Options Reserve

The option reserve records items recognised as expenses on valuation of employee share options.

c. Performance Rights Reserve

The performance rights reserve records items recognised as expenses on valuation of employee performance rights.

Note	Consolidated Group 2024 $ 2023 $
Asset Revaluation Reserve Revaluation of land and buildings and water rights and licenses 29 Movement in asset revaluation reserve Options Reserve Options issued, expensed and vested during the year Options exercised during the year Options cancelled during the year Options vested during the year Movement in options reserve	5,888,189 (137,437)
	5,888,189 (137,437)
	1,504,166 2,114,270 - - (224,404) (103,791) - -
	1,279,762 2,010,479

Note 31 Company Details

The registered office of the Group is:

Murray Cod Australia Limited 2-4 Lasscock Road GRIFFITH NSW 2680 The principal places of business are:

Murray Cod Australia Limited

"Silverwater" 563 Pinehope Road, GRONG GRONG NSW 2652 Farm 1444d, Bilbul Road, BILBUL NSW 2680 Farm 1444c, Burley Griffin Way, BILBUL NSW 2680

"Carawatha" Irrigation Way WIDGELLI NSW 2680

1/15A Lenehan Road, GRIFFITH NSW 2680

1795 Old Narrandera Road EUBERTA NSW 2650

2-4 Lasscock Road, GRIFFITH NSW 2680

113 Cudmore Road, POMONA NSW 4568

1360 Whitton Road, STANBRIDGE NSW 2705

396 Kirkup Road, GOGELDRIE NSW 2705

Farm 855a Whitton Road & Part Farm 827 Murami Road, STANBRIDGE NSW 2705

Murray Cod Australia Limited ABN: 74 143 928 625 and Controlled Entities

Consolidated Entity Disclosure Statement

		Trustee, partner			Australian resident
		or participant in	Ownership	Country of	or foreign resident
Name of entity	Type of entity	joint venture	interest %	incorporation	(for taxpurposes)
Murray Cod Australia Limited	Body Corporate	N/A	100%	Australia	Australian
Bidgee Fresh Pty Ltd	Body Corporate	N/A	100%	Australia	Australian
Murray Darling Fisheries Pty Ltd	Body Corporate	N/A	100%	Australia	Australian
Australian Sustainable Protein Fund Pty Ltd	Body Corporate	Trustee	100%	Australia	Australian
Australian Sustainable Protein Fund	Trust	N/A	100%	Australia	Australian
ASPF Land Pty Ltd	Body Corporate	Trustee	100%	Australia	Australian
ASPF Land Fund	Trust	N/A	100%	Australia	Australian
ASPF Water Pty Ltd	Body Corporate	Trustee	100%	Australia	Australian
ASPF Water Fund	Trust	N/A	100%	Australia	Australian

Murray Cod Australia Limited ABN: 74 143 928 625 and Controlled Entities

Directors Declaration

In accordance with a resolution of the Directors of Murray Cod Australia Limited, the Directors of the Group declare that:

the financial statements and notes, as set out on pages 12 to 59, are in accordance with the Corporations Act 2001 and:
(a) Comply with Australian Accounting Standards applicable to the entity, which, as stated in accounting policy Note 1 to the financial statements, constitutes compliance with International Financial Reporting Standards; and
(b) Give a true and fair view of the financial position as at 30 June 2024 and of the performance for the year ended on that date of the consolidated group;
in the Directors opinion there are reasonable grounds to believe that the Group will be able to pay its debts as and when they become due and payable;
the information disclosed in the attached Consolidated Entity Disclosure Statement is true and correct; and
the Directors have been given the declarations required by section 295A of the Corporations Act 2001 from the Chief Executive Officer and Chief Financial Officer.

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Brett Paton - Non-executive Chairman Dated this 30th Day of August 2024

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INDEPENDENT AUDITOR’S REPORT To the Members of Murray Cod Australia Ltd and its Controlled Entities

Opinion

RSM Australia Partners

12 Anderson Street West, Ballarat VIC 3350 PO Box 685 Ballarat VIC 3353 T +61 (0) 3 5330 5800 F +61 (0) 3 5330 5890 www.rsm.com.au

We have audited the financial report of Murray Cod Australia Ltd (the Company) and its subsidiaries (the Group), which comprises the consolidated statement of financial position as at 30 June 2024, the consolidated statement of profit or loss and other comprehensive income, the consolidated statement of changes in equity and the consolidated statement of cash flows for the year then ended, and notes to the financial statements, including material accounting policy information, the consolidated entity disclosure statement and the directors' declaration.

In our opinion the accompanying financial report of the Group is in accordance with the Corporations Act 2001 , including:

(a) giving a true and fair view of the Group's financial position as at 30 June 2024 and of its financial performance for the year then ended; and
(b) complying with Australian Accounting Standards and the Corporations Regulations 2001 .

Basis for Opinion

We conducted our audit in accordance with Australian Auditing Standards. Our responsibilities under those standards are further described in the Auditor's Responsibilities for the Audit of the Financial Report section of our report. We are independent of the Group in accordance with the auditor independence requirements of the Corporations Act 2001 and the ethical requirements of the Accounting Professional and Ethical Standards Board's APES 110 Code of Ethics for Professional Accountants (the Code) that are relevant to our audit of the financial report in Australia. We have also fulfilled our other ethical responsibilities in accordance with the Code.

We confirm that the independence declaration required by the Corporations Act 2001 , which has been given to the directors of the Company, would be in the same terms if given to the directors as at the time of this auditor's report.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Key Audit Matters

Key audit matters are those matters that, in our professional judgement, were of most significance in our audit of the financial report of the current period. These matters were addressed in the context of our audit of the financial report as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.

Key Audit Matter

How our audit addressed this matter

Biological assets
Refer to Note 11 in the financial statements

The Group’s biological assets at 30 June 2024 were valued
at $32,074,076. AASB141_Agriculture_requires biological
assets to be measured at fair value less costs to sell or
cost less impairment
where
no
fair
value
can
be
determined. I considered the valuation of the biological
assets to be a key audit matter due to the estimation
required in relation to the biomass of the biological assets.
My procedures to address the valuation of biological assets
included, amongst other things:

undertaking a review of the information technology general
controls over the inventory management system;

performing a reconciliation based on opening stock
balances and testing a sample of fish movements
(including purchases, sales, breeding, harvest and

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Key Audit Matter	How our audit addressed this matter
The group has valued biological assets at fair value less costs to sell. Pond fish are valued at fair value based on a price per kilo while the value of fingerlings is based on a scale dependent on the weight of individual fish. These values are based on recent sales. mortalities) to supporting documentation to assess the reasonableness of closing fish stock;  review of harvest reports to ensure the reasonableness of harvested kilograms during the year;  review of recent sale and purchase prices and undertaking a comparison to 30 June 2024 valuation for reasonableness;  review of changes in fair value for the year; and  review of the provision of biological assets including discussions with management to determine the reasonableness of the provision. Consideration was also given to the likelihood of recovery of this provision.
*Goodwill* Refer to Note 15 in the financial statements
At 30 June 2024, the Group held goodwill with a carrying amount of $2,113,167. We have determined the impairment of goodwill to be a Key Audit Matter because of the materiality of the goodwill balance and because of the significant management judgements and assumptions used to determine the value in use of the CGU which contains it. The calculation of the recoverable amount of the CGU involves judgement about the future underlying cashflows, estimated growth rates as well as judgements of an appropriate discount rate to apply. My procedures included, amongst other things:  updating our understanding of management’s impairment testing process;  holding discussions with management, reviewing the Group’s ASX announcements and reading minutes of the director’s meetings to gather sufficient information regarding the operations of the current reporting period, as well as the expectations going forward;  assessing the reasonableness of management’s determination that goodwill should be allocated to a single CGU in accordance with AASB 136_Impairment of Assets,_ based on the nature of the Group’s business;  assessing the valuation methodology used to determine the recoverable amount of the goodwill;  evaluating the methods and assumptions used to estimate the present value of future cash inflows, including challenging the reasonableness of the following: `o` Future growth rates `o` Discount rates `o` Terminal value  reviewing management’s sensitivity analysis over the key assumptions used in the model, including the consideration of the available headroom and assessing whether the assumptions had been applied on a consistent basis across each scenario;  checking the mathematical accuracy of the cash flow model; and  reviewing the completeness and accuracy of the disclosures included in the financial report to ensure compliance with Australia Accounting Standards.

Other Information

The directors are responsible for the other information. The other information comprises the information included in the Group's annual report for the year ended 30 June 2024, but does not include the financial report and the auditor's report thereon.

Our opinion on the financial report does not cover the other information and accordingly we do not express any form of assurance conclusion thereon.

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In connection with our audit of the financial report, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial report or our knowledge obtained in the audit or otherwise appears to be materially misstated.

If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Responsibilities of the Directors for the Financial Report

The directors of the Company are responsible for the preparation of:

a. the financial report (other than the consolidated entity disclosure statement) that gives a true and fair view in accordance with Australian Accounting Standards and the Corporations Act 2001 ; and
b. the consolidated entity disclosure statement that is true and correct in accordance with the Corporations Act 2001 ; and
c. for such internal control as the directors determine is necessary to enable the preparation of:
i. the financial report (other than the consolidated entity disclosure statement) that gives a true and fair view and is free from material misstatement, whether due to fraud or error; and
ii. the consolidated entity disclosure statement that is true and correct and is free of misstatement, whether due to fraud or error.

In preparing the financial report, the directors are responsible for assessing the ability of the Group to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Group or to cease operations, or have no realistic alternative but to do so.

Auditor's Responsibilities for the Audit of the Financial Report

Our objectives are to obtain reasonable assurance about whether the financial report as a whole is free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with the Australian Auditing Standards will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of this financial report.

A further description of our responsibilities for the audit of the financial report is located at the Auditing and Assurance Standards Board website at: https://www.auasb.gov.au/admin/file/content102/c3/ar1_2020.pdf. This description forms part of our auditor's report.

Report on the Remuneration Report

Opinion on the Remuneration Report

We have audited the Remuneration Report included on pages 6 – 10 of the directors' report for the year ended 30 June 2024.

In our opinion, the Remuneration Report of Murray Cod Australia Ltd and its Controlled Entities, for the year ended 30 June 2024, complies with section 300A of the Corporations Act 2001 .

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Responsibilities

The directors of the Company are responsible for the preparation and presentation of the Remuneration Report in accordance with section 300A of the Corporations Act 2001 . Our responsibility is to express an opinion on the Remuneration Report, based on our audit conducted in accordance with Australian Auditing Standards.

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RSM AUSTRALIA PARTNERS

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JOHN FINDLAY Partner

Ballarat, Victoria Dated this 30[th] day of August 2024

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Murray Cod Australia Limited ABN: 74 143 928 625 and Controlled Entities

Additional Information For Listed Public Companies

The following information is current as at 9th August 2024:

1. Shareholding

1. Shareholding
a.Distribution of Shareholders Category (size of holding)	Number No. of Holders No. of Units
1-1,000 1,001 – 5,000 5,001 – 10,000 10,001 – 100,000 100,001 – and over	110 9,799 510 1,560,469 339 2,673,269 1,083 42,835,069 515 1,010,411,552
	2,557 1,057,490,158

b. The number of shareholdings held in less than marketable parcels is 504.
c. The names of the substantial shareholders listed in the holding Group’s register are:

c.The names of the substantial shareholders listed in the h	olding Group’s register are:
		Number
Shareholder	Ordinary		Preference
Regal Funds Management and its associates	156,766,806		-
Australian Super Pty Ltd	98,524,083		-
Mathew Ryan and associated entities	75,308,761		-
One Funds Management Ltd ATF Saville Capital	74,925,000		-
Emerging Companies Fund
Ross Anderson and associated entities	64,054,892		-

d. Voting Rights

The voting rights attached to each class of equity securities are as follows:

Ordinary shares:

Each ordinary share is entitled to one vote when a poll is called, otherwise each member present at a meeting or by proxy has one vote on a show of hands.

Redeemable and convertible preference shares:

There are no redeemable or convertible preference shares on issue.

Murray Cod Australia Limited ABN: 74 143 928 625 and Controlled Entities

e. 20 Largest Shareholders - Ordinary Shares

e. 20 Largest Shareholders - Ordinary Shares
Name	Number of OrdinaryFullyPaid Shares Held	% Held of Issued OrdinaryCapital
1. JP Morgan Nominees Australia Pty Ltd	126,814,083	11.99
2. HSBC Custody Nominees (Australia) Limited	121,726,186	11.51
3. UBS Nominees Pty Ltd	87,777,841	8.3
4. M & B Ryan Pty Ltd	61,301,429	5.8
5. Citicorp Nominees Pty Ltd	57,145,360	5.4
6. Brigalow Enterprises Pty Ltd	43,142,857	4.08
7. Andersons Investment Services Pty Ltd	33,054,892	3.13
8. Kimbalex Investments Pty Ltd	30,000,000	2.84
9. Great White Shark Services Pty Ltd	28,839,789	2.73
10. Brondlax Pty Ltd	20,583,457	1.95
11. Warbont Nominees Pty Ltd	14,066,285	1.33
12. M & B Ryan Pty Ltd	13,970,000	1.32
13. Buttonwood Nominees Pty Ltd	11,002,609	1.04
14. Neweconomy Com Au Nominees Pty Limited	11,000,000	1.04
15. Albins Pty Ltd	10,907,463	1.03
16. The Esplanade Superannuation Pty Ltd	10,370,000	0.98
17. Timothy Mitchell Commins & George Roger	9,096,774	0.86
Commins & Kerry Jean Forbes
18. SCMG Pty Ltd	9,000,000	0.85
19. Cameron Ray Townsend & Therese Margaret	8,200,000	0.78
Townsend
20. Geofrey Leonard Grimish & Mary Olive Grimish	8,070,006	0.76

2. The name of the Group secretary is Wendy Dillon.

3. The address of the principal registered office in Australia is 2-4 Lasscock Road, Griffith NSW 2680. Telephone 02 69 625470

4. Registers of securities are held at the following address: Automic

Level 5, 126 Phillip Street

SYDNEY NSW 2000

5. Stock Exchange Listing

Quotation has been granted for all the ordinary shares of the company on all Member Exchanges of the Australian Securities Exchange Limited.

6. Unquoted Securities

Options over unissued shares

A total of 52,730,000 Options are on issue

7. Other Disclosures

During the Financial Year the Group has used its cash in accordance with its stated business objectives.

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MURRAY COD AUSTRALIA LIMITED — Annual Report 2024

65302_rns_2024-08-29_f2a69731-fe73-4272-8c64-e0a8678d6f32.pdf

Appendix 4E

Final report To the Australian Securities Exchange

Company details

2. Results for announcement to the market

3. Statement of Profit or Loss and Other Comprehensive Income with Notes to the Statement

4. Statement of Financial Position with Notes to the Statement

5. Statement of Cash Flows with Notes to the Statement

6. Statement of Retained Earnings Showing Movements

7. Net tangible assets

8. Control gained over entities

9. Loss control over entities

10. Details of associates and joint venture entities

11. Foreign entities to disclose which accounting standards are used in compiling the report

12. Commentary on the Results for the period

13. Audit status

14. Attachments

16. Signed

CONTENTS

CORPORATE DIRECTORY

Directors

Company Secretary

Registered Office

Solicitors

Bankers

Auditors

Website

ABOUT MURRAY COD AUSTRALIA

Our annual report

Reporting framework

OUR PERFORMANCE

Expansion

MCA is on a strong growth trajectory by scaling up production.

Growth in Biomass

Distribution

Launched a World-first

OUR TIMELINE

January 2017

February 2018

October 2017

June 2018

November 2018

July 2018

November 2018

September 2019

November 2019

April 2020

October 2020

February 2020

June 2020

October 2021

September 2022

October 2022

April 2023

May - June 2023

July 2023

September 2023

December 2023

January – June 2024

OUR CORE VALUES

In FY24, here’s how we applied our values to build on our brand strength.

CHAIR’S MESSAGE

CEO REPORT

Key highlights in our performance over the last year include:

Ross Anderson, CEO

FARMING OPERATIONS REPORT

Key project achievements and highlights for the financial year were:

BUSINESS REPORT

Strong financial position

Average weights beginning to increase

Biomass has almost doubled

Market development report

Expansion and development update

People and culture

Hatchery season report

SUSTAINABILITY REPORT

Growing a more sustainable farming future

Free range innovation

MURRAY COD AUSTRALIA LIMITED Annual Report 2024