MURRAY COD AUSTRALIA LIMITED — Capital/Financing Update 2021

Oct 3, 2021

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Murray Cod Australia Ltd

ASX:MCA

4 October 2021

MARKET UPDATE

Murray Cod Australia Limited (ASX:MCA) (“the Company”) is pleased to provide a market update to shareholders.

Coles Supermarkets to trial Aquna Cod

The Company is pleased to advise that agreement in principle has been reached with Coles to commence a trial of selling Aquna Sustainable Murray Cod in the packaged seafood section of 25 Coles supermarkets. Currently the process of registering MCA as a supplier is being undertaken with a view that the trial commence in coming weeks.

Woolworths Recently Expanded from 15 to 150 Supermarkets

As previously announced Woolworths recently increased store numbers from 15 to 150. This was done by Woolworths prior to completion or review of the initial trial. The review is set down for Thursday 7 October 2021.

Harris Farms to begin stocking Aquna Cod

Agreement has been made with Harris Farms to commence selling Aquna Sustainable Murray Cod in the packaged seafood sections of the stores which sell seafood.

Exports to USA have re-commenced

Exports to USA have recommenced at an immaterial level. We are working to increase this over the next 12 months. We are focused on brand-building in top end restaurants in USA and do not expect this market to be profitable in the short term.

Exports to Japan have re-commenced

Exports to Japan have recommenced at an immaterial level. Strong inquiries for significant volumes have been received but as yet orders have not been received. We are showcasing our product at the upcoming Tokyo seafood show in November.

Exports to UK and Europe Expected soon

Negotiations are close to completion to re-commence exports to Europe and UK. Development of a frozen product for international exports is being examined.

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Murray Cod Australia Ltd

ASX:MCA

Processing Costs and Equipment

It is anticipated that processing to meet demand for supermarket supply will need to be outsourced in the short term. This will impact profit margins of packaged product whilst the brand is being built in these new markets.

Processing equipment, including filleting and portioning machines is expected to arrive in December. COVID rules have made it slower than anticipated to bring in qualified staff from overseas to commission the equipment however we expect the machinery to be operational by February 2021.

Whitton Site

Completion of stage 2 of the Whitton site is expected within 2 weeks with stocking to commence immediately thereafter.

CSIRO Breeding Program

The Company has commenced stage 2 of a selective breeding program with CSIRO. Traits such as growth rates, flesh quality, fish health and fillet recovery will be targeted for improvement in Aquna Cod over coming years. Some government funding has been received in respect of this project.

Lease on Wentworth Site

The Company has negotiated a 3 year lease with an option to buy at Ishwinroo, 113 Cudmore Road Wentworth NSW. Wentworth is where the Murray and Darling Rivers intersect in south Western NSW. The site covers 40 hectares and comprises 7 separate RAS systems and larval raring ponds. It is now operational under MCA control.

This release has been authorised by the Board of Murray Cod Australia Limited

For more information please contact:

Ross Anderson +61 269 625 470