MURRAY COD AUSTRALIA LIMITED — Capital/Financing Update 2024

May 23, 2024

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Murray Cod Australia Ltd

ASX:MCA

Not for Release to US wires services or Distributon in the United States 24 May 2024

SUCCESSFUL COMPLETION OF PLACEMENT AND INSTITUTIONAL ENTITLEMENT OFFER COMPONENT OF $20.4 MILLION RAISING

The Board of Murray Cod Australia Ltd (‘MCA’ or ‘the Company’) is pleased to announce the successful completion of its institutional placement (the ‘Placement’) and the institutional component (the ‘Institutional Entitlement Offer’) of its fully underwritten 1 for 5 accelerated nonrenounceable entitlement offer (the ‘Entitlement Offer’) of new fully paid ordinary shares (the ‘New Shares’), announced on 22 May 2024 (the Placement and Entitlement Offer collectively, the Equity Raising ).

The Equity Raising is being joint lead managed by Blackpeak Capital Pty Ltd (ACN 601 350 841) and Aitken Mount Capital Partners Pty Ltd (ACN 169 972 436) ( AMCP ) (together, the ‘Joint Lead Managers’). The Entitlement Offer is fully underwritten by AMCP. The Placement was not underwritten.

Completon of the Placement and Insttutonal Enttlement Ofer

The Placement raised approximately $9.65 million at the offer price of $0.07 per share (the ‘Offer Price’), resulting in approximately 137.84 million New Shares being issued.

Under the Institutional Entitlement Offer MCA has agreed to issue approximately 78.90 million New Shares to raise approximately $5.52 million at the Offer Price. The Institutional Entitlement Offer received good support from MCA’s eligible institutional shareholders.

Entitlements not taken up by eligible institutional shareholders and entitlements of ineligible institutional shareholders were offered and placed at the Offer Price to institutional investors.

Settlement of the New Shares issued as part of the Placement and Institutional Entitlement Offer is expected to occur on 29 May 2024, with the issue of those New Shares to occur and ordinary trading to commence on 30 May 2024.

The New Shares will rank equally with existing shares on issue. MCA has requested that its trading halt be lifted and for its shares to recommence trading from market open today.

Murray Cod Australia Ltd ABN 74 143 928 625 2-4 Lasscock Road, Griffith NSW,2680

Ph +61 269 625 470 www.aquna.com

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Murray Cod Australia Ltd

ASX:MCA

Retail Ofer

The underwritten retail component of the Entitlement Offer (the ‘Retail Entitlement Offer’) will open on 28 May 2024 and close at 4:00pm (Sydney time) on 14 June 2024. It consists of an offer to eligible retail shareholders with a registered address in Australia or New Zealand as at the Record Date of 7:00pm (Sydney time) on 24 May 2024. Retail shareholders can choose to take up all, part or none of their entitlement. Eligible retail shareholders will be invited to participate in the Retail Entitlement Offer at the same Offer Price and offer ratio as the Institutional Entitlement Offer.

For eligible retail shareholders who wish to take up all or part of their entitlement, payment must be made by following the instructions set out on their personalised Entitlement and Acceptance Form. Payment is due by no later than 4:00pm (Sydney time) on 14 June 2024.

Further details about the Retail Entitlement Offer will be set out in a Retail Offer Booklet which MCA expects to lodge with the ASX on 28 May 2024. Eligible retail shareholders are encouraged to read the Retail Offer Booklet in its entirety, in particular, the risk factors, and should seek financial advice if they are uncertain of whether or not to participate.

Block Trade

MCA has been advised that Director Matthew Ryan, a substantial shareholder in the Company, has executed a block trade of 38.3 million fully paid ordinary shares that he holds in the Company (the ‘Block Trade Shares’). The Block Trade Shares were offered by Mr Ryan to institutional investors at a sale price of $0.07 (being the same as the Offer Price under the Placement and the Entitlement Offer), with settlement expected to occur on or around 30 May 2024. MCA Chairman, Mr Brett Paton has acquired approximately 24 million of the Block Trade Shares from Mr Ryan at a sale price of $0.07 per share.

Following the trade Mr Ryan will continue to hold approximately 75.3 million MCA shares expected to represent ~7.13% of MCA shares on issue following completion of both the Entitlement Offer and the Placement.

Mr Ryan has expressed in writing to the Company that, following the sale of the Block Trade Shares, he has no present intention to sell any further shares in the Company in the near future and will consult with the Company if that intention changes.

Murray Cod Australia Ltd ABN 74 143 928 625 2-4 Lasscock Road, Griffith NSW,2680

Ph +61 269 625 470 www.aquna.com

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Murray Cod Australia Ltd

ASX:MCA

Indicatve Timetable

Key event

Date

Announcement of the Placement and Entitlement Offer Placement and Institutional Entitlement Offer results announcement Record Date for eligibility in the Retail Entitlement Offer Retail Entitlement Offer opens

Wednesday, 22 May 2024 Offer Placement and Institutional Entitlement Offer results Friday, 24 May 2024 announcement Record Date for eligibility in the Retail Entitlement 7pm (Sydney time) on Offer Friday, 24 May 2024 Retail Entitlement Offer opens Tuesday, 28 May 2024 Retail Offer Booklet despatched Tuesday, 28 May 2024 Settlement of New Shares under Institutional Wednesday, 29 May 2024 Entitlement Offer and Placement Issue of New Shares under the Institutional Thursday 30 May 2024 Entitlement Offer 4pm (Sydney time) on Retail Entitlement Offer closes ( Closing Date ) Friday, 14 June 2024 Announcement of results of Retail Entitlement Offer Tuesday, 18 June 2024 (including Shortfall Facility) Settlement of the New Shares issued under the Retail Thursday, 20 June 2024 Entitlement Offer (and Shortfall Facility) Issue of New Shares issued under the Retail Friday, 21 June 2024 Entitlement Offer (including Additional New Shares) New Shares issued under the Retail Entitlement Offer Monday, 24 June 2024 commence trading on ASX on a normal settlement basis

Tuesday, 25 June 2024

Despatch holding statements

Murray Cod Australia Ltd ABN 74 143 928 625 2-4 Lasscock Road, Griffith NSW,2680

Ph +61 269 625 470 www.aquna.com

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Murray Cod Australia Ltd

ASX:MCA

All dates and times are indicative only and subject to change. Unless otherwise specified, all times and dates refer to Sydney time. MCA reserves the right to amend any or all of these dates and times, with the consent of the Joint Lead Managers, subject to the Corporations Act, the ASX Listing Rules and other applicable laws. In particular, MCA reserves the right to extend the Closing Date and to accept late Applications under the Entitlement Offer without prior notice. Any extension of the Closing Date will have a consequential effect on the Issue Date for New Shares. Any changes to the timetable will be posted on MCA's website at www.aquna.com.

Further informaton

Further details of the Equity Raising are set out in the investor presentation lodged with the ASX on 22 May 2024. The investor presentation also contains important information including key risks and foreign selling restrictions with respect to the Equity Raising.

The Offer Information Line is open from 8.30am to 5.30pm (Sydney time) Monday to Friday until 4.00pm on 14 June 2024 when the Retail Entitlement Offer closes.

This announcement was authorised for release by the Board of Directors.

ENDS

About Murray Cod Australia Ltd (ASX:MCA)

Murray Cod Australia Ltd is a vertically integrated grower of Aquna Sustainable Murray cod, a luxury fish farmed in the Riverina, NSW. Using proprietary technology within the fish’s geographical habitat MCA is able to produce an award-winning product with a creamy white flesh that is coveted by chefs around the globe.

For more informaton contact:

Ross Anderson Murray Cod Australia +61 269 625 470

Murray Cod Australia Ltd ABN 74 143 928 625

Ph +61 269 625 470 www.aquna.com

2-4 Lasscock Road, Griffith NSW,2680

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Murray Cod Australia Ltd

ASX:MCA

Important Informaton

This announcement does not constitute financial product advice and does not take into account the investment objectives, financial situation or needs of any particular investor.

Not for Release or Distributon in the United States

This announcement has been prepared for publication in Australia and may not be released or distributed in the United States. This announcement does not constitute an offer to sell, or a solicitation of an offer to buy, securities in the United States. Any securities described in this announcement have not been, and will not be, registered under the U.S. Securities Act of 1933, as amended (“U.S. Securities Act”), or under the securities laws of any state or other jurisdiction of the United States. Accordingly, the entitlements may not be taken up or exercised by, and the New Shares may not be offered or sold, directly or indirectly, to persons in the United States, except in transactions exempt from, or not subject to, the registration of the U.S. Securities Act and any other applicable securities laws of any state or other jurisdiction of the United States.

Murray Cod Australia Ltd ABN 74 143 928 625 2-4 Lasscock Road, Griffith NSW,2680

Ph +61 269 625 470 www.aquna.com