MURRAY COD AUSTRALIA LIMITED — Capital/Financing Update 2026

May 3, 2026

Appendix 3B - Proposed issue of securities

Announcement Summary

Entity name
MURRAY COD AUSTRALIA LIMITED

Announcement Type
New announcement

Date of this announcement
4/5/2026

The Proposed issue is:
An accelerated offer

Total number of +securities proposed to be issued for an accelerated offer

ASX +security code	+Security description	Maximum Number of +securities to be issued
MCA	ORDINARY FULLY PAID	123,935,296

Trading resumes on an ex-entitlement basis (ex date)
5/5/2026

+Record date
5/5/2026

Offer closing date for retail +security holders
20/5/2026

Issue date for retail +security holders
27/5/2026

Refer to next page for full details of the announcement

Appendix 3B - Proposed issue of securities

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Appendix 3B - Proposed issue of securities

Part 1 - Entity and announcement details

1.1 Name of +Entity

MURRAY COD AUSTRALIA LIMITED

We (the entity named above) give ASX the following information about a proposed issue of +securities and, if ASX agrees to +quote any of the +securities (including any rights) on a +deferred settlement basis, we agree to the matters set out in Appendix 3B of the ASX Listing Rules.

If the +securities are being offered under a +disclosure document or +PDS and are intended to be quoted on ASX, we also apply for quotation of all of the +securities that may be issued under the +disclosure document or +PDS on the terms set out in Appendix 2A of the ASX Listing Rules (on the understanding that once the final number of +securities issued under the +disclosure document or +PDS is known, in accordance with Listing Rule 3.10.3C, we will complete and lodge with ASX an Appendix 2A online form notifying ASX of their issue and applying for their quotation).

1.2 Registered Number Type

Registration Number

ABN

74143928625

1.3 ASX issuer code

MCA

1.4 The announcement is

New announcement

1.5 Date of this announcement

4/5/2026

1.6 The Proposed issue is:

An accelerated offer

1.6b The proposed accelerated offer is

Accelerated non-renounceable entitlement offer (commonly known as a JUMBO or ANREO)

Appendix 3B - Proposed issue of securities

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Appendix 3B - Proposed issue of securities

Part 3 - Details of proposed entitlement offer issue

Part 3A - Conditions

3A.1 Do any external approvals need to be obtained or other conditions satisfied before the entitlement offer can proceed on an unconditional basis?
No

Part 3B - Offer details

+Class or classes of +securities that will participate in the proposed issue and +class or classes of +securities proposed to be issued

ASX +security code and description

MCA : ORDINARY FULLY PAID

Is the proposed security a 'New class' (+securities in a class that is not yet quoted or recorded by ASX) or an 'Existing class' (additional securities in a class that is already quoted or recorded by ASX)?
Existing class

Will the proposed issue of this +security include an offer of attaching +securities?
No

If the entity has quoted company options, do the terms entitle option holders to participate on exercise?
No

Details of +securities proposed to be issued

ASX +security code and description

MCA : ORDINARY FULLY PAID

ISIN Code (if Issuer is a foreign company and +securities do not have +CDIs issued over them)

ISIN Code for the entitlement or right to participate in the offer (if Issuer is foreign company and +securities do not have +CDIs issued over them)

Offer ratio (ratio to existing holdings at which the proposed +securities will be issued)

Has the offer ratio been determined?
Yes

The quantity of additional +securities to be issued
For a given quantity of +securities held
1
1

What will be done with fractional entitlements?
Maximum number of +securities proposed to be issued (subject to

Appendix 3B - Proposed issue of securities

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Appendix 3B - Proposed issue of securities

rounding)

Fractions rounded up to the next whole number
123,935,296

Offer price details for retail security holders

Has the offer price for the retail offer been determined?
Yes

In what currency will the offer be made?
What is the offer price per +security for the retail offer?
AUD - Australian Dollar
AUD 0.15000

Offer price details for institutional security holders

Has the offer price for the institutional offer been determined?
Yes

In what currency will the offer be made?
What is the offer price per +security for the institutional offer?
AUD - Australian Dollar
AUD 0.15000

Oversubscription & Scale back details

Will individual +security holders be permitted to apply for more than their entitlement (i.e. to over-subscribe)?
Yes

Describe the limits on over-subscription

Securityholders may apply for up to 50% of their entitlements

Will a scale back be applied if the offer is over-subscribed?
Yes

Describe the scale back arrangements

Any scale-back will be applied by the Company in consultation with the Joint Lead Managers and at the Company's discretion. In the event of a scale back, the difference between the Application Monies received, and the number of New Shares allocated to you multiplied by the Issue Price, will be refunded by the Company, without interest, following allotment.

Will these +securities rank equally in all respects from their issue date with the existing issued +securities in that class?
Yes

Part 3D - Timetable

3D.1a First day of trading halt
1/5/2026

3D.1b Announcement date of accelerated offer
4/5/2026

Appendix 3B - Proposed issue of securities

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Appendix 3B - Proposed issue of securities

3D.2 Trading resumes on an ex-entitlement basis (ex date)
5/5/2026

3D.5 Date offer will be made to eligible institutional +security holders
4/5/2026

3D.6 Application closing date for institutional +security holders
4/5/2026

3D.8 Announcement of results of institutional offer
(The announcement should be made before the resumption of trading following the trading halt)
5/5/2026

3D.9 +Record date
5/5/2026

3D.10a Settlement date of new +securities issued under institutional entitlement offer
11/5/2026

3D.10b +Issue date for institutional +security holders
12/5/2026

3D.10c Normal trading of new +securities issued under institutional entitlement offer
12/5/2026

3D.11 Date on which offer documents will be sent to retail +security holders entitled to participate in the +pro rata issue
8/5/2026

3D.12 Offer closing date for retail +security holders
20/5/2026

3D.13 Last day to extend retail offer close date
15/5/2026

3D.19 +Issue date for retail +security holders and last day for entity to announce results of retail offer
27/5/2026

Part 3E - Fees and expenses

3E.1 Will there be a lead manager or broker to the proposed offer?
Yes

Appendix 3B - Proposed issue of securities
5 / 7

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Appendix 3B - Proposed issue of securities

3E.1a Who is the lead manager/broker?
Stralis Capital Partners Pty Limited ABN 42 681 579 515 and Ord Minnett Limited ABN 86 002 733 048

3E.1b What fee, commission or other consideration is payable to them for acting as lead manager/broker?
A management and selling fee of 1.25% of the entitlement offer proceeds

3E.2 Is the proposed offer to be underwritten?
Yes

3E.2a Who are the underwriter(s)?
Stralis Capital Partners Pty Limited ABN 42 681 579 515 and Ord Minnett Limited ABN 86 002 733 048

3E.2b What is the extent of the underwriting (ie the amount or proportion of the offer that is underwritten)?
100%

3E.2c What fees, commissions or other consideration are payable to them for acting as underwriter(s)?
An underwriting fee of 3.75% of the entitlement offer proceeds

3E.2d Please provide a summary of the significant events that could lead to the underwriting being terminated
Please see MCA Investor Presentation lodged on 4 May 2026 for summary of termination events.

3E.2e Is a party referred to in listing rule 10.11 underwriting or sub-underwriting the proposed offer?
Yes

3E.2e (i) What is the name of that party?
Brett Paton

3E.2e (ii) What is the extent of their underwriting or sub-underwriting (ie the amount or proportion of the offer they have underwritten or sub-underwritten)?
Brett Paton has agreed to sub-underwrite the Entitlement Offer up to $4.0 million.

3E.2e (iii) What fee, commission or other consideration is payable to them for acting as underwriter or sub-underwriter?
None

3E.3 Will brokers who lodge acceptances or renunciations on behalf of eligible +security holders be paid a handling fee or commission?
No

3E.4 Details of any other material fees or costs to be incurred by the entity in connection with the proposed offer
Standard share registry, external legal adviser and ASX administration fees

Part 3F - Further Information

3F.1 The purpose(s) for which the entity intends to use the cash raised by the proposed issue
For additional working capital with funding to enable Company to convert its biomass into cash, growth capacity to expand processing capacity and product formats, and restructuring and rightsizing and costs

3F.2 Will holdings on different registers or subregisters be aggregated for the purposes of determining entitlements to the issue?
No

3F.3 Will the entity be changing its dividend/distribution policy if the proposed issue is successful?
No

3F.4 Countries in which the entity has +security holders who will not be eligible to participate in the proposed issue
All countries except Australia and New Zealand and certain professional and institutional investors in New Zealand, Hong Kong, Singapore, Switzerland and the UK.

3F.5 Will the offer be made to eligible beneficiaries on whose behalf eligible nominees or custodians hold existing +securities

Appendix 3B - Proposed issue of securities

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Appendix 3B - Proposed issue of securities

Yes

3F.5a Please provide further details of the offer to eligible beneficiaries
As per retail offer booklet

3F.6 URL on the entity's website where investors can download information about the proposed issue
https://aquina.com/investors/asx-announcements/

3F.7 Any other information the entity wishes to provide about the proposed issue
The Company intends to appoint Ord Minnett Limited as nominee to arrange the sale of entitlements for ineligible shareholders under section 615 of the Corporations Act.

3F.8 Will the offer of rights under the rights issue be made under a +disclosure document or product disclosure statement under Chapter 6D or Part 7.9 of the Corporations Act (as applicable)?
No

3F.9 Any on-sale of the +securities proposed to be issued within 12 months of their date of issue will comply with the secondary sale provisions in sections 707(3) and 1012C(6) of the Corporations Act by virtue of:
The publication of a cleansing notice under section 708A(5), 708AA(2)(f), 1012DA(5) or 1012DAA(2)(f)

Appendix 3B - Proposed issue of securities