MURRAY COD AUSTRALIA LIMITED — Capital/Financing Update 2026

May 7, 2026

AQUNA Sustainable Murray Cod

Murray Cod Australia Ltd

ASX:MCA

Not for release to US wires services or distribution in the United States

8 May 2026

MCA RETAIL ENTITLEMENT OFFER OPENS

On Monday, 4 May 2026, Murray Cod Australia Limited (ASX:MCA) (MCA or the Company) announced an accelerated non-renounceable entitlement offer (the Entitlement Offer) to raise approximately $18.6 million.

The retail component of MCA's Entitlement Offer (the Retail Entitlement Offer) opens today, Friday, 8 May 2026. The Retail Entitlement Offer is expected to close at 4.00pm (Sydney time) on Wednesday, 20 May 2026 (unless extended).

The Retail Offer Booklet and your personalised Entitlement and Acceptance Form can be accessed online via https://events.miragle.com/mca-offer.

The Retail Offer Booklet and the Entitlement and Acceptance Form contain important information about the Retail Entitlement Offer including how eligible retail shareholders in Australia and New Zealand can apply to participate in the Retail Entitlement Offer. Also attached to the Retail Offer Booklet lodged with the ASX today is a copy of the letter that will be made available to ineligible retail shareholders notifying them of the Retail Entitlement Offer.

Eligible shareholders can contact the MCA Offer Information Line on 1300 721 265 (from within or outside Australia) between 8.30am to 5.00pm (Sydney time) Monday to Friday (excluding public holidays) during the Retail Entitlement Offer period (8 May 2026 to 20 May 2026).

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

ENDS

About Murray Cod Australia Limited (ASX:MCA)

Murray Cod Australia Limited 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 information contact:

Steven Chaur
Chief Executive Officer
Murray Cod Australia
stevencc@aquna.com

Murray Cod Australia Ltd ABN 74 143 928 625
2-4 Lasscock Road, Griffith NSW,2680
Doc 1414969268.4

Ph +61 269 625 470
www.aquna.com

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AQUNA Sustainable Murray Cod

Murray Cod Australia Ltd

ASX:MCA

Important Information

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.

Investors are encouraged to seek independent financial advice before making any investment decision.

Not for Release or Distribution 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

Doc 1414969268.4

Ph +61 269 625 470

www.aquna.com