MURRAY COD AUSTRALIA LIMITED

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Murray Cod Australia Ltd

ASX:MCA

ASX ANNOUNCEMENT

1 September 2022

Correction to Annual Results Presentation

Murray Cod Australia Ltd (ASX:MCA) advises a correction to the Annual Results Presentation released on 31 August 2022.

The presentation contains a typographic error on slide 4, which incorrectly states “The company’s growth trajectory of 10,000 tonnes by 2027 is still on track”.

The correct reference is “The company’s growth trajectory of 10,000 tonnes by 2030 is still on track”.

The updated presentation is attached.

ENDS

ABOUT THE COMPANY

Murray Cod Australia is a vertically integrated producer, involved in the breeding, growing and supply of premium “Aquna” branded Murray Cod to domestic and export markets. The production process produces a unique fish with some of the best culinary qualities in the world. Murray Cod Australia uses an innovative farming technique with market-leading bio-security techniques whilst being environmentally friendly and sustainable. The Company has developed a land-based aquaculture model, using dams and irrigation water, allowing control of the breeding, feeding, water conditions and biological inputs throughout the entire lifecycle of the fish. This provides confidence for customers in the quality and sustainability of the produce. The business’ operations are located in the Riverina region of New South Wales, Australia.

For more information contact: Mr. Ross Anderson (Chairman), +61 269 625 470

The release of this announcement was authorised by the Chairman.

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

Ph +61 269 625 470 www.aquna.com

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ASX code: MCA 2022 Annual Results Summary

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DISCLAIMER

This presentation has been prepared by Murray Cod Australia Limited (the “Company”). It does not purport to contain all the information that a prospective investor may require in connection with any potential investment in the Company. You should not treat the contents of this presentation, or any information provided in connection with it, as a financial advice, financial product advice, or advice relating to legal, taxation or investment matters.

No representation or warranty (whether express or implied) is made by the Company or any of its officers, advisers, agents or employees as to the accuracy, completeness or reasonableness of the information, statements, opinions or matters (express or implied) arising out of, contained in or derived from this presentation. This presentation is provided expressly on the basis that you will carry out your own independent inquiries into the matters contained in the presentation and make your own independent decisions about the affairs, financial position or prospects of the Company. The Company reserves the right to update, amend or supplement the information at any time in its absolute discretion (within incurring any obligation to do so). Neither the Company, nor its related bodies corporate, officers, their advisers, agents and employees accept any responsibility or liability to you or to any other person or entity arising out of this presentation including pursuant to the general law (whether for negligence, under statute or otherwise), or under the Australian Securities and Investments Commission Act 2001, Corporations Act 2001, Competition and Consumer Act 2010 or any corresponding provision of any Australian state or territory legislation (or the law of any similar legislation in any other jurisdiction), or similar provision under any applicable law. Any such responsibility or liability is, to the maximum extent permitted by law, expressly disclaimed and excluded. Nothing in this material should be construed as either an offer to sell or a solicitation of an offer to buy or sell securities. It does not include all available information and should not be used in isolation as a basis to invest in the Company.

Future matter | This presentation contains reference to certain intentions, expectations, future plans, strategy, revenue forecasts and prospects of the Company. Those intentions, expectations, future plans, strategy, revenue forecasts and prospects may or may not be achieved and may be forward looking statements. They are baaed on certain assumptions, which may not be met or on which views may differ and may be affected by known and unknown risks. The performance and operations of the Company may be influenced by a number of factors, many of which are outside the control of the Company. No representation or warranty, express or implied, is made by the Company, or any of its directors, officers, employees, advisers or agents that any intentions, expectations or plans will be achieved either totally or partially or that any particular rate of return will be achieved. Given the risks and uncertainties that may cause the Company’s actual future results, performance or achievements to be materially different from those expected, planned or intended, recipients should not place undue reliance on these intentions, expectations, future plans, strategy, revenue forecasts and prospects. The company does not warrant or represent that the actual results, performance or achievements will be as expected, planned or intended.

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All figures included in this presentation are in AUD$ unless otherwise stated.

KEY POINTS

• Strong sales growth

• $76m balance sheet with $27m in cash

• Price increase from $20 to $24 whole round fish

• Demand Exceeding Supply

• Expect limited growth in sales in FY 2023

• Growth trajectory of 10,000 Tonnes still on track

• Innovation saving capital - trial of “free range fish”, out of season spawning, juvenile production change

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NUMBER OF PONDS PER CALENDAR YER INCLUDING THE 16 PONDS BEING BUILT IN 2022

GROWTH TRAJECTORY

The company’s growth trajectory of 10,000 tonnes by 2030 is still on track
Earthworks on 6 of the planned 16 ponds are complete. We expect to commission all 16 ponds this calendar year
Currently planning major expansion in 2024

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+2,400%
50
+47%
34
26
20
12
2
2017 2018 2019 2020 2021 2022
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TOTAL REVENUE Including Biological Stock

FINANCIAL OVERVIEW

Strong Revenue growth
Strong balance sheet
Net assets $76.4M
$27m Cash

Land & buildings and water assets $26.9M

525 tonnes of fish harvested 2022 FY
Net operating cash used:
1[st] half to Dec 2021 $4.7M
2[nd] half to June 2022 $807K

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$22.21m
$2.49m Provision for
Biological Inventory
$19.72m
$14.26m
$8.48m
$6.45m
$4.48m
$1.82m
2017 2018 2019 2020 2021 2022
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PROVISION - BIOLOGICAL INVENTORY

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The company has made a provision for $2.6 million against biological stock. This represents a conservative value of the biomass for fish which have moved outside faulty nets but are contained within ponds.
The biomass value has been calculated based on the last average weights recorded prior to faults being discovered. The amount accounted for as increase in biological inventory included in these financial statements does not include any growth by unaccounted fish after the date they were recorded as being escaped.
Within the next 24-36 months, those ponds will be drained as part of normal maintenance. At that time, the biomass outside of nets but remaining within the ponds will be harvested. As those harvests occur adjustments to the provision may be made

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COST OF FISH SALES

2022 FY Increase of $8.8 million over 2021 FY

Difference Changes in Inventory & Biological value increase $5.9 m Growing and Selling Costs $1.6 m Purchases from Contract Growers $1.3 m Total $8.8 m

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DEMAND EXCEEDING SUPPLY

Demand is exceeding supply which will impact availability of saleable size fish in the 2kg+ range over the next 12 months.
We are running out of larger sized fish as a result of conservative stocking in summer of 2020/21 and pivoting to live sales of smaller fish during COVID 19 pandemic
Time factor is our limitation as the growth of a fish to saleable size can take 2+years. (Now that juveniles held in ponds not RAS)
This limitation will decrease over the coming years as our existing stocks of small fish grow out to saleable size

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AIM FOR LONG TERM VALUE WILL LIMIT SALES GROWTH IN FY 2023

Over the longer term our aim is build on Aquna’s position as a high margin luxury product - not a commodity
Move to larger fish by top end chefs over COVID period has changed our sales mix
Larger sized fish to be grown out for luxury market will mean less smaller fish to be sold in FY 2023
Short term sacrifice in sales for long term value creation in Brand, Margin and Enterprise Value

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CHEF JOSH NILAND, CHARCOAL FISH

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Planned Free Range Ponds
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INNOVATION

Free range trial

Trial to commence in 2022 calendar year
Predicted benefits include significant reduction in future capital cost and operating expenses.
Potential capex savings of $90M over next 8 years as we head towards 10,000 tonne target

Out-of-Season Spawning

In April 2022, we commenced our Out of Season Spawning Trial.
There have been trials conducted in the past by Vic Fisheries* MCA is undertaking its own research trials to commercialize out of season spawning

*Trials conducted by Victorian Department of Fisheries on Murray Cod out of season spawning 2012

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INNOVATION

JUVENILE FISH PRODUCTION

Juvenile fish now kept in ponds not RAS
Juveniles are weaned at an earlier life stage
Less infrastructure required - Much lower capex required for expansion
Higher output – smaller footprint
Increased efficiencies driving costs savings
Has cost us time in the first season but longer term benefits are substantial

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NEW WEANING SYSTEM INSTALLED AT THE SILVERWATER HATCHERY, GRONG GRONG

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GROCERY EXPANSION

WE HAVE EXPANDED OUR RETAIL PRESENCE ACROSS THE EAST COAST

WOOLWORTHS 150 stores across Victoria and New South Wales

COLES 39 stores throughout Victoria

HARRIS FARMS

6 selected stores within New South Wales

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OUR BRAND TIMELINE

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OUR FISH

Delicate. Clean. Sweet.

Aquna Murray Cod has a firm texture and naturally clean, creamy flavour. The pale white fillet has a large flake and relatively high fat content making it perfect for most cooking conditions. That is why Aquna is coveted as a fine-dining fish at top restaurants around the world.

A truly versatile fish – when raw and cooked – Aquna Murray Cod is perfect for sashimi, when pan-seared, baked, battered, steamed, and grilled.

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Aquna has created a luxury fish product by combining natural processes evolved over millions of years with cutting edge technology that has resulted in a fantastic quality fish. Heston Blumenthal, Michelin starred chef.

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WHAT WE BELIEVE IN

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SUSTAINABILITY

RESTOCKING PROGRAM:

For every farmed Murray cod harvested from our production ponds, the Murray-Darling Basin was restocked with seven MCA fingerlings

WE RELEASED:

300,000 Murray Cod larvae
1,520,000 Murray Cod fingerlings
655,000 Silver Perch fingerlings
1,865,000 Golden Perch fingerlings

NEW INITIATIVES

The company provided large Murray Cod fish to both the Victorian and South Australian Department of Fisheries to act as brood stock for both state’s restocking plan

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IAN CHARLES, BUSINESS DEVELOPMENT CORPORATE MANAGER, RELEASING LARGE FISH INTO THE MURRAY DARLING RIVER SYSTEM

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SUSTAINABILITY AND SOCIAL REPORTS

At Aquna Sustainable Murray Cod, our goal is to have a positive impact on people’s plates and the planet. Our vision is to set the sustainability benchmark globally for the Aquaculture industry. Over the last year, Aquna’s sustainability performance has focused on eight key areas:

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