MURRAY COD AUSTRALIA LIMITED — Interim / Quarterly Report 2024

Jul 22, 2024

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Murray Cod Australia Ltd

ASX:MCA

23/07 2024

June 2024 Quarterly Activities Report, Appendix 4C & Business Update

The Board of Murray Cod Australia Ltd (‘MCA’ or ‘the Company’) is pleased to provide its Quarterly Cash Flow Report (‘Appendix 4C’) and Quarterly Activities Report for the quarter ended 30 June 2024 (‘June 24 Quarter’).

Highlights for June 2024 Quarter

• Sales tonnage up 10% compared to June 23 quarter

• Average weight per processed fish sold for June 24 Quarter was 1.56 Kg, an increase of 20% from June 23 quarter

• Biomass Growth Continues

• Demand in Southeast Asia growing

• Construction on track at Stanbridge

• Hatchery upgrades

• $20.4 million Capital Raised Successfully

Biomass growth leads Average Sale weight Increase

MCA’s strategy to build the biomass of large fish 2.5kg plus is beginning to increase sales of larger fish domestically and internationally. Large fish prices in Southeast Asia are attracting a premium to their domestic prices.

2-4 Lasscock Road, Griffith NSW,2680 www.aquna.com

Murray Cod Australia Ltd ABN 74 928 625 Ph +61 269 625 470

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Murray Cod Australia Ltd

ASX:MCA

Increasing average fish size in our biomass is correlating with an increase in average price received per kg.

Southeast Asia Exports

Aquna Cod's quality as an excellent eating fish, combined with its rarity and luxury image, continues to increase sales throughout Southeast Asia. Whilst coming from a small base growth has been pleasing. Sales to Singapore increased by 126% over the March 2024 quarter. Sales to Hong Kong increased by 800% over the prior quarter.

Southeast Asia distribution includes Singapore, Malaysia, Indonesia, Philippines, Vietnam, Hong Kong.

Market penetration in Southeast Asia is pleasing as the product was previously unknown outside of Australia.

Volume continues to be more dominant than price in discussions with international buyers. As demand for our product continues to build traction throughout Southeast Asia we will continue to aim for to achieve price premiums to the domestic market.

Domestically

As biomass continues to increase, we are beginning to have more of saleable sized fish available to our markets. Although the demand for large fish continues to grow, sales of smaller size fish, 800 grams - 1.2kg, has remained stable without affecting price.

Sales of Aquna Cod to Western Australia have re-commenced, evidencing recognition of the national growth of the Aquna brand.

Sales to domestic supermarkets continue to be limited and are only available in select Woolworths stores. We do not anticipate in increasing the number of Woolworths stores while demand is growing in export markets.

2-4 Lasscock Road, Griffith NSW,2680 www.aquna.com

Murray Cod Australia Ltd ABN 74 928 625

Ph +61 269 625 470

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Murray Cod Australia Ltd

ASX:MCA

Stanbridge Site

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Construction at Stanbridge Site May 2024

As previously announced, 15 ponds at Stanbridge were stocked with juvenile fish for growout during the March 2024 quarter. These 15 ponds represent the first cell of Stanbridge’s planned six (6) cell capacity, with each cell designed to fit the topography of the Stanbridge site. When complete this site will have a holding capacity of more than 3.5 million fish.

Construction progress on the site is summarised in the following table:

Murray Cod Australia Ltd ABN 74 928 625 Ph +61 269 625 470 2-4 Lasscock Road, Griffith NSW,2680 www.aquna.com

Ph +61 269 625 470

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Murray Cod Australia Ltd

ASX:MCA

Stanbridge Construction Progress

Cell Number	Number of Ponds	Earthworks	Plumbing	Electrical Cabling	Stocked with Fish
1	15	Complete	Complete	Complete	Yes
2	13	Complete	Complete	Nearing Completion	No
3	9	Complete	Complete	Nearing completion	No
4	13	Not Started	None	None	No
5	14	In Progress	None	None	No
6	14	Complete	In Progress	In Progress	No

Hatchery Upgrades

MCA is currently upgrading our hatcheries at SilverWater and Euberta in preparation for the up-coming spawning season.

SilverWater broodstock ponds were enlarged enabling an additional 750 broodstock to be added to the hatchery. This should cause a significant uplift in spawnings.

MCA is currently building a new recirculating aquaculture system (RAS) at Euberta. The RAS will comprise 34 tanks and bio filter infrastructure. This will increase larval weaning capacity, and as larvae are weaned at an earlier life stage it reduces the time it takes for larvae to be moved through the system to the rearing ponds. Other benefits compared to traditional weaning ponds include, greater environmental control, reduces loss of larvae from exterior factors such as birds and with its smaller footprint than traditional weaning methods, results in lower capex required for expansion.

Successful Capital Raising

The Company successfully raised $20.4 million during the June 2024 quarter. The strong support for the raising highlights the strong investment thesis institutional and retail shareholders have recognised in MCA.

Conclusion

The management and board of Murray Cod Australia Limited are very pleased with the significant progress that has been made operationally and the continued development of our markets during the June 2024 Quarter.

2-4 Lasscock Road, Griffith NSW,2680 www.aquna.com

Murray Cod Australia Ltd ABN 74 928 625 Ph +61 269 625 470

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Murray Cod Australia Ltd

ASX:MCA

We look forward to providing future updates to shareholders on our continued progress.

Related party payments

During the June 24 Quarter the following payments were made to related parties of the entity and their associates as disclosed in Item 6 of the Appendix 4C:

• Payments of $199,511 for Salaries and Wages (inclusive of Superannuation and applicable taxes withheld) of Executive Directors and Non-Executive Directors Fees

• Payments to Aquacomm, a related entity of Non-Executive Director Roger Commins, as a contract grower on commercial terms for fish which were on-sold by MCA, for $83,355

• Market Sniper Ltd a related entity of Chief Executive Officer Ross Anderson, for consulting services $63,600 and

• Payments to Commins Enterprises, which is a related entity of Non-Executive Director Roger Commins, for engineering and repair works on commercial terms, for $269,530

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 information contact:

Ross Anderson

Murray Cod Australia +61 269 625 470

Attachment: Q4 FY24 Quarterly Cash Flow Report (‘Appendix 4C’)

2-4 Lasscock Road, Griffith NSW,2680 www.aquna.com

Murray Cod Australia Ltd ABN 74 928 625 Ph +61 269 625 470

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Rule 4.7B

Appendix 4C

Quarterly cash flow report for entities subject to Listing Rule 4.7B

Name of entity

Murray Cod Australia Limited

ABN

74 143 928 625

Quarter ended (“current quarter”)

30 June 2024

Consolidated statement of cash flows	Current quarter $A’000	Year to date (12 months) $A’000
1. Cash flows from operating activities 1.1 Receipts from customers 1.2 Payments for (a) cost of sales – contract grower purchases (b) cost of sales – cattle (c) cost of sales – feed and chemical (d) cost of sales – other (e) operating costs (f) advertising and marketing (g) leased assets (h) payroll and employment costs (i) administration and corporate costs Total 1.2 1.3 Dividends received (see note 3) 1.4 Interest received 1.5 Interest and other costs of finance paid 1.6 Income taxes paid 1.7 Government grants and tax incentives 1.8 Other – Insurance proceeds 1.9 Net cash from / (used in) operating activities	2,354 10,608 <675> <2,345> - - <2,399> <5,551> <226> <1,087> <1,600> <6,810> <145> <643> <360> <1,457> <2,052> <7,988> <298> <1,111> <7,755> <26,992> 62 296 <674> <1,565> 875 1,237 9 36
	<5,129>	<16,380>

ASX Listing Rules Appendix 4C (01/12/19) + See chapter 19 of the ASX Listing Rules for defined terms.

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Appendix 4C Quarterly cash flow report for entities subject to Listing Rule 4.7B

Consolidated statement of cash flows	Current quarter $A’000	Year to date (12 months) $A’000
2. Cash flows from investing activities 2.1 Payments to acquire: (a) entities (b) businesses (c) property, plant and equipment (d) investments (e) intellectual property (f) other non-current assets 2.2 Proceeds from disposal of: (a) entities (b) businesses (c) property, plant and equipment (d) investments (e) intellectual property (f) other non-current assets 2.3 Cash flows from loans to other entities 2.4 Dividends received (see note 3) 2.5 Other (provide details if material) 2.6 Net cash from / (used in) investing activities	<4,383> <10,520> <3>
	<4,383>	<10,523>
3. Cash flows from financing activities 3.1 Proceeds from issues of equity securities (excluding convertible debt securities) 3.2 Proceeds from issue of convertible debt securities 3.3 Proceeds from exercise of options 3.4 Transaction costs related to issues of equity securities or convertible debt securities 3.5 Proceeds from borrowings 3.6 Repayment of borrowings 3.7 Transaction costs related to loans and borrowings 3.8 Dividends paid 3.9 Other (provide details if material) 3.10 Net cash from / (used in) financing activities	20,369 20,369 <1,439> <1,439> 20,000 <70> <1,651> <683> <1> <1>
	18,859	36,595

ASX Listing Rules Appendix 4C (01/12/19) + See chapter 19 of the ASX Listing Rules for defined terms.

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Appendix 4C Quarterly cash flow report for entities subject to Listing Rule 4.7B

Consolidated statement of cash flows	Consolidated statement of cash flows	Current quarter $A’000	Year to date (12 months) $A’000
4. 4.1 4.2 4.3 4.4 4.5 4.6	Net increase / (decrease) in cash and cash equivalents for the period Cash and cash equivalents at beginning of period Net cash from / (used in) operating activities (item 1.9 above) Net cash from / (used in) investing activities (item 2.6 above) Net cash from / (used in) financing activities (item 3.10 above) Effect of movement in exchange rates on cash held Cash and cash equivalents at end of period	11,378 <5,129> <4,383> 18,859	11,033 <16,380> <10,523> 36,595
		20,725	20,725
5. Reconciliation of cash and cash equivalents at the end of the quarter (as shown in the consolidated statement of cash flows) to the related items in the accounts		Current quarter $A’000	Previous quarter $A’000
5.1 Bank balances 5.2 Term Deposits 5.3 Bank overdrafts and Credit Card Facility 5.4 Other (provide details) 5.5 Cash and cash equivalents at end of quarter (should equal item 4.6 above)		20,748 - <24> 1	6,398 5,000 <21> 1
		20,725	11,378
6. Payments to related parties of the entity and their associates 6.1 Aggregate amount of payments to related parties and their associates included in item 1 and Item 2 Note: if any amounts are shown in items 6.1 or 6.2, your quarterly activity report must and an explanation for, such payments
			Current quarter $A'000
			616
			include a description of,

All payments at item 6.1 are made for Directors Fees or in respect of contractual arrangements on arms-length terms.

ASX Listing Rules Appendix 4C (01/12/19) + See chapter 19 of the ASX Listing Rules for defined terms.

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Appendix 4C Quarterly cash flow report for entities subject to Listing Rule 4.7B

7. Financing facilities Note: the term “facility’ includes all forms of financing arrangements available to the entity. Add notes as necessary for an understanding of the sources of finance available to the entity. Total facility amount at quarter end $A’000 7.1 Loan facilities 20,000 7.2 Credit standby arrangements 50 7.3 Other (Equipment Finance Facility) 586 7.4 Total financing facilities 20,636 7.5 Unused financing facilities available at quarter end	Total facility amount at quarter end $A’000	Amount drawn at quarter end $A’000
	20,000	20,000
	50	24
	586	586
	20,636	20,610
		26

7.6 Include in the box below a description of each facility above, including the lender, interest rate, maturity date and whether it is secured or unsecured. If any additional financing facilities have been entered into or are proposed to be entered into after quarter end, include a note providing details of those facilities as well.

7.1 Ipartners Nominees Pty Ltd Loan facility, term 2 years, Variable interest rate, secured by land and water assets.

7.2 Westpac Credit Card Facility, Variable interest rate, unsecured.

• 7.3 Westpac Equipment Finance Facility, secured by equipment.

8. Estimated cash available for future operating activities	8. Estimated cash available for future operating activities	$A’000
8.1 Net cash from / (used in) operating activities (Item 1.9) 8.2 Cash and cash equivalents at quarter end (Item 4.6) 8.3 Unused finance facilities available at quarter end (Item 7.5) 8.4 Total available funding (Item 8.2 + Item 8.3) 8.5 Estimated quarters of funding available (Item 8.4 divided by Item 8.1)		<5,129> 20,725 26 20,751
		4
8.6 If Item 8.5 is less than 2 quarters, please provide answers to the following questions: 1. Does the entity expect that it will continue to have the current level of net operating cash flows for the time being and, if not, why not?
	Answer: NA

Answer: NA

1. Has the entity taken any steps, or does it propose to take any steps, to raise further cash to fund its operations and, if so, what are those steps and how likely does it believe that they will be successful?

Answer: NA

1. Does the entity expect to be able to continue its operations and to meet its business objectives and, if so, on what basis?

Answer: NA

ASX Listing Rules Appendix 4C (01/12/19) + See chapter 19 of the ASX Listing Rules for defined terms.

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Appendix 4C Quarterly cash flow report for entities subject to Listing Rule 4.7B

Compliance statement

• 1 This statement has been prepared in accordance with accounting standards and policies which comply with Listing Rule 19.11A.

• 2 This statement gives a true and fair view of the matters disclosed.

Date: 23/07/2024

Authorised by The Board of Directors

Notes

1. This quarterly cash flow report and the accompanying activity report provide a basis for informing the market about the entity’s activities for the past quarter, how they have been financed and the effect this has had on its cash position. An entity that wishes to disclose additional information over and above the minimum required under the Listing Rules is encouraged to do so.

2. If this quarterly cash flow report has been prepared in accordance with Australian Accounting Standards, the definitions in, and provisions of, AASB 107: Statement of Cash Flows apply to this report. If this quarterly cash flow report has been prepared in accordance with other accounting standards agreed by ASX pursuant to Listing Rule 19.11A, the corresponding equivalent standard applies to this report.

3. Dividends received may be classified either as cash flows from operating activities or cash flows from investing activities, depending on the accounting policy of the entity.

4. If this report has been authorised for release to the market by your board of directors, you can insert here: “By the board”. If it has been authorised for release to the market by a committee of your board of directors, you can insert here: “By the [ name of board committee – eg Audit and Risk Committee ]”. If it has been authorised for release to the market by a disclosure committee, you can insert here: “By the Disclosure Committee”.

5. If this report has been authorised for release to the market by your board of directors and you wish to hold yourself out as complying with recommendation 4.2 of the ASX Corporate Governance Council’s Corporate Governance Principles and Recommendations , the board should have received a declaration from its CEO and CFO that, in their opinion, the financial records of the entity have been properly maintained, that this report complies with the appropriate accounting standards and gives a true and fair view of the cash flows of the entity, and that their opinion has been formed on the basis of a sound system of risk management and internal control which is operating effectively.

ASX Listing Rules Appendix 4C (01/12/19) + See chapter 19 of the ASX Listing Rules for defined terms.

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