MURRAY COD AUSTRALIA LIMITED — Interim / Quarterly Report 2024

Feb 27, 2024

SCALING UP SUSTAINABLE GROWTH

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MURRAY COD AUSTRALIA LIMITED DECEMBER 2023 HALF YEAR RESULTS

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28[th] February 2024

Life tastes better our way

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ASX code: MCA

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 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.

Forward-looking Statements

This presentation contains “forward-looking information” that is based on the Company’s expectations, estimates and projections as of the date on which the statements were made. This forwardlooking information includes, among other things, the Company’s business strategy, plan, development, objectives, performance, outlook, growth, cash flow, projections, targets and expectations, and prospects of the Company. Generally, this forward-looking information can be identified by the use of forward-looking terminology such as ‘outlook’, ‘anticipate’, ‘project’, ‘target’, ‘likely’,’ believe’, ’estimate’, ‘expect’, ’intend’, ’may’, ’would’, ’could’, ’should’, ’scheduled’, ’will’, ’plan’, ’forecast’, ’evolve’ and similar expressions. Persons reading this presentation are cautioned that such statements are only predictions, and that the Company’s actual future results or performance may be materially different. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the Company’s actual results, level of activity, performance or achievements to be materially different from those expressed or implied by such forward-looking information. Forward-looking information is developed based on assumptions about such risks, uncertainties and other factors set out herein, including but not limited to general business, economic, competitive, political and social uncertainties; changes in the Company as plans continue to be refined; seasonal and environmental conditions and supply chain security.

This list is not exhaustive of the factors that may affect our forward-looking information. These and other factors should be considered carefully, and readers should not place undue reliance on such forward-looking information. The Company disclaims any intent or obligations to or revise any forward-looking statements whether as a result of new information, estimates, or options, future events or results or otherwise, unless required to do so by law. References to production tonnage targets and targets for the number and capacity of producing ponds & hatchery infrastructure are aspirational in nature and are not financial forecast. Additionally, there are a number of factors both specific to the Company and of a general nature, which may affect the future performance of the Company. There is no guarantee that the Company will achieve its stated objectives and milestones, or that any of the aspirational or forward-looking forecasts will be met or realised.

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OUR VISION To make Aquna Sustainable Murray cod the highest margin luxury farmed fish brand in global seafood markets

OUR MISSION To produce and sell at least 10,000 tonnes of Aquna Sustainable Murray Cod by the year 2030 and to increase our inflation adjusted margins by at least 25% over that period.

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WHAT WE BELIEVE IN

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BUSINESS UPDATE 31 Dec 2023

• Stocking of 28 grow-out ponds at Stanbridge is planned to occur during March and April 2024.

• Works are continuing at Stanbridge site. Development application is approved for 78 ponds.

• Biomass continues to grow, with a record number of fish in water.

• Finance facility in place to fund Stanbridge development.

• Creation of Australian Sustainable Protein Fund.

• 12.5% increase in price for large fish 2.5kg+ to $27/kg.

• Opening distribution channels in Southeast Asian Market.

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THE NUMBERS FOR THE HALF YEAR

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Key Points:

• Sales volume in tonnage down by 36% v Dec 22 but revenue only down 24.5%. This is due to price gains which have continued in line with our aim to increase margins ahead of inflation.

• Increase in biological assets of 32% for 6 months

• $12 million increase in Property Plant and Equipment

• Employee costs rise with more staff

• increase in payroll for extra people required to handle additional volumes of fish spawned and stocked this season as well as adding/upskilling new staff for Stanbridge site

• Net Gain in biological assets lower than Dec 22 because:

• New broodstock were set aside for new hatchery were included in Dec 22 accounts. No new brood stock set aside in 2023.

• Juveniles are not accounted for until moved from Hatcheries to Juvenile sites. Timing differences in movements caused main difference to Dec 22.

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SCALING UP PRODUCTION

NUMBER OF PONDS IN PRODUCTION PER YEAR INCLUDING PLANS FOR 2024/25

COVID 19 Pandemic

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Planned Actual

• The company’s growth trajectory of 10,000 tonnes by 2030 is still on track

• Construction of 78 ponds at new Stanbridge site is underway

• Construction of new hatchery to increase capacity by 200% has commenced

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KEEPING MORE LARVAE FOR BIOMASS GROWTH

Sold more Larvae during COVID 19

• Larvae sold for restocking during COVID 19 dramatically reduced fish numbers stocked to grow-out. It provided additional cashflow during the pandemic when export and restaurant markets were closed.

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• This resulted in lower biomass as sales

• grew

• Hatchery capacity is now 10 times what it was at inception

• Stocking to grow-out was record high number this season as was larvae produced

• Planning on significant biomass growth from stock now in grow-out and juvenile

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FUNDING CAPITAL EXPENDITURE

• $20 Million arranged through iPartners was drawn down in December 2023.

• The facility term is two years, which matches the approximate growing time of juvenile fish to reach saleable size.

Funds are to be used for:

• Development and completion of 78 grow out ponds at Stanbridge site

• Working capital to fund continued growth

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Whitton Site Stage 3

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Australian Sustainable Protein Fund (ASPF)

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• The Fund aims to purchase infrastructure assets for aquaculture protein production. Not dissimilar to investing in infrastructure for poultry production.

• Discussions have commenced with Australian and international investors seeking yield and growth from land-based aquaculture not correlated to traditional assets.

• ASPF units will initially be 100% owned by MCA

• ASPF has exchanged contract to purchase the Stanbridge site, a grow-out facility with an approved development application for 78 ponds. 1. Land Based 2. Aquna Cod

• Aquna Cod

• ASPF to benefit MCA by providing the following:Production Model • MCA will lease sites from ASPF providing security of tenure

• Should ASPF attract investors – it will reduce capital requirements of MCA as the Fund will be able to purchase and develop further properties that are then leased to MCA for production sites.

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INNOVATION – FREE RANGE

Fish Growth & Health Benefit

• Grow-out fish stocked in Whitton’s 10 free range ponds .

• are showing excellent growth and health

Design Benefit

• Designed to improve water quality for fish growth and health. With water quality paramount, free range sites have been developed as recirculating aquaculture systems. This system is designed to enable solids to fall and water to be filtered by purposely planted aquatic plants and algaes as it recirculates through the system.

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Stanbridge Site Jan 2024

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STANBRIDGE FREE RANGE – SCALING UP

Development of Stanbridge free range grow-out ponds progressing as planned. Development application is approved for 78 ponds.

We anticipate 28 grow-out ponds at Stanbridge will be stocked during March and April.

Economic Benefits of Free Range

• CAPEX reduction - With no need for pen infrastructure significant CAPEX savings.

• The capital infrastructure savings costs of a free-range pond compared to a pen pond is estimated to be $250k per pond.

• The free-range design also reduces capital cost through earthwork efficiency, giving lower fuel usage and reduced time to build.

• OPEX

• Lower operation costs

• Reduction in energy use

• Less labour intensive

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Stanbridge Site Jan 2024

• Reduced maintenance.

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SALES UPDATE – BUILDING DISTRIBUTION CHANNELS

• As previously highlighted, supply imbalances continue to impact fish availability for a further 18 months in particular large fish 2.5kg+.

• Large fish sales to Singapore are attracting up to 20% premium compared to Australia.

• We continue to export to Hong Kong and recently commenced sales to Vietnam, Indonesia and Malaysia in small quantities. Southeast Asia is a target market for MCA. Opportunities include price premium vs domestic price, significant sales volume and logistic advantages to that of Europe and US if sold as whole fish.

• MCA is plans to develop frozen specification to meet these markets which would require supply of large Fish 2.5kg+ to maximise profit.

• The deliberate strategy of our sales team to hold stock back to enable growth has resulted in several benefits for the company.

• A 12.5% domestic price increase in large fish 2.5kg+

• Improved market acceptance of smaller size fish, 800-1.2kg.

• Demand enquiry still growing organically. Chefs consider Aquna Cod as a high-quality alternative to some of the world’s best wild caught fish. They cite significant benefits of using a sustainable farmed fish over wild catch. MCA can supply high-quality consistent product all year round and is not impacted by quota reductions or adverse weather. For example, a recent cyclone impacted the availability of Coral Trout spiking the price to $80/kg for a time.

• Value-added products such as Aquna Gold Caviar and the award-winning Aquna hot smoked fish provide significant brand awareness, particularly in international markets where such products are highly desirable

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PRICE GROWTH

Processed Murray Cod Prices

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Live Murray Cod Prices

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Sources:

NSW Dept of Primary Industries 2017-2022 Sydney Fish Markets average prices 2022/23

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INNOVATION - LARVAE WEANING EFFICIENCIES

The 2023 spawning season was highest to date.

The MCA larval weaning method in its 4[th] year was expanded across 60% of spawnings as compared to 20% in 2022. Benefits include

• Increased juvenile production

• Larvae are weaned at an earlier life stage.

• Method requires a significantly smaller footprint than traditional larvae weaning methods.

• Up to 10 times more capacity from same space

• Results in lower capex required for expansion and increased efficiencies driving costs savings.

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New weaning system installed at the Silverwater Hatchery at Grong Grong

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INNOVATION - JUVENILE POND EFFICIENCIES

• Holding juveniles over winter in ponds instead of RAS shed has significant benefits:

• Lower biological risk as fish are in separate ponds instead of all in one shared water source

• Capital investment for juveniles is reduced by a factor of 8-10 times

• As free range ponds are developed, cage ponds are switched from grow-out to juvenile, making expansion of juvenile facilities much cheaper and easier

• Better health outcomes when transferring juveniles to grow-out

• However, growth of juveniles can be slower in open ponds than RAS

• All 12 ponds at Bilbul site have been converted to Juvenile. We have commenced the conversion of McFarlane’s site from growout to a Juvenile site and expect it to be fully converted in 2024/25 summer.

• This season’s good spawnings enabled MCA to continue to participate with state and local fisheries in restocking native fish in the Murray Darling Basin.

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Round Cage Systems at Whitton Site

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OUR FISH

Delicate. Clean. Sweet.

Aquna Murray Cod has a firm texture and naturally clean, creamy flavour. The pristine 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, 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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