MURRAY COD AUSTRALIA LIMITED — Interim / Quarterly Report 2024

Feb 27, 2024

Murray Cod Australia Ltd

ACN: 143 928 625

Interim Financial Report For The Half-Year Ended 31 December 2023

This interim financial report incorporating Appendix 4D is provided to the Australian Securities Exchange (ASX under ASX Listing Rule 4.2A.3). The information contained in this report is to be read in conjunction with Murray Cod Australia Ltd’s 2023 Annual Report and any announcements to the market by Murray Cod Australia Ltd during the half-year period ending 31 December 2023. ABN: 74 143 928 625. ASX: MCA. Appendix 4D. Current Period 1 July 2023 to 31 December 2023. Prior Corresponding 1 July 2022 to 31 December 2022.

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Murray Cod Australia Ltd

ASX:MCA

ABN: 74 143 928 625

Interim Financial Report For The Half-Year Ended 31 December 2023

This interim financial report incorporating Appendix 4D is provided to the Australian Securities Exchange (ASX under ASX Listing Rule 4.2A.3) The information contained in this report is to be read in conjunction with Murray Cod Australia Ltd’s 2023 Annual Report and any announcements to the market by Murray Cod Australia Ltd during the half-year period ending 31 December 2023. Appendix 4D Current Period 1 July 2023 to 31 December 2023 Prior Corresponding 1 July 2022 to 31 December 2022

MURRAY COD AUSTRALIA LIMITED – FINANCIAL REPORT

CORPORATE DIRECTORY ABN 74 143 928 625

Directors

Ross Anderson Mathew Ryan George Roger Commins

Company Secretaries

Wendy Dillon Brett Tucker

Registered office

2-4 Lasscock Road Griffith, NSW 2680 Australia Telephone +61 2 69625470 Mail PO Box 492 Griffith, NSW 2680

Solicitors

HWL Ebsworth Lawyers Level 14, Australia Square 264-278 George Street SYDNEY NSW 2000

Bankers

Westpac Bank 242 Banna Avenue GRIFFITH NSW 2680

Auditors

RSM Australia Partners 12 Anderson Street West Ballarat, VIC 3350

Website www.aquna.com

This interim financial report incorporating Appendix 4D is provided to the Australian Securities Exchange (ASX under ASX Listing Rule 4.2A.3).

The information contained in this report is to be read in conjunction with Murray Cod Australia Ltd’s 2023 Annual Report and any announcements to the market by Murray Cod Australia Ltd during the half-year period ending 31 December 2023.

ABN: 74 143 928 625. ASX: MCA. Appendix 4D Current Period 1 July 2023 to 31 December 2023. Prior Corresponding 1 July 2022 to 31 December 2022.

MURRAY COD AUSTRALIA LIMITED AND CONTROLLED ENTITIES

ABN: 74 143 928 625

Interim Financial Report For The Half-Year Ended 31 December 2023

CONTENTS

Appendix 4D	4
Directors' Report	5
Auditor's Independence Declaration	7
Consolidated Statement of Profit or Loss and Other Comprehensive	Income 8
Consolidated Statement of Financial Position	9
Consolidated Statement of Changes in Equity	10
Consolidated Statement of Cash Flows	11
Notes to the Financial Statements	12
Directors’ Declaration	26
Independent Auditor's Review Report	27

MURRAY COD AUSTRALIA LIMITED AND CONTROLLED ENTITIES

ABN: 74 143 928 625 INTERIM FINANCIAL REPORT FOR THE HALF-YEAR ENDED 31 DECEMBER 2023

APPENDIX 4D

RESULTS FOR ANNOUNCEMENT TO THE MARKET

KEY INFORMATION

KEY INFORMATION
	Half Year ended 31 December 2023	Half Year ended 31 December 2022	% Change
Revenue from ordinary activities	4,569,216	6,053,724	(25)%
Profit/(loss) after tax from ordinary activities attributable to members	(2,732,696)	(365,892)	(647)%
Net Profit/(loss) attributable to members	(2,732,696)	(365,892)	(647)%

Key Highlights

Australian Sustainable Protein Fund created as property owning vehicle for MCA. Stanbridge development well underway. New ponds at Whitton site now fully stocked. Revenue still lagging as sizing of fish holds back sales.

DIVIDENDS PAID AND PROPOSED

Nil.

NET TANGIBLE ASSETS PER SHARE

31 Dec 2023 $0.09 31 Dec 2022 $0.10

CONTROL GAINED OR LOST OVER ENTITIES IN THE HALF-YEAR

On 2[nd] November 2023 Murray Cod Australia Ltd became 100% owner of Australian Sustainable Protein Fund Pty Ltd. On 2[nd] November 2023 Murray Cod Australia Ltd became 100% owner of ASPF Land Pty Ltd. On 2[nd] November 2023 Murray Cod Australia Ltd became 100% owner of ASPF Water Pty Ltd.

On 18[th] December 2023 Murray Cod Australia Ltd became 100% owner of the Australian Sustainable Protein Fund which is the 100% owner of ASPF Land Fund and ASPF Water Fund.

DIVIDEND DETAILS

Nil.

DIVIDEND REINVESTMENT PLANS

Nil.

INVESTMENTS IN ASSOCIATES AND JOINT VENTURES

Nil.

INDEPENDENT AUDIT REVIEW

There is no modified opinion, no emphasis of matter or other matter paragraph in the Audit review report.

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MURRAY COD AUSTRALIA LIMITED AND CONTROLLED ENTITIES ABN: 74 143 928 625 DIRECTORS' REPORT

Your directors present their report on the consolidated entity (referred to herein as the Group) consisting of Murray Cod Australia Limited and its controlled entities for the half- year ended 31 December 2023.

General Information

Directors

The following persons were directors of Murray Cod Australia Limited during or since the end of the financial year up to the date of this report:

Ross Anderson Mathew Ryan George Roger Commins Martin Priestley (Resigned 7/12/2023)

Dividends Paid or Recommended

No dividends have been declared or paid during the half-year ended 31 December 2023.

Principal Activities

The principal activity of the Company is Aquaculture.

Review and Results of Operations

Set out below is a review of significant activity for Murray Cod Australia Limited for the half-year ended 31 December 2023:

• Growth and health outcomes of biological stock have been on target during spring and early summer. Spawning results were also in line with planned numbers.

• The Australian Sustainable Protein Fund (ASPF) was formed by the company as a wholly owned subsidiary. The ASPF Land Fund has exchanged contracts to purchase the Stanbridge site which has a development application approved for 78 grow out ponds.

• Newly developed grow out ponds at Whitton were stocked to capacity during the first half of the year. Development of additional ponds at our Stanbridge site are underway at present. If there is no bad weather or unforeseen logistical issues to slow progress, the Company is aiming to have approximately 28 of these ponds completed and stocked before the end of March 2024. We expect to complete development of an additional 50 ponds in time for stocking next summer.

• The company settled a $20million debt facility with iPartners on the 20th December 2023.

• The Company continues to plan on achieving a growth trajectory to meet its production target of 10,000 tonnes by 2030.

Financial Review

The Company reported a loss for the half-year ended 31 December 2023 of $2,732,696 (31 December 2022: loss $365,892.)

Significant Events after Balance Date

No significant events have occurred since balance date.

Significant Changes in the State of Affairs

Other than the activities described in the Directors report above, there were no other significant changes in the state of affairs of the Company in the six months ended 31 December 2023.

Page 5

Going Concern

The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. For this reason, we continue to adopt the going concern basis in preparing the accounts.

Auditor’s Independence Declaration

The lead auditor’s independence declaration for the half-year ended 31 December 2023 has been received.

Indemnification and Insurance of Officers and Directors

The Company indemnifies its past and present Directors and Officers against liabilities arising out of their position with the company, except where the liability arises out of conduct involving a lack of good faith. The deed stipulates that the company will meet the full amount of any such liabilities, including costs and expenses.

Under the Company's directors' and officers' liability insurance policy, the Company cannot release to any third party or otherwise publish details of the nature of the liabilities insured by the policy or the amount of the premium. Accordingly, the Company relies on section 300(9) of the Corporations Act 2001 to exempt it from the requirements to disclose the nature of the liability insured against and the premium amount of the policy.

ASIC Corporations (Rounding in Financial/Directors' Reports) Instrument 2016/191

The company is an entity to which ASIC Corporations (Rounding in Financial/Directors' Reports) Instrument 2016/191 applies and, accordingly, amounts in the directors’ report have been rounded to the nearest dollar.

Signed in accordance with a resolution of the Directors.

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Ross Anderson Chairman

28th February 2024

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AUDITOR’S INDEPENDENCE DECLARATION

RSM Australia Partners

12 Anderson Street West, Ballarat VIC 3350 PO Box 685 Ballarat VIC 3353 T +61 (0) 3 5330 5800 F +61 (0) 3 5330 5890

www.rsm.com.au

As lead auditor for the review of the financial report of Murray Cod Australia Ltd and its Controlled Entities for the half-year ended 31 December 2023, I declare that, to the best of my knowledge and belief, there have been no contraventions of:

• (i) the auditor independence requirements as set out in the Corporations Act 2001 in relation to the review; and

• (ii) any applicable code of professional conduct in relation to the review.

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RSM AUSTRALIA PARTNERS

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JOHN FINDLAY Partner

Ballarat, Victoria Dated this 28[th] day of February 2024

THE POWER OF BEING UNDERSTOOD

AUDIT | TAX | CONSULTING

RSM Australia Partners is a member of the RSM network and trades as RSM. RSM is the trading name used by the members of the RSM network. Each member of the RSM network is an independent accounting and consulting firm which practices in its own right. The RSM network is not itself a separate legal entity in any jurisdiction.

RSM Australia Partners ABN 36 965 185 036

Liability limited by a scheme approved under Professional Standards Legislation

MURRAY COD AUSTRALIA LIMITED AND CONTROLLED ENTITIES

ABN: 74 143 928 625

CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME FOR THE HALF-YEAR ENDED 31 DECEMBER 2023

Note Continuing operations Revenue from contracts with customers 3 Other Income 3 Net gain from change in fair value of biological assets Adjustment to fair value of biological assets Employee benefits expense Cost of sales - equipment Cost of sales - fish Cost of sales - processing plant Cost of sales - cattle Administrative and other expenses Fish farm operating expenses Depreciation and amortisation expense Share based payment expense Net loss before Income tax 4 Tax expense 5 Net loss from continuing operations Discontinued operations Net loss for the half-year after tax Other comprehensive income: Items that will not be reclassified subsequently to profit or loss: Revaluation gain on land and buildings and water rights and licences net of tax Total other comprehensive income for the half-year Total comprehensive income for the half-year Earnings per share From continuing and discontinued operations: Basic earnings per share (cents) Diluted earnings per share (cents) From continuing operations: Basic earnings per share (cents) Diluted earnings per share (cents)

Half-year Ended 31-Dec-23 Half-year Ended 31-Dec-22 $ $ 4,569,216 6,053,724 268,102 60,742 9,357,026 11,110,752 61,974 (329,461) (5,341,938) (3,449,425) - (4,010) (6,830,545) (8,694,182) (67,422) (124,825) (95,427) - (1,446,340) (965,318) (2,351,232) (2,252,891) (1,345,448) (948,932) (362,910) (745,774) (3,584,944) (289,600) 852,248 (76,292) (2,732,696) (365,892) - - (2,732,696) (365,892) 5,467,012 (12,188) 5,467,012 (12,188) 2,734,316 (378,080) (0.36) cents (0.048) cents (0.34) cents (0.046) cents (0.36) cents (0.048) cents (0.34) cents (0.046) cents Consolidated Group

The accompanying notes form part of these financial statements.

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MURRAY COD AUSTRALIA LIMITED AND CONTROLLED ENTITIES ABN: 74 143 928 625

CONSOLIDATED STATEMENT OF FINANCIAL POSITION AS AT 31 DECEMBER 2023

Note ASSETS CURRENT ASSETS Cash and cash equivalents 6 Trade and other receivables 7 Inventories 8 Other assets 9 TOTAL CURRENT ASSETS NON-CURRENT ASSETS Other financial assets Property, plant and equipment 10 Deferred tax assets 14 Right of use assets 20 Intangible assets 11 TOTAL NON-CURRENT ASSETS TOTAL ASSETS LIABILITIES CURRENT LIABILITIES Trade and other payables 12 Borrowings 13 Lease liabilities 20 Provisions 15 TOTAL CURRENT LIABILITIES NON-CURRENT LIABILITIES Borrowings 13 Lease liability 20 Deferred tax liabilities 14 Provisions 15 TOTAL NON-CURRENT LIABILITIES TOTAL LIABILITIES NET ASSETS EQUITY Issued capital Reserves Retained earnings TOTAL EQUITY

As at 31-Dec-23 As at 30-Jun-23 $ $ 17,882,734 11,424,244 638,576 620,268 27,168,435 20,902,140 385,177 591,793 46,074,922 33,538,445 123 123 53,044,252 41,151,897 8,043,219 4,507,713 10,488,458 9,878,870 4,940,609 4,731,633 76,516,661 60,270,236 122,591,583 93,808,681 2,920,322 2,832,607 2,462,614 1,088,940 727,467 670,685 816,832 682,018 6,927,235 5,274,250 20,443,325 1,544,132 10,116,076 9,478,773 10,859,732 6,421,784 71,375 56,966 41,490,508 17,501,655 48,417,743 22,775,905 74,173,840 71,032,776 78,861,056 78,861,056 25,284,839 19,478,726 (29,972,055) (27,307,006) 74,173,840 71,032,776 Consolidated Group

The accompanying notes form part of these financial statements.

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MURRAY COD AUSTRALIA LIMITED AND CONTROLLED ENTITIES ABN: 74 143 928 625

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THE HALF-YEAR ENDED 31 DECEMBER 2023

Consolidated Group Balance at 1 July 2022 Profit or (loss) and other comprehensive income Profit or (loss) for the year Other comprehensive income for the year Total profit or (loss) and other comprehensive income for the year Transactions with owners and other transfers Options exercised or lapsed Options issued and expensed during the year Total other Balance at 31 December 2022 Consolidated Group Balance at 1 July 2023 Adjustment for change in accounting standard Profit or (loss) and other comprehensive income Profit or (loss) for the year Other comprehensive income for the year Total profit or (loss) and other comprehensive income for the year Transactions with owners and other transfers Options exercised or lapsed Options issued and expensed during the year Total other Balance at 31 December 2023

Ordinary Deferred Retained Asset Revaluation Option Performance Ordinary Shares Earnings Reserve Reserve Rights Reserve TOTAL 78,787,556 - (20,006,079) 14,918,796 2,686,888 - 76,387,161 - - (365,892) - - - (365,892) - - - (12,188) - - (12,188) - - (365,892) (12,188) - - (378,080) - - - - (103,791) - (103,791) - - - - 825,757 - 825,757 - - - - 721,966 - 721,966 78,787,556 - (20,371,971) 14,906,608 3,408,854 - 76,731,047 78,861,056 - (27,307,006) 14,781,359 4,697,367 - 71,032,776 - - 67,647 - - - 67,647 - - (2,732,696) - - - (2,732,696) - - - 5,467,012 - - 5,467,012 - - (2,732,696) 5,467,012 - - 2,734,316 - - - - (207,027) - (207,027) - - - - 546,128 - 546,128 - - - - 339,101 - 339,101 78,861,056 - (29,972,055) 20,248,371 5,036,468 - 74,173,840 Share Capital Reserves

The accompanying notes form part of these financial statements.

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MURRAY COD AUSTRALIA LIMITED AND CONTROLLED ENTITIES ABN: 74 143 928 625

CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE HALF-YEAR ENDED 31 DECEMBER 2023

Note CASH FLOWS FROM OPERATING ACTIVITIES Receipts from customers and grants Payments to suppliers and employees Interest received Net cash used in operating activities 17 CASH FLOWS FROM INVESTING ACTIVITIES Purchase of trademarks Purchase of property, plant and equipment Net cash used in investing activities CASH FLOWS FROM FINANCING ACTIVITIES Proceeds from borrowings Repayment of borrowings Repayment of lease principal Net cash provided by financing activities Net increase/(decrease) in cash held Cash and cash equivalents at beginning of financial year Cash and cash equivalents at the end of the period 6

Half-year Ended 31-Dec-23 Half-year Ended 31-Dec-22 $ $ 4,245,276 5,147,720 (12,704,966) (10,476,963) 91,774 1,736 (8,367,916) (5,327,507) (3,376) - (2,926,806) (4,672,469) (2,930,182) (4,672,469) 20,000,000 606,424 (1,503,887) (333,043) (352,797) (242,276) 18,143,316 31,105 6,845,218 (9,968,871) 11,026,502 26,969,036 17,871,720 17,000,165 Consolidated Group

The accompanying notes form part of these financial statements

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MURRAY COD AUSTRALIA LIMITED AND CONTROLLED ENTITIES

ABN: 74 143 928 625

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE HALF-YEAR ENDED 31 DECEMBER 2023

These consolidated financial statements and notes represent those of Murray Cod Australia Limited and Controlled Entities (the "consolidated group" or "group").

The financial statements were authorised for issue on the 28th February 2024 by the directors of the company.

Note 1 Summary of Significant Accounting Policies

(a) Basis of Preparation

These general purpose interim financial statements for the half-year reporting period ended 31 December 2023 have been prepared in accordance with requirements of the Corporations Act 2001 and Australian Accounting Standard AASB 134: Interim Financial Reporting. The Group is a for-profit entity for financial reporting purposes under Australian Accounting Standards.

This interim financial report is intended to provide users with an update on the latest annual financial statements of Murray Cod Australia Limited and its controlled entities (referred to as the "consolidated group" or "group"). As such, it does not contain information that represents relatively insignificant changes occurring during the half-year within the Group. It is therefore recommended that this financial report be read in conjunction with the annual financial statements of the Group for the year ended 30 June 2023, together with any public announcements made during the following half-year.

Except for cash flow information, the financial statements have been prepared on an accrual basis and are based on historical costs, modified, where applicable, by the measurement at fair value of selected non-current assets, financial assets and financial liabilities.

(b) Accounting Policies

The same accounting policies and methods of computation have been followed in this interim financial report as were applied in the most recent annual financial statements.

(c) New and Amended Standards Adopted by the Group

The Group has considered the implications of new or amended Accounting Standards which have become applicable for the current financial reporting period and has applied them if relevant and material.

Note 2 : Changes in Accounting Policies

There has been no changes to accounting policies.

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MURRAY COD AUSTRALIA LIMITED AND CONTROLLED ENTITIES

ABN: 74 143 928 625

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE HALF-YEAR ENDED 31 DECEMBER 2023

Note 3 Revenue and Other Income

Revenue from contracts with customers Sales revenue - Fish sales - Cattle sales - Equipment sales Other revenue - Interest received - Insurance proceeds - Sundry income Total revenue Other Income - Subsidies and rebates Total other income Total revenue and other income	Half-year Ended 31-Dec-23 Half-year Ended 31-Dec-22 $ $ 4,370,051 6,034,192 53,619 - 2,996 - 4,426,666 6,034,192 104,994 9,977 24,776 9,555 12,780 - 142,550 19,532 4,569,216 6,053,724 268,102 60,742 268,102 60,742 4,837,318 6,114,466 Consolidated Group

The group has disaggregated revenue into product sales. There is no other means of disaggregating revenue. All products are sold at a point in time not over time. The sales currently from overseas is minimal not warranting revenue to be disaggregated by geographical markets.

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MURRAY COD AUSTRALIA LIMITED AND CONTROLLED ENTITIES

ABN: 74 143 928 625

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE HALF-YEAR ENDED 31 DECEMBER 2023

Note 4 Profit for the Year

Profit/(Loss) before income tax from continuing operations includes the following specific expenses: Expenses Interest expense on financial liabilities - Related parties - Unrelated parties Total finance cost Interest on lease liability Depreciation and amortisation Depreciation right of use asset Superannuation	Half-year Ended 31-Dec-23 Half-year Ended 31-Dec-22 $ $ - - 184,026 87,894 184,026 87,894 213,710 111,515 908,154 683,747 437,294 265,186 1,345,448 948,933 400,923 286,455 Consolidated Group

Note part of employee benefits expenses, veterinary and depreciation are expenses incurred in Research and Development but are not listed separately as Research and Development.

Note 5 Tax Expense

a) The components of tax expense (income) comprise: Current tax Deferred tax b) The prima facie tax on profit from ordinary activities before income tax is reconciled to income tax as follows: Prima facie tax payable on profit from ordinary activities before income tax at 25% Add: Tax effect of - non-allowable items - decrease in corporate tax rate Less: Tax effect of - deductible expenses capitalised on balance sheet or otherwise claimable - income not assessable - decrease in corporate tax rate Income tax attributable to entity

Half-year Ended 31-Dec-23 Half-year Ended 31-Dec-22 $ $ - - (852,248) 76,292 (852,248) 76,292 (896,236) (72,400) 87,289 196,204 - - (808,947) 123,804 43,301 47,512 - - - - (852,248) 76,292 Consolidated Group

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MURRAY COD AUSTRALIA LIMITED AND CONTROLLED ENTITIES

ABN: 74 143 928 625

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE HALF-YEAR ENDED 31 DECEMBER 2023

Note 6 Cash and Cash Equivalents

Note Cash at bank and on hand Short-term bank deposits The effective interest rate on short-term bank deposits was 5%. Reconciliation of cash Cash at the end of the financial year as shown in the statement of cash flows is reconciled to items in the statement of financial position as follows: Cash and cash equivalents Credit cards 13	As at 31-Dec-23 As at 30-Jun-23 $ $ 7,882,734 4,424,244 10,000,000 7,000,000 17,882,734 11,424,244 Half-year Ended 31-Dec-23 Half-year Ended 31-Dec-22 17,882,734 17,034,086 (11,014) (33,921) 17,871,720 17,000,165 Consolidated Group

A floating charge over cash and cash equivalents has been provided for certain debts.

Note 7 Trade and Other Receivables

CURRENT Trade receivables Provision for impairment Other receivables Business Activity Statement refunds receivable Total current trade and other receivables	As at 31-Dec-23 As at 30-Jun-23 $ $ 617,958 590,105 (13,396) (39,161) 604,562 550,944 34,014 7,333 - 61,991 638,576 620,268 Consolidated Group

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MURRAY COD AUSTRALIA LIMITED AND CONTROLLED ENTITIES

ABN: 74 143 928 625

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE HALF-YEAR ENDED 31 DECEMBER 2023

Note 8 Inventories

CURRENT At cost: Fish feed and chemical inventory Livestock - Cattle Processing plant inventory Cage building stock and parts At net realisable value: Biological assets Total inventory Biological Assets Biological assets Murray Cod Broodstock Murray Cod Fingerlings and Juveniles Murray Cod Pond Fish Golden Perch Fingerlings Silver Perch Fingerlings Less: Provision for biological assets Carrying amount at the beginning of the period Purchases Decreases due to harvest for sale Gain from physical changes at fair value Carrying amount at the end of the period

As at 31-Dec-23 As at 30-Jun-23 $ $ 1,014,605 953,155 170,374 265,802 125,282 113,159 8,265 8,265 1,318,526 1,340,381 25,849,909 19,561,759 27,168,435 20,902,140 As at 31-Dec-23 As at 30-Jun-23 $ $ 2,816,133 2,756,890 8,579,439 4,225,427 17,491,567 15,727,047 - - 48,400 - (3,085,630) (3,147,605) 25,849,909 19,561,759 22,709,364 16,234,513 1,094,260 3,150,183 (4,225,112) (11,438,390) 9,357,027 14,763,058 28,935,539 22,709,364 Consolidated Group Consolidated Group

Note 9 Other Assets

CURRENT Prepayments and deposits	As at 31-Dec-23 As at 30-Jun-23 $ $ 385,177 591,793 385,177 591,793 Consolidated Group

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MURRAY COD AUSTRALIA LIMITED AND CONTROLLED ENTITIES

ABN: 74 143 928 625

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE HALF-YEAR ENDED 31 DECEMBER 2023

Note 10 Property, Plant and Equipment

LAND AND BUILDINGS Land and buildings - at cost - Independent valuation Total land Carrying amount of all land had it been carried under the cost model	As at 31-Dec-23 As at 30-Jun-23 $ $ 2,163,480 1,666,519 36,750,000 25,450,000 38,913,480 27,116,519 8,780,350 5,742,900 Consolidated Group

The Group's land and buildings held at 31 December 2023 were revalued at 31 December 2023 by independent valuers.

PLANT & EQUIPMENT Plant and equipment At cost Accumulated depreciation At valuation Accumulated depreciation Total plant and equipment Total property, plant and equipment	18,180,078 18,291,629 (4,049,306) (4,406,237) 14,130,772 13,885,392 - 396,350 - (246,364) - 149,986 14,130,772 14,035,378 53,044,252 41,151,897

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MURRAY COD AUSTRALIA LIMITED AND CONTROLLED ENTITIES

ABN: 74 143 928 625

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE HALF-YEAR ENDED 31 DECEMBER 2023

Note 11 Intangible Assets

Water rights and licences at market value Trademarks & intellectual property at cost Goodwill Total intangible assets Year ended 30 June 2023 Balance at the beginning of the year Additions Revaluation Closing value at 30 June 2023 Half Year ended 31 December 2023 Balance at the beginning of the year Additions Revaluation Closing value at 31 December 2023	As at 31-Dec-23 As at 30-Jun-23 $ $ 2,744,200 2,538,600 83,242 79,866 2,113,167 2,113,167 4,940,609 4,731,633 Goodwill Water Rights & Licences Trademarks & Intellectual Property 2,113,167 2,721,850 71,842 - - 8,024 - (183,250) - 2,113,167 2,538,600 79,866 2,113,167 2,538,600 79,866 - - 3,376 - 205,600 - 2,113,167 2,744,200 83,242 Consolidated Group

Water licences held by the company are classified as intangible assets. The licences are issued by the NSW Government and by Murrumbidgee Irrigation Limited and provide the company with the right to receive allocations of water from Murrumbidgee river supplies and from underground aquifers. The volume of water allocated to the general security Murrumbidgee licences each year is dependent upon the volumes available within the Snowy Mountains storages each year. The allocations are announced progressively throughout the irrigation season each year by the government. Both the licences and the annual allocations of water are readily tradeable assets. There is a sophisticated and well regulated market network which provides daily prices of the permanent licences and the annual allocations. The company revalues the water licences each half year in accordance with the prevailing market prices at balance date. The value of annual allocations is not accounted for by the company as such allocations expire on 30 June each year.

Impairment of goodwill is determined annually. Goodwill is allocated to cash-generating units which are based on the Group's reporting divisions. Goodwill was purchased via acquisition of Murray Darling Fisheries Pty Ltd on 30 April 2020. There is no impairment of goodwill in the 2023 year or the six months to 31 December 2023. The recoverable amount of each cash-generating unit above is determined based on value-in-use calculations.

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MURRAY COD AUSTRALIA LIMITED AND CONTROLLED ENTITIES

ABN: 74 143 928 625

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE HALF-YEAR ENDED 31 DECEMBER 2023

Note 12 Trade and Other Payables

CURRENT Unsecured liabilities Trade payables Other payables and accrued expenses Financial liabilities classified as trade and other payables Trade and other payables - Total current - Total non-current	As at 31-Dec-23 As at 30-Jun-23 $ $ 1,389,360 2,470,210 1,530,962 362,397 2,920,322 2,832,607 2,920,322 2,832,607 - - 2,920,322 2,832,607 Consolidated Group

Note 13 Borrowings

CURRENT Secured Liabilities Equipment Finance Facilities Bank overdrafts Settlement liabilities Credit Card Facilities NON-CURRENT Secured Liabilities Equipment Finance Facilities Westpac Bank Bill Loan iPartners Loan Facility Total Borrowings	As at 31-Dec-23 As at 30-Jun-23 $ $ 288,120 691,198 - 352,196 2,163,480 - 11,014 45,546 2,462,614 1,088,940 443,325 1,544,132 - - 20,000,000 - 20,443,325 1,544,132 22,905,939 2,633,072 Consolidated Group

Murray Cod Australia Limited settled the iPartners Loan Facility on the 20th December 2023. The purpose of the loan to fund the busines expansion programme. The financial covenants of this loan facility are:

1. The loan to value ratio must not exceed 35%;

2. The group cash balance must be a minimum of $5,000,000; and

3. The MCA weighted market value must exceed 3 times MCA Net Debt.

The company currently meets all three financial covenants.

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MURRAY COD AUSTRALIA LIMITED AND CONTROLLED ENTITIES

ABN: 74 143 928 625

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE HALF-YEAR ENDED 31 DECEMBER 2023

Note 14 Tax

CURRENT Income tax payable NON-CURRENT Deferred tax liabilities Property, plant and equipment - tax allowance and revaluations Opening balance Adjustment for change in accounting standard Charged to income Revaluations Account for new right of use asset and lease liability Closing balance Deferred tax assets Accrued expenses, provisions and carry forward losses Opening balance Adjustment for change in accounting standard Charged to income Account for new right of use asset and lease liability Closing balance

Half-year Ended 31-Dec-23 Half-year Ended 30-Jun-23 $ $ - - - - 6,421,784 6,225,602 2,469,717 - (115,826) 237,931 1,822,337 (41,749) 261,720 - 10,859,732 6,421,784 4,507,713 2,721,304 2,537,364 - 736,422 1,786,409 261,720 - 8,043,219 4,507,713 Consolidated Group

Note 15 Provisions

CURRENT Employee benefits Opening balance at 1 July Additional provisions Amounts used Closing balance Analysis of total provisions Current Non-current	As at 31-Dec-23 As at 30-Jun-23 $ $ 738,984 418,217 583,325 557,919 (434,102) (237,152) 888,207 738,984 As at 31-Dec-23 As at 30-Jun-23 $ $ 816,832 682,018 71,375 56,966 888,207 738,984 Consolidated Group Consolidated Group

Page 20

MURRAY COD AUSTRALIA LIMITED AND CONTROLLED ENTITIES ABN: 74 143 928 625

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE HALF-YEAR ENDED 31 DECEMBER 2023

Note 16 Contingent Liabilities and Contingent Assets

There were no contingent assets or liabilities outstanding at 31 December 2023 (30 June 2023: nil)

Note 17 Cash Flow Information

(a) Reconciliation of Cash Flows from Operating Activities with Profit after Income Tax Loss after income tax Non-cash flows in profit Depreciation and amortisation Loss on disposal of plant Share Based Payment Changes in assets and liabilities, net of the effects of purchase and disposal of subsidiaries: (Increase)/decrease in trade and term receivables (Increase)/decrease in other assets (Increase)/decrease in inventories Increase/(decrease) in trade payables and accruals Increase/(decrease) in deferred taxes payable (Increase)/decrease in deferred taxes receivable Increase/(decrease) in provisions Cash flows from operating activities

Half-year Ended 31-Dec-23 Half-year Ended 31-Dec-22 $ $ (2,732,696) (365,892) 1,345,448 948,933 4,844 - 362,910 745,774 (18,308) (265,830) (448,509) (288,236) (6,266,295) (7,209,986) 87,715 929,790 145,893 8,319 (998,141) 67,974 149,223 101,647 (8,367,916) (5,327,507) Consolidated Group

Note 18 Events after the Reporting Period

No significant events have occurred since balance date.

Page 21

MURRAY COD AUSTRALIA LIMITED AND CONTROLLED ENTITIES ABN: 74 143 928 625

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE HALF-YEAR ENDED 31 DECEMBER 2023

Note 19 Fair Value Measurements

The Group measures and recognises the following assets and liabilities at fair value on a recurring basis after initial recognition:

—	Biological assets
—	Water rights and licences

The Group measures some items of freehold land and buildings at fair value on a recurring basis after initial recognition.

The Group does not subsequently measure any liabilities at fair value on a non-recurring basis.

(a) Fair value hierarchy AASB 13: Fair Value Measurement requires the disclosure of fair value information by level of the fair value hierarchy, which categorises fair value measurements into one of three possible levels based on the lowest level that an input that is significant to the measurement can be categorised into as follows:

categorised into as follows:
Level 1	Level 2	Level 3
Measurements based on	Measurements based on
quoted prices (unadjusted) in active markets for identical assets or liabilities that the entity can access at the	inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either	Measurements based on unobservable inputs for the asset or liability.
measurement date.	directly or indirectly.

The fair values of assets and liabilities that are not traded in an active market are determined using one or more valuation techniques. These valuation techniques maximise, to the extent possible, the use of observable market data. If all significant inputs required to measure fair value are observable, the asset or liability is included in Level 2. If one or more significant inputs are not based on observable market data, the asset or liability is included in Level 3.

Valuation techniques

The Group selects a valuation technique that is appropriate in the circumstances and for which sufficient data is available to measure fair value. The availability of sufficient and relevant data primarily depends on the specific characteristics of the asset or liability being measured. The valuation techniques selected by the Group are consistent with one or more of the following valuation approaches:

• Market approach: valuation techniques that use prices and other relevant information generated by market transactions for identical or similar assets or liabilities.

• Income approach: valuation techniques that convert estimated future cash flows or income and expenses into a single discounted present value.

• Cost approach: valuation techniques that reflect the current replacement cost of an asset at its current service capacity.

Each valuation technique requires inputs that reflect the assumptions that buyers and sellers would use when pricing the asset or liability, including assumptions about risks. When selecting a valuation technique, the Group gives priority to those techniques that maximise the use of observable inputs and minimise the use of unobservable inputs. Inputs that are developed using market data (such as publicly available information on actual transactions) and reflect the assumptions that buyers and sellers would generally use when pricing the asset or liability are considered observable, whereas inputs for which market data are not available and therefore are developed using the best information available about such assumptions are considered unobservable.

The following tables provide the fair values of the Group’s assets and liabilities measured and recognised on a recurring basis after initial recognition and their categorisation within the fair value hierarchy.

Page 22

MURRAY COD AUSTRALIA LIMITED AND CONTROLLED ENTITIES

ABN: 74 143 928 625

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE HALF-YEAR ENDED 31 DECEMBER 2023

— 31 Dec Inventory Inventory at fair value through profit or loss Total non-financial assets recognised at fair value on a non-recurring basis Non-recurring fair value measurements Land and buildings Total non-financial assets recognised at fair value Total non-financial assets recognised at fair value on a recurring basis Non-financial assets Water rights and licences Recurring fair value measurements Biological assets - current Total inventory recognised at fair value on a recurring basis

Level 1 Level 2 Level 3 Total $ $ $ $ - - 25,849,909 25,849,909 - - 25,849,909 25,849,909 2,744,200 - - 2,744,200 2,744,200 - - 2,744,200 - 36,750,000 - 36,750,000 - 36,750,000 - 36,750,000 2,744,200 36,750,000 - 39,494,200 ember 2023

(i) The land and buildings: "Silverwater"563 Pinehope Road, GRONG GRONG NSW 2652 "Bilbul" Farm 1444d, Bilbul Road, BILBUL NSW 2680 "Euberta" 1795 Old Narrandera Road, EUBERTA NSW 2650

"Gogeldrie" 396 Kirkup Road, GOGELDRIE NSW 2705 Were revalued in accordance with the Valuations prepared at 2nd October 2023 by: LAWD, The Annex, Level 1, 12 Creek Street, BRISBANE QLD 4000 The land:

"Stanbridge"181 Murrami Road, STANBRIDGE NSW 2705 was purchased on 21st December 2023 and is accounted for at cost

Page 23

MURRAY COD AUSTRALIA LIMITED AND CONTROLLED ENTITIES ABN: 74 143 928 625

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE HALF-YEAR ENDED 31 DECEMBER 2023

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----- Start of picture text -----

30 June 2023
Level 1 Level 2 Level 3 Total
Recurring fair value measurements $ $ $ $
Inventory
Inventory at fair value through profit or loss
— Biological assets - current - - 19,561,759 19,561,759
Total inventory recognised at fair value on a
recurring basis - - 19,561,759 19,561,759
Non-financial assets
Water rights and licences 2,538,600 - - 2,538,600
Total non-financial assets recognised at fair value on a recurring basis 2,538,600 - - 2,538,600
Non-recurring fair value measurements
Land and buildings - 27,116,519 - 27,116,519
Total non-financial assets recognised at fair value
on a non-recurring basis - 27,116,519 - 27,116,519
Total non-financial assets recognised at fair value 2,538,600 27,116,519 - 29,655,119
(b) Valuation techniques and inputs used to measure Level 2 fair values
Fair Value ($) at
31 Dec Valuation Technique(s) Inputs Used
Description 2023
Non-financial assets Market approach using recent Price per hectare; market borrowing rate
Land and buildings 36,750,000 observable market data for similar
properties: income approach using
discounted cash flow methodology
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The fair value of freehold land and buildings is determined at least every three years based on valuations by an independent valuer. At the end of each intervening period, the directors review the independent valuation and, when appropriate, update the fair value (i) measurement to reflect current market conditions using a range of valuation techniques, including recent observable market data and discounted cash flow methodologies.

There were no changes during the period in the valuation techniques used by the Group to determine Level 2 fair values.

• (c) Valuation techniques and unobservable inputs used to measure Level 3 fair values

Valuation processes

The biological assets of the company are considered Level 3 and are valued internally by the company as there is no observable market for them. The value is based on the estimated exit price per kilogram and the value changes for the average weight of each fish as it progresses through the growth and transformation cycle. The average weight of the fish is sample measured periodically, and the value is determined by applying the average weight to the estimated price based on staged weight values (100 gram stages). The life cycle of the fish is approximately 2 years to minimum initial harvest size. The value per fish is based on the weight estimate, multiplied by the expected market price at the relevant point of transformation. Significant changes in any of the significant unobservable inputs in isolation would result in significant changes in fair value measurement.

The net increment/decrement in the fair value of Murray Cod Fish is recognised as income/(expense) in the reporting period. There has been an increase in the fair value per unit of Murray Cod Fish from 30 June 2023 to 31 December 2023, from $23.53 to $24.18, this increase is based on observed market selling information.

Page 24

MURRAY COD AUSTRALIA LIMITED AND CONTROLLED ENTITIES ABN: 74 143 928 625

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE HALF-YEAR ENDED 31 DECEMBER 2023

Note 20: Right of Use Assets

The Group's lease portfolio includes land and buildings. These leases have an average term of 12 years.

Options to Extend or Terminate: The option to extend or terminate are contained in the clauses of several property leases in the Group. These clauses provide the Group with opportunities to manage leases in order to align with its strategies. All of the extension or termination options are only excerciseable by the Group. The extension options or termination options which were probable to be exercised have been included in the calculation of the right of use asset.

AASB 16 related amounts recognised in the balance sheet

Leases commenced and remeasured Depreciation charge related to right-of-use assets Interest expense of lease liabilities AASB 16 related amounts recognised in the statement of profit or loss Lease Liabilities: Leased Land and Buildings Current TOTAL Non-Current Right of Use Assets: Leased Land and Buildings Opening balance Net carrying amount Depreciation expense for the half-year ended Current Non-Current Total

As at 31-Dec-23 As at 30-Jun-23 $ $ 9,878,870 5,510,197 1,046,882 4,859,802 (437,294) (491,129) 10,488,458 9,878,870 - - 10,488,458 9,878,870 10,488,458 9,878,870 727,467 670,685 10,116,076 9,478,773 10,843,543 10,149,458 Half-year Ended 31-Dec-23 Half-year Ended 31-Dec-22 437,294 265,186 213,710 111,515 Consolidated Group

Page 25

MURRAY COD AUSTRALIA LIMITED AND CONTROLLED ENTITIES ABN: 74 143 928 625 DIRECTORS’ DECLARATION

In accordance with a resolution of the directors of Murray Cod Australia Limited, the directors of the company declare that:

1. the financial statements and notes as set out on pages 8 to 25, are in accordance with the Corporations Act 2001, including:

2. (a) complying with Australian Accounting Standard AASB 134: Interim Financial Reporting; and

3. (b) give a true and fair view of the Consolidated Group’s financial position as at 31 December 2023 and of its performance for the half-year ended on that date.

4. In the directors' opinion there are reasonable grounds to believe that the company will be able to pay its debts as and when they become due and payable.

Director

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Ross Anderson

Chairman

Dated this 28[th] Day of February 2024

Page 26

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INDEPENDENT AUDITOR’S REVIEW REPORT To the Members of Murray Cod Australia Ltd and its Controlled Entities

Report on the Half-Year Financial Report

RSM Australia Partners

12 Anderson Street West, Ballarat VIC 3350 PO Box 685 Ballarat VIC 3353 T +61 (0) 3 5330 5800 F +61 (0) 3 5330 5890

www.rsm.com.au

Conclusion

We have reviewed the accompanying half-year financial report of Murray Cod Australia Ltd and its Controlled Entities which comprises the consolidated statement of financial position as at 31 December 2023, the consolidated statement of profit or loss and other comprehensive income, consolidated statement of changes in equity and consolidated statement of cash flows for the half-year ended on that date, notes comprising a summary of significant accounting policies and other explanatory information, and the directors’ declaration.

Based on our review, which is not an audit, we have not become aware of any matter that makes us believe that the half-year financial report of Murray Cod Australia Ltd and its Controlled Entities is not in accordance with the Corporations Act 2001 including:

• (a) giving a true and fair view of the consolidated entity’s financial position as at 31 December 2023 and of its performance for the half-year ended on that date; and

• (b) complying with Accounting Standard AASB 134 Interim Financial Reporting and the Corporations Regulations 2001 .

Basis for Conclusion

We conducted our review in accordance with ASRE 2410 Review of a Financial Report Performed by the Independent Auditor of the Entity . Our responsibilities are further described in the Auditor’s Responsibilities for the Review of the Financial Report section of our report. We are independent of the Company in accordance with the auditor independence requirements of the Corporations Act 2001 and the ethical requirements of the Accounting Professional and Ethical Standards Board’s APES 110 Code of Ethics for Professional Accountants (including Independence Standards) (the Code) that are relevant to our audit of the annual financial report in Australia. We have also fulfilled our other ethical responsibilities in accordance with the Code.

We confirm that the independence declaration required by the Corporations Act 2001 , which has been given to the directors of Murray Cod Australia Ltd and its Controlled Entities, would be in the same terms if given to the directors as at the time of this auditor’s report.

Directors' Responsibility for the Half-Year Financial Report

The directors of the Murray Cod Australia Ltd and its Controlled Entities are responsible for the preparation of the half-year financial report that gives a true and fair view in accordance with Australian Accounting Standards and the Corporations Act 2001 and for such internal control as the directors determine is necessary to enable the preparation of the half-year financial report that is free from material misstatement, whether due to fraud or error.

THE POWER OF BEING UNDERSTOOD

AUDIT | TAX | CONSULTING

RSM Australia Partners is a member of the RSM network and trades as RSM. RSM is the trading name used by the members of the RSM network. Each member of the RSM network is an independent accounting and consulting firm which practices in its own right. The RSM network is not itself a separate legal entity in any jurisdiction.

RSM Australia Partners ABN 36 965 185 036

Liability limited by a scheme approved under Professional Standards Legislation

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Auditor’s Responsibility for the Review of the Financial Report

Our responsibility is to express a conclusion on the half-year financial report based on our review. We conducted our review in accordance with Auditing Standard on Review Engagements ASRE 2410 Review of a Financial Report Performed by the Independent Auditor of the Entity , in order to state whether, on the basis of the procedures described, we have become aware of any matter that makes us believe that the half-year financial report is not in accordance with the Corporations Act 2001 including: giving a true and fair view of the consolidated entity’s financial position as at 31 December 2023 and its performance for the half-year ended on that date; and complying with Accounting Standard AASB 134 Interim Financial Reporting and the Corporations Regulations 2001 .

A review of a half-year financial report consists of making enquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Australian Auditing Standards and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

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RSM AUSTRALIA PARTNERS

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JOHN FINDLAY

Partner

Ballarat, Victoria Dated this 28[th] day of February 2024

28

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