MURRAY COD AUSTRALIA LIMITED — Interim / Quarterly Report 2025

Feb 27, 2025

Murray Cod Australia Ltd ACN: 143 928 625

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 2024 Annual Report and any announcements to the market by Murray Cod Australia Ltd during the half-year period ending 31 December 2024. ABN: 74 143 928 625. ASX: MCA. Appendix 4D. Current Period 1 July 2024 to 31 December 2024. Prior Corresponding 1 July 2023 to 31 December 2023.

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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 2024

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 2024 Annual Report and any announcements to the market by Murray Cod Australia Ltd during the half-year period ending 31 December 2024.

Appendix 4D

Current Period Prior Corresponding

1 July 2024 to 31 December 2024 1 July 2023 to 31 December 2023

MURRAY COD AUSTRALIA LIMITED – FINANCIAL REPORT

CORPORATE DIRECTORY ABN 74 143 928 625

Directors

Brett Paton Ross Anderson Mathew Ryan George Roger Commins Steven Chaur (appointed 20/01/2025)

Company Secretary

Wendy Dillon

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 2024 Annual Report and any announcements to the market by Murray Cod Australia Ltd during the half-year period ending 31 December 2024.

ABN: 74 143 928 625. ASX: MCA. Appendix 4D Current Period 1 July 2024 to 31 December 2024. Prior Corresponding 1 July 2023 to 31 December 2023.

MURRAY COD AUSTRALIA LIMITED AND CONTROLLED ENTITIES

ABN: 74 143 928 625

Interim Financial Report For The Half-Year Ended 31 December 2024

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
Note to the Consolidated 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 2024

APPENDIX 4D

RESULTS FOR ANNOUNCEMENT TO THE MARKET

KEY INFORMATION

	Half Year ended 31 December 2024	Half Year ended 31 December 2023	% Change
Revenue from ordinary activities	4,767,993	4,569,216	4.35%
Profit/(loss) after tax from ordinary activities attributable to members	1,330,963	(2,732,696)	149%
Net Profit/(loss) attributable to members	1,330,963	(2,732,696)	149%

Key Highlights

$43 million financing facility with Westpac settled in December 2024. Property 7390 Burley Griffin Way, Bilbul purchased in December 2024. Stanbridge site development on schedule for completion and stocking.

DIVIDENDS PAID AND PROPOSED

Nil.

NET TANGIBLE ASSETS PER SHARE

31 Dec 2024 $0.09 31 Dec 2023 $0.09

CONTROL GAINED OR LOST OVER ENTITIES IN THE HALF-YEAR

Nil.

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 2024.

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:

Brett Paton Ross Anderson Mathew Ryan George Roger Commins Steven Chaur (Appointed 20/01/2025)

Dividends Paid or Recommended

No dividends have been declared or paid during the half-year ended 31 December 2024.

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 2024:

• 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.

• Biomass grew significantly during the half year and was in accordance with Company plans.

• Revenue was in line with plans as biomass growth was prioritised.

• The Stanbridge site, which is wholly owned by MCA through its holding in the Australian Sustainable Protein Fund (ASPF), is a development where 78 grow out ponds are nearing completion. We are aiming to have 51 of these ponds stocked before autumn 2025.

• The company settled a new debt facility of $43 million with Westpac in December 2024.

• The company purchased land adjoining the Bilbul site (7390 Burley Griffin Way, Bilbul) in December 2024 for $1 million.

• The company repaid a $20million debt facility with iPartners during December 2024.

Financial Review

The Company reported a profit for the half-year ended 31 December 2024 of $1,330,963 (31 December 2023: loss $2,732,696.)

Page 5

Significant Events after Balance Date

No significant events have occurred since balance date other than:

On the 13th February 2025 MCA advised in ASX announcement that the consolidation of the company's issued capital on the basis that every ten (10) existing shares be consolidated into one (1) share (with a corresponding consolidation of all other securities on issue), as approved at the AGM of the company held on 22 November 2024 has now been completed.

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 2024.

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 2024 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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Brett Paton Chairman

28th February 2025

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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 2024, 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 2025

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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 2024

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 - fish Cost of sales - processing plant Cost of sales - cattle Administrative and other expenses Finance Costs Fish farm operating expenses Depreciation and amortisation expense Share based payment expense Net profit/(loss) before Income tax 4 Tax (expense)/benefit 5 Net profit/(loss) from continuing operations Discontinued operations Net profit/(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-24 Half-year Ended 31-Dec-23 $ $ 4,767,993 4,569,216 96,871 268,102 17,225,788 9,357,026 115,253 61,974 (4,831,708) (5,341,938) (8,315,262) (6,830,545) (58,555) (67,422) 2,232 (95,427) (1,492,322) (1,262,314) (1,302,491) (184,026) (2,401,008) (2,351,232) (1,405,326) (1,345,448) (502,185) (362,910) 1,899,280 (3,584,944) (568,317) 852,248 1,330,963 (2,732,696) - - 1,330,963 (2,732,696) 23,143 5,467,012 23,143 5,467,012 1,354,106 2,734,316 0.13 cents (0.36) cents 0.12 cents (0.34) cents 0.13 cents (0.36) cents 0.12 cents (0.34) 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 2024

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-24 As at 30-Jun-24 $ $ 4,236,113 20,749,256 544,675 520,994 47,393,248 33,186,157 325,480 557,967 52,499,516 55,014,374 167 167 62,897,258 58,467,731 7,224,818 7,825,531 10,025,849 10,044,149 5,184,959 5,313,909 85,333,051 81,651,487 137,832,567 136,665,861 2,113,300 2,734,910 314,753 287,948 763,893 720,674 718,874 639,979 3,910,820 4,383,511 20,145,098 20,321,887 9,762,432 9,753,156 10,899,410 10,924,090 173,710 198,411 40,980,650 41,197,544 44,891,470 45,581,055 92,941,097 91,084,806 97,984,142 97,896,642 27,084,505 26,646,677 (32,127,550) (33,458,513) 92,941,097 91,084,806 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 2024

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 period Other comprehensive income for the period Total profit or (loss) and other comprehensive income for the period Transactions with owners and other transfers Options exercised or lapsed Options issued and expensed during the period Total other Balance at 31 December 2023 Consolidated Group Balance at 1 July 2024 Adjustment for change in accounting standard Profit or (loss) and other comprehensive income Profit or (loss) for the period Other comprehensive income for the period Total profit or (loss) and other comprehensive income for the period Transactions with owners and other transfers Shares issued during the period Options exercised or lapsed Options issued and expensed during the period Total other Balance at 31 December 2024

Ordinary Deferred Retained Asset Revaluation Option Performance Ordinary Shares Earnings Reserve Reserve Rights Reserve TOTAL 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 97,896,642 - (33,458,513) 20,669,548 5,977,129 - 91,084,806 - - - - - - - - - 1,330,963 - - - 1,330,963 - - - 23,143 - - 23,143 - - 1,330,963 23,143 - - 1,354,106 87,500 - - - - - 87,500 - - - - - - - - - - - 414,685 - 414,685 87,500 - - - 414,685 - 502,185 97,984,142 - (32,127,550) 20,692,691 6,391,814 - 92,941,097 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 2024

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 (used in)/provided by financing activities Net (decrease)/increase 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-24 Half-year Ended 31-Dec-23 $ $ 4,354,802 4,245,276 (14,743,503) (12,704,966) 93,613 91,774 (10,295,088) (8,367,916) - (3,376) (5,696,061) (2,926,806) (5,696,061) (2,930,182) 20,000,000 20,000,000 (20,142,204) (1,503,887) (372,008) (352,797) (514,212) 18,143,316 (16,505,361) 6,845,218 20,724,947 11,026,502 4,219,586 17,871,720 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 2024

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 2025 by the directors of the company.

Note 1 Summary of Material Accounting Policies

(a) Basis of Preparation

These general purpose interim financial statements for the half-year reporting period ended 31 December 2024 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 2024, 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 2024

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-24 Half-year Ended 31-Dec-23 $ $ 4,670,096 4,370,051 - 53,619 - 2,996 4,670,096 4,426,666 93,613 104,994 1,781 24,776 2,503 12,780 97,897 142,550 4,767,993 4,569,216 96,871 268,102 96,871 268,102 4,864,864 4,837,318 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 2024

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-24 Half-year Ended 31-Dec-23 $ $ - - 1,302,491 184,026 1,302,491 184,026 204,971 213,710 962,522 908,154 442,804 437,294 1,405,326 1,345,448 413,952 400,923 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-24 Half-year Ended 31-Dec-23 $ $ - - 568,317 (852,248) 568,317 (852,248) 474,820 (896,236) 126,412 87,289 - - 601,232 (808,947) 32,915 43,301 - - - - 568,317 (852,248) 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 2024

Note 6 Cash and Cash Equivalents

Note Cash at bank and on hand 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-24 As at 30-Jun-24 $ $ 4,236,113 20,749,256 4,236,113 20,749,256 Half-year Ended 31-Dec-24 Half-year Ended 31-Dec-23 4,236,113 17,882,734 (16,527) (11,014) 4,219,586 17,871,720 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 Total current trade and other receivables	As at 31-Dec-24 As at 30-Jun-24 $ $ 543,658 539,218 (25,928) (22,467) 517,730 516,751 26,945 4,243 544,675 520,994 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 2024

Note 8 Inventories

CURRENT At cost: Fish feed and chemical inventory Processing plant inventory Cage building stock and parts At net realisable value: Biological assets Total inventory Biological Assets Biological assets Livestock Cattle Murray Cod Broodstock Murray Cod Fingerlings and Juveniles Murray Cod Pond Fish Less: Provision for biological assets Biological assets - Murray cod 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 Biological assets - Cattle 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 Note 9 Other Assets CURRENT Prepayments and deposits

As at 31-Dec-24 As at 30-Jun-24 $ $ 1,472,540 996,557 93,548 107,259 8,265 8,265 1,574,353 1,112,081 45,818,895 32,074,076 47,393,248 33,186,157 As at 31-Dec-24 As at 30-Jun-24 $ $ 24,464 22,232 2,562,427 2,657,535 6,365,653 6,279,409 39,415,107 25,778,909 (2,548,756) (2,664,009) 45,818,895 32,074,076 34,715,853 22,709,364 805,583 2,208,706 (4,404,038) (9,811,474) 17,225,789 19,609,257 48,343,187 34,715,853 22,232 265,802 - - - (226,360) 2,232 (17,210) 24,464 22,232 As at 31-Dec-24 As at 30-Jun-24 $ $ 325,480 557,967 325,480 557,967 Consolidated Group Consolidated Group 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 2024

Note 10 Property, Plant and Equipment

LAND AND BUILDINGS Land and buildings - at cost - Independent valuation Total land Carrying amount of all land and buildings had it been carried under the cost model	As at 31-Dec-24 As at 30-Jun-24 $ $ 3,324,986 2,276,674 36,750,000 36,750,000 40,074,986 39,026,674 10,038,681 8,936,422 Consolidated Group

The Group's land and buildings held at 31 December 2024 were revalued at the 2nd October 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	27,922,362 23,792,379 (5,139,460) (4,424,078) 22,782,902 19,368,301 351,000 351,000 (311,630) (278,244) 39,370 72,756 22,822,272 19,441,057 62,897,258 58,467,731

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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 2024

Note 11 Intangible Assets

Water rights and licences at market value Trademarks & intellectual property at cost Goodwill Total intangible assets Year ended 30 June 2024 Balance at the beginning of the year Additions Revaluation Closing value at 30 June 2024 Half Year ended 31 December 2024 Balance at the beginning of the year Additions Revaluation Closing value at 31 December 2024	As at 31-Dec-24 As at 30-Jun-24 $ $ 2,988,550 3,117,500 83,242 83,242 2,113,167 2,113,167 5,184,959 5,313,909 Goodwill Water Rights & Licences Trademarks & Intellectual Property 2,113,167 2,538,600 79,866 - - 3,376 - 578,900 - 2,113,167 3,117,500 83,242 2,113,167 3,117,500 83,242 - - - - (128,950) - 2,113,167 2,988,550 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 2024 year or the six months to 31 December 2024. 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 2024

Note 12 Trade and Other Payables

Note 12 Trade and Other Payables
		Consolidated Group
	As	at 31-Dec-24	As at 30-Jun-24
		$	$
CURRENT
Unsecured liabilities
Trade payables		2,059,948	2,077,503
Other payables and accrued expenses		53,352	657,407
		2,113,300	2,734,910
Financial liabilities classified as trade and other payables Trade and other payables - Total current - Total non-current		2,113,300 -	2,734,910 -
		2,113,300	2,734,910
Note 13 Borrowings CURRENT Secured Liabilities Equipment Finance Facilities Credit Card Facilities	As	at 31-Dec-24 As at 30-Jun-24 $ $ 298,226 263,640 16,527 24,308 Consolidated Group
		314,753	287,948
NON-CURRENT Secured Liabilities Equipment Finance Facilities Westpac Bank Bill Loan iPartners Loan Facility		145,098 20,000,000 -	321,887 - 20,000,000
		20,145,098	20,321,887
Total Borrowings		20,459,851	20,609,835
Murray Cod Australia Limited (MCA) repaid the iPartners Loan Facility on the 18th December 2024.
MCA settled the following facilities with Westpac Bank on 18th December 2024:
1. Term Loan Facility	$	30,000,000
2. Overdraft Facility	$	10,000,000
3. Equipment Finance Facility	$	3,000,000
The funds will be used to:

1. Re-finance and extinguish the existing $20million facility with iPartners

2. Purchase a property adjoining the Company's existing Bilbul Site, 7390 Burley Griffin Way, Bilbul

3. Provide monies for completion of Stanbridge & other capital works; and

4. Provide the ongoing working capital requirements of the Company, including growing existing fish out to harvest and increasing the hatchery and nursery stocks for future years.

The Term Loan Facility and Overdraft Facility are secured with a mortgage over land and water interests of the MCA Group and a General Security Agreement over all existing and future assets and undertakings. Equipment Finance Facilities are secured by the underlying assets.

The Financial Covenants of the Westpac Loan Facilities are:

1. Interest cover ratio is not less than 3.5 times, calculated as EBIT divided by Gross interest expense.

Page 19

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 2024

Note 14 Tax

CURRENT Income tax payable NON-CURRENT Deferred tax liabilities Property, plant and equipment - tax allowance and revaluations Opening balance 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 Charged to income Account for new right of use asset and lease liability Closing balance

Half-year Ended 31-Dec-24 Half-year Ended 30-Jun-24 $ $ - - - - 10,924,090 10,859,732 (138,520) (76,035) 7,714 140,393 106,126 - 10,899,410 10,924,090 7,825,531 8,043,219 (706,839) (217,688) 106,126 - 7,224,818 7,825,531 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-24 As at 30-Jun-24 $ $ 838,390 738,984 406,720 1,077,716 (352,526) (978,310) 892,584 838,390 As at 31-Dec-24 As at 30-Jun-24 $ $ 718,874 639,979 173,710 198,411 892,584 838,390 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 2024

Note 16 Contingent Liabilities and Contingent Assets

There were no contingent assets or liabilities outstanding at 31 December 2024 (30 June 2024: nil)

Note 17 Cash Flow Information

(a) Reconciliation of Cash Flows from Operating Activities with Profit/(loss) after Income Tax Profit/(loss) after income tax Non-cash flows in profit(loss) 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-24 Half-year Ended 31-Dec-23 $ $ 1,330,963 (2,732,696) 1,405,326 1,345,448 - 4,844 502,185 362,910 (23,681) (18,308) 696,307 (448,509) (14,207,091) (6,266,295) (621,610) 87,715 (32,394) 145,893 600,713 (998,141) 54,194 149,223 (10,295,088) (8,367,916) Consolidated Group

Note 18 Events after the Reporting Period

No significant events have occurred since balance date, other than a share consolidation.

On the 13th February 2025 MCA advised in an ASX announcement that the consolidation of the company's issued capital on the basis that every ten (10) existing shares be consolidated into one (1) share (with a corresponding consolidation of all other securities on issue), as approved at the AGM of the company held on 22 November 2024 has now been completed.

The EPS calculated as shown on the Consolidated Statement of Profit and Loss is calculated based on the number of shares issued at 31 December 2024 prior to the share consolidation.

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 2024

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 2024

— Non-financial assets Water rights and licences Recurring fair value measurements Biological assets - current Total inventory recognised at fair value on a recurring basis 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 31 Dec

Level 1 Level 2 Level 3 Total $ $ $ $ - - 45,818,895 45,818,895 - - 45,818,895 45,818,895 2,988,550 - - 2,988,550 2,988,550 - - 2,988,550 - 40,074,986 - 40,074,986 - 40,074,986 - 40,074,986 2,988,550 40,074,986 - 43,063,536 ember 2024

(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 7390 Burley Griffin Way, BILBUL NSW 2680 was purchased on 17th December 2024 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 2024

	30 June 2024	30 June 2024
		Level	1	Level 2	Level 3	Total
Recurring fair value measurements		$		$	$	$
Inventory
Inventory at fair value through profit or loss
— Biological assets - current				-	- 32,074,076 32,074,076
Total inventory recognised at fair value on a
recurring basis				-	- 32,074,076 32,074,076
Non-financial assets
Water rights and
licences		3,117,500			-	- 3,117,500
Total non-financial assets recognised at fair value
on a recurring basis		3,117,500			-	- 3,117,500
Non-recurring fair value measurements
Land and buildings			-	39,026,674		- 39,026,674
Total non-financial assets recognised at fair value
on a non-recurring basis			-	39,026,674		- 39,026,674
Total non-financial assets recognised at fair value		3,117,500 39,026,674				- 42,144,174
(b)Valuation techniques and inputs used to measure Level 2 fair values
Fair Value ($) at 31 Dec 2024 Description	Valuation Technique(s)				Inputs	Used
Non-financial assets	Market approach using recent				Price per hectare; market borrowing rate
36,750,000 Land and buildings	observable market data for similar
	properties: income approach using
	discounted cash flow methodology

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 2024 to 31 December 2024, from $24.47 to $24.93, 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 2024

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 period Current Non-Current Total

As at 31-Dec-24 As at 30-Jun-24 $ $ 10,044,149 9,878,870 424,504 1,043,131 (442,804) (877,853) 10,025,849 10,044,149 - - 10,025,849 10,044,149 10,025,849 10,044,149 763,893 720,674 9,762,432 9,753,156 10,526,325 10,473,830 Half-year Ended 31-Dec-24 Half-year Ended 31-Dec-23 442,804 437,294 204,971 213,710 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 2024 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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Brett Paton Chairman

Dated this 28[th] Day of February 2025

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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 2024, 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 material accounting policy information 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 2024 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.

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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

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 2024 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 2025

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28

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