MURRAY COD AUSTRALIA LIMITED

MURRAY COD AUSTRALIA LIMITED 2023 Annual Results Summary* Life tastes better our way

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ASX code: MCA

All figures included in this presentation are

unaudited in respect of the year ended 30 June 2023

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DISCLAIMER

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

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

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

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All figures included in this presentation are in AUD$ unless otherwise stated and are unaudited in respect of the year ended 30 June 2023.

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2023 HIGHLIGHTS

Excellent Spawning Season in Summer of 22/23
• Price Rises and demand growth
New Hatchery Site Purchased and DA approved
• DA Approved for 50 New Grow-out Ponds • 16 New Ponds completed as planned
Upgrades to Existing Hatcheries
Export Market Development
• Value Adding – eg Caviar
Staffing and Systems Improvements
• New Harvesting Technology

• Free Range Pond Technology

FY 2023 NUMBERS

(ROUNDED VERSUS FY 2022 )

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Total Revenue
$12.3M 8.78%
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Net Profit (Loss)
before Tax
($8.6M) 14%
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Fish Sales
(excluding fingerlings)
$9.5M 4.67%
Biological Assets
and Inventory
$20.9m 42%
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Tonnes Harvested
430 18%
Price Per Kilo
$24 9%
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Plus Fingerling sales of $1.4M to give $10.9M Fish Sales as per Note 3 of Appendix 4E

All figures included in this presentation are unaudited in respect of the year ended 30 June 2023

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REVENUE PLUS GAIN IN BIOLOGICAL ASSETS

REVENUE GROWTH DRIVERS

Demand is strong
Price has been increasing
Sales Pipeline is promising
Fish in Water is the critical success factor
Expanding pond numbers now the focus

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$25.76m
$22.21m
$2.49m
Provision for
Biological
Inventory
$14.26m
$19.72m
$8.48m
$6.45m
$4.48m
$1.82m
2017 2018 2019 2020 2021 2022 2023
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All figures included in this presentation are unaudited in respect of the year ended 30 June 2023

*FY2023 $654k Provision increase due to NRV increase on biomass provided for in 2022

PRICE GROWTH

Live Fish

Prices

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Processed Fish +50%
28 27
24
Live Fish Price
24
Prices Avg. MCA Price 26 25
23
22
22 24
21 21
22
21
Avg. Market price 22
19
20
19
19
20
18
18
18 18
MCA entered the Live
18 17
17
fish market in March
16
16 2020
16
15
14
14
2017/18 2018/19 2019/20 2020/21 2021/2022 2022/2023
2016/17 2018/19 2017/18 2019/20 2020/21 2021/22 2022/23
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Sources:

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

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All figures included in this presentation are unaudited in respect of the year ended 30 June 2023

NUMBER OF PONDS PER CALENDAR YER INCLUDING PLANS FOR 2023/24

GROWTH TRAJECTORY

The company’s growth trajectory of 10,000 tonnes by 2030 is still on track
Development Application for 50 ponds at new Stanbridge site is approved
Construction of new hatchery to increase capacity by 300% has commenced

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+2,500%
100
+100%
50
34
26
20
12
2
2017 2018 2019 2020 2021 2022/23 2023/2024
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All figures included in this presentation are unaudited in respect of the year ended 30 June 2023

COVID HANGOVER - IMPACT ON REVENUE

Development at Whitton Site Feb 2023

From August 2022 we limited sales of fish in the 2.5Kg+ range. We also reduced sale of fish from 1.5kg+ to increase biomass

in 2kg+ range

Despite 18% fall in tonnage, fish sales revenue fell less than

5% from 2022

Growth of a fish to target size 2.5kg can take 2-3yrs.
This limitation will ease over the coming years as we build our

biomass.

40% reduction in fingerling sales sold to restocking programs
More fingerlings kept by MCA to grow future production

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All figures included in this presentation are unaudited in respect of the year ended 30 June 2023

2023/24 CAPITAL EXPENDITURE OUTLOOK

50 Free Range Ponds at new “Stanbridge Site”– DA Approved
1[st] Stage of Infrastructure build underway at new Hatchery Site
On track to complete Silverwater & Euberta hatchery upgrades before spawning in spring 2023
50% conversion of McFarlane/Foley’s Corner site from Grow-out to Nursery

R & D Expenditure

Selective Breeding Program with CSIRO
Development of feeds
Out of Season Spawning

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New weaning system installed at the Silverwater Hatchery at Grong Grong

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All figures included in this presentation are unaudited in respect of the year ended 30 June 2023

SUSTAINABILITY

RESTOCKING PROGRAM

1.45 Million Fingerlings to native waterways for restocking programs

Less Waste = More Margin

We released Aquna Gold Caviar
Benefits:
reduce by-product waste
Increase profit per female fish
Enhance luxury brand position

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NEW INITIATIVES

Out of season Spawning
Feed trials and development
CSIRO partner in breeding program
Free Range Pond technology
Electric stunning harvest Technology

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Business Development Corporate Manager Mr Ian Charles releasing large fish, in Murray Darling River System

All figures included in this presentation are unaudited in respect of the year ended 30 June 2023

WHAT WE BELIEVE IN

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All figures included in this presentation are unaudited in respect of the year ended 30 June 2023

AQUNA IS A LUXURY FISH IT IS NOT A COMMODITY

Delicate. Clean. Sweet.

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

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

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All figures included in this presentation are unaudited in respect of the year ended 30 June 2023

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Aquna has created a luxury fish product by
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All figures included in this presentation are unaudited in respect of the year ended 2023

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aquna.com

All figures included in this presentation are unaudited in respect of the year ended 2023

AI assistant

MURRAY COD AUSTRALIA LIMITED Investor Presentation 2023

65302_rns_2023-08-30_0d4ddd36-31f8-42ee-931a-95f3c4d93ee4.pdf