MURRAY COD AUSTRALIA LIMITED — Investor Presentation 2024

May 21, 2024

CORPORATE UPDATE & EQUITY RAISING PRESENTATION

MURRAY COD AUSTRALIA LIMITED - MAY 2024

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IMPORTANT NOTICES.

IMPORTANT INFORMATION

This investor presentation (Presentation) has been prepared by Murray Cod Australia Limited (ACN 143 928 625) (MCA or Company), is dated 22 May 2024 and has been prepared in relation to a proposed capital raising comprising an institutional placement (Placement) and a pro rata accelerated non-renounceable entitlement offer of new fully paid ordinary shares in MCA (New Shares) to eligible institutional investors (Institutional Entitlement Offer) and eligible retail investors (Retail Entitlement Offer) (together, the Entitlement Offer).

Certain market and industry data used in connection with this Presentation may have been obtained from research, surveys or studies conducted by third parties, including industry or general publications. None of the Company, its representatives or advisers, the Joint Lead Managers, nor any of their respective related bodies corporate or affiliates have independently verified any such market or industry data provided by third parties or industry or general publications.

Summary Information

The material in this presentation is general background information about MCA and its activities current as at the date of this Presentation. Information is given in summary form and does not purport to be complete, nor to contain all the information which a prospective investor may require in evaluating a possible investment in MCA or that would be required in a prospectus, product disclosure statement or other disclosure document prepared in accordance with the requirements of the Corporations Act 2001 (Cth) (Corporations Act). The Presentation should be read in conjunction with the Company’s other periodic and continuous disclosure announcements filed with the ASX (available at www.asx.com).

Not financial product advice

This Presentation does not constitute investment or financial product advice (nor tax, accounting or legal advice) nor any recommendation to acquire New Shares and does not and will not form any part of any contract for the acquisition of shares in the Company. Each recipient of the Presentation should make its own enquiries and investigations regarding all information in this Presentation including but not limited to the assumptions, uncertainties and contingencies which may affect future operations of the Company and its subsidiaries (together, the Group) and the impact that different future outcomes might have on the Group. Information in this Presentation is not intended to be relied upon as advice to investors or potential investors and has been prepared without taking account of any person’s individual investment objectives, financial situation or particular needs. Prospective investors should consider the appropriateness of the information having regard to their own objectives, financial situation and needs, and seek appropriate advice, including financial, legal, accounting and taxation advice appropriate to their jurisdiction. The Company is not licensed to provide financial product advice in respect of the New Shares. Cooling off rights do not apply to the acquisition of New Shares under the Entitlement Offer or shares under the Placement.

Not an offer

This Presentation is not and should not be considered an invitation or offer to acquire or sell shares in the Company or any other financial products, or a solicitation to invest in or refrain from investing in, shares in the Company or any other financial products. This Presentation is for information purposes only and is not a prospectus, disclosure document, product disclosure statement or other offering document under Australian law or any other law. It has not been, and is not required to be, lodged with the Australian Securities and Investment Commission (ASIC).

This Presentation does not constitute an offer to sell, or the solicitation of an offer to buy, any securities in the United States or any jurisdiction in which such an offer would be illegal. This Presentation may not be released to US wire services or distributed in the United States. The New Shares have not been, and will not be, registered under the US Securities Act of 1933 and may not be offered or sold in the United States except in transactions exempt from, or not subject to, the registration requirements of the US Securities Act and applicable US state securities laws. The distribution of this Presentation in the United States and elsewhere outside Australia may be restricted by law. Persons who come into possession of this Presentation should observe any such restrictions as any non-compliance could contravene applicable securities laws.

The Retail Entitlement Offer will be made on the basis of the information to be contained in the retail offer booklet to be prepared for eligible retail shareholders in Australia and New Zealand (Entitlement Offer Booklet), and made available following its lodgment with ASX. Any eligible retail shareholder in Australia and New Zealand who wishes to participate in the Retail Entitlement Offer should consider the Entitlement Offer Booklet before deciding whether to apply under the Retail Entitlement Offer. Anyone who wishes to apply for New Shares under the Retail Entitlement 2 Offer will need to apply in accordance with the instructions contained in the Entitlement Offer Booklet and application form. aquna.com

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IMPORTANT NOTICES.

International Offer Restrictions

The distribution of this Presentation (including an electronic copy) to persons or in jurisdictions outside Australia may be restricted by law and any person into whose possession this document comes should seek advice on and observe those restrictions.

Any failure to comply with such restrictions may violate applicable securities laws. This document does not constitute an offer of New Shares in the Company in any jurisdiction in which it would be unlawful. In particular, this document may not be distributed to any person, and the New Shares may not be offered or sold, in any country outside Australia except as set out in the sub-section of this Presentation captioned “International Offer Jurisdictions”.

By accepting this Presentation, you represent and warrant that you are entitled to receive this Presentation in accordance with the restrictions, and agree to be bound by the limitations, contained within it.

Forward-looking statements and forecasts

This Presentation may contain “forward-looking” statements including statements, guidance, forecasts, estimates, prospects, projections or statements in relation to future matters, including statements regarding the Company’s intent, belief or current expectations with respect to its business operations, market conditions, results of operations, financial conditions, and risk management practices. Forward-looking statements can generally be identified by the use of forward-looking words such as “anticipated”, “expected”, “aim”, “predict”, “projections”, "should", "plans", “guidance”, “forecast”, “estimates”, “could”, “may”, “target”, “consider”, “will” and other similar expressions. Indications of, and guidance on, future earnings, financial performance, and financial position are also forward-looking statements.

Forward-looking statements including projections, indications or guidance on future earnings or financial position and estimates are provided as a general guide only and should not be relied upon as an indication or guarantee of future performance. The forward-looking statements contained in this Presentation involve known and unknown risks and uncertainties and other factors, many of which are beyond the control of the Company and may involve significant elements of subjective judgement and assumptions as to future events which may or may not be correct. Forward-looking statements may also assume the success of the Company's business strategies and no assurance can be given that any of the strategies will be effective or that the anticipated benefits from the strategies will be realised in the period for which the forward-looking statements may have been prepared or otherwise.

Forward-looking statements, opinions and estimates are based on assumptions and contingencies which are subject to certain risks, uncertainties and change without notice, as are statements about market and industry trends, which are based on interpretations of current market conditions. Many of these risks are not in the control of MCA. Should one or more of the risks or uncertainties materialise, or should underlying assumptions prove incorrect, there can be no assurance that actual outcomes will not differ materially from these statements. No independent third party has reviewed the reasonableness of these forward-looking statements. You should not place undue reliance on forward-looking statements and neither MCA nor any of its directors, employees, advisers or agents assume any obligation to update such information.

No representation, warranty or assurance (express or implied) is given or made in relation to any forward-looking statement by any person (including the Company, the Joint Lead Manager Parties (as defined below) or any of their respective advisers). In particular, no representation, warranty or assurance (express or implied) is given that the occurrence of the events expressed or implied in any forward-looking statements in this Presentation will actually occur. Actual operations, results, performance, production targets or achievement may vary materially from any projections and forward-looking statements and the assumptions on which those statements are based.

To the fullest extent permitted by law (including the ASX Listing Rules), and to that extent only, the MCA Parties (as defined below) and the Joint Lead Manager Parties disclaim any obligation or undertaking to release any updates or revisions to the information, including any forward-looking statements, to reflect any change in expectations or assumptions. The information in this Presentation remains subject to change.

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IMPORTANT NOTICES.

Investment risk

An investment in securities in the Company is subject to known and unknown risks, some of which are beyond the control of the MCA Parties and the Joint Lead Manager Parties. Neither the Company nor the Joint Lead Manager Parties guarantee any particular rate of return or the performance of the Group, nor do they guarantee any particular tax treatment. Investors should

have regard to the risk factors outlined in this Presentation when making their investment decision and should make their own enquiries and investigations regarding all information in this Presentation, including the assumptions, uncertainties and contingencies which may affect future operations of the Group and the impact that different future outcomes may have on the Group.

Financial Information

All information in this Presentation is in Australian dollars ($) unless stated otherwise. A number of figures, amounts, percentages, estimates, calculations of value and fractions in this presentation are subject to the effect of rounding. Accordingly, the actual calculation of these figures may differ from the figures set out in this presentation and totals may vary slightly due to rounding. All references to financial years (FY) appearing in this Presentation are to the financial years ended on 30 June of the indicated year.

This Presentation has not been audited in accordance with the Australian Auditing Standards. Unaudited financial data contained within this presentation may be subject to change.

Investors should be aware that certain financial information included in this presentation are “non-AIFRS” and “non-GAAP” financial measures. These non-AIFRS /non-GAAP financial measures do not have a standardised meaning prescribed by Australian Accounting Standards and therefore may not be comparable to similarly titled measures presented by other entities, and should not be construed as an alternative to other financial measures determined in accordance with Australian Accounting Standards. Although the Company believes that these non-AIFRS /non-GAAP financial measures provide useful information to users in measuring the financial position of its business, investors are cautioned not to place undue reliance on any non-AIFRS /non-GAAP financial measures included in this Presentation.

Past performance

Information regarding past performance, including past share price information, given in this Presentation is given for illustrative purposes only and should not be relied upon (and is not) an indication of its future performance or condition. The historical financial information contained in this Presentation is, or is based on, information that has previously been released to the market.

Disclaimer

To the maximum extent permitted by law, and only to that extent, the Company, its related bodies corporate and their respective officers, directors, employees, advisers, partners, affiliates and agents (MCA Parties), and the Joint Lead Managers, their respective related bodies corporate and their respective officers, directors, employees, advisers, partners, affiliates and agents (Joint Lead Manager Parties):

· make no representation or warranty (express or implied), as to the currency, accuracy, completeness, timeliness or reliability of the contents of this Presentation;

· exclude and disclaim all liability (and without limitation, any liability arising from fault or negligence) for any expenses, losses, damages or costs whatsoever arising from the use of or reliance on this Presentation or its contents or otherwise arising in connection with it, or from your participation in the Entitlement Offer or Placement.

None of the Joint Lead Manager Parties have authorised, permitted or caused the issue, submission, dispatch or provision of this Presentation and, except to the extent referred to in this Presentation, none of them makes or purports to make any statement in this Presentation and there is no statement in this Presentation which is based on any statement by any of them. None of the MCA Parties nor the Joint Lead Manager Parties make any recommendation as to whether any person should participate in the Placement or Entitlement Offer nor do they make any representations or warranties (express or implied) to you concerning the offers. By accepting this Presentation, you warrant that you are not in a fiduciary relationship with any of the Joint Lead Manager Parties.

Determination of eligibility of investors for the purpose of the Placement or the Entitlement Offer is determined by reference to a number of matters, including legal requirements and the absolute discretion of MCA and the Joint Lead Managers. The MCA Parties and Joint Lead Manager Parties disclaim any liability in respect of the exercise or otherwise of that discretion, to the maximum extent permitted by law. The Joint Lead Managers may have interests in the securities of the Company, including by providing investment banking services to the Company. Further, the Joint Lead Managers may act as market maker or buy or sell those securities or associated derivatives as principal or agent. The Joint Lead Managers may receive fees for acting as joint lead managers to the Offer.

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CORPORATE OVERVIEW.

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MURRAY COD AUSTRALIA: CORPORATE & EQUITY RAISING SNAPSHOT.

MCA:

A vertically integrated land-based aquaculture business utilising self-contained units / ponds, with one of the lowest environmental footprints in the industry:

• 8 Farm Sites, 1 Processing Plant, Maintenance facility and Main Office based in the Murrumbidgee Irrigation Area (Riverina, NSW)

MCA BOARD:

• Brett Paton – Chairman (appointed 6 March 2024) Other board positions includes Pointsbet Holdings Limited (Chairman) and Hearts and Minds Investment Limited

• Ross Anderson – CEO

• Existing capacity of ~2,088t per annum.

• Mathew Ryan – Director of Production & Development

EQUITY RAISING:

Placement & accelerated non-renounceable Entitlement Offer to raise $20.4 million

• Roger Commins – Non-Executive Director

• Other board positions include Southern Cotton Group of companies (Founding member & Director)

Net Tangible Assets (NTA): $95.2 million (A$0.09 per share) post Offer Offer Price: $0.07 (22.3% discount to NTA, 37.4% discount to 30-day VWAP)

: The Placement & Entitlement Offer provides funding to Complete Stanbridge site to 78 ponds increasing capacity to approximately 4,000t per annum, sufficient fish feed to support existing stock and further biomass growth, Recirculating Aquaculture System

(RAS) development for the hatcheries for increased larvae weaning, and additional working capital.

• Significant (free-hold) land and water assets;

• Completes the infrastructure for a growing biomass which has increased ~69% in the last 4.5 months alone ; and

• Positions the business with ~4,000t of biomass by the end of FY27 , equating to ~$100m per annum of potential revenue at $25/kg in subsequent years and going forward.

Shareholder	Shares (m)	% of issued capital
Directors & Substantial Shareholders
Mathew Ryan	113.6	14.8%
Australian Super	71.4	9.3%
Saville Capital	64.1	8.4%
Ross Anderson	63.1	8.2%
George 'Roger' Commins	54.3	7.1%
Brett Paton	3.6	0.5%
Total	370.1	48.3%
Top 20 Shareholders	500.9	65.4%
Remaining Shareholders	264.9	34.6%
Total Shares on issue	765.8	100.0%

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ABOUT MURRAY COD AUSTRALIA (MCA)

MCA engages in the sustainable breeding, growing and marketing of Murray Cod, Golden Perch and Silver Perch as fingerlings, with the Aquna Sustainable Murray Cod the marquee branded product.

MCA’s science-based innovation and marketing has led to branded Aquna Murray Cod being on the menus of many of the best restaurants in Australia.

A vertically-integrated business , MCA grows high-quality Aquna Sustainable Murray cod, in self-contained units (ponds) using a l and-based . aquaculture model

MCA has 8 farm sites and 1 processing plant, and maintenance facility currently in operation, within the Murray-Darling basin – the fish's native environment – and has one of the lowest environmental footprints in the industry.

• Headquartered in Griffith, with 8 farming sites across the Riverina, New South Wales. Ideal for domestic east-coast distribution.

• Murrumbidgee Irrigation Area ( MIA ) has abundant water from Snowy Hydro and underground sources.

• MIA is the “ Food Bowl ” of Australia.

• The MIA is “infrastructure ready” with level flood plain, water access, electricity, roads, and sources of labour.

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WHY THE MCA MODEL IS DIFFERENT

It’s a Luxury Food - Not a Commodity

Land Based Production

• Aquna Sustainable Murray Cod is one of the rarest

• fine dining fish in the world;

• Is native only to Australia;

• No commercial fishing allowed;

Biosecurity – allows for better control.

• Each pond is isolated, with dedicated piping, wiring and catchment zone;

• MCA monitors and controls water quality, the delivery of feed and dissolved oxygen levels.

• Most other high quality white fleshed fish are wildcatch and quotas are steadily reducing;

• Anecdotally chefs rate the fish between coral trout and Patagonian toothfish (price comparison on p18);

• Market recognition of quality is leading to higher farm gate margins; and

• Still priced lower than competing white fleshed fish – room for margin growth. (refer p18).

Environmental

• Nutrient enriched water is used to irrigate adjoining crops and pastures;

• • Very low water usage compared to other crops or livestock.

Lower Costs – cost control, limited cost base variability.

• NO ships required – limiting maintenance costs;

• NO bad weather variability- stopping work;

• NO seals or sharks or other variable threats;

• NO boats to ferry staff to site

• Calm fresh water - less unanticipated maintenance or damage;

• • Less “Red Tape”

Of the 57m tonnes of finfish produced by aquaculture in the world, 49m tonnes or 85% were produced from inland aquaculture. Source: United Nations FAO “The State of World Fisheries and Aquaculture 2022.

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LOCATION OF MCA SITES

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CAPACITY AND USE OF MCA SITES

Excludes Contract Growers

From 1 stocked grow-out pond in 2017. Today MCA has over 65 ponds stocked and 128 ponds upon completion of Stanbridge site.

MCA Site	Current Usage	Structure	Current Capacity in Fish Numbers
Bilbul	Nursery	12 ponds of 8 nets each (96 nets)	3,360,000 juveniles
		Recirculating Aquaculture System (RAS)	400,000 juveniles
McFarlane’s	½ Nursery	8 ponds of 12 nets each (96 nets)	1,680,000 juveniles 200,000 grow-out
	½ Grow-out
Whitton	Grow-out production	4 square ponds of 12 nets each (48 nets)	200,000 grow-out
		16 Round net ponds	800,000 grow-out
		10 Free range Ponds	450,000 grow-out
Stanbridge (under construction)	Grow-out Production	78 Free Range Ponds (28 Complete, 23 Earthworks, 27 planned) - each pond proposed to be stocked with approximately 45,000 fish.	1,260,000 grow-out
Gogeldrie (under construction)	Hatchery	Hatchery (DA Approved)	Not operating
Silverwater	Hatchery	Extensive ponds and RAS infrastructure	3,100,000 hatchery
Euberta	Hatchery	Extensive ponds and RAS infrastructure	2,700,000 hatchery
Ishwinroo at Wentworth	Hatchery/Nursery	7 broodstock ponds	200,000 nursery
		14 Larval ponds	-
		5 sheds housing 7 independent RAS systems	600,000 Hatchery
Griffith NSW	Processing plant	Automated Processing Plant & Cool Rooms	~ 4,000 tonnes per annum

These numbers are approximates and unaudited

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PLANNED CHANGES TO CAPACITY

Site	Proposed Usage	Proposed Changes	Proposed Capacity in Fish Numbers
Bilbul	Nursery	DA Submitted for 12 additional ponds	6,720,000 juveniles 400,000 RAS juveniles
McFarlane’s	100% Nursery (Transition)	8 ponds of 12 nets each (96 nets) Will transition to nursery production as required	3,360,000 juveniles
Whitton	Grow-out production and Nursery (Transition)	4 square ponds of 12 nets each (48 nets) will transition to nursery as required 16 Round net ponds remain as grow-out 10 Free range Ponds remain as grow-out	3,360,000 juveniles 800,000 grow-out 450,000 grow-out
Stanbridge (under construction)	Grow-out Production	78 Free Range Ponds - each pond proposed to be stocked with approximately 45,000 fish.	3,510,000 grow-out
Gogeldrie (under construction)	Hatchery	Hatchery (DA Approved) Facility to be built in 3 stages	Stage 1 7,000,000 Stage 2 7,000,000 Stage 3 7,000,000
Silverwater	Hatchery	Development to RAS over 2 years	5,100,000
Euberta	Hatchery	Development to RAS over 2 years	5,900,000
Wentworth	Hatchery/Nursery	None	200,000 Nursery 600,000 Hatchery

These numbers are approximates and unaudited

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SCALING UP PRODUCTION

NURSERY AND GROW-OUT PONDS – EXCLUDING HATCHERIES

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27
128
ponds
23
COVID 19 Pandemic
50 78
Earthworks
34 34 Complete
26
20 Planned
12
2 Actual
2017 2018 2019 2020 2021 2022 Dec-23 2024
These numbers are unaudited
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• Construction of 78 free range grow-out ponds at Stanbridge site is underway with 28 ponds already complete.

• As detailed earlier some rectangular netted ponds have converted from grow-out to nursery

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CURRENTLY ESTIMATED 5.1 MILLION FISH IN STOCK

Number of Fish in Juvenile & Grow-out (‘000)

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(As at 15 May 2024)
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Grow-out numbers by weight range (As at 15 May 2024)

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15,011 13,558
196,682
229,981
<100
100-300
2,091k
203,817
300-600
600-800
131,535
800-1.2kg
1.2kg-2kg
851,955
2,984k
2kg-3kg
3kg+
448,765
Juvenile
Grow-out
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These numbers are unaudited 13 aquna.com

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STAGES / TIMING OF PRODUCTION CYCLE

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Spend 6 - 9
Hatching 2 months 8 months 12 months to 2.5 years
months in Nursery
To Nursery To Grow-out
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In summary a fish can spend from 26 - 38 months to go from egg to plate.

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STAGES OF PRODUCTION CYCLE

Hatchery	Hatchery	Nursery	Nursery	Grow-out	Grow-out
Spring / Summer		Autumn / Winter		Spring / Summer (The following year)
Current Capacity:	6.4 million	Current Capacity	5.64 million	Current Capacity	2.91 million
Proposed Capacity	32.6 million	Proposed Capacity	14.04 million	Proposed Capacity	4.8 million
• Spawning can occur from late Sep until late Oct • Fertilized eggs are hatched into larvae under controlled conditions (indoors) • Larvae are monitored inside controlled conditions until weaning • Larvae are then moved to either: 1. Larval rearing ponds (old method) 2. Larval weaning facilities (new method) • Weaned larvae are shipped out to Juvenile sites		• Weaned Larvae become juvenile are transferred to Nursery sites where they are placed in ponds • The ponds used are former grow-out ponds which have been converted to hold Juveniles • They spend the winter being cared for in these ponds • They are graded by size every few weeks during the warmer months • In Spring they are moved to Grow-out ponds • At this time they can weigh anywhere from 60- 120 grams		• The Juveniles are transferred to grow-out ponds where they stay until harvest • General growth rate is approximately 800g to 1kg per annum • Fish can be sold from 600grams up to 3kg+ • Caviar fish (females) generally remain in ponds until they are 4kg before harvesting for both flesh and caviar at the same time

These numbers refer to Fish and are unaudited

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KEEPING MORE LARVAE FOR BIOMASS GROWTH

• All time high of 1,007 tonnes in grow-out stock as at 15 May 2024. Improvements in feeding and increased fish numbers has led to acceleration in biomass volume.

• As fish get larger biomass growth should accelerate (depending on harvest size.)

• Biomass is estimated to grow to approximately 4,000 tonnes by the end of FY27 (based on average harvest size of 1.5kg).

• Growth is not linear all year round. In winter months is slower than in warmer months

• Larvae sold to Govt for native waterways re-stocking during

• COVID 19 resulted in lower biomass entering our production cycle and therefore reduced fish stocks at saleable size as exports and restaurant markets re-opened.

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Sold more Larvae
during COVID 19
5,500,000
1,007
5,000,000
4,500,000
825
4,000,000
698
3,500,000
596
580
3,000,000
555
535
2,500,000
401
2,000,000
1,500,000
211
1,000,000
500,000
55
0
30-Jun-17 30-Jun-18 30-Jun-19 30-Jun-20 30-Jun-21 30-Jun-22 30-Jun-23 31-Dec-23 15-Mar-24 14-May-24
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Larvae Sales Biomass

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POTENTIAL RETURNS FROM CURRENT FISH NUMBERS

EXCLUDING ANY NEW FISH TO BE SPAWNED IN 2024 SEASON OR BEYOND

Assumptions based on:

• Sale price of $25 per kg for fish 2.0kg and below

• Sale price of $27 per kg for fish 2.5kg and above

• Estimated $12kg of direct cost to grow the fish

• Remaining costs are estimated direct growing cost less estimated costs spent to date

• Growth rates of fish can vary with seasonal conditions or other factors

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Estimate of Sales vs Remaining Costs based on Fish Sale Weight
300M
During March 2024 250M
250M avg sale weight has been
.
1.3kg
208M
200M
154M
150M
116M
98M
100M
80M
77M
61M
43M
50M
24M
0M
1.0kg 1.5kg 2.0kg 2.5kg 3.0kg
Remaining Costs Sales ($A)
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This is a simulation and does not constitute a forecast that can be relied upon.

These numbers are unaudited

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MURRAY COD PRICE GROWTH

Live Murray Cod Prices

Processed Murray Cod Prices

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In terms of culinary quality, anecdotes by chefs rate Aquna Sustainable Murray Cod between Coral Trout and Patagonian Toothfish.

• Coral Trout wholesale price is $40-45 per kg; and

• Patagonian Toothfish wholesale price ranges from $52-60 per kg.

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

These numbers are unaudited

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• THE ECONOMICS: FILLET YIELD MOTIVATES US TO GROW LARGER FISH

• Fillet yield = weight of fillets total weight of fish

• Larger fish have better fillet yield than smaller fish

• This means fillets need to be priced differently to achieve same price per kg of whole fish

For Example:

• 3kg fish can yield up to 48%

• To achieve $27 whole fish price fillet needs be priced at $27/48% = $56.25

• 1kg fish can yield as low as 33%

• To achieve $24 whole fish price fillet needs to be priced at $24/33% = $72.72

• Fillets from a 3kg fish are 23% cheaper than from 1kg fish despite larger whole fish being 12.5% dearer.

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These numbers are unaudited 19 aquna.com

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DISTRIBUTION CHANNELS

• Currently export customers pay their own air freight

• But freight will be a major consideration as volume grows

• Moving from whole round fresh fish to a frozen fillet will dramatically change logistics

• Cost of frozen sea freight is between 5 and 15 times lower than air freight depending on volumes

• Logistics of cold chain and extended shelf life make it easier for distributors to sell frozen

• Frozen quality can be maintained via technology

But…

• The economics of fillet yield mean that frozen fillets need to come from larger fish (2.5kg+)

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EQUITY RAISING DETAILS

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EQUITY RAISING OVERVIEW

• Structure Equity Raising , comprising: • A 1 for 5 accelerated non-renounceable entitlement offer to raise approximately $10.7 million (“ Entitlement Offer ”) comprising of: • An accelerated institutional entitlement offer (“ Institutional Offer ”); and

• • A non-accelerated retail entitlement offer (“ Retail Offer ”).

• • A placement under ASX Listing Rule 7.1 and ‘supersize’ waiver to raise up to approximately $9.6 million (“ Placement ”).

• The Entitlement Offer and Placement will raise up to approximately $20.36 million via the issue of up to approximately 291.0 million new fully paid ordinary shares (“ New Shares ”). All New Shares will rank equally in all respects with existing MCA ordinary shares from the date of their issue.

• Offer Price Offer Price of $0.07 per New Shares (“ Offer Price ”), represents: • 33.3% discount to the last close price of $0.105

• • 37.4% discount to the 30-day VWAP of $0.112;

• • 22.3% discount to the NTA [1] per share of $0.09; and

• • 26.6% discount to the TERP [2 ] per share of $0.095.

• Use of Proceeds Additional capital expenditure for: • the completion of Stanbridge Grow-out Site;

• • RAS development at hatcheries for larval weaning;

• • Fish Feed for existing stocks and the stocking of Stanbridge; and

• • Additional working capital.

• •

• Director Support Each of Brett Paton, Ross Anderson and Roger Commins, being Directors of the Company, will participate in-full or in-part under the Entitlement Offer. •

• Joint-Lead Managers & Aitken Mount Capital Partners are joint-lead manager to the Entitlement Offer and Placement. •

• Advisers Blackpeak Capital are independent financial adviser to MCA and joint-lead manager to the Entitlement Offer and Placement.

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1. Net Tangible Assets post offer is $95.2 million (calculated as at 21[st] May 2024 and includes the equity raising proceeds of approximately $20.36 million). 2. Theoretical Ex-Rights Price.

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PRO-FORMA CAPITAL STRUCTURE & USE OF FUNDS

CAPITAL STRUCTURE	CAPITAL STRUCTURE
Existing Shares on Issue	765.8 million
New Shares under Placement	137.8 million
New Shares under Entitlement Offer	153.2 million
Total Shares on Issue, post Offer	1,056.7 million
Indicative Market Capitalisation at Offer Price	$74.0 million
Existing Cash & Proceeds from the Offer (before costs)	$29.3 million
Pro-Forma Debt	$20.6 million

	USE OF FUNDS BREAKDOWN:	Amount ($A)
	Completion of Stanbridge:	$9.1 million
	Fish Feed and other production costs for existing stocks and Stanbridge:	$8.6 million
	Hatchery RAS Development for Lavae Weaning:	$0.5 million
	Additional Working Capital & Costs of the Offer:	$2.2 million
	Total:	$20.4 million

NET TANGIBLE ASSETS	NET TANGIBLE ASSETS
NTA, post Offer	$95.2 million
Total Shares on Issue, post Offer	1,056.7 million
NTA per share, post Offer	$0.09

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INDICATIVE TIMETABLE

INDICATIVE TIMETABLE	INDICATIVE TIMETABLE
Trading Halt and Announcement of Equity Capital Raising (Offer)	Wednesday, 22nd May 2024
Placement and Institutional Offer Opens	Wednesday, 22nd May 2024
Placement and Institutional Offer Closes	(4:00pm AEST) Thursday, 23rd May 2024
Announcement of Results of the Placement and Institutional Entitlement Offer	Friday, 24th May 2024
Trading Halt lifted and MCA shares recommence trading on an “ex-Entitlement basis”	Friday, 24th May 2024
Record Date for the Retail Offer	Friday, 24th May 2024
Despatch of Retail Offer Booklets	Tuesday, 28th May 2024
Retail Offer Opens	Tuesday, 28th May 2024
Settlement of New Shares under the Placement & Institutional Offer	Wednesday, 29 May 2024
Allotment of New Shares under the Placement & Institutional Offer	Thursday, 30 May 2024
Retail Offer Closes	Friday 14, June 2024 (4:00pm AEST)
Announcement of Results of the Retail Offer	Tuesday, 18 June 2024
Settlement of New Shares under the Retail Offer	Thursday, 20 June 2024
Allotment of New Shares under the Retail Offer	Friday, 21 June 2024

Note: The Joint-Lead Managers and the Company reserve the right to close the book early and without notice. All times are Australian Eastern Standard Time (AEST).

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FUTURE FUNDING OPTIONS FOR CAPEX

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• MCA is working with noted property specialist LAWD on transactions to generate cash from the land, water and infrastructure assets held by MCA.

• At current valuations, with Stanbridge on an “as complete” basis, land and water assets of $58.9 million are available as initial assets for outside investors.

• MCA may selectively draw from its land and water portfolio to suit specific investors and/or capital requirements.

• Upon completion of Stanbridge site MCA will have holding capacity of approximately 5 million grow-out fish. This would equate to approx. 4,000 tonnes per annum of production.

• MCA would not plan to expand this capacity until an appropriate arrangement is negotiated with potential property investors.

• Discussions have commenced with Australian and international investors around funding infrastructure to significantly increase capacity in coming years.

Image: Whitton Site

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Stanbridge Site

MAJOR GOALS FOR NEXT 18 MONTHS

• Complete construction at Stanbridge site and optimize stocking regime over the next 18 months across all sites - maximizing capacity usage.

• (Final stocking proposed for Spring 2025)

• Continued focus on biomass growth and planned additions to capacity

• Actively market sale & leaseback opportunities to external investors over the

• next 12 months.

• Maintain existing distribution channels in domestic and international markets

• and prepare them for volume becoming available.

• Continue opening new distribution channels in international markets and prepare them for volume becoming available.

• Continue to focus on price increase.

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FURTHER INFORMATION:

• KEY RISKS

• INTERNATIONAL OFFER RESTRICTIONS

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KEY RISKS

Specific Risks

Labour Risks and Reliance on Key Personnel

Murray Cod Australia Limited (“ MCA ”) believes that it has, in general, good relations with its employees and contractors. However, there can be no assurance that MCA’s operations or those of its contractors will not be affected by labour related problems in the future, such as disputes relating to wages or requests for increased benefits. There are risks associated with staff including attracting and retaining key personnel and staff acting out of their permitted authority and with contractors not acting in accordance with MCA’s policies. Given the specialised nature of its industry, MCA is substantially reliant on the expertise and abilities of its key personnel in overseeing the development and operation of its sites and projects. The ability of MCA to achieve its objectives depends on the engagement of key employees, directors and external contractors that provide management, technical and scientific expertise.

Energy and fish feed prices

Electricity and fish feed are material operating expenses for MCA. There is a risk that there could be significant increases to energy and fish feed prices. Such increases could significantly increase MCA's cost of operations and have a material adverse effect on MCA's financial performance. Further, any material disruptions in the supply of energy or fish feed to MCA, and MCA being unable to source alternative supplies on similar terms or at all, could have a material adverse effect on MCA's operations and financial performance.

Seasonal and environmental conditions

As MCA is an agricultural water-based producer, there is a risk that MCA could be exposed to a number of natural events and adverse movements in the environment, such as changes in water temperatures, dissolved oxygen and salinity levels, many of which are beyond MCA's control. Adverse environmental conditions can negatively impact fish stock survival, restrict the growth of fish and increase feed conversion ratios. Events such as floods and storms could also cause short, medium or long-term interruptions to MCA's operations and materially impact cash flows, financial performance and operational results, including but limited to: (i) water temperature – if the water temperatures move quickly upwards or downwards, then this could lead to slower growth amongst the fish stock; and (ii) disease outbreaks – disease outbreaks can inflict mortalities on fish stock, slow fish growth rates and can disfigure or render the fish unsightly which reduces their marketability.

Fresh water supply

Fresh and high-quality water is critical for MCA's operations particularly in the ponds and hatchery. There is a risk to MCA that if access to fresh water supply was significantly limited or restricted, it could have a material impact on MCA's farming operations or costs, and its subsequent financial performance.

Biosecurity issues

Generally, biosecurity in outdoor pond-based farms, are more difficult to manage due to the lack of environmental control relative to an indoor controlled aquaculture environment. Furthermore, MCA is required to replace fish breeding stock in-order to maintain genetic diversity and ensure stock health. This genetic stock may be introduced from wild caught specimens or from alternative hatcheries. This environmental exposure and the introduction of external fish stock may increase the risk of outbreak of disease in MCA's fish stock, which could result in higher mortality rates which may have a material adverse impact on the financial performance of MCA.

Disease outbreaks and parasites

There is a risk that outbreak of disease in MCA's fish stock and resulting higher mortality rates could have a material adverse impact on MCA's profits, operations and financial performance. Disease is a business risk that is inherent to fish farming operations. Further, the growing of Murray Cod for human consumption through aquaculture has only been recently established relative to other fish species and may be subject to diseases that are not yet known. The major known diseases that can affect Murray Cod are:

(i) Chilodonella and trichodina – fish grown in pond farms are more susceptible to this infection which may lead to increased mortality and slower growth amongst other impacts;

(ii) White spot – a commonly found protozoan disease found in most native fish which may lead to increased mortality and slower growth amongst other impacts;

(iii) Saprolegnia – a fungal disease occurring during winter, generally related to rough handling and which may adversely affect marketability; and (iv) Parasitic copepod Lernaea (anchor worm) – which may adversely affect marketability and lead to secondary bacterial infections. There are numerous other diseases and parasites that can impact Murray Cod, which could adversely impact MCA's operations.

Reduction in demand for Murray Cod

There is a risk that a change in economic conditions could cause consumers to reduce their consumption of Murray Cod for other sources of seafood and proteins. Changes in consumer dietary preferences or sentiment towards seafood and Murray Cod could also result in lower demand for Murray Cod. Such lower demand could reduce the price at which MCA is able to sell its Murray Cod, resulting in an adverse effect on MCA's financial performance.

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KEY RISKS

Prices and competition

The financial performance of MCA can be influenced by variations in the domestic and international Murray Cod prices which may be linked to the price of seafood in general. Major factors that can influence demand and supply in the Murray Cod market and, therefore, the price of Murray Cod, include:

(i) consumption trends and preferences amongst domestic and international target markets for meat and seafood, including Murray Cod;

(ii) an increase in supply of Murray Cod from either domestic or offshore competitors, or increased competition from alternative fish species and food sources;

(iii) the level of world Murray Cod and alternative fish species production, from fisheries and aquaculture, relative to consumption requirements;

(iv) changes in export or import restrictions imposed by the Federal Government Department of Agriculture and Water Resources; and

(v) movements in exchange rate relativities between the currencies of the targeted export and import countries. Within the wholesale market, which is intended to be MCA's primary distribution channel, MCA will negotiate prices on a spot basis, and as a result, it is not possible to guarantee consistency in respect of prices and terms for future transactions.

There is a risk that a significant reduction in Murray Cod prices could occur, which could have a material adverse impact on the Company's financial performance and operational results. Moreover, there is also the risk that the level of sales to MCA's customers could decrease given that there are no fixed, long-term contracts in place between MCA and its wholesale customers.

Customer credit risk

MCA will conduct its business with its customers on normal commercial terms. These terms include varying periods from payment upfront to standard settlement of up to 30 days after dispatch of goods. There is a risk that debtors default or make payment late, which could have a material adverse impact on MCA's financial performance, including cash flow and working capital.

Brand and Reputation Risk

• There is a risk that some incident beyond the control of MCA could occur which would have the effect of reducing consumer confidence or preferences for Murray Cod generally, the Aquna brand or MCA products specifically. Such incidents could include:

(i) the occurrence of a serious food safety incident involving another producer or supplier of Murray Cod;

(ii) a widespread loss of consumer confidence in seafood or Murray Cod; and

• (iii) a widespread loss of consumer confidence in the food safety procedures in the seafood industry, as a whole.

The consequences of such an incident could be very significant for MCA, with impacts potentially including reduced revenues, loss of consumer trust in the relevant brand or product, and reduced prominence of the brand in customers' minds.

Food safety and sanitation

As with all food producers, MCA is exposed to the risk of product contamination and product recalls. There is also a risk that the product could cause a serious food poisoning incident as a result of an operational lapse in food safety or sanitation procedures or malicious tampering. The occurrence of a serious food poisoning incident could have significant consequences for the Company and may involve:

(i) a loss of consumer trust in MCA that may result in reduced revenues;

(ii) an increase in expenditure on advertising to attempt to restore consumer trust in the brand;

• (iii) the processing facilities of MCA being partially or wholly closed while the relevant food safety authorities satisfy themselves that the underlying issue has been resolved satisfactorily; and

(iv) payment to affected consumers of some form of compensation and to the relevant food authorities of some form of penalty or fine.

There is also the risk that actions of MCA's wholesale customers could compromise the hygiene and safety of MCA products after they have left MCA's processing facility, which has the potential for brand damage to MCA.

Security of supply chain

There is a risk that the supply chain for MCA could be materially disrupted with the result that sufficient quantities of Murray Cod are not delivered on time. This could result from the occurrence of a natural disaster that affects the delivery of harvested fish to customers or an event that impacts the delivery of processed fish to customers. The occurrence of such an event could result in the inability to sell some or all products, with an associated loss of revenue and (potentially) brand damage, increased costs flowing from alternative transport and delivery arrangements, or a combination of both.

Risk that MCAs growth plans change

MCA has growth plans in order to expand production beyond MCA's current capacity. However, as with any growth project, there are risks associated with the execution of these plans which may materially impact the Company’s future earnings.

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KEY RISKS

Environmental regulations and licenses

National and local environmental laws and regulations affect nearly all of MCA's operations. Whilst MCA endeavours to ensure that its operations and activities comply with applicable environmental laws, there is a risk that failure to comply with such laws could occur, which may result in penalties, damages and/or loss of permits or licences required by MCA to operate its hatchery, nursery, fish farms and processing facility. In addition, MCA must renew the appropriate permits and licences required to operate its business. MCA will be subject to regular inspections, examinations and audits by governmental authorities to renew the various licences and permits. MCA will also be subject to periodic and spot inspections conducted by government authorities in order to maintain its operating licences. If serious or repeated findings of non-compliance did occur, there is a risk this would have a negative impact on MCA’s ability to renew its licences and have a materially adverse impact on its business operations and financial performance. MCA’s ability to export Murray Cod may be dependent on the Company’s ability to obtain and maintain licenses relating to the export of Murray Cod to international markets.

Regulatory risks

MCA will incur ongoing costs and obligations associated with compliance with necessary regulations. Regulatory areas which are of particular significance to MCA include environment, occupational health and safety, quarantine, customs, and tariff and taxation laws. Any failure to comply with regulations may result in additional costs for corrective measures, penalties or in restrictions on the Company's proposed business operations. In addition, changes in regulations could require extensive changes to the Company's operations, increased compliance costs or give rise to material liabilities, which could have a material adverse effect on the business, results of operations and financial condition of the Company.

Data security risks

It is possible that MCA’s procedures and systems may not stop or detect cyberattacks, data theft and hacking. Cyber security breaches may result in business interruption and loss of fish numbers or commercially sensitive data, which could have an adverse impact on MCA’s business and financial condition. MCA’s computer systems are subject to the risks of unauthorised access, computer hackers, computer viruses, malicious code, organised cyber-attacks and other security problems and system disruptions, including possible unauthorised access to proprietary or confidential information.

Additional requirements for capital

The funds raised under the Offer are considered sufficient to meet the immediate objectives of the Company. Additional funding may be required in the event costs exceed the Company's estimates and to effectively implement its business plans in the future to take advantage of opportunities for acquisitions or other business opportunities, and to meet any unanticipated liabilities or expenses which the Company may incur. Further additional financing will be required if the Board determines to expand MCA's operations. The Company may seek to raise further funds through equity or debt financing, the Australian Seafood Protein Fund, sale and lease-back agreements or other means. Failure to obtain sufficient financing for the Company's activities and future projects may result in delay and indefinite postponement of its activities. There can be no assurance that additional finance will be available when needed or, if available, the terms of the financing might not be favourable to the Company and might involve substantial dilution to Shareholders.

General Risks

Economic

General economic conditions, introduction of tax reform, new legislation, movements in interest and inflation rates and currency exchange rates may have an adverse effect on the Company's business activities and potential research and development programmes, as well as on their ability to fund those activities.

Market conditions

Share market conditions may affect the value of the Company's quoted Securities regardless of the Company's operating performance. Share market conditions are affected by many factors such as:

(i) general economic outlook;

(ii) introduction of tax reform or other new legislation; (iii) interest rates and inflation rates; (iv) changes in investor sentiment toward particular market sectors; (v) the demand for, and supply of, capital; and

(vi) terrorism or other hostilities.

The market price of securities can fall as well as rise and may be subject to varied and unpredictable influences on the market for equities in general. Neither the Company nor the Directors warrant the future performance of the Company or any return to security holders arising from the Offer or otherwise.

Liquidity Risk

The market for MCA’s Shares may be illiquid. As a consequence, investors may be unable to readily exit or realise their investment.

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KEY RISKS.

Force Majeure

The Company now or in the future may be adversely affected by risks outside the control of the Company, including labour unrest, war, subversive activities or sabotage, fires, floods or other catastrophes, epidemics or quarantine restrictions.

Insurance risks

The Company intends to insure its operations and those of MCA (as required) in accordance with industry practice. However, in certain circumstances, such insurance may not be of a nature or level to provide adequate insurance cover. The occurrence of an event that is not covered or fully covered by insurance could have a material adverse effect on the business, financial condition and results of the Company effected.

Litigation risks

The Company is exposed to possible litigation risks including, but not limited to, intellectual property and patent claims. Further, the Company or MCA may be involved in disputes with other parties in the future which may result in litigation. Any such claim or dispute if proven, may impact adversely on the Company's operations, financial performance and financial position. Neither the Company nor MCA are currently engaged in any litigation.

Dividends

Any future determination as to the payment of dividends by MCA will be at the discretion of the Directors and will depend on the financial condition of MCA, future capital requirements and general business and other factors considered relevant by the Directors. No assurance in relation to the payment of dividends or franking credits attaching to dividends can be given by MCA.

Unknown risks

Additional risks and uncertainties not currently known to MCA may also have a material adverse effect on MCA’s financial and operational performance. The information set out in this document regarding the key operational and investment risks does not purport to be, not should it be considered as representing, an exhaustive list of the risks faced by MCA.

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INTERNATIONAL OFFER RESTRICTIONS.

This document does not constitute an offer of new ordinary shares (“ New Shares ”) of the Company in any jurisdiction in which it would be unlawful. In particular, this document may not be distributed to any person, and the New Shares may not be offered or sold, in any country outside Australia except to the extent permitted below.

Hong Kong

WARNING: This document has not been, and will not be, registered as a prospectus under the Companies (Winding Up and Miscellaneous Provisions) Ordinance (Cap. 32) of Hong Kong, nor has it been authorised by the Securities and Futures Commission in Hong Kong pursuant to the Securities and Futures Ordinance (Cap. 571) of the Laws of Hong Kong (the “SFO”). Accordingly, this document may not be distributed, and the New Shares may not be offered or sold, in Hong Kong other than to “professional investors” (as defined in the SFO and any rules made under that ordinance).

No advertisement, invitation or document relating to the New Shares has been or will be issued, or has been or will be in the possession of any person for the purpose of issue, in Hong Kong or elsewhere that is directed at, or the contents of which are likely to be accessed or read by, the public of Hong Kong (except if permitted to do so under the securities laws of Hong Kong) other than with respect to New Shares that are or are 3 intended to be disposed of only to persons outside Hong Kong or only to professional investors. No person allotted New Shares may sell, or offer to sell, such securities in circumstances that amount to an offer to the public in Hong Kong within six months following the date of issue of such securities.

The contents of this document have not been reviewed by any Hong Kong regulatory authority. You are advised to exercise caution in relation to the offer. If you are in doubt about any contents of this document, you should obtain independent professional advice.

New Zealand

This document has not been registered, filed with or approved by any New Zealand regulatory authority under the Financial Markets Conduct Act 2013 (the “FMC Act”).

The New Shares are not being offered to the public within New Zealand other than to existing shareholders of the Company with registered addresses in New Zealand to whom the offer of these securities is being made in reliance on the Financial Markets Conduct (Incidental Offers) Exemption Notice 2021.

Other than in the entitlement offer, the New Shares may only be offered or sold in New Zealand (or allotted with a view to being offered for sale in New Zealand) to a person who:

• is an investment business within the meaning of clause 37 of Schedule 1 of the FMC Act;

• meets the investment activity criteria specified in clause 38 of Schedule 1 of the FMC Act;

• is large within the meaning of clause 39 of Schedule 1 of the FMC Act;

• is a government agency within the meaning of clause 40 of Schedule 1 of the FMC Act; or

• is an eligible investor within the meaning of clause 41 of Schedule 1 of the FMC Act.

Singapore

This document and any other materials relating to the New Shares have not been, and will not be, lodged or registered as a prospectus in Singapore with the Monetary Authority of Singapore. Accordingly, this document and any other document or materials in connection with the offer or sale, or invitation for subscription or purchase, of New Shares, may not be issued, circulated or distributed, nor may the New Shares be offered or sold, or be made the subject of an invitation for subscription or purchase, whether directly or indirectly, to persons in Singapore except pursuant to and in accordance with exemptions in Subdivision (4) Division 1, Part 13 of the Securities and Futures Act 2001 of Singapore (the “SFA”) or another exemption under the SFA.

This document has been given to you on the basis that you are an “institutional investor” or an “accredited investor” (as such terms are defined in the SFA). If you are not such an investor, please return this document immediately. You may not forward or circulate this document to any other person in Singapore.

Any offer is not made to you with a view to the New Shares being subsequently offered for sale to any other party in Singapore. On-sale restrictions in Singapore may be applicable to investors who acquire New Shares. As such, investors are advised to acquaint themselves with the SFA provisions relating to resale restrictions in Singapore and comply accordingly.

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INTERNATIONAL OFFER RESTRICTIONS.

Switzerland

The New Shares may not be publicly offered in Switzerland and will not be listed on the SIX Swiss Exchange or on any other stock exchange or regulated trading facility in Switzerland. Neither this document nor any other offering or marketing material relating to the New Shares constitutes a prospectus or a similar notice, as such terms are understood under art. 35 of the Swiss Financial Services Act or the listing rules of any stock exchange or regulated trading facility in Switzerland.

No offering or marketing material relating to the New Shares has been, nor will be, filed with or approved by any Swiss regulatory authority or authorised review body. In particular, this document will not be filed with, and the offer of New Shares will not be supervised by, the Swiss Financial Market Supervisory Authority (FINMA).

Neither this document nor any other offering or marketing material relating to the New Shares may be publicly distributed or otherwise made publicly available in Switzerland. The New Shares will only be offered to investors who qualify as “professional clients” (as defined in the Swiss Financial Services Act). This document is personal to the recipient and not for general circulation in Switzerland.

United Kingdom

Neither this document nor any other document relating to the offer has been delivered for approval to the Financial Conduct Authority in the United Kingdom and no prospectus (within the meaning of section 85 of the Financial Services and Markets Act 2000, as amended (“FSMA”)) has been published or is intended to be published in respect of the New Shares.

The New Shares may not be offered or sold in the United Kingdom by means of this document or any other document, except in circumstances that do not require the publication of a prospectus under section 86(1) of the FSMA. This document is issued on a confidential basis in the United Kingdom to “qualified investors” within the meaning of Article 2(e) of the UK Prospectus Regulation. This document may not be distributed or 8 reproduced, in whole or in part, nor may its contents be disclosed by recipients, to any other person in the United Kingdom.

Any invitation or inducement to engage in investment activity (within the meaning of section 21 of the FSMA) received in connection with the issue or sale of the New Shares has only been communicated or caused to be communicated and will only be communicated or caused to be communicated in the United Kingdom in circumstances in which section 21(1) of the FSMA does not apply to the Company.

In the United Kingdom, this document is being distributed only to, and is directed at, persons (i) who have professional experience in matters relating to investments falling within Article 19(5) (investment professionals) of the Financial Services and Markets Act 2000 (Financial Promotions) Order 2005 (“FPO”), (ii) who fall within the categories of persons referred to in Article 49(2)(a) to (d) (high net worth companies, unincorporated associations, etc.) of the FPO or (iii) to whom it may otherwise be lawfully communicated (“relevant persons”). The investment to which this document relates is available only to relevant persons. Any person who is not a relevant person should not act or rely on this document.

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Murray Cod Australia Ltd ASX: MCA

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www.aquna.com Appendices to Follow

SUSTAINABILITY AND SOCIAL REPORT.

At Murray Cod Australia, we’re challenging ourselves to continually improve our sustainability performance for our planet and our people. Refining our approach as we learn, innovate and grow.

As stewards of sustainability, here are our key strengths:

Feeding our fish

We’re working on reducing marine products and assessing novel ingredients on our feeds, all while optimizing fish growth and health. Our ultimate goal is to grow fish using the least amount of feed to produce the maximum amount of protein.

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Full traceability

Aquna is fully-traceable through all stages of farming, processing and distribution. With control over quality through all stages for improvement, as well as verify our sustainability practices.

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Efficient water usage Our farms are designed so we can re-use the nutrient-rich . water from our ponds on crops and pastures

Whole-fish philosophy

In line with our whole-fish philosophy, we’re focusing on waste minimization research initiatives with biotechnology companies to help us maximize the yield from one single fish. In 2023, we launched our world-first Aquna Gold Murray Cod caviar.

Re-stocking

We borrow brood fish from the wild to breed fish for government re-stocking programs. Through this initiative, millions of fingerlings have been bred and released to help increase populations of Murray cod in their natural habitat.

Commitment to quality

Managing organic waste

Research and development of by-products is a priority that aligns with our whole-fish philosophy to minimize waste. We partner with local businesses, to ensure no organic waste from our processing facility is sent to landfill.

We’ve been recognized as a trailblazer in the aquaculture industry for our commitment to sustainable practices and quality, winning multiple esteemed awards (see appendix), including gold medals at reputable Australian food shows.

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WHAT WE BELIEVE IN

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Aquna has created a luxury fish product by combining natural processes evolved over millions of years with cutting edge technology that has resulted in a fantastic quality fish. Heston Blumenthal, Michelin starred chef.

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OUR FISH

Delicate. Clean. Sweet.

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

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

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Murray Cod Australia Limited 2 – 4 Lasscock Road, Griffith NSW 2680 Email: info@aquna.com Phone: +61 2 6962 5470 Website: www.aquna.com