MURRAY COD AUSTRALIA LIMITED — Investor Presentation 2024

Mar 27, 2024

ACCELERATING GROWTH

MURRAY COD AUSTRALIA LIMITED A GUIDE TO UNDERSTANDING THE KEY DRIVERS OF FINANCIAL PERFORMANCE

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28 March 2024
ASX code: MCA
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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 financial advice, financial product advice, or advice relating to legal, taxation or investment matters. This presentation has been approved for release to the ASX by the Board of Directors.

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

Forward-looking Statements

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

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

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KEY DRIVERS OF FINANCIAL PERFORMANCE

• REVENUE

• NUMBER OF FISH TO SELL

• AVERAGE SALE WEIGHT OF FISH

• AVERAGE SALE PRICE PER KG

• DIRECT EXPENSES

• NUMBER OF FISH PRODUCED

• AVERAGE HARVEST WEIGHT OF FISH

• • COST PER KG TO PRODUCE AND SELL

• CAPITAL REQUIRED

• OVERHEADS

• TIME TAKEN TO PRODUCE FISH

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STAGES/TIMING OF PRODUCTION CYCLE

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Spend 6 months
To Nursery To Grow-out
in Nursery
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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	Nursery	Grow-out
Spring/Summer	Autumn/Winter	Spring/Summer (Following year)
Capacity: Current 6.4 million Proposed 32.6 million	Capacity: Current 5.64 million Proposed 14.04 million	Capacity: Current 2.91 million Proposed 4.76 million (in 2024)*
• 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 • 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
*** Note:**MCA will commence a staged expansion plan to increase grow-out capacity via investment from the Australian Sustainable Protein Fund

These numbers are unaudited

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OUR LOCATION

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• Location is ideal for domestic 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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LOCATIONS OF OUR SITES

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CAPACITY AND USE OF SITES

Excludin Contract Growers g

Site	Current Usage	Structure	Current Capacity in Fish Numbers(000s)
Bilbul	Nursery	12 ponds of 8 nets each (96 nets) Recirculating Aquaculture System (RAS)	3,360 pond juveniles 400 RAS juveniles
McFarlane’s	½ Nursery and ½ Grow-out production	8 ponds of 12 nets each (96 nets)	1,680 juveniles 200 grow-out
Whitton	Grow-out production	4 square ponds of 12 nets each (48 nets) 16 Round net ponds 10 Free range Ponds	200 800 450 Total 1,450
Stanbridge	Grow-out Production	78 Free Range Ponds approved with 28 ponds planned to be ready before Autumn 2024 Each pond stocked with 45,000 fish	1,260
Gogeldrie	Hatchery	DA approved Hatchery	Not operating - under construction
Silverwater	Hatchery	Extensive ponds and RAS infrastructure	3,100
Euberta	Hatchery	Extensive ponds and RAS infrastructure	2,700
Ishwinroo at Wentworth near Mildura	Hatchery/Nursery	7 broodstock ponds 14 Larval ponds 5 sheds housing 7 independent RAS systems	200 Nursery 600 Hatchery
Griffith NSW	Processing plant	Automated Processing plant & cool rooms	3,500 tonnes pa

These numbers are unaudited 8 aquna.com

PLANNED CHANGES TO CAPACITY

Site	Proposed Usage	Proposed Changes	Proposed Capacity in Fish Numbers(000s)
Bilbul	Nursery	DA Submitted for 12 more ponds	6,720 pond juveniles 400 RAS juveniles
McFarlane’s	100% Nursery	8 ponds of 12 nets each (96 nets) would transition to nursery production as required	3,360 juveniles
Whitton	Grow-out production	4 square ponds of 12 nets each (48 nets) transition to nursery as required 16 Round net ponds remain as grow-out 10 Free range Ponds remain as grow-out	3,360 juveniles 800 grow-out 450 grow-out
Stanbridge	Grow-out Production	78 Free Range Ponds Plan for each pond to be stocked with 45,000 fish	3,510 grow-out
Gogeldrie	Hatchery	DA approved Hatchery Facility to be built in 3 stages	Stage 1 7,000 Stage 2 7,000 Stage 3 7,000
Silverwater	Hatchery	Development to RAS over 2 years	5,100
Euberta	Hatchery	Development to RAS over 2 years	5,900
Wentworth	Hatchery/Nursery	none	200 Nursery 600 Hatchery
Griffith	Processing Plant	New Site to be developed circa 2026/27	15,000 tonnes

These numbers are unaudited 9 aquna.com

SCALING UP PRODUCTION

NURSERY AND GROW-OUT PONDS – EXCLUDING HATCHERIES

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32
128
ponds
18
COVID 19 Pandemic Earthworks
50 78 Complete
34 34 Planned
26
20
Actual
12
2
2017 2018 2019 2020 2021 2022 Dec-23 2024
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• Construction of 78 free range grow-out ponds at new Stanbridge site is planned to be complete by Oct 2024

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

These numbers are unaudited

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KEEPING MORE LARVAE FOR BIOMASS GROWTH

• All time high of 825 tonnes in grow-out stock as at 15 March. More growth in last 2.5 months than in the whole of 2023 calendar year.

• As fish get larger biomass growth should accelerate.

• We estimate biomass could be in the vicinity of 3,000 tonnes by 30 June 2025 and in excess of 5,500 tonnes by 30 June 2026 (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
825 T 5,500,000
5,000,000
698 T
4,500,000
596 T 4,000,000
580 T
555 T
535 T
3,500,000
3,000,000
401 T
2,500,000
2,000,000
211 T 1,500,000
1,000,000
55 T 500,000
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
Larvae Sales
Biomass in tonnes
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These numbers are unaudited aquna.com
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CURRENTLY ESTIMATED 4.9 MILLION FISH IN STOCK*

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Grow-out Numbers by Weight Range
Numbers of Fish in Juvenile & Grow-out
5K
16K
85K
94K
<100gms
211K
Juvenile
783K 100-300gms
300-600gms
140K
600-800gms
2,826K
Grow-out
800gms-1.2kg
1.2kg-2kg
2kg-3kg
765K
3kg+
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Numbers of Fish in Juvenile & Grow-out

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2,098K
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• As at 15 March 2024 after allowing for adjustments and mortalities

These numbers are unaudited

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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

Estimate of Sales vs Remaining Costs based on Fish Sale Weight

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300M
250M
250M
During March 2024 avg sale
208M
.
weight has been 1.3kg
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
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This is a simulation and does not constitute a forecast that can be relied upon.

These numbers are unaudited 13 aquna.com

PRICE GROWTH

Processed Murray Cod Prices

Live Murray Cod Prices

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Sources:

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

In terms of culinary quality, annecdotes by chefs rate our product between Coral Trout and Patagonian Toothfish. Coral Trout wholesale price is $40-45 per kg

Patagonian Toothfish wholesale price ranges $52-60 per kg

These numbers are unaudited

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THE ECONOMICS OF 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 15 aquna.com

GLOBAL DISTRIBUTION

• 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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AUSTRALIAN SUSTAINABLE PROTEIN FUND (ASPF)

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

• ASPF units are currently 100% owned by MCA

• ASPF owns the Stanbridge site, a grow-out facility with an approved development application for 78 ponds.

• Discussions have commenced with Australian and international investors

• ASPF to benefit MCA by providing the following:

• MCA will lease sites from ASPF providing security of tenure

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

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CAPITAL EXPENDITURE

• The CAPEX required to complete the Stanbridge development is fully funded via the iPartners debt facility

• It is planned that future capital expenditure for major projects will be funded via ASPF

• Should ASPF be unsuccessful in attracting investment then MCA would consider curtailing major capital expansion programs until such time as operating cashflow is sufficient to provide funding

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MAJOR GOALS FOR NEXT 12 MONTHS

• Complete construction at Stanbridge site and have all 78 ponds fully stocked in Spring 2024

• Focus on biomass growth and planned additions to capacity

• Receive external investment into Australian Sustainable Protein Fund.

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

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

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WHAT WE BELIEVE IN

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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 make big and small changes in an effort to continually improve our sustainability performance for our planet and our people, refining our approach as we learn, innovate and grow.

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Feeding our fish

As stewards of sustainability, here are our key strengths:

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.

Efficient water usage

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

Whole-fish philosophy

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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

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

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.

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OUR FISH

Delicate. Clean. Sweet.

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

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

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

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