MURRAY COD AUSTRALIA LIMITED — Investor Presentation 2025

Sep 23, 2025

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ASX SMIDCaps Conference Company Presentation Murray Cod Australia Ltd (ASX.MCA)

Disclaimer

This presentation has been prepared by Murray Cod Australia Limited (“ MCA ” or 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.

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 forward-looking 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.

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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.

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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3

Wh the MCA model is different y

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;

Biosecurity – allows for better control.

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

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

• No commercial fishing allowed;

• Most other high quality white fleshed fish are wild-catch and quotas are steadily reducing;

• Anecdotally chefs rate the fish between coral trout and Patagonian toothfish (price comparison on p20);

Environmental

• Nutrient enriched water is recycled through production units then used to irrigate adjoining crops and pastures;

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

• 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 p20).

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.

4

FY25 Hi hli hts – Executive Summar g g y

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Financial Performance Operational Achievements : Record Grow-out (Whitton and NPAT $8.6m (vs ($6.2m) FY24) Stanbridge) biomass achieved :

FY25 profit :

• NPAT $8.6m (vs ($6.2m) FY24) marking inflection point

• 2,481 tonnes (+198% YoY)

Stanbridge infrastructure completion :

Revenue growth constrained by fish sizes :

• $10.9m (+2.6% YoY) – limit of available fish at saleable size is now being rectified with biomass growth

• 51 ponds operational, 27 ponds to be stocked this spring , totalling 3,500million+ fish site capacity

Total production platform :

Record biological asset value :

• 128 ponds across four sites with 4.8 million fish holding capacity at full utilisation (27 ponds left to stock now)

• $67.8m (vs $32.1m FY24) , +111% increase reflecting biomass maturity and demonstrating successful growth strategy

Fish inventory at grow- out FY25

• 3.1m in grow-out (Whitton and Stanbridge)

Market & Outlook

Strategic Position

Positive FY26 Revenue Growth to Date

Westpac financing secured :

• $43m facility replacing iPartners, providing growth capital

• 1[st] Quarter FY26 YOY (1 July to 19 Sep) volumes are up 69% as more fish become available. Month to date September sales are up 101% vs LY to same date.

Infrastructure value realised :

• ~$70m in land and water assets upon Stanbridge completion

Sales channels expanding :

Premium inventory building :

• Premium inventory building : • Domestic growth is accelerating with • 3.1m grow-out fish at FY25 at an new customers and regions plus average weight of 807 grams introduction of frozen product line for food service.

• Export markets active (Singapore, HK,

• SE Asia), China registration pending

Improved production metrics :

• Spawning volumes improving with larval weaning technology. Feed and growth optimisation delivering results.

Certifications progressing :

• Halal approved (Q1 FY26) , BAP expected (Q2 FY26) opening new markets

After 3 years of disciplined biomass investment and continued focus on the long-term growth strategy, MCA has successfully built the scale, infrastructure, and inventory required to now transition into sustainable cash generation, with FY26 marking the commercial inflection point

5

FY25 Financial Performance

Strategic Revenue Management

• Fish sales of $10.6m in FY25, limited by availability of saleable sized fish

• Built numbers of sized fish to enable sales growth in FY26

• Creating consistent supply by weight category for long-term customer agreements, and to meet larger offtake discussions.

Record Biological Gains & Value Creation

• $35.8m biological gain (vs $12.5m FY24) - 186% increase validating the biomass growth strategy

• Biological assets doubled from $32.1m to $67.8m

• ~198% grow-out (Whitton and Stanbridge) biomass tonnage growth (2,481t) translating directly to balance sheet

Historic Profitability Achieved

• Profitable FY25: NPAT $8.6m (vs -$6.2m FY24)

• Fair value of biological asset gains more than offsetting operational investment phase

Cash Position & FY26 Inflection

• Operating cashflow -$16.9m representing year of major biomass investment

• Cash deployed from $20.7m to $0.4m - invested in infrastructure and biomass growth

• $16.4m undrawn facilities at Jun-25 provide working capital for harvest operations

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Record Financial Results Despite Investment Phase

	FY24	FY25	Change	Comments
Revenue	$10.6m	$10.9m	+2.6%	Limited fish were available in saleable sizes
Biological Gains	$19.6m	$43.3m	+121%	Record biomass growth
Headline EBITDA	$(2.63m)	$18.61m	+808%	Improving operational efficiency
NPAT (Statutory)	$(6.2m)	$8.6m	+238%	Profitable year
Operating Cashflow	$(15.5m)	$(16.9m)	-9%	Year of biomass investment
Cash Balance*	$20.7m	$0.4m	-98%	Invested in growth & infrastructure
Biological Assets(net)	$32.1m	$67.8m	+111%	Value on balance sheet
* Excludes [$16.4m] in undrawn Westpac facilities available in addition to cash balance

Prudent inventory management throughout FY25, restricting sales while building premium biomass, positions MCA for consistent high-value supply and building towards positive cashflow from FY26 onwards

• FY26 inflection as biomass growth converts to sales revenue

6

Biomass Com osition & Strate p gy

Building Premium Inventory for Margin Optimisation

Production Achievements

• Record growth delivered : Grow-out (Whitton and Stanbridge) Biomass reached 2,481t (+198% YoY), from 535t grow-out (Whitton and McFarlane's) in FY23

• Fish in grow-out >1kg+ : 790k fish at an average weight of 1.642kg

• Pipeline strength : 5.8m hatchery capacity supporting future growth

• Operational improvements : Larval weaning, Economic FCR improving to: 1.5:1

Growth Drivers

• Improved feed formulations and optimised feeding methods

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Biomass Evolution Grow-out (tonnes)

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Total Fish Inventory – Full Production Pipeline

• Enhanced free-range pond performance exceeding modelled projections

• Accelerated summer growth: 1,577t (Dec-24) to 2,002t (Feb-25) to 2,481t (Jun-25)

• Spawning beginning to occur again in Spring 25

Historic Profitability Achieved

• Target : 1,000t+ harvest from current inventory (~40% of current inventory)

• Focus : 2.8kg+ fish commanding premium prices ($27+/kg vs $24/kg for <1.2kg)

• Restocking : Spring 2025 juvenile stocking will create 100% pond utilisation

• Sustainable model : With ~2,400-2,500t standing biomass

Value Creation Path

• Average fish sale weight increasing: 1.1kg to 1.6kg improving yield and pricing

June -25	Fish	Tonnes	Avg weight
<1kg	2,283,300	1,184	0.519kg
1kg-2kg	598,000	843	1.410kg
2kg+	191,000	454	2.38kg
Total Grow-out	3,072,000	2,481	808grams

• Mix shift towards higher margins: 18% of biomass now over 2.0kg+

7

Kee in More Larvae for Biomass Growth p g

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Commentary

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• Biomass has been built as fingerlings have been retained for MCA production

• All time high of 2,481 tonnes in grow-out stock as at 30 June 2025. 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)

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

• Larvae production going forward will be prioritized to MCA grow-out needs ahead of government sales

• 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.

8

Infrastructure Platform & Asset Base

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Complete Infrastructure Supporting 4,000t Production Capacity

Facilities

Site	Status	Function	Capacity	Utilisation
Stanbridge1	Complete	Grow-out	78 ponds	65% (51/78 stocked)
Whitton	Operating	Grow-out	30 ponds	100%
Bilbul1,2	Operating	Juvenile/Nursery	12 ponds	100%
McFarlane’s	Operating	Juvenile/Nursery	8 ponds	100%
Gogeldrie1	Operating	TBD	Supporting infrastructure	-
Silverwater1, Euberta1, Wentworth	Operating	Hatcheries	~6m fingerlings /year	75%
Griffith	Operating	Processing plant	~ 3,500- 4,000t p.a.	15%
Water Rights	Secured	All sites	1,227ML+	100%
Total Platform			128+ ponds	78%
(1) Owned property (2) Includes $1.0m expansion property purchased in December 2024

Key Operational Metrics

• Now 128 ponds across 4 sites (Juvenile and Growout) with ~4,000t capacity at full utilisation

• Fingerling improvement from larval weaning systems

• +20% increase in spawning volumes YoY

• FCR improving: 1.8:1 to 1.5:1 economic target

Strategic Value Highlights:

Capital Efficiency & Financial Strength

• ~$70m implied asset value (land, water, and infrastructure)

• 24-month payback at full utilisation

• $43m Westpac facility secured against real assets

• Net tangible assets per share: $0.97 (vs $0.80 FY24)

• ROIC target: +15% at steady state

Near-term Growth

• Cells 4 & 5 at Stanbridge (27 ponds) ready for Spring 2025 stocking – confirming 100% pond utilisation

• Gogeldrie site available for future development

• Platform built to support 1H FY26 harvest target of 1,000t+

Major infrastructure investment phase complete – transitioning to harvest and cash generation from FY26

9

Sales Growth Startin in 1[st] Quarter FY26 g

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Key Developments

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Harvest Volume Q1FY26 vs Q1FY25
1 July 25 to 19th Sept 25
+69%
August 25
much wetter
than average, 109.1t
impacting
harvest
+70% +50% +101%
64.4t
40.8t 37.5t
30.8t
24.1t 25.1t
15.3t
July August to 19 September Year to Date
Last Year This Year
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Channel Achievements FY25:

• Fine Dining: Exclusive supplier to top-tier restaurants nationally

• Woolworths: Strong performance in 68 select stores, expansion discussions underway

• Export: Active in Southeast Asian markets and growing

• Average price for 2.8kg+: ~ $27/kg domestic, and 20% premium internationally

• Export exposure Q1 FY26 : 92% Domestic / 8% International

Market Access Progress:

• Halal certification: Now approved for Middle East entry

• BAP certification: Q2 FY26 for sustainability credentials. Will enable growth in supermarkets, hotel chains, airlines, cruise lines

• China registration: Approved for live fish. Approval expected in 1H FY26 for processed products (Pending GACC timetable)

Currently Active Markets (FY25):

• Hong Kong • Philippines • Maldives

• Singapore

• Vietnam

• Indonesia

• Thailand

Markets to Commence/Recommence FY26:

• Middle East (post-Halal certification)

• USA (discussions underway)

• Europe (recommencing now)

• Japan (discussions underway)

10

Market Ex ansion Strate & FY26 Outlook p gy

Market Expansion Strategy – Capturing Premium Positioning

Key Success Metrics

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FY26 Sales Strategy - "From Biomass to Revenue"

790k 1kg+fish at an average weight of 1.642kg , MCA is positioned to accelerate sales:

Domestic Expansion

• Fine Dining: Increase through expanded chef partnerships

• Retail: Woolworths significant expansion from current 68 stores

• Foodservice: New partnerships with restaurants and catering groups with a focus on frozen product

International

• Asia-Pacific: Secured distribution agreements in Singapore, Hong Kong, expanding to Japan

• China: Post-registration, targeting premium channels

• Middle East: Halal certification enabling entry to UAE, Saudi Arabia

• North America: Exploratory discussions with specialty distributors

Planned Product Innovation Pipeline (Margin Dependent):

• Aquna Gold Caviar - scaling production

• Smoked products – Q3 FY26 launch

• Portion-controlled offerings for foodservice channels

• Frozen fillets for domestic foodservice and export markets

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Average price
Customer New market
target:
retention: entries:
$25+/kg
>90% 3-4 per year
blended
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Near-Term Catalysts

Key Value Drivers

• •Operating cashflow positive FY27

• Volume Growth : First full harvest year

• •China market access approval (processed)

• Price Realisation : Premium mix optimisation

• •Strategic partnership announcements

• Cost Reduction : Scale and efficiency benefits

• •Harvest volume doubling

• •Margin may reduce before picking up again

• Working Capital : Normalised inventory levels

Risk Mitigation

• Market Access : China and Middle East entry

• •Diversified production sites

• •Disease management track record

Strategic Priorities

• •Long-term water security

• •Execute harvest plan efficiently

• •Proven management team

• •Secure long-term offtake agreements

• •Strong balance sheet post-refinancing

• •Complete sustainability certifications

• •Optimize feed costs and FCR

• •Continue to increase biomass

11

Top seafood importers who could afford Aquna

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• US$ 7.52 billion imported fish fillets
Imported US$26.6B of seafood • Major suppliers: Chile, China, Norway, Vietnam & Indonesia
United States
• 4.5 million tons imported
•
China Imported US$22.4B of seafood Fresh Atlantic Salmon- 92,851 tons imported
• Average Price US$11.33 Kg
Japan Imported US$12.9B of seafood •• 2.09 Million MT imported in 2024Frozen Salmon & Trout 219k tons
Spain, France & Italy largest • 2023 France imported US$1.7B of fish fillets
European Union importers of seafood. • 94% of white flesh fish is imported by the EU
Combine value US$25.1B
• Korean consumers prefer the taste of fresh fish over frozen
South Korea Imported US$5.5B of seafood • U.S seafood top choice for Korean consumers, reputation for
high quality
• US makes up 31% of Canada seafood imports
Canada Imported US$3.1B of seafood • Salmon accounts for 21% of Canada’s imports
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https://www.fao.org/in-action/globefish/news-events/news/news-detail/world-fish-trade-fall-in-2024 https://www.seafoodnews.com/Story/1297047/Japans-2024-Fishery-Product-Imports-Up-Slightly-by-1-percent-at-2-point-09-Million-MT https://www.ocean-treasure.com/news/chinas-seafood-trade-in-2024-a-shift-towards-high-value-exports-amid-weak-domestic-consumption

chrome-extension://efaidnbmnnnibpcajpcglclefindmkaj/https://www.aipce-cep.org/wp-content/uploads/2024/10/EU-Seafood-Supply-Synopsis-_2024.pdf chrome-

extension://efaidnbmnnnibpcajpcglclefindmkaj/https://apps.fas.usda.gov/newgainapi/api/Report/DownloadReportByFileName?fileName=Korea%20Seafood%20Market %20Update%202024_Seoul%20ATO_Korea%20-%20Republic%20of_KS2024-0027 https://www.globalseafood.org/advocate/will-the-tariff-tiff-tear-at-the-fabric-of-canada-u-s-seafood-trade/

12

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Ke FY26 Milestones
y
• Underpinning domestic and international revenue
1 Securing New Channel
opportunities into developed markets
Partners
• Reviewing logistics to fulfil live fish orders from China
2
Further development of • Approvals now in place. Timing of further development
Gogeldrie planned to match cashflow
• Domestic growth may shrink margins
3 Managing Earnings • Increasing international sales to premium markets
Margin • Continue to build on higher margin as inventory of 2.8kg+
fish grows
• Halal certification is now in place and Middle East
BAP and Halal markets talks underway
Certification (Q3 • Best Aquaculture Practices (BAP) certification audit
Quarterly) occurring 22-26 September 2025
4
Continued Investment • Sales team additions underway
in Team & CSIRO • Breeding program with CSIRO aiming to increase growth
5 Breeding program rates, fish health, fillet yield and quality
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13

Appendix

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About Murra Cod Australia MCA y ( )

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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.

Well-positioned geographically

• 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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Murrumbidgee
Irrigation Area
( MIA )
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15

Location of MCA sites

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16

Ca acit and Use of MCA Sites p y

Excludes Contract Growers

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From 1 stocked grow-out pond in 2017. Today MCA has 128 ponds which include 81 stocked grow-out ponds

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
	½ Grow-out		200,000 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	Grow-out Production	78 Free Range Ponds	3,510,000 grow-out
Gogeldrie	TBD	-	-
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	Extensive ponds and RAS infrastructure	200,000 nursery
			-
		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

17

Board & Mana ement g

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Matthew Ryan Executive Director - Production and Development

Brett Paton Non-executive Chairman

Ross Anderson Chief Executive Officer

As MCA co-founder, Mathew Ryan has been pivotal in the growth of MCA. Mat holds over 21 years’ experience in the aquaculture and agriculture industries. He was previously Managing Director of other local companies including Bidgee Fresh, Riverina Aquaculture and Agrow Agronomy and Research, where he provided agronomic support services to agriculture clients and conducted significant research programs. Previously MCA’s Managing Director and holding a Bachelor of Rural Science degree, Mat now serves as Director of Production and Development, where he leads the farming operations teams

Mr Brett Paton brings extensive corporate and commercial experience to the MCA Board. He spent 23 years at UBS as Vice Chairman and Managing Director, and five years as Vice Chairman Australia of the Institutional Clients Group at Citigroup. He has held senior roles at Tabcorp, Echo, Council RMIT University. Currently Chairman of Pointsbet and an Investment Committee member for Hearts and Minds Investments (ASX), Brett chairs MCA’s Remuneration, Nomination, and Audit and Risk Committees. His broad expertise positions him well to lead the Board and support MCA’s future growth.

Ross Anderson brings extensive commercial expertise in agribusiness and capital markets to his role as CEO and MCA Board Member. He is a Chartered Accountant with over 30 years’ experience in agriculture. He was the founding Chairman of MCA, and, along with Mat Ryan and Roger Commins, a key driver in the formation of the company. He was instrumental in the inception of the AQUNA brand, and his strategic thinking has been a key driver of MCA’s growth — both past and future.

George ‘Roger’ Commins Non-executive Director

Roger Commins has over 40 years’ experience in the agricultural industry, including establishing and operating a diverse portfolio of successful agribusiness enterprises. He is widely recognised as a regional innovator and leader in the sector. Roger is a founding owner and current Director of Southern Cotton – a state-of-the-art cotton gin based in southern NSW – as well as the Whitton Malt House, a premium dining, events, and accommodation destination located in Whitton, NSW. His entrepreneurial vision continues to contribute significantly to regional development and agribusiness innovation.

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Steven Chaur Non-executive Director

Steven Chaur is an accomplished governance professional and GAICD with experience across FMCG, agribusiness, social services, member-based organisations, and ASX-listed boards. He has served on audit and risk committees and chaired remuneration committees and subsidiaries. With executive leadership experience across New Zealand, Asia, China, Europe, and the USA, Steven has led companies including Castlegate James Australasia, Nutrano Produce Group, Patties Food Limited (ASX), Saint-Gobain Pacific (EPA:SGO), George Weston Foods, and Findus Australasia. His agribusiness and global export expertise is an asset in advancing MCA’s domestic strategy. 18

MCAs Com etitive Advanta e p g

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MCA’s competitive advantage is changing

• Growing consumption driving demand: Australian per capita seafood consumption has reached 20.7kg annually (up from 9.1kg in 1961), growing at nearly 2x the rate of population growth as consumers prioritise healthy protein sources.

• Premium market expanding: The Australian seafood market will reach $8.34B by 2034, with the premium segment growing fastest as consumers increasingly value sustainability, traceability, and local production.

• Sustainability commands premiums: Products with green certifications achieve 30-40% price premiums, and MCA has already secured AMCS Green Rating with BAP and Halal certifications pending for further market access.

• Export pathway clear: MCA is awaiting final approval for China market entry, which would open access to the world's largest seafood consumption market where Australian premium products are highly valued.

• Native species thriving: Murray Cod is perfectly adapted to Australian conditions and actually benefits from the warmer temperatures that challenge salmon, with optimal growth at 23-27°C.

• Proven production model: MCA's free-range pond system has achieved 198% year-on-year biomass growth to 2,481 tonnes, with infrastructure in place to reach 4,000 tonnes holding capacity to serve growing per capita consumption.

• Circular economy operating: The company recycles pond water to crops and pastures, potential to create additional revenue streams while maintaining environmental sustainability.

• Premium positioning secured: With Australians consuming 20.7kg of seafood annually and seeking sustainable alternatives to challenged salmon supply, MCA's premium Murray Cod is ideally positioned.

With Australian seafood consumption at 20.7kg per capita and growing, while salmon production faces existential challenges, MCA's operation is perfectly positioned to fill the premium protein gap. Our proven 80% faster growth through selective breeding, 95% survival rates, and full vertical integration from hatchery to plate offers investors exposure to a sustainable, scalable alternative

19

Prices of Com arable Fish p

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Australian & International International
Atlantic Salmon HOG European Sea Bass
Australia $26 (yield 65%) Blue Eyed Cod Farmed $9 Wild $22
USA $13.50 $25-$30 (yield 52%) (Yield 45%)
Kingfish Halibut
$35 (Yield 50%) Barramundi $18-$23 (Yield 40%)
$12 (yield 50%)
Patagonian
Coral Trout Atlantic Cod
Toothfish
$45 (Yield 50%) $55-$60 (yield 68%) $12-$14 (yield 50%) 20
20
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Market D namics y

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Overfishing is real, and pushing up prices
Five centuries of
Cod catches in
Eastern Canada
Estimated UK Turbot
Prices (2002- 2024)
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Global White Fish Quotas

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21

Fair Value of Biolo ical Asset chan e reconciliation & im act g g p

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Understanding Our Profit Drivers

Key Drivers

Statutory to Operating Profit Reconciliation

A$m	FY23	FY24	FY25
Fair Value of Biological Asset Increment	+5.9	+12.5	+35.8
Statutory NPAT	(7.3)	(6.2)	8.6

• Volume : 2,481t biomass (+198% YoY)

• Fair Value : $23.82/kg based on FY25 Average market prices

Why This Matters

• Validates strategy : $35.8m gain reflects successful biomass growth to 2,481t

• Real value : $70m biological assets represents harvest-ready fish, not just accounting

• Banking support : Biological assets underpin Westpac facility and future covenants

Biological Asset Movement Table

Opening (Jul-24)	+ Purchases	+ Fair Value	- Harvested	Closing (Jun-25)
$32.1m	+$2.2m	+$43.7m	-$(10.2)	$67.8m
Net of provision. Provision reduced from $2.7m to $2.1m following successful recapture of 19.5 tonnes.

• FY26 transition : Inventory converts to cash as harvest accelerates

• Provision improvement : Successfully recaptured 19.5 tonnes of unaccounted fish in FY25, reducing provision from $2.7m to $2.1m

FY26 Aims

• Continued increase in inventory biomass

• Focus shifts from growth gains to harvest realisation

• Operating profit improvement becomes primary driver

• Cash generation replaces biological gains as key metric

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Sta es / Timin of Production C cle g g y

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Spend 6 - 9
months in Nursery
To Nursery To Grow-
out
In summary a fish can spend from 26 - 38 months to go from egg to plate
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Sustainabilit & Social Re ort y p

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:

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.

Whole-fish philosophy

In line with our whole-fish philosophy, we’re focusing on waste minimisation 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.

Commitment to quality

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

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

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.

Key Initiatives

Circular Economy: Pond water irrigates 1 500ha farmland

Native Restocking: 1.3m fingerlings to 2 waterways

Feed Innovation: Reducing marine 3 ingredients

Selective Breeding: 80% faster growth in best families

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Renewable Energy: Solar installation planned FY26

Certifications & Recognition: ✓AMCS Green Rating ✓Halal Certification (pending) ✓BAP Certification (in progress) ✓ Carbon Neutral target 2030 24

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WHAT WE BELIEVE IN

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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