MURRAY COD AUSTRALIA LIMITED — Investor Presentation 2025

Feb 27, 2025

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2025 Half Yearly Meeting 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.

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.

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1H FY25 BUSINESS HIGHLIGHTS

Execution of the long-term biomass growth strategy remains on track , ensuring a sustainable recurring biomass from FY26 onwards.

• Inventory of larger fish has increased , with the biomass growing to 1,577 tonnes in 1H FY25 vs 1,073 tonnes in 2H FY24 (+47%).

• As of 31 Jan 2025 , inventory is at approximately 6.1* million juvenile and grow-out fish , and at 26 February 2025 biomass was approximately 2,002* tonnes.

The growth strategy has been further supported by improved diet and feeding methods, improved performance of the free-range ponds, and accelerated biomass growth over summer.

Completion of Stanbridge on track and scheduled for completion in Q4 FY25 , with 49 of the 78 ponds already stocked and in use.

$43.0 million funding facility secured with Westpac:

• Refinancing and extinguishing the existing $20 million facility with iPartners.

• Providing the final necessary monies for completion of Stanbridge and other capital works.

• Providing the additional working capital requirements to growth the existing biomass out to FY26 harvest; and increase hatchery & nursery stocks for future years.

• Provide necessary financing to purchase adjoining property to Bilbul site.

Purchase of property adjoining MCA’s existing Bilbul site, expanding the site footprint to accommodate future growth.

Export channels opened, primarily into south-east Asia, with new distributors on-boarded in 1H FY25 and future corporate partnerships and distribution discussions (such as into China) underway. Concentrated activity currently underway to re-open dormant international and domestic sales channels. Focus is also on developing fixed sales arrangements for FY26 and beyond.

Appointment of new Non-Executive Director, Steven Chaur (20 January 2025) with over 30 years’ experience in top branded Australian consumer food products (FMCG), large scale agricultural production and has worked in both B2C grocery and B2B markets, including foodservice, QSR and export markets.

Aquna Gold Caviar awarded Gold at the 2024 Sydney Royal Fine food awards.

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• These numbers are unaudited.

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1H FY25 FINANCIAL HIGHLIGHTS

Fish sales increased nominally to $4.7 million vs $4.4 million in 1H FY24 (+6.9%) primarily due to restricting smaller-sized inventory sales to the market and improving larger fish inventories. Visible in the considerable net gain in biological assets for the 1H FY25 period.

A net gain in biological assets of +$17.3 million vs +$9.4 million in 1H FY24 (+84%).

This brings the biological assets to $45.8 million for the 1H FY25 compared with $25.9m million for the 1H FY24.

This prudent management of inventory will now allow MCA to have a more consistent supply of inventory by weight for sale in the 2H FY25 and proceeding financial years.

Net Profit after tax (NPAT) is $1.3 million vs a loss of ($2.7 million) in 1H FY24 (+148.7%)

Adjusted Net Gain in Biological Assets

Biological Assets

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$50.0m
$25.0m
2.6
$20.0m $40.0m
$17.3m
28.5
$15.0m $30.0m
3.1
$10.8m
$9.4m 2.8
$10.0m $20.0m
16.4
9.8
$5.0m $2.3m $10.0m 14.0 17.3
10.8 9.4
$0.0m 2.3
$0.0m
1H FY22 1H FY23 1H FY24 1H FY25
1H FY22 1H FY23 1H FY24 1H FY25
Note: Net gain from change in fair value plus adjustment to fair value of biological assets
(1H FY25 = $17.23m plus $0.11m). Net Gain in Biological Assets Existing Biomass Provision for Biological Assets
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	1H FY25	1H FY24	% +/-
Fish Sales	$4.7m	$4.4m	+6.9%
Adjusted Net Gain in Biological Assets	$17.3m	$9.4m	+84%
Net Profit After Tax (NPAT)	$1.3m	($2.7m)	+149%
Biological Assets	$45.8m	$25.9m	+79%

At the end of 1H FY24, the Company had cash on hand of A$4.23m, plus an additional A$22.6m of undrawn bank facilities.

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1H FY25 PRODUCTION HIGHLIGHTS

Fish Numbers (by weight)*

Biomass grew to 1,577 tonnes in 1H FY25 vs 1,073 tonnes as at 2H FY24 (47%) , over

the 6-month period.

As of February 2025:

The growth strategy has been further supported by improved diet and feeding methods, improved performance of the free-range ponds, and accelerated biomass growth over the summer months, seeing biomass increase to 2,002 tonnes[#]

Inventory has also increased to approximately 6.1 million juvenile and grow-out fish.

• Grow-out numbers increased to ~3.07 million*, and

• Juvenile numbers increased to ~3.02 million*.

The total number of fish over (1.2kg+) has now increased to over 412k from approximately 258k in June 2024 (+59.7%). Higher margin being achieved in 2kg-3kg & 3kg+ brackets.

The spring-summer 2024 spawning numbers have increased by approximately 20% vs the spring-summer 2023 period. This has been driven by new broodstock at Silverwater producing larger numbers of spawnings and eggs than originally forecasted for first-time spawning broodstock. This will support future years of biomass growth.

With the improved feeding and the additional pond availability, initial reviews of new juvenile fish in 1H FY25 has seen the largest fingerlings weigh in at 7.4g vs 2.1g in 1H FY24 (+252%).

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<100g
100-300g
300-600g
600-800g
800-1200g
1.2-2kg
2-3kg
3kg+
0.0m 0.5m 1.0m 1.5m 2.0m 2.5m 3.0m
Jun-24 Jan-25
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Note:[#] As of 26 February 2025.This number is unaudited.

Note *: As of 31 January 2025 and excluding larvae and juvenile fish still at hatcheries. These Numbers are unaudited.

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1H FY25 FACILITIES UPDATE

Stanbridge Site

Completion of Stanbridge remains on track and is scheduled for completion in Q4 FY25 .

• 49 of the 78 free range grow-out ponds are currently fully stocked:

• Cell 1 - 15 ponds stocked in 2H FY24.

• Cell 2 – 13 ponds stocked in 1H FY25.

• Cell 3 – 9 ponds stocked in 1H FY25.

o Cell 6 – 14 ponds, 12 currently stocked.

• Earthworks and plumbing is now fully completed on the complete site

• Electrical Cabling to Cell 4 and Cell 5 is currently underway

• Cell 4 and Cell 5, comprising of the additional 27 ponds will be stocked spring/summer FY26.

Upon completion, Stanbridge’s total holding capacity will be ~ 3.5 million fish.

Bibul Site

The adjoining property to the existing Bilbul site was purchased for $1.0 million in December 2024. The site comprises of 10.15 hectares of irrigated land and includes a residence (to be utilised for staffing) and shedding. A necessary purchase for main-road access and to provide further expansion opportunity for the existing facilities.

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Stocking out at Stanbridge Site

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1H FY25 SALES UPDATE

During the 1H FY25 there was a continued focus on the long-term sustained biomass strategy, improving inventories and controlling smaller sized inventory available to the market.

Fish Sales for the 1H FY25 therefore remained in-line with 1H FY24 up 6.86%, as the biomass inventory increased. Sales therefore saw:

• a 28.0% decrease in smaller live fish sales (graded 800g to 1.2kg) in 1H FY25 vs 1H FY24, and

• a 17.8% increase in processed fish in 1H FY25 vs 1H FY24.

This strategy will allow the Company to crystalise value from 2H FY25 onwards and allow sales discussions to advance - for larger sustained inventory sales arrangements and regional distribution agreements.

The strongest demand both internationally and domestically continues to be for larger fish (2.5 kg+) , with limited supply. A sustainable supply of these larger fish will be available to market from 1H FY26 and are important to larger regional distribution agreements.

Sales of smaller fish (800g – 1.2kg or “plate sized”) remains steady and in-line with available inventories.

Current Sales Channels

International Sales

• Hong Kong and Singapore demand continues to meet available inventory. With a preference for larger fish (2.5kg +), current demand suggests steady growth in the coming period as inventory increases.

• Philippines, Malaysia, Indonesia, Vietnam and Thailand remain stable and provide a significant growth opportunity, with a preference for ‘plate size fish’ (800-1.2kg).

Domestic Sales

• The premium restaurant segment remains strong, with the market utilising the allocated supply of larger fish.

• Recently there has been an increase in demand for processed “plate size fish”, 800-1.2kg size.

• Sales to domestic supermarkets continue to be limited due to limited supply and are only available in strategically selected Woolworths stores - we do not anticipate significant growth in this segment during the next quarter, however Woolworths have indicated their desire to significantly increase store numbers.

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1H FY25+ SALES OUTLOOK

Given the initial success of the long-term sustained biomass strategy, MCA has now commenced reviewing and pursuing initiatives to crystalise value from the sale of available inventory over the next 12 months .

With existing demand to be met from current international markets, the management team are now in initial discussion with new target regions such as China as well as re-opening prior markets - USA, Japan, Europe and new channel partnerships under potential secured supply of inventory arrangements (such as global food purveyors, premium cabin airlines and global hotel chains).

•[The initiatives being undertaken include:]

• Developing a balanced supply mix of inventory from small “plate-size” fish to large fish on an annual basis to designated markets;

• Increasing focus and brand awareness both internationally and domestically while protecting brand value; and

• o Ability to sell across multiple SKUs (such as Aquna Gold Caviar, Smoked Aquna Cod);

• Developing and re-igniting international market relationships for the appropriate number of target regions or channel partners.

The Company has recently taken proactive steps to commence the Halal certification process in 2H FY25 to provide the opportunity to sell MCA products into the Middle East.

Sustainability certification is also underway with Best Aquaculture Practice (BAP) 6.0 to further our credentials as a sustainable product.

During 2Q FY25 MCA’s facilities were registered to export food into China, with the registration process to include Aquna Cod to the approved processed product list for export into China. An outcome on this is anticipated in Q4 FY25.

Key International markets will initially continue to be southeast Asia, with target markets for 2H FY25 and FY26 to include China, and channel partnerships in the Middle East. MCA will also look to commence re-opening prior markets including North America, Europe and Japan as inventory increases and minimum supply can be met.

Domestically, increased inventory will allow additional premium restaurants to be on-boarded in 2H FY25 and FY26 – supporting further brand awareness.

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1H FY25+ BUSINESS OUTLOOK

As the timeline of maturing biomass is now clearer, current activity is focused on opening new and re-opening prior sales channels.

The company is targeting:

• New regions and securing larger inventory off-take arrangements (possible channel partners).

• Prioritising new distribution channels and potential corporate partnerships – including securing new consistent sales and fixed sales arrangements.

Halal and Sustainability certification currently underway and anticipated in 2H FY25

China registration process to include Aquna Cod to the approved processed product list for export into China.

Completion of Stanbridge and further development of the biomass to fully utilise all ponds by 2H FY26.

Continued innovation and streamlining efficiencies on-site, including our MCA processing facility.

Maintaining prudent capital management measures.

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Cooking Aquna at FYSH by Josh Niland in Singapore

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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