Slide 1: Corporate Update & Equity Raising Presentation
CORPORATE UPDATE & EQUITY RAISING PRESENTATION MURRAY COD AUSTRALIA LIMITED - MAY 2024
Slide 2: Important Notices
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 (Placeme
Slide 3: Important Notices
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 restrict
Slide 4: Important Notices
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 ret
Slide 5: Corporate Overview
CORPORATE OVERVIEW. 5 aquna.com
Slide 6: Murray Cod Australia: Corporate & Equity Raising Snapshot
MURRAY COD AUSTRALIA: CORPORATE & EQUITY RAISING SNAPSHOT. MCA: MCA BOARD: A vertically integrated land-based aquaculture business utilising self-contained units / ponds, with one of the lowest environmental footprints in the industry: • Brett Paton – Chairman (appointed 6 March 2024) Other board po
Slide 7: About Murray Cod Australia (MCA)
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
Slide 8: Why the MCA Model Is Different
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 Biosecurity – allows for better control. fine dining fish in the world; • Each pond is isolated, with dedicated piping, wiring and catchment zone; • Is native
Slide 9: Location of MCA Sites
LOCATION OF MCA SITES 9 aquna.com
Slide 10: Capacity and Use of MCA Sites
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. Current Capacity MCA Site Current Usage Structure in Fish Numbers Bilbul Nursery 12 ponds of 8 nets each (96 nets) 3,360
Slide 11: Planned Changes to Capacity
PLANNED CHANGES TO CAPACITY Proposed Capacity in Site Proposed Usage Proposed Changes 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) 3,360,000 juveniles Will transition
Slide 12: Scaling Up Production
SCALING UP PRODUCTION NURSERY AND GROW-OUT PONDS – EXCLUDING HATCHERIES 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 • Construction of 78 free range grow-out ponds at Stanbridge site
Slide 13: Currently Estimated 5.1 Million Fish in Stock
CURRENTLY ESTIMATED 5.1 MILLION FISH IN STOCK Number of Fish in Juvenile & Grow-out (‘000) Grow-out numbers by weight range (As at 15 May 2024) (As at 15 May 2024) 15,011 13,558 196,682 229,981 <100 100-300 2,091k 203,817 300-600 600-800 131,535 800-1.2kg 851,955 1.2kg-2kg 2,984k 2kg-3kg 3kg+ 448,76
Slide 14: Stages / Timing of Production Cycle
STAGES / TIMING OF PRODUCTION CYCLE Spend 6 - 9 Hatching 2 months months in Nursery 8 months 12 months to 2.5 years To Nursery To Grow-out In summary a fish can spend from 26 - 38 months to go from egg to plate. 14 aquna.com
Slide 15: Stages of Production Cycle
STAGES OF PRODUCTION CYCLE Hatchery Nursery Grow-out Spring / Summer Spring / Summer Autumn / Winter (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 mil
Slide 16: Keeping More Larvae for Biomass Growth
KEEPING MORE LARVAE FOR BIOMASS GROWTH Sold more Larvae* during COVID 19 • All time high of 1,007 tonnes in grow-out stock as at 5,500,000 15 May 2024. Improvements in feeding and increased 1,007 fish numbers has led to acceleration in biomass 5,000,000 volume. 4,500,000 825 • As fish get larger bio
Slide 17: Potential Returns from Current Fish Numbers
POTENTIAL RETURNS FROM CURRENT FISH NUMBERS EXCLUDING ANY NEW FISH TO BE SPAWNED IN 2024 SEASON OR BEYOND Estimate of Sales vs Remaining Costs based on Fish Sale Weight Assumptions based on: 300M • Sale price of $25 per kg for fish During March 2024 250M 250M avg sale weight has been 2.0kg and below
Slide 18: Murray Cod Price Growth
MURRAY COD PRICE GROWTH Processed Murray Cod Prices Live Murray Cod Prices 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 range
Slide 19: The Economics: Fillet Yield Motivates Us to Grow Larger Fish
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 yiel
Slide 20: Distribution Channels
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 fr
Slide 21: Equity Raising Details
EQUITY RAISING DETAILS 21 aquna.com
Slide 22: Equity Raising Overview
EQUITY RAISING OVERVIEW Structure Equity Raising, comprising: • A 1 for 5 accelerated non-renounceable entitlement offer to raise approximately $10.7 million (“Entitlement Offer”) comprising of: • An accelerated institutional entitlement offer (“Institutional Offer”); and • A non-accelerated retail
Slide 23: Pro-Forma Capital Structure & Use of Funds
PRO-FORMA CAPITAL STRUCTURE & USE OF FUNDS CAPITAL STRUCTURE USE OF FUNDS BREAKDOWN: Amount ($A) Existing Shares on Issue 765.8 million Completion of Stanbridge: $9.1 million Fish Feed and other production costs for existing stocks New Shares under Placement 137.8 million $8.6 million and Stanbridge
Slide 24: 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 o
Slide 25: Future Funding Options for Capex
FUTURE FUNDING OPTIONS FOR CAPEX • 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
Slide 26: Major Goals for Next 18 Months
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
Slide 27: Further Information
FURTHER INFORMATION: • KEY RISKS • INTERNATIONAL OFFER RESTRICTIONS 27 aquna.com
Slide 28: Key Risks
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 l
Slide 29: Key Risks
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, th
Slide 30: Key Risks
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
Slide 31: Key Risks
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 int
Slide 32: International Offer Restrictions
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 an
Slide 33: International Offer Restrictions
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 rel
Slide 34: Murray Cod Australia Ltd - Appendices to Follow
Murray Cod Australia Ltd ASX: MCA www.aquna.com Appendices to Follow
Slide 35: Sustainability and Social Report
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 fis
Slide 36: What We Believe In
WHAT WE BELIEVE IN 36 aquna.com
Slide 37: Heston Blumenthal, Michelin starred chef
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. 37 aquna.com
Slide 38: Our Fish
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 a
Slide 39: 2 – 4 Lasscock Road, Griffith NSW 2680
Murray Cod Australia Limited 2 – 4 Lasscock Road, Griffith NSW 2680 Email: info@aquna.com Phone:+61 2 6962 5470 Website: www.aquna.com