Slide 1: Murray Cod Australia Limited Capital Raising Presentation
MURRAY COD AUSTRALIA LIMITED CAPITAL RAISING PRESENTATION 4 MAY 2026 1
Slide 2: Disclaimer
DISCLAIMER This presentation has been prepared by Murray Cod Australia Limited (ACN 143 928 625) (“MCA” or the “Company”), is dated 4 May 2026 and has been prepared in relation to a proposed capital raising comprising a pro-rata accelerated non-renounceable entitlement offer of new fully paid ordina
Slide 3: Disclaimer (Continued)
DISCLAIMER (CONTINUED) 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 Compa
Slide 4: Corporate Update
CORPORATE UPDATE Biomass at record levels, with saleable biomass of 3,700t and a potential revenue of $78M if fully realised1 Key Leadership Appointments Appointment of Key • Steven Chaur, appointed as CEO & Managing Director, started on 20 April 2026 Executives to Realign the • Jerome Joseph, appoi
Slide 5: Murray Cod Australia at a Glance
01 MURRAY COD AUSTRALIA AT A GLANCE 5
Slide 6: Murray Cod Australia at a Glance
MURRAY COD AUSTRALIA AT A GLANCE 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 7: Ideally Located in Australia's 'Food Bowl'
IDEALLY LOCATED IN AUSTRALIA’S ‘FOOD BOWL’ 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 Austr
Slide 8: Infrastructure and Biomass
02 INFRASTRUCTURE AND BIOMASS 8
Slide 9: Scaled Up Production Capacity
SCALED UP PRODUCTION CAPACITY MCA’s infrastructure build-out has enabled sustainable bio-growth, with focus now on scalable sales execution Nursery and Grow-out Ponds – excluding Hatcheries 128 • Now 128 ponds across 4 sites (Juvenile and Growout) 27 27 ponds • ~4,000t capacity at full utilisation (
Slide 10: Biomass Inventory Fully Stocked for Growth
BIOMASS INVENTORY FULLY STOCKED FOR GROWTH Record 3,700 tonnes in grow-out stock as at 31 March 2026 Biomass volume supports accelerated and unconstrained sales program Biomass Grow-Out Complete • Spring–summer spawning delivered exceptional biomass growth, Tonnes increasing from 2,481t at 30 June 2
Slide 11: A Significant Commercial Opportunity
A SIGNIFICANT COMMERCIAL OPPORTUNITY Biomass of 3,700t, reflecting a $78m revenue opportunity Optimal size ranges with the entire 3,700t biomass available to sell Size Range Fish Count Tonnes Avg Weight (Kg) % Count % Tonnes YTD $/Kg Wholesale Value ($) <1.0kg 2,078,999 911 0.438 55% 25% $17.38 $15,
Slide 12: Sales Initiatives – Roadmap to Convert Biomass to Cash
03 SALES INITIATIVES – ROADMAP TO CONVERT BIOMASS TO CASH 12
Slide 13: Market Expansion Strategy
MARKET EXPANSION STRATEGY Market Expansion Strategy to Drive Sales Market Expansion Strategy How Success is Achieved 3,700t Biomass Ready to be Converted to Cash Domestic market: $/kg set by New product formats Strategic growth of fish has ensured MCA is ready to accelerate its domestic Priority the
Slide 14: Immediate Customer Strategies FY26-27
IMMEDIATE CUSTOMER STRATEGIES FY26-27 Refined approach to customer engagement expected to deliver material sales uplift over FY26-27 Grocery (scale volume) Foodservice (scale volume) • Increase supply chain performance of current chilled product in Woolworths to lift • Frozen shatter pack AQUNA fill
Slide 15: Board & Management
BOARD & MANAGEMENT A highly experienced board and management team, with deep industry and sector experience Brett Paton Steven Chaur Mathew Ryan George ‘Roger’ Commins Peter McCluskey Non-Executive Chairman Managing Director & CEO Executive Director - Production Non-Executive Director Non-Executive
Slide 16: Capital Raising Overview
04 CAPITAL RAISING OVERVIEW 16
Slide 17: Capital Raising Details
CAPITAL RAISING DETAILS • MCA is undertaking a fully underwritten 1 for 1 accelerated non-renounceable entitlement offer to raise approximately A$18.6 million (‘ANREO’) (‘Entitlement Offer’) (the ‘Equity Raising’ or ‘Offer’) • The Entitlement Offer comprises an accelerated institutional component op
Slide 18: Capital Raising Timetable
CAPITAL RAISING TIMETABLE Event Date (AEST) Trading halt Friday, 1 May 2026 Announcement of Institutional Entitlement Offer Monday, 4 May 2026 Institutional Entitlement Offer opens Monday, 4 May 2026 Institutional Entitlement Offer closes Monday, 4 May 2026 Announcement of results of Institutional E
Slide 19: Appendix 1: Our Business
® 3 : ®@ 3338 AQUNA ee Sustainable Murray Cod APPENDIX 1: OUR BUSINESS
Slide 20: What We Believe In
WHAT WE BELIEVE IN AQUNA — BRAND POSITIONING — LIFE TASTES BETTER OUR WAY. At Aquna Sustainable Murray Cod, we believe the best product comes from the best approach. We want to make an impact on people’s plates and their wider lives by inspiring a better way to deliver the future of food production.
Slide 21: 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 22: Location of MCA Sites
LOCATION OF MCA SITES 32332 ee AQUNA $2332 Bi AQUNA 2 = ~ef 4 @ FARM SITES @, x) @ moro gan one COOLAMON @ vwermusnes ram ~~ @ verre @ SILVERWATER HATCHERY osu @ seerawrcren sumgo9 : SeESESSER Sse scecses C00d0e00 codeerecectecedcos
Slide 23: 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 128 ponds which include 81 stocked grow-out ponds Current Capacity MCA Site Current Usage Structure in Fish Numbers* 12 ponds of 8 nets each (96 nets) 3,360,000 juveniles Bilbul Nursery Recirc
Slide 24: Business Model
BUSINESS MODEL Hatchery 35mm Nursery Stock is kept in ponds Cages Sold to Contract Growers Fingerlings Fingerlings to sold to Contract MCA ponds for In 18 Mths 1.5-2Kg Growers for grow-out Murray Cod is grow-out est. harvested by MCA @ $4 each Distributor 24
Slide 25: 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 fine dining fish in the world; Biosecurity – allows for better control. • Each pond can be isolated, with dedicated piping, wiring and catchment zone; • Is na
Slide 26: Stages / Timing of Production Cycle
STAGES / TIMING OF PRODUCTION CYCLE In summary a fish can spend from 26 - 38 months to go from egg to plate Spend 6 - 9 months in Nursery To Nursery To Grow- out 26
Slide 27: Appendix 2: Murray Cod Market and Distribution
APPENDIX 2: MURRAY COD MARKET AND DISTRIBUTION 27
Slide 28: MCA Competitive Advantage
MCA COMPETITIVE ADVANTAGE MCA’s competitive advantage is changing Market Fundamentals MCA’s Natural Advantage • Growing consumption driving demand: Australian per capita seafood • Native species thriving: Murray Cod is perfectly adapted to Australian consumption has reached 25-25.2kg annually (IBISW
Slide 29: Appendix 3: Key Risks
ray Cov 2 3 AQUNA 333g) 3 APPENDIX 3: KEY RISKS
Slide 30: 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 31: 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 32: Key Risks
KEY RISKS Risk of Converting Biomass into Revenue and Cash Flow The Company’s strategy is increasingly focused on converting existing biomass into revenue and cash flow through increased harvest volumes. There is a risk that the timing, scale or pricing of harvest volumes may differ from expectation
Slide 33: Key Risks
KEY RISKS 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. Force Majeure The Company now or in the future may be adversely affected by risks outside the control of the Company, including labour unrest,
Slide 34: Appendix 4: International Offer Jurisdictions
APPENDIX 4: INTERNATIONAL OFFER JURISDICTIONS 34
Slide 35: 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 any
Slide 36: 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 rela
Slide 37: Appendix 5: Underwriting Agreement Summary of Termination Events
APPENDIX 5: UNDERWRITING AGREEMENT SUMMARY OF TERMINATION EVENTS 37
Slide 38: Summary of Underwriting Agreement
SUMMARY OF UNDERWRITING AGREEMENT The Company has entered into an agreement with the Joint Lead Managers ("Underwriting Agreement") with respect to the Entitlement Offer. The obligation of the Joint Lead Managers to lead manage the Entitlement Offer and their obligation as the Underwriters, to fully
Slide 39: Summary of Underwriting Agreement
SUMMARY OF UNDERWRITING AGREEMENT 14. (applications) a) an application is made by ASIC for an order under Part 9.5 of the Corporations Act in relation to the Offer Materials or the Offer or ASIC commences, or gives notice of an intention to hold, any investigation or hearing in relation to the Offer
Slide 40: Summary of Underwriting Agreement
SUMMARY OF UNDERWRITING AGREEMENT 29. (Encumbrance) except for the secured finance arrangements currently in place with the Issuer’s financiers, a person Encumbers or agrees to Encumber, the whole or a substantial part of the business or property of the Issuer or the Issuer Group; 30. (ASX Waivers)
Slide 41: Murray Cod Australia Limited contact details
Murray Cod Australia Limited 2 – 4 Lasscock Road, Griffith NSW 2680 Email: info@aquna.com Phone:+61 2 6962 5470 Website: www.aquna.com